Pension Plans and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Domestic and Foreign Pension and Postretirement Defined Benefit Plans

The following information is provided for domestic and foreign pension and postretirement defined benefit plans:

	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2014			2013			2014			2013
	(In thousands)
Pension Benefits Cost (Credit):
Service cost	$	2,678		$	3,488		$	8,245		$	10,462
Interest cost	8,006			7,470			24,303			22,403
Expected return on assets	(10,027		)	(9,848		)	(30,404		)	(29,541		)
Actuarial loss(a)	2,786			—			18,218			—
Amortization of prior service benefit	(119		)	(173		)	(530		)	(517		)
Total net pension benefits cost	$	3,324		$	937		$	19,832		$	2,807
Postretirement Benefits Cost (Credit):
Service cost	$	54		$	78		$	162		$	232
Interest cost	760			691			2,280			2,073
Expected return on assets	(85		)	(104		)	(256		)	(310		)
Amortization of prior service benefit	(24		)	(24		)	(72		)	(72		)
Total net postretirement benefits cost	$	705		$	641		$	2,114		$	1,923
Total net pension and postretirement benefits cost	$	4,029		$	1,578		$	21,946		$	4,730

(a) In connection with the announced realignment of our operating segments effective January 1, 2014, in the fourth quarter of 2013 we initiated a workforce reduction plan which will result in a reduction of approximately 230 employees worldwide. This workforce reduction triggered a net curtailment gain of approximately $0.8 million in the first quarter of 2014 for our U.S. defined benefit plan which covers non-represented employees and our supplemental executive retirement plan (SERP). In connection with the curtailment, we were required to remeasure the related assets and obligations for these two plans. As of the January 31, 2014 remeasurement date, the weighted-average discount rate for all of our domestic pension plans was 4.97% compared to 5.14% at December 31, 2013. Taking into account the discount rate reduction and actual return on plan assets through January 31, 2014, we recorded a mark-to-market actuarial loss (net of the curtailment gain) of $15.4 million in the first quarter of 2014 related to these two plans.

In connection with the sale of our antioxidant, ibuprofen and propofol businesses and assets to SI Group, Inc. which closed on September 1, 2014, in the third quarter of 2014 we were required to remeasure the assets and obligations of one of our U.S. defined benefit plans for represented employees, which was part of the disposed group. As of the September 1, 2014 remeasurement date, the weighted-average discount rate for all of our domestic pension plans was 4.94% compared to 5.14% at December 31, 2013. Taking into account the discount rate reduction and actual return on plan assets through September 1, 2014, as well as changes to mortality assumptions, we recorded a mark-to-market actuarial loss of $2.8 million in the third quarter of 2014 related to this plan.