XML 54 R37.htm IDEA: XBRL DOCUMENT v3.3.1.900
Nonpension Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2015
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
 
2015
 
2014
 
2015
 
2014
Initial health care trend
7.00
%
 
7.25
%
 
7.00
%
 
7.25
%
Ultimate health care trend
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
Years to reach ultimate trend rate
8

 
9

 
8

 
9
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
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Change in accumulated nonpension postretirement benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
 
$
65,565

 
$
61,117

 
$
2,536

 
$
2,706

 
$
68,101

 
$
63,823

Service Cost
 
855

 
1,007

 
1

 
1

 
856

 
1,008

Interest cost
 
2,537

 
2,840

 
52

 
108

 
2,589

 
2,948

Plan participants' contributions
 
610

 
699

 
—

 
—

 
610

 
699

Actuarial (gain) loss
 
(7,287
)
 
5,466

 
(740
)
 
29

 
(8,027
)
 
5,495

Exchange rate fluctuations
 
—

 
—

 
(346
)
 
(219
)
 
(346
)
 
(219
)
Benefits paid
 
(3,485
)
 
(5,564
)
 
(113
)
 
(89
)
 
(3,598
)
 
(5,653
)
Benefit obligation, end of year
 
$
58,795

 
$
65,565

 
$
1,390

 
$
2,536

 
$
60,185

 
$
68,101

 
 
 
 
 
 
 
 
 
 
 
 
 
Funded status and accrued benefit cost
 
$
(58,795
)
 
$
(65,565
)
 
$
(1,390
)
 
$
(2,536
)
 
$
(60,185
)
 
$
(68,101
)
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
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost (benefits earned during the period)
 
$
855

 
$
1,007

 
$
1,190

 
$
1

 
$
1

 
$
2

 
$
856

 
$
1,008

 
$
1,192

Interest cost on projected benefit obligation
 
2,537

 
2,840

 
2,622

 
52

 
108

 
110

 
2,589

 
2,948

 
2,732

Amortization of unrecognized:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service cost
 
140

 
140

 
140

 
—

 
—

 
—

 
140

 
140

 
140

Loss (gain)
 
592

 
267

 
857

 
(56
)
 
—

 
—

 
536

 
267

 
857

Nonpension postretirement benefit expense
 
$
4,124

 
$
4,254

 
$
4,809

 
$
(3
)
 
$
109

 
$
112

 
$
4,121

 
$
4,363

 
$
4,921
Schedule of Assumptions Used
The discount rate used to determine the accumulated postretirement benefit obligation was:
 
U.S. Plans
 
Non-U.S. Plans
 
2015
 
2014
 
2015
 
2014
Discount rate
4.56
%
 
4.10
%
 
3.69
%
 
3.61
%

The discount rate used to determine net postretirement benefit cost was:
 
U.S. Plans
 
Non-U.S. Plans
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate
4.10
%
 
4.74
%
 
3.85
%
 
3.61
%
 
4.36
%
 
3.71
%
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)
 
2015
 
2014
Current liability
 
$
4,903

 
$
4,800

Long-term liability
 
55,282

 
63,301

Total accrued postretirement benefit liability
 
$
60,185

 
$
68,101
Amounts Recognized in Accumulated Other Comprehensive Loss
The pre-tax amounts recognized in accumulated other comprehensive loss as of December 31, 2015 and 2014, are as follows:
Year ended December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Net actuarial loss (gain)
 
$
5,080

 
$
12,959

 
$
(654
)
 
$
(30
)
 
$
4,426

 
$
12,929

Prior service cost
 
(1,323
)
 
(1,183
)
 
—

 
—

 
(1,323
)
 
(1,183
)
Total cost (credit)
 
$
3,757

 
$
11,776

 
$
(654
)
 
$
(30
)
 
$
3,103

 
$
11,746
Amounts in Accumulated Other Comprehensive Loss to be Recognized During 2016
The pre-tax amounts in accumulated other comprehensive loss at December 31, 2015, that are expected to be recognized as components of net periodic benefit cost during 2016 are as follows:
Year ended December 31,
(dollars in thousands)
 
U.S. Plans
 
Non-U.S. Plans
 
Total
Net actuarial loss (gain)
 
$
81

 
$
(45
)
 
$
36

Prior service cost
 
140

 
—

 
140

Total cost (credit)
 
$
221

 
$
(45
)
 
$
176
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
2016
 
$
4,861

 
$
152

 
$
5,013

2017
 
$
5,041

 
$
149

 
$
5,190

2018
 
$
5,166

 
$
148

 
$
5,314

2019
 
$
5,065

 
$
142

 
$
5,207

2020
 
$
4,926

 
$
137

 
$
5,063

2021-2025
 
$
21,031

 
$
500

 
$
21,531