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Pensions and Postretirement Benefits Other than Pensions (Tables)
 12 Months Ended
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]  
Defined Benefit Pension and Other Postretirement Benefits Plans

The following table reflects changes in the projected obligations and fair market values of assets in all defined benefit pension and other postretirement benefit plans of the Company:

 

    2013     2014              
    Pension Benefits     Pension Benefits     Other Postretirement Benefits  
    Domestic     International     Total     Domestic     International     Total     2013     2014  

Change in benefit obligation:

                

Projected Benefit Obligation at January 1

   $ 1,064,070      $ 374,925      $ 1,438,995      $ 973,276      $ 431,146      $ 1,404,422      $ 308,226      $ 252,866   

Service cost - employer

     11,879        8        11,887        9,760        8        9,768        3,813        2,404   

Interest cost

     38,751        15,661        54,412        42,842        19,620        62,462        10,791        11,305   

Actuarial (gain)/loss

     (82,219 )      47,613        (34,606 )      137,217        47,015        184,232        (59,898 )      24,294   

Benefits paid

     (59,205 )      (14,362 )      (73,567 )      (57,995 )      (14,631 )      (72,626 )      (10,066 )      (12,002 ) 

Foreign currency translation effect

     —          7,301        7,301        —          (25,926 )      (25,926 )      —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Projected Benefit Obligation at December 31

 $ 973,276    $ 431,146    $ 1,404,422    $ 1,105,100    $ 457,232    $ 1,562,332    $ 252,866    $ 278,867   

Change in plans’ assets:

Fair value of plans’ assets at January 1

 $ 745,871    $ 259,703    $ 1,005,574    $ 823,790    $ 288,524    $ 1,112,314    $ —      $ —     

Actual return on plans’ assets

   101,400      28,371      129,771      56,284      65,128      121,412      —        —     

Employer contribution

   35,724      8,485      44,209      35,746      12,454      48,200      —        —     

Benefits paid

   (59,205 )    (14,362 )    (73,567 )    (57,995 )    (14,631 )    (72,626 )    —        —     

Foreign currency translation effect

   —        6,327      6,327      —        (20,627 )    (20,627 )    —        —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fair value of plans’ assets at December 31

 $ 823,790    $ 288,524    $ 1,112,314    $ 857,825    $ 330,848    $ 1,188,673    $ —      $ —     

Funded status

 $ (149,486 )  $ (142,622 )  $ (292,108 )  $ (247,275 )  $ (126,384 )  $ (373,659 )  $ (252,866 )  $ (278,867 ) 

Amounts recognized in the balance sheets:

Accrued liabilities

 $ (300 )  $ —      $ (300 )  $ (300 )  $ —      $ (300 )  $ (14,213 )  $ (14,562 ) 

Postretirement benefits other than pensions

   —        —        —        —        —        —        (238,653 )    (264,305 ) 

Pension benefits

   (149,186 )    (142,622 )    (291,808 )    (246,975 )    (126,384 )  $ (373,359 )    —        —     
Weighted Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations at December 31:

 

     Pension Benefits     Other
Postretirement Benefits		  
     2013     2014     2013     2014  

All plans

         

Discount rate

      4.53 %      3.70 %      4.60 %      3.80 % 

Domestic plans

         

Discount rate

      4.55 %      3.75 %      4.60 %      3.80 % 

Foreign plans

         

Discount rate

      4.49 %      3.59 %      —          —     
Components of Net Periodic Benefit Costs

At December 31, 2014, the weighted average assumed annual rate of increase in the cost of medical benefits was 7.00 percent for 2015 trending linearly to 4.50 percent per annum in 2023.

 

     Pension Benefits - Domestic     Pension Benefits - International  
     2012     2013     2014     2012     2013     2014  

Components of net periodic benefit cost:

             

Service cost

    $ 9,415      $ 11,879      $ 9,760      $ 725      $ 8      $ 8   

Interest cost

      43,005        38,751        42,842        17,106        15,661        19,620   

Expected return on plan assets

      (43,269 )      (51,284 )      (56,661 )      (15,323 )      (14,981 )      (19,977 ) 

Amortization of prior service cost

      —          —          —          (185 )      —          —     

Amortization of actuarial loss

      36,818        44,370        28,021        6,818        6,564        8,452   

Cooper Avon curtailment gain

      —          —          —          (7,460 )      —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit cost

    $ 45,969      $ 43,716      $ 23,962      $ 1,681      $ 7,252      $ 8,103   

 

     Other Post Retirement Benefits  
     2012     2013     2014  

Components of net periodic benefit cost:

       

Service cost

    $ 4,161      $ 3,813      $ 2,404   

Interest cost

      12,532        10,791        11,305   

Amortization of prior service cost

      (688 )      (566 )      (566 ) 

Amortization of actuarial loss

      3,076        1,915        —     
  

 

 

    

 

 

    

 

 

  

Net periodic benefit cost

    $ 19,081      $ 15,953      $ 13,143   
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:

 

     Pension Benefits     Other
Postretirement Benefits		  
     2012     2013     2014     2012     2013     2014  

All plans

             

Discount rate

      4.83 %      3.92 %      4.53 %      4.15 %      3.60 %      4.60 % 

Expected return on plan assets

      6.86 %      6.75 %      6.91 %      —          —          —     

Rate of compensation increase

      0.86 %      0.00 %      0.00 %      —          —          —     

Domestic plans

             

Discount rate

      4.80 %      3.75 %      4.55 %      4.15 %      3.60 %      4.60 % 

Expected return on plan assets

      7.00 %      7.00 %      7.00 %      —          —          —     

Foreign plans

             

Discount rate

      4.92 %      4.39 %      4.49 %      —          —          —     

Expected return on plan assets

      6.43 %      6.01 %      6.66 %      —          —          —     

Rate of compensation increase

      3.17 %      0.00 %      0.00 %      —          —          —     

 
Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for Pension Plans

The following table lists the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets at December 31, 2013 and 2014:

 

     2013      2014  
     Projected
benefit
obligation
exceeds plan
assets		      Accumulated
benefit
obligation
exceeds plan
assets		      Projected
benefit
obligation
exceeds plan
assets		      Accumulated
benefit
obligation
exceeds plan
assets		  

Projected benefit obligation

    $ 1,404,422       $ 1,404,422       $ 1,562,333       $ 1,562,333   

Accumulated benefit obligation

      1,401,109         1,401,109         1,558,908         1,558,908   

Fair value of plan assets

      1,112,314         1,112,314         1,188,673         1,188,673   
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 effects:

 

     Percentage Point  
     Increase      Decrease  

Increase (decrease) in total service and interest cost components

    $ 72       $ (63 ) 

Increase (decrease) in the postretirement benefit obligation

      1,889         (1,665 ) 
Weighted Average Asset Allocations for Domestic and U.K. Pension Plans' Assets

The table below presents the Company’s weighted average asset allocations for its domestic and U.K. pension plans’ assets at December 31, 2013 and December 31, 2014 by asset category. Certain amounts for 2013 have been reclassified to conform to the current year presentation.

 

     U.S. Plans     U.K. Plan  

Asset Category

    2013     2014     2013     2014  

Equity securities

      59 %      53 %      51 %      20 % 

Debt securities

      41        47        40        72   

Other investments

      0        0        5        8   

Cash

      0        0        4        0   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

   100 %    100 %    100 %    100 % 
  

 

 

    

 

 

    

 

 

    

 

 

 
Assets of U.S and U.K Plans Using Fair Value Hierarchy

The table below classifies the assets of the U.S. and U.K. plans using the Fair Value Hierarchy described in Note 12 – Fair Value of Financial Instruments. Certain amounts for 2013 have been reclassified to conform to the current year presentation including reclassifying $31,458 from Level 1 Cash and Cash Equivalents to Level 2 Fixed income securities.

 

            Fair Value Hierarchy  
     Total      Level 1      Level 2      Level 3  

December 31, 2013

            

United States plans

            

Cash & Cash Equivalents

    $ 775       $ 775       $ —         $ —     

Equity securities

      484,822         187,685         297,137         —     

Fixed income securities

      338,193         123,776         214,417         —     
  

 

 

     

 

 

     

 

 

     

 

 

  
$ 823,790    $ 312,236    $ 511,554    $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

United Kingdom plan

Cash & Cash Equivalents

 $ 12,418    $ 12,418    $ —      $ —     

Equity securities

   146,575      146,575      —        —     

Fixed income securities

   113,250      113,250      —        —     

Other investments

   13,915      —        —        13,915   
  

 

 

     

 

 

     

 

 

     

 

 

  
$ 286,158    $ 272,243    $ —      $ 13,915   
  

 

 

     

 

 

     

 

 

     

 

 

  

December 31, 2014

United States plans

Cash & Cash Equivalents

 $ 770    $ 770    $ —      $ —     

Equity securities

   451,893      153,129      298,764      —     

Fixed income securities

   405,162      137,693      267,469      —     
  

 

 

     

 

 

     

 

 

     

 

 

  
$ 857,825    $ 291,592    $ 566,233    $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

United Kingdom plan

Cash & Cash Equivalents

 $ 935    $ 935    $ —      $ —     

Equity securities

   67,224      67,224      —        —     

Fixed income securities

   234,775      234,775      —        —     

Other investments

   25,868      —        12,775      13,093   
  

 

 

     

 

 

     

 

 

     

 

 

  
$ 328,802    $ 302,934    $ 12,775    $ 13,093   
  

 

 

     

 

 

     

 

 

     

 

 

  
Details of Activity in Investment in European Infrastructure Fund

The following table details the activity in this investment for the year ended December 31, 2013 and 2014:

 

     2013      2014  

Balance at January 1

    $ 13,822       $ 13,915   

Contributions

      642         133   

Disbursements

      (642 )       (133 ) 

Change in fair value

      (170 )       —     

Foreign currency translation effect

      263         (822 ) 
  

 

 

     

 

 

  

Balance at December 31

 $ 13,915    $ 13,093   
  

 

 

     

 

 
Estimated Benefit Payments for Domestic and Foreign Pension Plans and Other Postretirement Benefit Plans

The Company estimates its benefit payments for its domestic and foreign pension plans and other postretirement benefit plans during the next ten years to be as follows:

 

     Pension
Benefits		      Other
Postretirement
Benefits		  

2015

    $ 80,300       $ 14,600   

2016

      78,400         15,000   

2017

      79,700         15,400   

2018

      80,600         15,600   

2019

      81,700         16,000   

2020 through 2024

      425,800         82,900