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Employee and Retiree Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2016
Pension And Other Postretirement Benefits Disclosure [Line Items]  
Amounts Included in Accumulated Other Comprehensive Income Not Recognized in Net Periodic Benefit Expense



 

 

 

 



 

 

 

 

(Thousands of dollars)    

Pension
Benefits

 

Other
Postretirement
Benefits

Net actuarial loss

$

(247,622)

 

(2,858)

Prior service (cost) credit

 

(6,831)

 

112 



$

(254,453)

 

(2,746)



Amounts Included in Accumulated Other Comprehensive Income Expected to be Amortized into Net Periodic Benefit Expense



 

 

 

 



 

 

 

 

(Thousands of dollars)    

Pension
Benefits

 

Other
Postretirement
Benefits

Net actuarial loss

$

(14,257)

 

– 

Prior service (cost) credit

 

(1,019)

 

74 



$

(15,276)

 

74 



Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets for Plans where Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets



 

 

 

 

 

 

 

 

 

 

 

 





Projected
Benefit Obligations

 

Accumulated
Benefit Obligations

 

Fair Value
of Plan Assets

(Thousands of dollars)

2016

 

2015

 

2016

 

2015

 

2016

 

2015

Funded qualified plans where
   accumulated benefit obligation
   exceeds fair value of plan assets

$

643,174 

 

630,587 

 

599,730 

 

622,841 

 

497,894 

 

500,695 

Unfunded nonqualified and directors'
   plans where accumulated benefit
   obligation exceeds fair value of
   plan assets

 

156,088 

 

148,019 

 

150,780 

 

140,544 

 

– 

 

– 

Unfunded other postretirement plans

 

106,678 

 

115,222 

 

106,678 

 

115,222 

 

– 

 

– 



Components of Net Periodic Benefit Expense



 

 

 

 

 

 

 

 

 

 

 

 



Pension Benefits

 

Other
Postretirement Benefits

(Thousands of dollars)

 

2016

 

2015

 

2014

 

2016

 

2015

 

2014

Service cost

$

8,136 

 

17,948 

 

22,470 

 

1,864 

 

3,180 

 

2,459 

Interest cost

 

25,185 

 

33,168 

 

33,680 

 

3,800 

 

4,883 

 

4,617 

Expected return on plan assets

 

(28,154)

 

(34,016)

 

(33,723)

 

– 

 

– 

 

– 

Amortization of prior service 
   cost (credit)

 

1,204 

 

1,560 

 

899 

 

(75)

 

(82)

 

(82)

Amortization of transitional
   (asset) liability

 

– 

 

(1)

 

(480)

 

– 

 

– 

 

– 

Recognized actuarial loss

 

16,165 

 

15,147 

 

9,471 

 

 

992 

 



 

22,536 

 

33,806 

 

32,317 

 

5,594 

 

8,973 

 

6,999 

Termination benefits expense

 

– 

 

8,606 

 

– 

 

– 

 

– 

 

– 

Curtailment expense

 

822 

 

306 

 

– 

 

(19)

 

– 

 

– 

Net periodic benefit expense

$

23,358 

 

42,718 

 

32,317 

 

5,575 

 

8,973 

 

6,999 



Weighted-Average Assumptions used in Measurement of Benefit Obligations and Net Periodic Benefit Expense



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Benefit Obligations

 

Net Periodic Benefit Expense



Pension
Benefits

 

Other
Postretirement
Benefits

 

Pension
Benefits

 

Other
Postretirement
Benefits



December 31

 

December 31

 

Year

 

Year



2016

 

2015

 

2016

 

2015

 

2016

 

2015

 

2016

 

2015

Discount rate

3.94% 

 

4.37% 

 

4.41% 

 

4.61% 

 

3.84% 

 

4.04% 

 

4.24% 

 

4.12% 

Expected return on plan assets

5.62% 

 

6.00% 

 

– 

 

– 

 

5.62% 

 

6.00% 

 

– 

 

– 

Rate of compensation increase

3.52% 

 

3.74% 

 

– 

 

– 

 

3.52% 

 

3.74% 

 

– 

 

– 



Benefit Payments Reflecting Expected Future Service as Appropriate which are Expected to be Paid in Future Years from Assets of Plans or by Company



 

 

 

 



 

 

 

 

(Thousands of dollars)

Pension
Benefits

 

Other
Postretirement
Benefits

2017

$

38,532 

 

6,161 

2018

 

38,896 

 

6,319 

2019

 

39,833 

 

6,435 

2020

 

40,848 

 

6,621 

2021

 

41,653 

 

6,824 

2022-2026

 

221,350 

 

36,326 



 

 

 

 



One Percent Change in Assumed Health Care Cost Trend Rates



 

 

 

 



 

 

 

 

(Thousands of dollars)

1% Increase

 

1% Decrease

Effect on total service and interest cost components of net periodic postretirement
    benefit expense for the year ended December 31, 2016

$

1,076 

 

(818)

Effect on the health care component of the accumulated postretirement benefit
    obligation at December 31, 2016

 

15,246 

 

(12,251)



Effects of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Level 3 Plan Assets



 

 

 

 



 

 

 

 

(Thousands of dollars)

Hedged Funds and Other
Alternative Strategies

Total at December 31, 2014

 

$

33,952 

 

Actual return on plan assets:

 

 

 

 

        Relating to assets held at the reporting date

 

 

(23)

 

        Relating to assets sold during the period

 

 

– 

 

Purchases, sales and settlements

 

 

– 

 

        Total at December 31, 2015

 

 

33,929 

 

Actual return on plan assets:

 

 

 

 

        Relating to assets held at the reporting date

 

 

185 

 

        Relating to assets sold during the period

 

 

– 

 

Purchases, sales and settlements

 

 

– 

 

        Total at December 31, 2016

 

$

34,114 

 



Domestic Postretirement Plans [Member]  
Pension And Other Postretirement Benefits Disclosure [Line Items]  
Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



Pension
Benefits

 

Other
Postretirement
Benefits

(Thousands of dollars)

2016

 

2015

 

2016

 

2015

Change in benefit obligation

 

 

 

 

 

 

 

 

Obligation at January 1

$

794,589 

 

825,552 

 

115,222 

 

118,496 

Service cost

 

8,136 

 

17,948 

 

1,864 

 

3,180 

Interest cost

 

25,185 

 

33,168 

 

3,800 

 

4,883 

Plan amendments

 

– 

 

8,297 

 

– 

 

– 

Participant contributions

 

– 

 

 

1,278 

 

1,276 

Actuarial loss (gain)

 

58,236 

 

(48,019)

 

(10,627)

 

(7,436)

Medicare Part D subsidy

 

– 

 

– 

 

510 

 

510 

Exchange rate changes

 

(30,447)

 

(15,337)

 

20 

 

(112)

Benefits paid

 

(40,928)

 

(35,936)

 

(5,369)

 

(5,575)

Special termination benefits

 

– 

 

8,606 

 

– 

 

– 

Curtailments

 

822 

 

306 

 

(19)

 

– 

        Obligation at December 31

 

815,593 

 

794,589 

 

106,679 

 

115,222 

Change in plan assets

 

 

 

 

 

 

 

 

Fair value of plan assets at January 1

 

521,682 

 

560,978 

 

– 

 

– 

Actual return on plan assets

 

61,860 

 

(18,718)

 

– 

 

– 

Employer contributions

 

8,186 

 

31,442 

 

3,581 

 

3,789 

Participant contributions

 

– 

 

 

1,278 

 

1,276 

Medicare Part D subsidy

 

– 

 

– 

 

510 

 

510 

Exchange rate changes

 

(30,609)

 

(14,104)

 

– 

 

– 

Benefits paid

 

(40,928)

 

(35,936)

 

(5,369)

 

(5,575)

Other

 

(834)

 

(1,984)

 

– 

 

– 

        Fair value of plan assets at December 31

 

519,357 

 

521,682 

 

– 

 

– 

Funded status and amounts recognized in the
    Consolidated Balance Sheets at December 31

 

 

 

 

 

 

 

 

Deferred charges and other assets

 

7,591 

 

7,463 

 

– 

 

– 

Other accrued liabilities

 

(8,184)

 

(7,487)

 

(5,267)

 

(5,370)

Deferred credits and other liabilities

 

(295,643)

 

(272,883)

 

(101,412)

 

(109,852)

        Funded status and net plan liability recognized
            at December 31

$

(296,236)

 

(272,907)

 

(106,679)

 

(115,222)



Foreign Other Postretirement Benefit Plans [Member]  
Pension And Other Postretirement Benefits Disclosure [Line Items]  
Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



Pension
Benefits

 

Other
Postretirement
Benefits

(Thousands of dollars)

2016

 

2015

 

2016

 

2015

Benefit obligation at December 31

$

206,502 

 

197,549 

 

615 

 

643 

Fair value of plan assets at December 31

 

197,575 

 

193,933 

 

– 

 

– 

Net plan liabilities recognized

 

8,927 

 

3,616 

 

615 

 

643 

Net periodic benefit expense (benefit)

 

(2,244)

 

4,703 

 

154 

 

152 



Other Postretirement Benefits [Member]  
Pension And Other Postretirement Benefits Disclosure [Line Items]  
Asset Allocation for Benefit Plans

At December 31, 2016, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows.





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

 

 

Fair Value Measurements Using

(Thousands of dollars)

Fair Value at

December 31, 2016

 

Quoted Prices
in Active Markets
for Identical Assets
(Level 1)

 

Significant
Other Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

Domestic Plans

 

 

 

 

 

 

 

 

   Equity securities:

 

 

 

 

 

 

 

 

      U.S. core equity

$

61,554 

 

61,554 

 

 –

 

 –

      U.S. small/midcap

 

23,103 

 

23,103 

 

 –

 

 –

      Hedged funds and other
         alternative strategies

 

48,113 

 

 –

 

13,999 

 

34,114 

      International commingled 
        trust fund

 

67,451 

 

 –

 

67,451 

 

 –

      Emerging market commingled
        equity fund

 

16,006 

 

 –

 

16,006 

 

 –

   Fixed income securities:

 

 

 

 

 

 

 

 

      U.S. fixed income

 

78,473 

 

 –

 

78,473 

 

 –

      International commingled 
        trust fund

 

13,486 

 

 –

 

13,486 

 

 –

      Emerging market mutual fund

 

5,775 

 

 –

 

5,775 

 

 –

    Cash and equivalents

 

7,821 

 

7,821 

 

 –

 

 –

                   Total Domestic Plans

 

321,782 

 

92,478 

 

195,190 

 

34,114 

Foreign Plans

 

 

 

 

 

 

 

 

   Equity securities funds

 

74,108 

 

 –

 

74,108 

 

 –

   Fixed income securities funds

 

97,075 

 

 –

 

97,075 

 

 –

   Diversified pooled fund

 

21,463 

 

 –

 

21,463 

 

 –

   Cash and equivalents

 

4,929 

 

 –

 

4,929 

 

 –

                   Total Foreign Plans

 

197,575 

 

 –

 

197,575 

 

 –

                   Total

$

519,357 

 

92,478 

 

392,765 

 

34,114 

At December 31, 2015, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows.





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

 

 

Fair Value Measurements Using

(Thousands of dollars)

Fair Value at

December 31, 2015

 

Quoted Prices

in Active Markets

for Identical Assets

(Level 1)

 

Significant
Other Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

Domestic Plans

 

 

 

 

 

 

 

 

   Equity securities:

 

 

 

 

 

 

 

 

      U.S. core equity

$

51,878 

 

51,878 

 

 –

 

 –

      U.S. small/midcap

 

26,964 

 

26,964 

 

 –

 

 –

      Hedged funds and other
         alternative strategies

 

50,878 

 

 –

 

16,949 

 

33,929 

      International commingled 
        trust fund

 

72,205 

 

 –

 

72,205 

 

 –

      Emerging market commingled
        equity fund

 

16,873 

 

 –

 

16,873 

 

 –

   Fixed income securities:

 

 

 

 

 

 

 

 

      U.S. fixed income

 

80,681 

 

 –

 

80,681 

 

 –

      International commingled 
        trust fund

 

15,332 

 

 –

 

15,332 

 

 –

      Emerging market mutual fund

 

6,439 

 

 –

 

6,439 

 

 –

    Cash and equivalents

 

6,499 

 

6,499 

 

 –

 

 –

                   Total Domestic Plans

 

327,749 

 

85,341 

 

208,479 

 

33,929 

Foreign Plans

 

 

 

 

 

 

 

 

   Equity securities funds

 

104,718 

 

 –

 

104,718 

 

 –

   Fixed income securities funds

 

67,494 

 

 –

 

67,494 

 

 –

   Diversified pooled fund

 

20,987 

 

 –

 

20,987 

 

 –

   Cash and equivalents

 

734 

 

734 

 

 –

 

 –

                   Total Foreign Plans

 

193,933 

 

734 

 

193,199 

 

 –

                   Total

$

521,682 

 

86,075 

 

401,678 

 

33,929 



Funded Defined Benefit Pension Plans [Member]  
Pension And Other Postretirement Benefits Disclosure [Line Items]  
Asset Allocation for Benefit Plans



 

 

 

 

 

 



 

 

 

 

 

 



December 31,

 

 



2016

 

 

2015

 

 

Equity securities

58.4 

%

 

64.4 

%

 

Fixed income securities

39.0 

 

 

34.0 

 

 

Cash equivalents

2.6 

 

 

1.6 

 

 



100.0 

%

 

100.0 

%