XML 58 R41.htm IDEA: XBRL DOCUMENT v3.3.1.900
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of Changes in Projected Benefit Obligations [Table Text Block]
A December 31 measurement date is used for all of the defined benefit and postretirement plans. The status of these plans as of December 31, 2015 and 2014 is summarized below (dollars in thousands):
 
 
December 31,
 
 
Pension Benefits
 
Other Benefits
 
 
2015
 
2014
 
2015
 
2014
Change in benefit obligation:
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
 
$
138,196

 
$
111,195

 
$
59,782

 
$
30,759

Service cost
 
9,222

 
8,121

 
4,062

 
2,354

Interest Cost
 
5,035

 
4,972

 
2,572

 
1,962

Participant contributions
 

 

 
229

 
174

Actuarial (gains) losses
 
(1,919
)
 
18,930

 
(2,729
)
 
25,354

Benefits paid
 
(4,480
)
 
(3,044
)
 
(609
)
 
(821
)
Foreign exchange translations and other adjustments
 
(3,815
)
 
(1,978
)
 

 

Benefit obligation at end of year
 
$
142,239

 
$
138,196

 
$
63,307

 
$
59,782

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]
 
 
December 31,
 
 
Pension Benefits
 
Other Benefits
 
 
2015
 
2014
 
2015
 
2014
Change in plan assets:
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
$
66,757

 
$
59,559

 
$

 
$

Actual return on plan assets
 
(2,795
)
 
2,489

 

 

Employer contributions
 
8,953

 
7,753

 
380

 
647

Participant contributions
 

 

 
229

 
174

Benefits paid and expenses
 
(4,480
)
 
(3,044
)
 
(609
)
 
(821
)
Fair value of plan assets at end of year
 
$
68,435

 
$
66,757

 
$

 
$

Funded status at end of year
 
$
(73,804
)
 
$
(71,439
)
 
$
(63,307
)
 
$
(59,782
)
Schedule of Net Funded Status [Table Text Block]
 
 
December 31,
 
 
Qualified Plans
 
Non-Qualified Plans(1)
 
Total
 
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Aggregate fair value of plan assets
 
$
68,435

 
$
66,757

 
$

 
$

 
$
68,435

 
$
66,757

Aggregate projected benefit obligations
 
83,870

 
80,104

 
58,369

 
58,092

 
142,239

 
138,196

Under funded
 
$
(15,435
)
 
$
(13,347
)
 
$
(58,369
)
 
$
(58,092
)
 
$
(73,804
)
 
$
(71,439
)
(1)
For non-qualified plans, there are no required funding levels.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
 
December 31,
 
Pension Benefits
 
Other Benefits
 
2015
 
2014
 
2015
 
2014
Amounts recognized in accumulated other comprehensive income:
 
 
 
 
 
 
 
Net actuarial loss
$
41,814

 
$
41,238

 
$
27,755

 
$
32,949

Net prior service cost
1,159

 
1,496

 

 

Total
$
42,973

 
$
42,734


$
27,755

 
$
32,949

Schedule Of Projected Benefit Obligations In Excess Of Fair Value Of Plan Assets [Table Text Block]
The following table presents information for qualified and non-qualified pension plans with a projected benefit obligation in excess of plan assets as of December 31, 2015 and 2014 (dollars in thousands):
 
 
2015
 
2014
Projected benefit obligation
 
$
142,239

 
$
138,196

Fair value of plan assets
 
68,435

 
66,757

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
The following table presents information for pension plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2015 and 2014 (dollars in thousands):
 
 
2015
 
2014
Accumulated benefit obligation
 
$
140,442

 
$
135,850

Fair value of plan assets
 
68,435

 
66,757

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows (dollars in thousands):
  
 
Pension Benefits
 
Other Benefits
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
9,222

 
$
8,121

 
$
8,023

 
$
4,062

 
$
2,354

 
$
1,881

Interest cost
 
5,035

 
4,972

 
4,072

 
2,572

 
1,962

 
1,353

Expected return on plan assets
 
(4,897
)
 
(4,471
)
 
(3,734
)
 

 

 

Amortization of prior actuarial losses
 
3,429

 
1,755

 
3,270

 
2,465

 
1,060

 
868

Amortization of prior service cost
 
309

 
333

 
373

 

 

 

Net periodic benefit cost
 
13,098

 
10,710

 
12,004

 
9,099

 
5,376

 
4,102

Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial (gains) losses
 
5,774

 
20,912

 
(11,250
)
 
(2,729
)
 
25,354

 
(5,949
)
Amortization of actuarial (gains) losses
 
(3,429
)
 
(1,755
)
 
(3,270
)
 
(2,465
)
 
(1,060
)
 
(868
)
Amortization of prior service cost (credit)
 
(309
)
 
(333
)
 
(373
)
 

 

 

Foreign exchange translations and other adjustments
 
(1,797
)
 
(578
)
 
(439
)
 

 

 

Total recognized in other comprehensive income
 
239

 
18,246

 
(15,332
)
 
(5,194
)
 
24,294

 
(6,817
)
Total recognized in net periodic benefit cost and other comprehensive income
 
$
13,337

 
$
28,956

 
$
(3,328
)
 
$
3,905

 
$
29,670

 
$
(2,715
)
Schedule of Expected Benefit Payments [Table Text Block]
The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (dollars in thousands):
 
 
Pension Benefits    
 
Other Benefits    
2016
 
$
10,993

 
$
753

2017
 
8,228

 
913

2018
 
8,141

 
1,095

2019
 
10,200

 
1,281

2020
 
9,533

 
1,535

2021-2025
 
57,489

 
11,534

Schedule of Assumptions Used [Table Text Block]
Weighted average assumptions used to determine the accumulated benefit obligation and net benefit cost or income were as follows:
 
 
Pension Benefits
 
Other Benefits
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate used to determine benefit obligation
 
3.99
%
 
3.90
%
 
4.45
%
 
4.43
%
 
4.05
%
 
5.05
%
Discount rate used to determine net benefit cost or income
 
3.77
%
 
4.30
%
 
3.83
%
 
4.05
%
 
5.05
%
 
4.15
%
Expected long-term rate of return on plan assets
 
7.35
%
 
7.35
%
 
7.35
%
 
%
 
%
 
%
Rate of compensation increases
 
4.08
%
 
4.08
%
 
4.21
%
 
%
 
%
 
%
Schedule of Health Care Cost Trend Rates [Table Text Block]
The assumed health care cost trend rates used in measuring the accumulated non-pension post-retirement benefit obligation were as follows:
 
 
December 31,
 
 
2015
 
2014
Pre-Medicare eligible claims
 
8% down to 5% in 2020
 
8% down to 5% in 2018
Medicare eligible claims
 
8% down to 5% in 2020
 
8% down to 5% in 2018
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]
A one-percentage point change in assumed health care cost trend rates would have the following effects (dollars in thousands):
 
 
One Percent Increase    
 
One Percent Decrease    
Effect on total of service and interest cost components
 
$
1,694

 
$
(1,226
)
Effect on accumulated postretirement benefit obligation
 
$
13,659

 
$
(10,254
)
Schedule of Allocation of Plan Assets [Table Text Block]
The fair values of the Company’s pension plan assets as of December 31, 2015 and 2014 are summarized below (dollars in thousands):
  
 
December 31, 2015
 
 
 
 
Fair Value Measurement Using:
 
 
Total
 
Level 1
 
Level 2
 
Level 3
Mutual Funds(1)
 
$
68,349

 
$
68,349

 
$

 
$

Cash
 
86

 
86

 

 

Total
 
$
68,435

 
$
68,435

 
$

 
$

(1)
Mutual funds were invested 32% in U.S. equity funds, 38% in U.S. fixed income funds, 15% in non-U.S. equity funds and 15% in other.
  
 
December 31, 2014
 
 
 
 
Fair Value Measurement Using:
 
 
Total
 
Level 1
 
Level 2
 
Level 3
Mutual Funds(2)
 
$
66,675

 
$
66,675

 
$

 
$

Cash
 
82

 
82

 

 

Total
 
$
66,757

 
$
66,757

 
$

 
$

(2)
Mutual funds were invested 32% in U.S. equity funds, 30% in U.S. fixed income funds, 22% in non-U.S. equity funds and 16% in other.