Pension And Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Summary Of Benefit Obligations, Fair Value Of Plan Assets And Funded Status

A summary of benefit obligations, fair value of plan assets and funded status is as follows:



	Pension Benefits						Postretirement Benefits
(in thousands) December 31,	2014			2013			2014			2013
Change in benefit obligation:
Beginning of year	$	934,349		$	906,264		$	10,967		$	12,620
Service cost	4,923			6,383			85			90
Interest cost	40,935			36,845			385			372
Plan participants’ contributions	739			1,291			—			—
Amendments	—			264			34			—
Actuarial (gain) loss	192,715			(24,402		)	(1,802		)	(864		)
Settlement	—			—			—			—
Benefits paid	(41,704		)	(36,788		)	(1,044		)	(1,226		)
Foreign currency exchange impact	(38,136		)	7,509			(33		)	(25		)
Acquisition/divestitures/curtailment	—			37,681			—			—
Adjustment for expenses/tax contained in service cost	(652		)	(698		)	—			—
Benefit obligation at end of year	$	1,093,169		$	934,349		$	8,592		$	10,967
Change in plan assets:
Fair value of plan assets at beginning of year	$	870,692		$	735,580
Actual return on plan assets	54,669			108,016
Foreign currency exchange impact	(33,232		)	4,235
Employer contributions	24,467			14,703
Administrative expenses paid	(1,041		)	(1,218		)
Acquisitions	—			44,873
Plan participants’ contributions	739			1,291
Settlement	—			—
Benefits paid	(41,704		)	(36,788		)
Fair value of plan assets at end of year	$	874,590		$	870,692		$	—		$	—
Funded status	$	(218,579	)	$	(63,657	)	$	(8,592	)	$	(10,967	)

Schedule Of Amounts Recognized In Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets consist of:



	Pension Benefits						Postretirement Benefits
(in thousands) December 31,	2014			2013			2014			2013
Other assets	$	53,088		$	78,688		$	—		$	—
Current liabilities	(1,041		)	(1,024		)	(965		)	(1,155		)
Accrued pension and postretirement benefits	(270,626		)	(141,321		)	(7,627		)	(9,812		)
Funded status	$	(218,579	)	$	(63,657	)	$	(8,592	)	$	(10,967	)

Schedule Of Amounts Recognized In Accumulated Other Comprehensive (Income) Loss

Amounts recognized in accumulated other comprehensive loss (income) consist of:



	Pension Benefits				Postretirement Benefits
(in thousands) December 31,	2014		2013		2014			2013
Net actuarial loss (gain)	$	363,546	$	177,177	$	(3,145	)	$	(1,531	)
Prior service cost (credit)	855		973		(626		)	(891		)
Transition asset	—		—		—			—
	$	364,401	$	178,150	$	(3,771	)	$	(2,422	)

Schedule Of Accumulated And Projected Benefit Obligations

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the U.S. and Non-U.S. plans, are as follows:



	Pension Obligations/Assets
	U.S.				Non-U.S.				Total
(in millions) December 31,	2014		2013		2014		2013		2014		2013
Projected benefit obligation	$	581.8	$	470.8	$	511.4	$	463.5	$	1,093.2	$	934.3
Accumulated benefit obligation	581.8		470.8		496.7		450.8		1,078.5		921.6
Fair value of plan assets	414.2		409.1		460.4		462.0		874.6		871.1

Schedule Of Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows:



	Pension Benefits
(in thousands) December 31,	2014		2013
Projected benefit obligation	$	910,309	$	729,759
Accumulated benefit obligation	896,357		717,549
Fair value of plan assets	638,778		587,426

Components Of Net Periodic Cost

Components of Net Periodic Benefit Cost are as follows:



	Pension Benefits									Postretirement Benefits
(in thousands) December 31,	2014			2013			2012			2014			2013			2012
Net Periodic Benefit Cost:
Service cost	$	4,923		$	6,383		$	13,503		$	85		$	90		$	108
Interest cost	40,935			36,845			37,653			385			372			498
Expected return on plan assets	(62,575		)	(52,225		)	(51,437		)	—			—			—
Amortization of prior service cost	119			23			402			(231		)	(236		)	(236		)
Amortization of net loss (gain)	5,067			13,861			19,403			(199		)	(46		)	(139		)
Recognized curtailment loss	—			(288		)	460			—			—			—
Settlement costs	—			—			(125		)	—			—
Special termination benefits	—			—			—			—			—			—
Net periodic benefit cost	$	(11,531	)	$	4,599		$	19,859		$	40		$	180		$	231

The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $12.4 million and $0.1 million, respectively. The estimated net gain and prior service cost for the postretirement plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $0.6 million and $0.2 million, respectively.

The weighted average assumptions used to determine benefit obligations are as follows:



	Pension Benefits						Postretirement Benefits
December 31,	2014		2013		2012		2014		2013		2012
U.S. Plans:
Discount rate	4.10	%	4.90	%	4.20	%	3.90	%	3.90	%	3.20	%
Rate of compensation increase	N/A		3.50	%	3.50	%
Non-U.S. Plans:
Discount rate	3.01	%	4.05	%	3.93	%
Rate of compensation increase	2.40	%	2.56	%	3.14	%

Components of Net Periodic Benefit Cost are as follows:



	Pension Benefits									Postretirement Benefits
(in thousands) December 31,	2014			2013			2012			2014			2013			2012
Net Periodic Benefit Cost:
Service cost	$	4,923		$	6,383		$	13,503		$	85		$	90		$	108
Interest cost	40,935			36,845			37,653			385			372			498
Expected return on plan assets	(62,575		)	(52,225		)	(51,437		)	—			—			—
Amortization of prior service cost	119			23			402			(231		)	(236		)	(236		)
Amortization of net loss (gain)	5,067			13,861			19,403			(199		)	(46		)	(139		)
Recognized curtailment loss	—			(288		)	460			—			—			—
Settlement costs	—			—			(125		)	—			—
Special termination benefits	—			—			—			—			—			—
Net periodic benefit cost	$	(11,531	)	$	4,599		$	19,859		$	40		$	180		$	231

Schedule Of Weighted Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Cost

The weighted-average assumptions used to determine net periodic benefit cost are as follows:



	Pension Benefits						Postretirement Benefits
December 31,	2014		2013		2012		2014		2013		2012
U.S. Plans:
Discount rate	4.90	%	4.20	%	5.00	%	3.30	%	3.20	%	4.25	%
Expected rate of return on plan assets	7.75	%	7.75	%	8.25	%
Rate of compensation increase	N/A		3.50	%	3.50	%
Non-U.S. Plans:
Discount rate	4.05	%	3.93	%	4.56	%
Expected rate of return on plan assets	7.01	%	7.01	%	7.00	%
Rate of compensation increase	2.56	%	3.14	%	3.89	%

Schedule Of Assumed Health Care Cost Trend

The assumed health care cost trend rates are as follows:



December 31,	2014		2013
Health care cost trend rate assumed for next year	6.50	%	7.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.75	%	4.75	%
Year that the rate reaches the ultimate trend rate	2019		2019

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 effects:



(in thousands)	One Percentage Point Increase	One Percentage Point (Decrease)
Effect on total of service and interest cost components	27.6	(25.2	)
Effect on postretirement benefit obligation	388.0	(360.5	)

Schedule Of Pension Plan Target Allocations And Weighted-Average Asset Allocations

The Company’s pension plan target allocations and weighted-average asset allocations by asset category are as follows:



		Actual Allocation
Asset Category December 31,	Target Allocation	2014		2013
Equity securities	35%-75%	51	%	55	%
Fixed income securities	20%-50%	27	%	28	%
Alternative assets/Other	0%-20%	20	%	14	%
Money market	0%-10%	2	%	3	%

Schedule Of Fair Value Of Company Pension Plan Assets

The fair value of the Company’s pension plan assets at December 31, 2014, by asset category are as follows:



(in thousands)	Active Markets for Identical Assets Level 1		Other Observable Inputs Level 2		Unobservable Inputs Level 3		Total Fair Value
Cash and Money Markets	$	18,796	$	—	$	—	$	18,796
Common Stocks
Actively Managed U.S. Equities	145,067		—		—		145,067
Fixed Income Bonds and Notes	—		46,065		—		46,065
Commingled and Mutual Funds
U.S. Equity Funds	—		100,782		—		100,782
Non-U.S. Equity Funds	—		202,609		—		202,609
U.S. Fixed Income, Government and Corporate	—		11,498		—		11,498
U.S. Tactical Allocation Balanced Fund	—		15,972		—		15,972
Non-U.S. Fixed Income, Government and Corporate	—		177,548		—		177,548
International Balanced Funds	—		10,127		—		10,127
Alternative Investments
Hedge Funds	—		90,307		—		90,307
International Property Funds	—		53,442		—		53,442
Commodities Funds	—		1,406		—		1,406
Annuity Contract	—		971		—		971
Total Fair Value	$	163,863	$	710,727	$	—	$	874,590

Changes In The Fair Value Of The Pension Plans' Assets

The fair value of the Company’s pension plan assets at December 31, 2013, by asset category are as follows:



(in thousands)	Active Markets for Identical Assets Level 1		Other Observable Inputs Level 2		Unobservable Inputs Level 3		Total Fair Value
Cash and Money Markets	$	19,425	$	—	$	—	$	19,425
Common Stocks
Actively Managed U.S. Equities	142,595		—		—		142,595
Fixed Income Bonds and Notes	—		26,449		—		26,449
Commingled and Mutual Funds
U.S. Equity Funds	—		103,606		—		103,606
Non-U.S. Equity Funds	—		220,794		—		220,794
U.S. Fixed Income, Government and Corporate	—		32,720		—		32,720
U.S. Tactical Allocation Balanced Fund	—		15,845		—		15,845
Non-U.S. Fixed Income, Government and Corporate	—		141,407		—		141,407
International Balanced Funds	—		54,724		—		54,724
Alternative Investments
Hedge Funds	—		72,053		—		72,053
International Property Funds	—		38,449		—		38,449
Commodities Funds	—		1,639		—		1,639
Annuity Contract	—		986		—		986
Total Fair Value	$	162,020	$	708,672	$	—	$	870,692

Summary Of Pension Plan Assets Valued Using Net Asset Value (NAV) Or Its Equivalent

The following table sets forth a summary of pension plan assets valued using Net Asset Value (NAV) or its equivalent as of December 31, 2014:

( dollars in thousands)

Fair
Value*

Redemption
Frequency

Unfunded
Commitment

Other
Redemption
Restrictions

Redemption Notice Period

Archstone Offshore Fund, Ltd(a)

36,313

12 Months

None

90 days written

Evanston Capital Management(a)

30,911

12 Months

None

60 days written

Strategic Value Fund(b)

7,692

12 Months

None

90 days written

U.S. Equity Funds(c)

100,782

immediate

None

Non-U.S. Equity Funds(d)

202,609

immediate

None

Non-U.S. Fixed Income, Government and Corporate(e)

177,548

immediate

None

International Property Funds(f)

53,442

immediate

None

International Balanced Funds(g)

10,127

immediate

None

U.S. Government and Corporate Fixed Income(h)

11,498

immediate

None

U.S. Tactical Allocation Balanced Fund(i)

15,972

immediate

None

Commodities & Metals Fund (j)

1,406

immediate

None

Non-US Tactical/Alternative Fund (k)

15,391

immediate

None

* The fair values of the investments have been estimated using the net asset value of the investment


(a)	These funds are alternative assets which seeks to outperform equities while maintaining a lower risk profile than equities.


(b)	This fund is an alternative investment that invests in distressed debt instruments seeking price appreciation.


(c)	These funds invest in U.S. equity securities and seeks to meet or exceed relative benchmarks.


(d)	These funds invest in equity securities outside the U.S. and seek to meet or exceed relative benchmarks.


(e)	These funds invest in Corporate and Governments fixed income securities outside the U.S. and seek to meet or exceed relative benchmarks.


(f)	These funds invest in real property outside the U.S.


(g)	These funds invest in a pre defined mix of non-U.S. equity and non-U.S. fixed income securities and seek to meet or exceed the performance of a passive/local benchmark of similar mixes.


(h)	These funds invest in U.S. fixed income securities, corporate, government and agency, and seek to outperform the Barclays Capital Aggregate Index.


(i)	These funds invest in a blend of equities, fixed income, cash and property in the U.S. and seek to outperform a similarly weighted index.


(j)	These funds invest in various commodities and precious metals


(k)	These funds invest in traditional and alternative strategies and seek to add diversification while adding returns greater than equity in a non-correlated approach

The following table sets forth a summary of pension plan assets valued using Net Asset Value (NAV) or its equivalent as of December 31, 2013:

( dollars in thousands)

Fair
Value*

Redemption
Frequency

Unfunded
Commitment

Other
Redemption
Restrictions

Redemption Notice Period

Archstone Offshore Fund, Ltd(a)

35,590

12 Months

None

90 days written

Evanston Capital Management(a)

29,032

12 Months

None

60 days written

Strategic Value Fund(b)

7,430

12 Months

None

90 days written

U.S. Equity Funds(c)

103,606

immediate

None

Non-U.S. Equity Funds(d)

220,794

immediate

None

Non-U.S. Fixed Income, Government and Corporate(e)

141,407

immediate

None

International Property Funds(f)

38,449

immediate

None

International Balanced Funds(g)

54,724

immediate

None

U.S. Government and Corporate Fixed Income(h)

32,720

immediate

None

U.S. Tactical Allocation Balanced Fund(i)

15,845

immediate

None

Commodities & Metals Fund (j)

1,639

immediate

None

Summary Of Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:



Estimated future payments (in thousands)	Pension Benefits		Postretirement Benefits
2015	$	41,493	$	981
2016	42,346		947
2017	43,225		971
2018	45,752		961
2019	46,598		914
2020-2024	264,989		3,297
Total payments	$	484,403	$	8,071