XML 79 R53.htm IDEA: XBRL DOCUMENT v2.4.1.9
Pension and Severance Benefits (Tables)
12 Months Ended
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]  
Schedule of Net Benefit Costs
Pension and severance expense consists of the following:
 
Domestic Plans
(In thousands)
2014
 
2013
 
2012
Defined benefit and severance plans:
 
 
 
 
 
Service cost
$
464

 
$
465

 
$
363

Interest on projected benefit obligation
993

 
892

 
1,086

Expected return on plan assets
(1,313
)
 
(1,294
)
 
(1,477
)
Recognized actuarial loss
411

 
495

 
374

 
555

 
558

 
346

Defined contribution plans
5,138

 
4,803

 
8,544

Total pension and severance expense
$
5,693

 
$
5,361

 
$
8,890

 
 
 
 
 
 
 
Foreign Plans
(In thousands)
2014
 
2013
 
2012
Defined benefit and severance plans:
 
 
 
 
 
Service cost
$
6,956

 
$
6,992

 
$
6,783

Interest on projected benefit obligation
4,661

 
4,293

 
3,903

Expected return on plan assets
(27
)
 
(33
)
 
(32
)
Recognized actuarial loss
650

 
734

 
570

Amortization of prior service cost
128

 
128

 
128

 
12,368

 
12,114

 
11,352

Defined contribution plans
438

 
461

 
466

Total pension and severance expense
$
12,806

 
$
12,575

 
$
11,818

Schedule of Projected Benefit Obligation
Financial information with respect to our domestic and foreign defined benefit pension and severance plans is as follows:
 
Domestic Plans
Year Ended
December 31,
 
Foreign Plans
Year Ended
December 31,
(In thousands)
2014
 
2013
 
2014
 
2013
Fair value of plan assets at beginning of year
$
21,373

 
$
19,468

 
$
5,559

 
$
5,176

Actual return on plan assets
872

 
3,938

 
23

 
26

Employer contributions
985

 
839

 
6,739

 
6,538

Benefits paid
(2,718
)
 
(2,872
)
 
(6,276
)
 
(6,228
)
Foreign exchange

 

 
(200
)
 
47

Fair value of plan assets at end of year
$
20,512

 
$
21,373

 
$
5,845

 
$
5,559

 
 
 
 
 
 
 
 
Projected benefit obligation at beginning of year
$
23,039

 
$
27,333

 
$
67,811

 
$
60,685

Service and interest cost
1,457

 
1,357

 
11,617

 
11,290

Actuarial loss (gain)
4,279

 
(2,779
)
 
4,813

 
1,856

Benefits paid
(2,718
)
 
(2,872
)
 
(6,276
)
 
(6,228
)
Foreign exchange

 

 
(747
)
 
208

Projected benefit obligation at end of year
$
26,057

 
$
23,039

 
$
77,218

 
$
67,811

 
 
 
 
 
 
 
 
Plan assets less than projected benefit obligation
$
(5,545
)
 
$
(1,666
)
 
$
(71,373
)
 
$
(62,252
)
Schedule of Assumptions Used
The following weighted-average assumptions were used to determine the net periodic benefit cost for our domestic pension plans and foreign pension and severance plans:
 
Domestic Plans
December 31,
 
Foreign Plans
December 31,
 
2014
 
2013
 
2014
 
2013
Discount rate
4.40
%
 
3.50
%
 
6.90
%
 
6.80
%
Rate of compensation increase
n/a

 
5.00
%
 
5.00
%
 
5.00
%
Long-term rate of return on plan assets
7.00
%
 
7.00
%
 
0.40
%
 
0.70
%
The following weighted-average assumptions were used to determine the projected benefit obligations for our domestic pension plans and foreign pension and severance plans:
 
Domestic Plans
December 31,
 
Foreign Plans
December 31,
 
2014
 
2013
 
2014
 
2013
Discount rate
3.70
%
 
4.40
%
 
5.90
%
 
6.90
%
Rate of compensation increase1
%
 
%
 
5.00
%
 
5.00
%

1. 
During 2013, the last active participant in the domestic defined benefit plan retired and therefore, the rate of compensation increase is no longer applicable.
Schedule of Net Periodic Benefit Cost Not Yet Recognized
Included in "AOCI" in the Consolidated Balance Sheets are the following amounts that have not yet been recognized in net periodic pension cost:
 
December 31,
(In thousands)
2014
 
2013
Unrecognized actuarial losses
$
26,682

 
$
18,438

Unrecognized prior service costs
564

 
692

Schedule of Allocation of Plan Assets
The weighted-average asset allocations of our domestic pension plans and foreign pension and severance plans by asset category are as follows:
 
Domestic Plans
December 31,
 
Foreign Plans
December 31,
 
2014
 
2013
 
2014
 
2013
Asset category:
 
 
 
 
 
 
 
Equity securities
19
%
 
79
%
 
7
%
 
7
%
Fixed income securities
77
%
 
20
%
 
52
%
 
52
%
Cash and equivalents
4
%
 
1
%
 
41
%
 
41
%
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]
The fair values of assets of our pension plans were as follows:
 
 
 
Fair Value Measurements Using
(In thousands)
Total
 
Level 1
 
Level 2
 
Level 3
December 31, 2014
 
 
 
 
 
 
 
Domestic pension plans:
 
 
 
 
 
 
 
Money market accounts
$
816

 
$
816

 
$

 
$

Mutual funds:
 
 
 
 
 
 
 
Domestic equity
849

 
849

 

 

International equity
1,423

 
1,423

 

 

Domestic fixed income
969

 
969

 

 

Domestic closed end
1,643

 
1,643

 

 

Large-cap common stock

 

 

 

Fixed income securities:
 
 
 
 
 
 
 
Corporate bonds
1,588

 

 
1,588

 

Mortgage/asset-backed securities
995

 

 
995

 

Government bonds
12,229

 

 
12,229

 

Total assets of domestic pension plans
20,512

 
5,700

 
14,812

 

Foreign pension and severance plans:
 
 
 
 
 
 
 
Cash and equivalents
2,395

 
2,395

 

 

Equity
395

 
395

 

 

Fixed income securities
3,055

 

 
3,055

 

Total assets of foreign pension and severance plans
5,845

 
2,790

 
3,055

 

Total assets of pension and severance plans
$
26,357

 
$
8,490

 
$
17,867

 
$

December 31, 2013
 
 
 
 
 
 
 
Domestic pension plans:
 
 
 
 
 
 
 
Money market accounts
$
297

 
$
297

 
$

 
$

Mutual funds:
 
 
 
 
 
 
 
Domestic equity
5,183

 
5,183

 

 

International equity
3,177

 
3,177

 

 

Domestic fixed income
1,489

 
1,489

 

 

Domestic closed end
3,754

 
3,754

 

 

Large-cap common stock
4,712

 
4,712

 

 

Fixed income securities:
 
 
 
 
 
 
 
Corporate bonds
1,427

 

 
1,427

 

Mortgage/asset-backed securities
1,023

 

 
1,023

 
 
Other
311

 

 
311

 

Total assets of domestic pension plans
21,373

 
18,612

 
2,761

 

Foreign pension and severance plans:
 
 
 
 
 
 
 
Cash and equivalents
2,282

 
2,282

 

 

Equity
383

 
383

 

 

Fixed income securities
2,894

 

 
2,894

 

Total assets of foreign pension and severance plans
5,559

 
2,665

 
2,894

 

Total assets of pension and severance plans
$
26,932

 
$
21,277

 
$
5,655

 
$

Schedule of Expected Benefit Payments
Expected benefit payments for our domestic defined benefit pension plans and foreign pension and severance plans are as follows:
(In thousands)
Domestic
Plans
 
Foreign
Plans
2015
$
2,081

 
$
9,141

2016
2,044

 
8,953

2017
2,000

 
8,679

2018
1,963

 
8,754

2019
1,911

 
8,634

2020-2024
8,685

 
42,876