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Pensions and Other Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Pensions and Other Postretirement Benefit Plans [Abstract]  
Schedule of Plan Benefit Obligations
  As of December 31, 2015 As of December 31, 2014
(in thousands) Pension plans   Other
postretirement
benefits
    Pension plans     Other
postretirement
benefits
                 
Benefit obligation, beginning of year   $213,110     $64,987     $204,334     $61,108 
 Service cost   2,959     330     3,269     314 
 Interest cost   7,787     2,437     9,505     2,741 
 Plan participants' contributions   304     -     323     - 
 Actuarial (gain)/loss   (4,209   (2,855   30,943
  5,926 
 Benefits paid   (6,530 )   (4,758 )   (6,205 )   (5,010
 Settlements and curtailments   (321 )   -     (17,936 )   - 
 Plan amendments and other   (37   -     -     - 
 Foreign currency changes   (13,207 )   (171 )   (11,123   (92) 
Benefit obligation, end of year   $199,856     $59,970     $213,110     $64,987 
                        
Accumulated benefit obligation   $188,909     $-     $199,622     $- 
                        
Weighted average assumptions used to                       
determine benefit obligations, end of year:                       
 Discount rate - U.S. plan   4.54 %   4.24 %   4.18 %   3.90%
 Discount rate - non-U.S. plans   3.67 %   4.00 %   3.58 %   3.85%
 Compensation increase - U.S. plan   -     -     -     - 
 Compensation increase - non-U.S. plans   3.24 %   3.00 %   3.23 %   3.00%
Schedule of Plan Assets
  As of December 31, 2015 As of December 31, 2014
(in thousands) Pension plans Other
postretirement
benefits
  Pension plans   Other
postretirement
benefits
       
Fair value of plan assets, beginning of year   $183,199     $-     $168,390     $- 
 Actual return on plan assets, net of expenses   730     -     29,638     - 
 Employer contributions   5,287     4,758     15,768     5,010 
 Plan participants' contributions   304     1,068     323     1,404 
 Benefits paid   (6,530 )   (5,826 )   (6,205 )   (6,414
 Settlements   (688 )   -     (16,945   - 
 Foreign currency changes   (10,915 )   -     (7,770   - 
Fair value of plan assets, end of year   $171,387     $-     $183,199     $- 
Schedule of Funded Status of Plans
    As of December 31, 2015   As of December 31, 2014
(in thousands)   Pension plans   Other
postretirement
benefits
  Pension plans   Other
postretirement
benefits
                     
Fair value of plan assets   $171,387     $-     $183,199     $-
Benefit obligation   199,856     59,970     213,110     64,987
Funded status   ($28,469 )   ($59,970 )   ($29,911 )   ($64,987 )
                     
Accrued benefit cost, end of year   ($28,469 )   ($59,970 )   ($29,911 )   ($64,987 )
                     
Amounts recognized in the consolidated balance sheet consist of the following:                    
Noncurrent asset   $10,423     $-     $10,097     $-
Current liability   (2,110 )   (4,660 )   (2,141 )   (4,750 )
Noncurrent liability   (36,782 )   (55,310 )   (37,867 )   (60,237 )
Net amount recognized   ($28,469 )   ($59,970 )   ($29,911 )   ($64,987 )
                     
Amounts recognized in accumulated other comprehensive income consist of:                    
Net actuarial loss   $69,896     $37,997     $71,623     $44,195
Prior service cost/(credit)   608     (35,387 )   753     (39,875 )
Net amount recognized   $70,504    
$2,610     $72,376     $4,320

 



  Non-U.S.  
(in thousands) U.S. plan     plans   Total  
                            
Pension plans with pension assets
($2,890 )
$6,097  
$3,207  
Pension plans without pension assets   (7,905 )   (23,771 )
(31,676 )
Total
($10,795 )
($17,674 )
($28,469 )
Schedule of Net Periodic Benefit Plan Cost
    Pension plans     Other postretirement benefits
(in thousands)   2015       2014       2013       2015       2014       2013  
                                               
Components of net periodic benefit cost:                                              
Service cost   $2,959       $3,269       $3,662       $330       $314       $875
Interest cost   7,787       9,505       8,852       2,437       2,741       3,080
Expected return on assets   (8,630 )     (9,577)       (8,677)       -       -       -
Amortization of prior service cost/(credit)   48       53       35       (4,488 )     (4,488)       (3,940)
Amortization of transition obligation   -       -       70       -       -       -
Amortization of net actuarial loss   2,594       2,421       3,117       3,338       2,908       3,395
Settlement   103       8,331       502       -       -       -
Curtailment (gain)/loss   -
    (942)       (1,143     -       -       -
Special/contractual termination of benefits   44       -       -       -       -       -
Net periodic benefit cost   $4,905       $13,060       $6,418       $1,617       $1,475       $3,410
                                               
Weighted average assumptions used to determine net cost:                                              
Discount rate - U.S. plan   4.18 %     5.22 %     4.28 %     3.90 %     4.68 %     3.93%
Discount rate - non-U.S. plan   3.58 %     4.50 %     4.09 %     3.85 %     4.75 %     4.00%
Expected return on plan assets - U.S. plan   4.43 %     5.40 %     4.61 %     -       -       - 
Expected return on plan assets - non-U.S. plans   5.52 %     5.65 %     5.53 %     -       -       - 
Rate of compensation increase - U.S. plan   -       -       -       -
    -
    3.00%
Rate of compensation increase - non-U.S. plans   3.23 %     3.39 %     3.26 %     3.00 %     3.00 %     3.00%
Health care cost trend rate (U.S. and non-U.S. plans):                                              
Initial rate   -       -       -       -       -       - 
Ultimate rate   -       -       -       -       -       - 
Years to ultimate   -       -       -       -       -       - 
Schedule of Pretax (gains)/Losses Recognized in Other Comprehensive Income
      Other
  Pension postretirement
(in thousands) plan benefits
Settlements/curtailments ($103 ) $-
Asset/liabilty loss/(gain) 3,555   (2,855)
Amortization of actuarial (loss) (2,594 ) (3,338)
Amortization of prior service (cost)/credit (48 ) 4,488
Amortization of transition (obligation) -   -
Currency impact (2,682 ) (5)
Gain in other comprehensive income ($1,872 ) ($1,710)
       
Total cost/(benefit) recognized in net periodic benefit cost and other comprehensive income $3,033   ($93)
Schedule of Amounts That Will Be Amortized from Accumulated Other Comprehensive Income
        Total  
  Total     postretirement  
(in thousands) pension     benefits  
Actuarial loss $2,293     $2,819  
Prior service cost/(benefit) 37     (4,488 )
Total $2,330     ($1,669 )
Schedule of Fair Value of Plan Assets
    Total fair   Quoted prices   Significant other   Significant
    value at   in active markets   observable inputs   unobservable inputs
(in thousands) December 31, 2015 (Level 1) (Level 2) (Level 3)
Common stocks and equity funds
 
$35,113     $404     $34,709     $- 
Debt securities     $125,502       -       125,502       - 
Insurance contracts     $2,403       -       -       2,403 
Limited partnerships     $5,676       -       -       5,676 
Hedge funds     $192       -       -       192 
Cash and short-term investments     $2,501       2,501       -       - 
Total plan assets  
$171,387     $2,905     $160,211     $8,271 

 

    Total fair   Quoted prices   Significant other   Significant
    value at   in active markets   observable inputs   unobservable inputs
(in thousands)   December 31, 2014   (Level 1)   (Level 2)   (Level 3)
Common stocks and equity funds     $34,624       $803       $33,821       $- 
Debt securities     136,984       -       136,984       - 
Insurance contracts     2,133       -       -       2,133 
Limited partnerships     6,522       -       -       6,522 
Hedge funds     364       -       -       364 
Cash and short-term investments     2,572       2,572       -       - 
Total plan assets     183,199       $3,375       $170,805       $9,019 
Reconciliation of Level 3 Assets
(in thousands) December
31, 2014
  Net realized 
gains/(losses)
  Net
unrealized
gains/(losses)
  Net
purchases, issuances
and
settlements
  Net transfers
(out of)
Level 3
  December
31, 2015
Insurance contracts     $2,133       $-       $35       $235
    $-       $2,403 
Limited partnerships     6,522
      46       222       (1,114 )     -       5,676 
Hedge funds     364
      7       (17     (162 )     -       192 
Total     $9,019       $53       $240       ($1,041 )     $-       $8,271 

 

(in thousands) December
31, 2013
  Net realized 
gains/(losses)
  Net
unrealized
gains/(losses)
  Net
purchases,
issuances
and
settlements
  Net transfers
(out of)
Level 3
  December
31, 2014
Insurance contracts     $2,875       $-       $49       $(791     $-       $2,133 
Limited partnerships     7,034       44       613       (1,169 )     -       6,522 
Hedge funds     392       -       3       (31 )     -       364 
Total     $10,301       $44       $665       ($1,991 )     $-       $9,019 
Schedule of Asset Allocation
      United States Plan     Non-U.S. Plans
      Target     Percentage of plan assets       Target       Percentage of plan assets  
      Allocation     at plan measurement date       Allocation       at plan measurement date  
Asset category     2016     2015     2014     2016     2015     2014
                                     
Equity securities       -         3 %       3 %       34 %       35 %       32 %
Debt securities       100 %       92 %       91 %       56 %       55 %       59 %
Real estate       -         5 %       5 %       5 %       4 %       4 %
Other (1)       -         0 %       1 %       5 %       6 %       5 %
        100 %       100 %       100 %       100 %       100 %       100 %

 

(1)
Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.
Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets and for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
    Plans with projected benefit obligation
    in excess of plan assets
(in thousands)  
2015  
2014 
Projected benefit obligation     $120,312       $126,029 
Accumulated benefit obligation     117,447       122,855 
Fair value of plan assets     81,421       86,021 
                 
                 
    Plans with accumulated benefit obligation
     in excess of plan assets
(in thousands)     2015       2014 
Projected benefit obligation     $120,312       $126,029 
Accumulated benefit obligation     117,447       122,855 
Fair value of plan assets     81,421       86,021 
Schedule of Expected Cash Flows
(in thousands) Pension plans     Other postretirement
benefits
Expected employer contributions and direct employer payments in the next fiscal year $5,046     $4,660
         
Expected benefit payments        
2016 $6,518     $4,660
2017 7,162     4,475
2018 7,873     4,296
2019 7,881     4,128
2020 8,349     4,006
2021-2025 49,954     19,049