Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Funded Status (in thousands):



	Pension Plans						Post-retirement Healthcare Plans
	2014			2013			2014			2013
Accumulated benefit obligation	$	807,992		$	761,774		$	6,163		$	7,482
Change in benefit obligation
Obligation as of January 1	$	761,774		$	860,463		$	7,482		$	8,781
Service cost	—			—			239			275
Interest cost	39,517			35,957			286			264
Curtailment gain	—			—			—			—
Special termination benefits	—			—			—			—
Plan amendment	—			—			—			—
Plan transfers	2,659			2,448			—			—
Benefits paid	(29,961		)	(28,966		)	(1,623		)	(1,364		)
Settlement payments	(98,738		)	—			—			—
Actuarial (gain) loss	132,741			(108,128		)	(221		)	(474		)
Obligation as of December 31	$	807,992		$	761,774		$	6,163		$	7,482
Change in plan assets
Fair value as of January 1	$	751,246		$	682,553		$	—		$	—
Actual gain on plan assets	88,453			67,719			—			—
Plan transfers	2,659			2,448			—			—
Employer contributions	6,128			27,492			1,623			1,364
Benefits paid	(29,961		)	(28,966		)	(1,623		)	(1,364		)
Settlement payments	$	(98,738	)	$	—		$	—		$	—
Fair value as of December 31	$	719,787		$	751,246		$	—		$	—
Funded status
Overfunded plans, net asset	$	—		$	14,855		$	—		$	—
Underfunded plans
Current liabilities	$	(1,506	)	$	(1,339	)	$	(812	)	$	(888	)
Non-current liabilities	$	(86,699	)	$	(24,044	)	$	(5,351	)	$	(6,594	)

Schedule of Net Benefit Costs

ABX’s net periodic benefit costs for its defined benefit pension plans and post-retirement healthcare plans for the years ended December 31, 2014, 2013 and 2012, are as follows (in thousands):



	Pension Plans									Post-Retirement Healthcare Plan
	2014			2013			2012			2014			2013			2012
Service cost	$	—		$	—		$	—		$	239		$	275		269
Interest cost	39,517			35,957			37,089			286			264			379
Expected return on plan assets	(46,111		)	(45,990		)	(39,882		)	—			—			—
Settlements	11,660			—			—			—			—			—
Amortization of prior service cost	—			—			—			(3,487		)	(5,654		)	(5,552		)
Amortization of net (gain) loss	(2		)	12,296			10,681			321			419			433
Net periodic benefit cost	$	5,064		$	2,263		$	7,888		$	(2,641	)	$	(4,696	)	$	(4,471	)

Schedule of Net Periodic Benefit Cost Not yet Recognized

The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit expense at December 31 are as follows (in thousands):



	Pension Plans				Post-Retirement Healthcare Plans
	2014		2013		2014			2013
Unrecognized prior service cost	$	—	$	—	$	(696	)	$	(4,182	)
Unrecognized net actuarial loss	118,932		40,190		1,486			2,027
Accumulated other comprehensive (income) loss	$	118,932	$	40,190	$	790		$	(2,155	)

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The following table sets forth the amounts of unrecognized net actuarial loss and (gain) recorded in accumulated other comprehensive loss that is expected to be recognized as components of net periodic benefit expense during 2015 (in thousands):



	Pension Plans		Post- Retirement Healthcare Plans
Amortization of actuarial loss	$	7,170	$	292
Prior Service Cost	—		(543		)

Schedule of Assumptions Used

Assumptions used in determining the funded status of ABX’s pension plans at December 31 were as follows:



	Pension Plans
	2014	2013	2012
Discount rate - crewmembers	4.35%	5.25%	4.25%
Discount rate - non-crewmembers	4.40%	5.35%	4.25%
Expected return on plan assets	6.25%	6.25%	6.75%

Schedule of Allocation of Plan Assets

The pension plan assets measured at fair value on a recurring basis were as follows (in thousands):



As of December 31, 2014	Fair Value Measurement Using						Total
	Level 1		Level 2		Level 3		Total
Plan assets
Temporary cash investments	$	—	$	—	$	—	$	—
Common trust funds	—		4,238		—		4,238
Corporate stock	17,878		—		—		17,878
Mutual funds	51,568		100,252		—		151,820
Fixed income investments	1,978		488,399		—		490,377
Real estate	—		—		26,057		26,057
Hedge funds and private equity	—		—		29,417		29,417
Total plan assets	$	71,424	$	592,889	$	55,474	$	719,787



As of December 31, 2013	Fair Value Measurement Using						Total
	Level 1		Level 2		Level 3		Total
Plan assets
Temporary cash investments	$	—	$	—	$	—	$	—
Common trust funds	—		10,503		—		10,503
Corporate stock	63,313		—		—		63,313
Mutual funds	107,635		164,230		—		271,865
Fixed income investments	6,761		349,904		—		356,665
Real estate	—		—		19,561		19,561
Hedge funds and private equity	—		—		29,339		29,339
Total plan assets	$	177,709	$	524,637	$	48,900	$	751,246

The weighted-average asset allocations by asset category are as shown below:



	Composition of Plan Assets as of December 31
Asset category	2014		2013
Cash	—	%	—	%
Equity securities	28	%	50	%
Fixed income securities	68	%	47	%
Real estate	4	%	3	%
	100	%	100	%

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the respective plans as follows (in thousands):



	Pension Benefits		Post-retirement Healthcare Benefits
2015	$	33,380	$	812
2016	38,172		709
2017	37,706		685
2018	39,998		619
2019	41,967		596
Years 2020 to 2024	235,515		2,574

Schedule of Level Three Defined Benefit Plan Assets Roll Forward

The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant Level 3 unobservable inputs (in thousands):



	Hedge Funds & Private Equity			Real Estate Investments		Total
January 1, 2013	$	26,969		$	17,181	$	44,150
Unrealized gains	3,884			2,380		6,264
Purchases & settlements	(1,514		)	—		(1,514		)
December 31, 2013	$	29,339		$	19,561	$	48,900
Unrealized gains	2,376			6,496		8,872
Purchases & settlements	(2,298		)	—		(2,298		)
December 31, 2014	$	29,417		$	26,057	$	55,474