Pension Arrangements (Tables)

12 Months Ended

Dec. 31, 2014

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

As of December 31, 2014 and 2013, the DCP liability was $49.6 million and $51.8 million, respectively, and the assets held in the rabbi trust consisted of the following (in thousands of dollars):



December 31	2014		2013
Company-owned variable life insurance	$	45,895	$	45,581
Money market mutual fund investments	4,595		7,650
Total	$	50,490	$	53,231

Change In Benefit Obligation, Change in Fair Value of Plan Assets, and Funded Status

The table below details the changes in the projected benefit obligation, plan assets and funded status of the U.K. Pension Plan, as well as the net pension asset recognized on the Consolidated Balance Sheets, as of December 31, 2014 and 2013 (in thousands of dollars):



December 31	2014			2013
Reconciliation of benefit obligation
Benefit obligation at beginning of year	$	360,185		$	318,155
Service cost	4,499			3,682
Interest cost	15,633			13,359
Contributions by plan participants	1,164			1,251
Actuarial loss	33,568			23,410
Benefits paid	(11,128		)	(8,168		)
Foreign currency exchange rate changes	(21,986		)	8,496
Projected benefit obligation at end of year	381,935			360,185
Reconciliation of plan assets
Fair value of plan assets at beginning of year	397,469			336,189
Actual return on plan assets	44,343			38,097
Employer contributions	2,740			20,268
Contributions by plan participants	1,164			1,251
Benefits paid	(11,128		)	(8,168		)
Foreign currency exchange rate changes	(23,660		)	9,832
Fair value of plan assets at end of year	410,928			397,469
Funded Status
Net pension asset	$	28,993		$	37,284

Pension Benefit Plan

In 2014, 2013, and 2012, the components of the net pension benefit related to the U.K. Pension Plan were (in thousands of dollars):



	2014			2013			2012
Service cost	$	4,499		$	3,682		$	3,662
Interest cost	15,633			13,359			13,143
Expected return on plan assets	(23,166		)	(19,659		)	(19,609		)
Amortization of actuarial loss	2,346			1,458			—
Net pension benefit	$	(688	)	$	(1,160	)	$	(2,804	)

Benefit Obligation And Net Pension Benefit

In 2014, 2013, and 2012, the following assumptions were used in determining the benefit obligation and net pension benefit related to the U.K. Pension Plan:



Benefit Obligation	2014	2013
Weighted average discount rate	3.50%	4.40%
Weighted average rate of compensation increase	4.10%	4.60%



Net Pension Benefit	2014	2013	2012
Weighted average discount rate	4.40%	4.40%	4.80%
Weighted average rate of compensation increase	4.60%	4.00%	5.00%
Weighted average expected long-term rate of return on plan assets	6.10%	6.20%	6.30%

Components Of Net Pension Benefits Related To U.K. Pension Plan Assets

The table below presents the fair value of U.K. Pension Plan assets, by investment category, as of December 31, 2014 and 2013 (in thousands of dollars):



December 31	2014		% of Total		2013		% of Total
Growth assets	$	247,393	60.2	%	$	280,019	70.5	%
Debt securities:
Corporate	37,929		9.2	%	30,774		7.7	%
Index-linked	120,507		29.3	%	82,619		20.8	%
Total debt securities	158,436		38.6	%	113,393		28.5	%
Real estate mutual funds	2,976		0.7	%	2,746		0.7	%
Cash and cash equivalents	2,123		0.5	%	1,311		0.3	%
Total fair value of plan assets	$	410,928			$	397,469

Fair Value Measurement Information U.K. Pension Plan Assets

The table below provides fair value measurement information for the U.K. Pension Plan assets as of December 31, 2014 (in thousands of dollars):



			Fair Value Measurements Using:
	Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Growth assets	$	247,393	$	176,219	$	71,174	$	—
Debt securities:
Corporate	37,929		12,705		25,224		—
Index-linked	120,507		120,507		—		—
Total debt securities	158,436		133,212		25,224		—
Real estate mutual funds	2,976		—		2,976		—
Cash and cash equivalents	2,123		2,123		—		—
Total fair value of plan assets	$	410,928	$	311,554	$	99,374	$	—

Estimated Future Benefit Payments

Estimated future benefit payments related to the U.K. Pension Plan, which reflect expected future service, as appropriate, are as follows (in thousands of dollars):



Year	Benefit Payments
2015	$	9,288
2016	$	11,854
2017	$	11,022
2018	$	11,962
2019	$	11,664
2020 to 2024	$	70,386