XML 50 R37.htm IDEA: XBRL DOCUMENT v2.4.1.9
Nonpension Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]  
Weighted Average Assumed Health Care Cost Trend Rates
The weighted average assumed health care cost trend rates at December 31 were as follows:
 
U.S. Plans
 
Non-U.S. Plans
 
2014
 
2013
 
2014
 
2013
Initial health care trend
7.25
%
 
7.50
%
 
7.25
%
 
7.50
%
Ultimate health care trend
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
Years to reach ultimate trend rate
9

 
10

 
9

 
10

Components of Nonpension Postretirement Benefit Obligation
The components of our nonpension postretirement benefit obligation are as follows:
Year ended December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Change in accumulated nonpension postretirement benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
 
$
61,117

 
$
73,523

 
$
2,706

 
$
2,684

 
$
63,823

 
$
76,207

Service Cost
 
1,007

 
1,190

 
1

 
2

 
1,008

 
1,192

Interest cost
 
2,840

 
2,622

 
108

 
110

 
2,948

 
2,732

Plan participants' contributions
 
699

 
810

 

 

 
699

 
810

Actuarial (gain) loss
 
5,466

 
(11,477
)
 
29

 
238

 
5,495

 
(11,239
)
Exchange rate fluctuations
 

 

 
(219
)
 
(188
)
 
(219
)
 
(188
)
Benefits paid
 
(5,564
)
 
(5,551
)
 
(89
)
 
(140
)
 
(5,653
)
 
(5,691
)
Benefit obligation, end of year
 
$
65,565

 
$
61,117

 
$
2,536

 
$
2,706

 
$
68,101

 
$
63,823

 
 
 
 
 
 
 
 
 
 
 
 
 
Funded status and accrued benefit cost
 
$
(65,565
)
 
$
(61,117
)
 
$
(2,536
)
 
$
(2,706
)
 
$
(68,101
)
 
$
(63,823
)
Nonpension Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Components of Net Benefit Costs
The provision for our nonpension postretirement benefit expense consists of the following:
Year ended December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost (benefits earned during the period)
 
$
1,007

 
$
1,190

 
$
1,470

 
$
1

 
$
2

 
$
2

 
$
1,008

 
$
1,192

 
$
1,472

Interest cost on projected benefit obligation
 
2,840

 
2,622

 
3,426

 
108

 
110

 
104

 
2,948

 
2,732

 
3,530

Amortization of unrecognized:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service cost
 
140

 
140

 
422

 

 

 

 
140

 
140

 
422

Loss (gain)
 
267

 
857

 
916

 

 

 
(1
)
 
267

 
857

 
915

Nonpension postretirement benefit expense
 
$
4,254

 
$
4,809

 
$
6,234

 
$
109

 
$
112

 
$
105

 
$
4,363

 
$
4,921

 
$
6,339

Schedule of Assumptions Used
The discount rate used to determine the accumulated postretirement benefit obligation was:
 
U.S. Plans
 
Non-U.S. Plans
 
2014
 
2013
 
2014
 
2013
Discount rate
4.10
%
 
4.74
%
 
3.61
%
 
4.36
%

The discount rate used to determine net postretirement benefit cost was:
 
U.S. Plans
 
Non-U.S. Plans
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Discount rate
4.74
%
 
3.85
%
 
4.91
%
 
4.36
%
 
3.71
%
 
3.97
%
Net Accrued Benefit Liability
The net accrued postretirement benefit liability at December 31 of the respective year-ends were included in the Consolidated Balance Sheets as follows:
December 31,
(dollars in thousands)
 
2014
 
2013
Current liability
 
$
4,800

 
$
4,758

Long-term liability
 
63,301

 
59,065

Total accrued postretirement benefit liability
 
$
68,101

 
$
63,823

Amounts Recognized in Accumulated Other Comprehensive Loss
The pre-tax amounts recognized in accumulated other comprehensive loss as of December 31, 2014 and 2013, are as follows:
Year ended December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Net actuarial loss (gain)
 
$
12,959

 
$
7,760

 
$
(30
)
 
$
(62
)
 
$
12,929

 
$
7,698

Prior service cost
 
(1,183
)
 
(1,044
)
 

 

 
(1,183
)
 
(1,044
)
Total cost (credit)
 
$
11,776

 
$
6,716

 
$
(30
)
 
$
(62
)
 
$
11,746

 
$
6,654

Amounts in Accumulated Other Comprehensive Loss to be Recognized During 2015
The pre-tax amounts in accumulated other comprehensive loss at December 31, 2014, that are expected to be recognized as components of net periodic benefit cost during 2015 are as follows:
Year ended December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
Net actuarial loss
 
$
786

 
$

 
$
786

Prior service cost
 
140

 

 
140

Total cost
 
$
926

 
$

 
$
926

Anticipated Benefit Payments
Nonpension postretirement benefit payments net of estimated future Medicare Part D subsidy payments and future retiree contributions, are anticipated to be paid as follows:
Fiscal Year
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
2015
 
$
4,624

 
$
272

 
$
4,896

2016
 
$
4,820

 
$
274

 
$
5,094

2017
 
$
5,134

 
$
269

 
$
5,403

2018
 
$
5,337

 
$
264

 
$
5,601

2019
 
$
5,186

 
$
254

 
$
5,440

2020-2024
 
$
22,104

 
$
925

 
$
23,029