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Pension Plans and Other Postretirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Domestic and Foreign Pension and Postretirement Defined Benefit Plans
The components of pension and postretirement benefits cost (credit) for the three-month and six-month periods ended June 30, 2015 and 2014 are shown in the table below. The 2015 period includes results of the plans we acquired in the Rockwood acquisition.
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014
 
(In thousands)
Pension Benefits Cost (Credit):
 
 
 
 
 
 
 
Service cost
$
1,691

 
$
2,726

 
$
3,670

 
$
5,567

Interest cost
10,616

 
8,128

 
20,180

 
16,297

Expected return on assets
(12,451
)
 
(10,172
)
 
(23,533
)
 
(20,377
)
Actuarial (gain) loss(a)
(51
)
 
—

 
(51
)
 
15,432

Amortization of prior service benefit
29

 
(138
)
 
59

 
(411
)
Total net pension benefits cost (credit)
$
(166
)
 
$
544

 
$
325

 
$
16,508

Postretirement Benefits Cost (Credit):
 
 
 
 
 
 
 
Service cost
$
5

 
$
54

 
$
71

 
$
108

Interest cost
619

 
760

 
1,287

 
1,520

Expected return on assets
(47
)
 
(86
)
 
(112
)
 
(171
)
Amortization of prior service benefit
(24
)
 
(24
)
 
(48
)
 
(48
)
Settlements/curtailments(b)
—

 
—

 
(2,594
)
 
—

Total net postretirement benefits cost (credit)
$
553

 
$
704

 
$
(1,396
)
 
$
1,409

Total net pension and postretirement benefits cost (credit)
$
387

 
$
1,248

 
$
(1,071
)
 
$
17,917

(a)
In connection with a realignment of our operating segments effective January 1, 2014, in the fourth quarter of 2013 we initiated a workforce reduction plan which resulted 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.
(b)
We assumed responsibility for one domestic OPEB plan in connection with the acquisition of Rockwood which covered a small number of active employees and retirees. This plan was terminated in the first quarter of 2015 and provisions were made for the affected employees and retirees to receive benefits under an existing plan. A gain of $2.6 million was recognized in the first quarter of 2015 related to the termination of this plan.
Rockwood Holdings, Inc. | Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Domestic and Foreign Pension and Postretirement Defined Benefit Plans
The following table sets forth the benefit obligations, plan assets, funded status and weighted-average assumption percentages for the defined benefit pension plans acquired in the Rockwood acquisition, as of the Acquisition Closing Date (in thousands):
 
U.S.
 
Foreign
Benefit obligation
$
39,125

 
$
416,150

Fair value of plan assets
29,314

 
109,875

Funded status
$
(9,811
)
 
$
(306,275
)
 
 
 
 
Weighted-average assumption percentages:
 
 
 
Discount rate
4.09
%
 
2.35
%
Expected return on plan assets
6.03
%
 
5.78
%
Rate of compensation increase
—
%
 
3.15
%
Schedule of Expected Benefit Payments
The current forecast of benefit payments related to the defined benefit pension plans acquired in the Rockwood acquisition, which reflect expected future service, amounts to (in millions):
 
U.S.
 
Foreign
Remainder of 2015
$
0.9

 
$
8.9

2016
$
1.6

 
$
16.4

2017
$
1.7

 
$
16.0

2018
$
1.9

 
$
16.8

2019
$
2.0

 
$
16.9

2020-2024
$
11.1

 
$
89.8