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Postretirement Plans (Tables)
 12 Months Ended
Dec. 31, 2014
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
Components Of Net Periodic Benefit Cost
The components of net periodic benefit cost were as follows:
 
Pension
 
Other Postretirement Benefits
Years ended December 31,
2014

 
2013

 
2012

 
2014

 
2013

 
2012

Service cost

$1,661

 

$1,886

 

$1,649

 

$129

 

$148

 

$146

Interest cost
3,058

 
2,906

 
3,005

 
289

 
263

 
313

Expected return on plan assets
(4,169
)
 
(3,874
)
 
(3,831
)
 
(8
)
 
(6
)
 
(7
)
Amortization of prior service costs
177

 
196

 
225

 
(144
)
 
(180
)
 
(197
)
Recognized net actuarial loss
1,020

 
2,231

 
1,937

 
8

 
95

 
119

Settlement/curtailment/other losses
461

 
104

 
25

 
1

 

 
(1
)
Net periodic benefit cost

$2,208

 

$3,449

 

$3,010

 

$275

 

$320

 

$373

 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost included in Earnings from operations

$3,215

 

$3,036

 

$2,407

 

$287

 

$353

 

$543
Schedule Of Changes In The Benefit Obligation, Plan Assets And Funded Status Of Pensions And OPB
The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2014 and 2013. Benefit obligation balances presented below reflect the PBO for our pension plans, and accumulated postretirement benefit obligations (APBO) for our OPB plans.
 
Pension
 
Other Postretirement Benefits
 
2014

 
2013

 
2014

 
2013

Change in benefit obligation
 
 
 
 
 
 
 
Beginning balance

$68,625

 

$75,895

 

$7,008

 

$7,981

Service cost
1,661

 
1,886

 
129

 
148

Interest cost
3,058

 
2,906

 
289

 
263

Plan participants’ contributions
6

 
8

 

 

Amendments
51

 
111

 
(43
)
 
4

Actuarial (gain)/loss
10,655

 
(9,205
)
 
334

 
(905
)
Settlement/curtailment/other
(2,518
)
 
(81
)
 
7

 
(57
)
Gross benefits paid
(3,126
)
 
(2,874
)
 
(449
)
 
(451
)
Subsidies
 
 
 
 
39

 
32

Exchange rate adjustment
(21
)
 
(21
)
 
(8
)
 
(7
)
Ending balance

$78,391

 

$68,625

 

$7,306

 

$7,008

Change in plan assets
 
 
 
 
 
 
 
Beginning balance at fair value

$58,131

 

$56,178

 

$140

 

$110

Actual return on plan assets
5,893

 
3,316

 
10

 
23

Company contribution
784

 
1,542

 
8

 
14

Plan participants’ contributions
6

 
8

 
2

 
3

Settlement/curtailment/other
(640
)
 
(103
)
 

 
11

Benefits paid
(3,039
)
 
(2,792
)
 
(19
)
 
(21
)
Exchange rate adjustment
(16
)
 
(18
)
 

 

Ending balance at fair value

$61,119

 

$58,131

 

$141

 

$140

Amounts recognized in statement of financial position at December 31 consist of:
 
 
 
 
 
 
 
Other assets

$3

 

$60

 
 
 
 
Other accrued liabilities
(93
)
 
(80
)
 

($363
)
 

($340
)
Accrued retiree health care

 

 
(6,802
)
 
(6,528
)
Accrued pension plan liability, net
(17,182
)
 
(10,474
)
 
 
 
 
Net amount recognized

($17,272
)
 

($10,494
)
 

($7,165
)
 

($6,868
)
Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss
Amounts recognized in Accumulated other comprehensive loss at December 31 were as follows:
 
Pension
 
Other Postretirement Benefits
 
2014

 
2013

 
2014

 
2013

Net actuarial loss

$21,321

 

$15,460

 

$877

 

$561

Prior service costs/(credits)
385

 
788

 
(512
)
 
(614
)
Total recognized in Accumulated other comprehensive loss

$21,706

 

$16,248

 

$365

 

($53
)
Schedule Of Estimated Amount That Will Be Amortized From Accumulated Other Comprehensive Loss Into Net Periodic Benefit Cost
The estimated amount that will be amortized from Accumulated other comprehensive loss into net periodic benefit cost during the year ended December 31, 2015 is as follows:
 
Pension

 
Other Postretirement Benefits

Recognized net actuarial loss

$1,581

 

$27

Amortization of prior service costs/(credits)
193

 
(134
)
Total

$1,774

 

($107
)
Schedule Of Key Information For All Plans With ABO In Excess Of Plan Assets
Key information for our plans with ABO in excess of plan assets as of December 31 was as follows:
 
2014

 
2013

Projected benefit obligation

$78,358

 

$63,445

Accumulated benefit obligation
75,622

 
58,334

Fair value of plan assets
61,082

 
52,905
Schedule Of Assumptions Used To Calculate The Benefit Obligation and Net Periodic Benefit Costs
The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year.
December 31,
2014

 
2013

 
2012

Discount rate:
 
 
 
 
 
Pension
3.90
%
 
4.80
%
 
3.80
%
Other postretirement benefits
3.50
%
 
4.20
%
 
3.30
%
Expected return on plan assets
7.00
%
 
7.50
%
 
7.50
%
Rate of compensation increase
3.80
%
 
4.00
%
 
4.00
%
Schedule Of Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates were as follows:
December 31,
2014

 
2013

 
2012

Health care cost trend rate assumed next year
7.00
%
 
7.00
%
 
7.50
%
Ultimate trend rate
5.00
%
 
5.00
%
 
5.00
%
Year that trend reached ultimate rate
2018

 
2018

 
2018
Schedule Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates
A one-percentage-point change in assumed health care cost trend rates would have the following effect:
 
Increase

 
Decrease

Effect on total of service and interest cost

$54

 

($45
)
Effect on postretirement benefit obligation
736

 
(613
)
Schedule of actual allocations for pension assets and target allocations by asset class [Table Text Block]
The actual and target allocations by asset class for the pension assets at December 31 were as follows:
 
Actual Allocations
 
Target Allocations
Asset Class
2014

 
2013

 
2014

 
2013

Fixed income
48
%
 
49
%
 
47
%
 
47
%
Global equity
29

 
29

 
26

 
26

Private equity
5

 
5

 
6

 
6

Real estate and real assets
9

 
8

 
11

 
11

Global strategies
4

 
4

 
4

 
4

Hedge funds
5

 
5

 
6

 
6

Total
100
%
 
100
%
 
100
%
 
100
%
Schedule of Allocation of Plan Assets
The following table presents our plan assets using the fair value hierarchy as of December 31, 2014 and 2013. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs.
 
December 31, 2014
December 31, 2013
 
Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Fixed income securities:
 
 
 
 
 
 
 
 
Corporate

$17,488



$17,486


$2


$15,262



$15,238


$24

U.S. government and agencies
5,224


5,224


4,537


4,537


Mortgage backed and asset backed
1,207


596

611

1,040


491

549

Municipal
1,636



1,636



1,722

 
1,722


Sovereign
1,073



1,073



1,018

 
1,018

 
Common/collective/pooled funds
2,127


$18

2,109



2,538


$16

2,522

 
Other
498

9

237

252

484



229

255

Derivatives:
 
 
 
 
 
 
 
 
Assets
49


49


55


55


Liabilities
(66
)

(66
)

(10
)

(10
)

Cash equivalents and other short-term investments
792



792


801



801


Currency overlay derivatives:
 
 
 
 
 
 
 
 
Assets






2


2


Liabilities






(3
)

(3
)

Equity securities:
 
 
 
 
 
 
 
 
U.S. common and preferred stock
7,577

7,577



6,919

6,919



Non-U.S. common and preferred stock
7,151

7,139

11

1

7,722

7,721



1

Common/collective/pooled funds
2,658

46

2,443

169

3,239

564

2,675


Derivatives:
 
 
 
 
 
 
 
 
Assets
9



9


4


4


Liabilities
(5
)


(5
)

(6
)


(6
)

Private equity 
2,955

28


2,927

2,968

10


2,958

Real estate and real assets:
 
 
 
 
 
 
 
 
Real estate
3,199

505

41

2,653

2,865

425

16

2,424

Real assets
1,567

370

433

764

1,506

336

464

706

Derivatives:
 
 
 
 
 
 
 
 
Assets
2


2



1



1



Liabilities
(11
)

(11
)


(1
)


(1
)


Global strategies
2,248


2,248



2,355



2,355



Hedge funds
3,372


2,411

961

2,776


1,667

1,109

Total

$60,750


$15,692


$36,718


$8,340


$57,794


$15,991


$33,777


$8,026

 
 
 
 
 
 
 
 
 
Cash

$115

 
 
 

$87

 
 
 
Receivables
447

 
 
 
458

 
 
 
Payables
(193
)
 
 
 
(208
)
 
 
 
Total

$61,119

 
 
 

$58,131

 
 
 
Reconciliation Of Level 3 Assets
 
January 1
2013 Balance

 
Net Realized and Unrealized Gains

 
Net Purchases, Issuances and Settlements

 
Net Transfers Into/(Out of) Level 3

 
December 31
2013 Balance

Fixed income securities:
 
 
 
 
 
 
 
 
 
Corporate

$3

 


 

$16

 

$5

 

$24

Mortgage backed and asset backed
561

 


 
(11
)
 
(1
)
 
549

Other (2)
245

 
37

 
(27
)
 

 
255

Equity securities:
 
 
 
 
 
 
 
 
 
Non-U.S. common and preferred stock
 
 
 
 
 
 
1

 
1

Private equity (2)
2,671

 
536

 
(249
)
 
 
 
2,958

Real estate and real assets:
 
 
 
 
 
 
 
 
 
Real estate
2,128

 
232

 
64

 
 
 
2,424

Real assets
664

 
78

 
(36
)
 
 
 
706

Hedge funds
1,473

 
183

 
(627
)
 
80

 
1,109

Total

$7,745

 

$1,066

 

($870
)
 

$85

 

$8,026

The following tables present a reconciliation of Level 3 assets held during the year ended December 31, 2014 and 2013. Transfers into and out of Level 3 are reported at the beginning-of-year values.
 
January 1
2014 Balance

 
Net Realized and Unrealized Gains/(Losses)

 
Net Purchases, Issuances and Settlements

 
Net Transfers Into/(Out of) Level 3

 
December 31
2014 Balance

Fixed income securities:
 
 
 
 
 
 
 
 
 
Corporate (1)

$19

 
 
 

($7
)
 

($10
)
 

$2

Mortgage backed and asset
 backed(1)
554

 
14

 
10

 
33

 
611

Other
255

 
24

 
(27
)
 
 
 
252

Equity securities:
 
 
 
 
 
 
 
 


Non-U.S. common and preferred stock
1

 


 
(1
)
 
1

 
1

Common/collective/
pooled funds
 
 
(24
)

193


 

169

Private equity
2,958

 
415

 
(446
)
 


 
2,927

Real estate and real assets:
 
 
 
 
 
 
 
 
 
Real estate
2,424

 
336

 
(107
)
 


 
2,653

Real assets
706

 
32

 
26

 


 
764

Hedge funds
1,109

 
(36
)
 
61

 
(173
)
 
961

Total

$8,026

 

$761

 

($298
)
 

($149
)
 

$8,340
Schedule Of Estimated Future Benefit Payments
The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only.
Year(s)
2015

 
2016

 
2017

 
2018

 
2019

 
2020-2024

Pensions

$3,448

 

$3,657

 

$3,828

 

$3,960

 

$3,977

 

$21,515

Other postretirement benefits:
 
 
 
 
 
 
 
 
 
 
 
Gross benefits paid
465

 
495

 
518

 
558

 
578

 
2,974

Subsidies
(38
)
 
(38
)
 
(40
)
 
(41
)
 
(42
)
 
(211
)
Net other postretirement benefits

$427

 

$457

 

$478

 

$517

 

$536

 

$2,763