Pension and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Benefit Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

The following summarizes key pension plan information regarding U.S. and non-U.S. plans whose accumulated benefit obligations exceed the fair value of their respective plan assets. The increase in 2014 is primarily due to inclusion of the U.S. Qualified Plan which has a net liability position at December 31, 2014.

	December 31,
	2014		2013
	(Amounts in thousands)
Benefit Obligation	$	619,756	$	367,460
Accumulated benefit obligation	600,017		346,684
Fair value of plan assets	449,141		189,827

U.S Defined Benefit Plans

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Assumptions Related to Plans

The following are assumptions related to the U.S. defined benefit pension plans:

	Year Ended December 31,
	2014		2013		2012
Weighted average assumptions used to determine Benefit Obligations:
Discount rate	4.00	%	4.50	%	3.75	%
Rate of increase in compensation levels	4.25		4.25		4.25
Weighted average assumptions used to determine net pension expense:
Long-term rate of return on assets	6.00	%	6.00	%	6.25	%
Discount rate	4.50		3.75		4.50
Rate of increase in compensation levels	4.25		4.25		4.25

Components of Net Periodic Cost for Pension and Postretirement Benefits

Net pension expense for the U.S. defined benefit pension plans (including both qualified and non-qualified plans) was:

	Year Ended December 31,
	2014			2013			2012
	(Amounts in thousands)
Service cost	$	22,981		$	23,355		$	21,222
Interest cost	17,429			15,089			16,458
Expected return on plan assets	(21,985		)	(19,952		)	(21,153		)
Settlement and curtailment of benefits	—			(28		)	—
Amortization of unrecognized prior service benefit	475			(87		)	(1,238		)
Amortization of unrecognized net loss	8,428			14,280			12,177
U.S. net pension expense	$	27,328		$	32,657		$	27,466

Schedule of Funded Status

The following summarizes the net pension (liability) asset for U.S. plans:

	December 31,
	2014			2013
	(Amounts in thousands)
Plan assets, at fair value	$	426,784		$	410,462
Benefit Obligation	(447,552		)	(405,812		)
Funded status	$	(20,768	)	$	4,650

Schedule of Amounts Recognized in Balance Sheet

The following summarizes amounts recognized in the balance sheet for U.S. plans:

	December 31,
	2014			2013
	(Amounts in thousands)
Noncurrent assets	$	—		$	14,355
Current liabilities	(260		)	(500		)
Noncurrent liabilities	(20,508		)	(9,205		)
Funded status	$	(20,768	)	$	4,650

Schedule of Benefit Obligations and Accumulated Benefit Obligations

The following is a summary of the changes in the U.S. defined benefit plans’ pension obligations:

	2014			2013
	(Amounts in thousands)
Balance — January 1	$	405,812		$	423,547
Service cost	22,981			23,355
Interest cost	17,429			15,089
Plan amendments	2,387			—
Actuarial loss (gain)(1)	32,425			(22,356		)
Benefits paid	(33,482		)	(33,823		)
Balance — December 31	$	447,552		$	405,812
Accumulated benefit obligations at December 31	$	447,552		$	405,812

_______________________________________

(1) The 2014 actuarial loss primarily reflects the impact of decrease in the discount rate.

Schedule of Expected Cash Activity

The following table summarizes the expected cash benefit payments for the U.S. defined benefit pension plans in the future (amounts in millions):

2015	$	36.6
2016	37.4
2017	37.9
2018	39.9
2019	40.5
2020-2024	215.8

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table shows the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in Benefit Obligations for U.S. plans, net of tax:

	2014			2013			2012
	(Amounts in thousands)
Balance — January 1	$	(55,110	)	$	(90,270	)	$	(98,745	)
Amortization of net loss	5,277			8,919			7,605
Amortization of prior service cost (benefit)	297			(54		)	(773		)
Net (loss) gain arising during the year	(17,367		)	26,312			1,643
Settlement gain	—			(17		)	—
Balance — December 31	$	(66,903	)	$	(55,110	)	$	(90,270	)

Amounts recorded in accumulated other comprehensive loss consist of:

	December 31,
	2014			2013
	(Amounts in thousands)
Unrecognized net loss	$	(64,970	)	$	(54,391	)
Unrecognized prior service cost	(1,933		)	(719		)
Accumulated other comprehensive loss, net of tax	$	(66,903	)	$	(55,110	)

Reconciliation of Plan Assets

The following is a reconciliation of the U.S. defined benefit pension plans’ assets:

	2014			2013
	(Amounts in thousands)
Balance — January 1	$	410,462		$	380,342
Return on plan assets	29,058			39,749
Company contributions	20,746			24,194
Benefits paid	(33,482		)	(33,823		)
Balance — December 31	$	426,784		$	410,462

Allocation of Plan Assets

The asset allocations for the qualified plan at the end of 2014 and 2013 by asset category, are as follows:

	Target Allocation at December 31,				Percentage of Actual Plan Assets at December 31,
Asset category	2014		2013		2014		2013
U.S. Large Cap	19	%	19	%	19	%	20	%
U.S. Small Cap	4	%	4	%	4	%	4	%
International Large Cap	14	%	14	%	14	%	14	%
Emerging Markets	5	%	5	%	5	%	5	%
World Equity	8	%	8	%	8	%	8	%
Equity securities	50	%	50	%	50	%	51	%
Liability Driven Investment	40	%	40	%	40	%	39	%
Long-Term Government / Credit	10	%	10	%	10	%	10	%
Fixed income	50	%	50	%	50	%	49	%
Other(1)	0	%	0	%	0	%	0	%

_______________________________________

(1) Less than 1% of holdings are in the Other category in 2014 and 2013.

The fair values of our U.S. defined benefit plan assets were:

	At December 31, 2014								At December 31, 2013
			Hierarchical Levels								Hierarchical Levels
	Total		I		II		III		Total		I		II		III
	(Amounts in thousands)								(Amounts in thousands)
Cash and cash equivalents	$	40	$	40	$	—	$	—	$	2,860	$	2,860	$	—	$	—
Commingled Funds:
Equity securities
U.S. Large Cap(a)	82,355		—		82,355		—		81,004		—		81,004		—
U.S. Small Cap(b)	17,422		—		17,422		—		17,136		—		17,136		—
International Large Cap(c)	56,716		—		56,716		—		58,675		—		58,675		—
Emerging Markets(d)	19,175		—		19,175		—		19,772		—		19,772		—
World Equity(e)	34,384		—		34,384		—		34,069		—		34,069		—
Fixed income securities
Liability Driven Investment (f)	172,758		—		172,758		—		157,638		—		157,638		—
Long-Term Government/Credit(g)	43,934		—		43,934		—		39,308		—		39,308		—
	$	426,784	$	40	$	426,744	$	—	$	410,462	$	2,860	$	407,602	$	—

_______________________________________

(a) U.S. Large Cap funds seek to outperform the Russell 1000 (R) Index with investments in large and medium capitalization U.S. companies represented in the Russell 1000 (R) Index, which is composed of the largest 1,000 U.S. equities as determined by market capitalization.

(b) U.S. Small Cap funds seek to outperform the Russell 2000 (R) Index with investments in medium and small capitalization U.S. companies represented in the Russell 2000 (R) Index, which is composed of the smallest 2,000 U.S. equities as determined by market capitalization.

(c) International Large Cap funds seek to outperform the MSCI Europe, Australia, and Far East Index with investments in most of the developed nations of the world so as to maintain a high degree of diversification among countries and currencies.

(d) Emerging Markets funds represent a diversified portfolio that seeks high, long-term returns comparable to investments in emerging markets by investing in stocks from newly developed emerging market economies.

(e) World Equity funds seek to outperform the Russell Developed Large Cap Index Net over a full market cycle. The fund's goal is to provide a favorable total return relative to the benchmark, primarily through long-term capital appreciation.

(f) LDI funds seek to outperform the Barclays-Russell LDI Index by investing in high quality, mostly corporate bonds and fixed income securities that closely match those found in discount curves used to value the plan's liabilities.

(g) Long-Term Government/Credit funds seek to outperform the Barclays Capital U.S. Long-Term Government/Credit Index by generating excess return through a variety of diversified strategies in securities with longer durations, such as sector rotation, security selection and tactical use of high-yield bonds.

Non-U.S Defined Benefit Plans

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Assumptions Related to Plans

The following are assumptions related to the non-U.S. defined benefit pension plans:

	Year Ended December 31,
	2014		2013		2012
Weighted average assumptions used to determine Benefit Obligations:
Discount rate	3.40	%	4.22	%	4.16	%
Rate of increase in compensation levels	3.95		3.83		3.84
Weighted average assumptions used to determine net pension expense:
Long-term rate of return on assets	5.51	%	5.49	%	5.78	%
Discount rate	4.22		4.16		5.09
Rate of increase in compensation levels	3.83		3.84		3.56

Components of Net Periodic Cost for Pension and Postretirement Benefits

Net pension expense for non-U.S. defined benefit pension plans was:

	Year Ended December 31,
	2014			2013			2012
	(Amounts in thousands)
Service cost	$	6,857		$	6,819		$	4,681
Interest cost	14,576			13,486			13,724
Expected return on plan assets	(10,581		)	(9,200		)	(8,542		)
Amortization of unrecognized net loss	6,962			6,650			4,020
Settlement and other	314			134			43
Non-U.S. net pension expense	$	18,128		$	17,889		$	13,926

Schedule of Funded Status

The following summarizes the net pension liability for non-U.S. plans:

	December 31,
	2014			2013
	(Amounts in thousands)
Plan assets, at fair value	$	215,360		$	195,042
Benefit Obligation	(361,351		)	(363,425		)
Funded status	$	(145,991	)	$	(168,383	)

Schedule of Amounts Recognized in Balance Sheet

The following summarizes amounts recognized in the balance sheet for non-U.S. plans:

	December 31,
	2014			2013
\	(Amounts in thousands)
Noncurrent assets	$	5,204		$	52
Current liabilities	(7,960		)	(9,048		)
Noncurrent liabilities	(143,235		)	(159,387		)
Funded status	$	(145,991	)	$	(168,383	)

Schedule of Benefit Obligations and Accumulated Benefit Obligations

The following is a reconciliation of the non-U.S. plans’ defined benefit pension obligations:

	2014			2013
	(Amounts in thousands)
Balance — January 1	$	363,425		$	340,348
Service cost	6,857			6,819
Interest cost	14,576			13,486
Employee contributions	272			267
Plan amendments and other	162			1,573
Actuarial loss(1)	28,430			8,664
Net benefits and expenses paid	(17,985		)	(16,491		)
Currency translation impact(2)	(34,386		)	8,759
Balance — December 31	$	361,351		$	363,425
Accumulated benefit obligations at December 31	$	335,282		$	340,223

_______________________________________

(1) The 2014 actuarial losses primarily reflect the impact of decrease in the discount rates in all countries except for Venezuela.

(2) The currency translation impact reflects the strengthening of the U.S. dollar against our significant currencies, primarily the Euro and British pound.

Schedule of Expected Cash Activity

The following table summarizes the expected cash benefit payments for the non-U.S. defined benefit plans in the future (amounts in millions):

2015	$	15.2
2016	13.4
2017	13.7
2018	14.7
2019	16.3
2020-2024	92.1

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table shows the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in Benefit Obligations for non-U.S. plans, net of tax:

	2014			2013			2012
	(Amounts in thousands)
Balance — January 1	$	(78,863	)	$	(76,197	)	$	(43,110	)
Amortization of net loss	5,262			4,999			2,985
Net loss arising during the year	(3,709		)	(6,091		)	(33,692		)
Settlement loss	216			93			100
Prior service benefit arising during the year	141			137			32
Currency translation impact and other	7,355			(1,804		)	(2,512		)
Balance — December 31	$	(69,598	)	$	(78,863	)	$	(76,197	)

Amounts recorded in accumulated other comprehensive loss consist of:

	December 31,
	2014			2013
	(Amounts in thousands)
Unrecognized net loss	$	(69,161	)	$	(77,379	)
Unrecognized prior service cost	(437		)	(1,484		)
Accumulated other comprehensive loss, net of tax	$	(69,598	)	$	(78,863	)

Reconciliation of Plan Assets

The following is a reconciliation of the non-U.S. plans’ defined benefit pension assets:

	2014			2013
	(Amounts in thousands)
Balance — January 1	$	195,042		$	173,017
Return on plan assets	30,246			10,480
Employee contributions	272			267
Company contributions	22,740			22,695
Currency translation impact and other	(14,955		)	5,074
Net benefits and expenses paid	(17,985		)	(16,491		)
Balance — December 31	$	215,360		$	195,042

Allocation of Plan Assets

The asset allocations for the non-U.S. defined benefit pension plans at the end of 2014 and 2013 are as follows:

	Target Allocation at December 31,				Percentage of Actual Plan Assets at December 31,
Asset category	2014		2013		2014		2013
North American Companies	3	%	3	%	3	%	3	%
U.K. Companies	9	%	10	%	9	%	10	%
European Companies	4	%	4	%	4	%	4	%
Asian Pacific Companies	3	%	3	%	3	%	3	%
Global Equity	8	%	8	%	8	%	8	%
Equity securities	27	%	28	%	27	%	28	%
U.K. Government Gilt Index	30	%	28	%	30	%	28	%
U.K. Corporate Bond Index	22	%	21	%	22	%	21	%
Global Fixed Income Bond	19	%	20	%	19	%	20	%
Fixed income	71	%	69	%	71	%	69	%
Other	2	%	3	%	2	%	3	%

The fair values of the non-U.S. assets were:

	At December 31, 2014								At December 31, 2013
			Hierarchical Levels								Hierarchical Levels
	Total		I		II		III		Total		I		II		III
	(Amounts in thousands)								(Amounts in thousands)
Cash	$	24	$	24	$	—	$	—	$	189	$	189	$	—	$	—
Commingled Funds:
Equity securities
North American Companies(a)	7,155		—		7,155		—		6,459		—		6,459		—
U.K. Companies(b)	18,829		—		18,829		—		19,448		—		19,448		—
European Companies (c)	8,018		—		8,018		—		8,060		—		8,060		—
Asian Pacific Companies(d)	5,367		—		5,367		—		5,613		—		5,613		—
Global Equity(e)	17,120		—		17,120		—		16,046		—		16,046		—
Fixed income securities
U.K. Government Gilt Index(f)	65,161		—		65,161		—		55,078		—		55,078		—
U.K. Corporate Bond Index(g)	47,683		—		47,683		—		40,039		—		40,039		—
Global Fixed Income Bond(h)	40,820		—		40,820		—		38,335		—		38,335		—
Other(i)	5,183		—		—		5,183		5,775		—		—		5,775
	$	215,360	$	24	$	210,153	$	5,183	$	195,042	$	189	$	189,078	$	5,775

_______________________________________

(a) North American Companies represents U.S. and Canadian large cap equity index funds, which are passively managed and track their respective benchmarks (FTSE All-World USA Index and FTSE All-World Canada Index).

(b) U.K. Companies represents a U.K. equity index fund, which is passively managed and tracks the FTSE All-Share Index.

(c) European companies represents a European equity index fund, which is passively managed and tracks the FTSE All-World Developed Europe Ex-U.K. Index.

(d) Asian Pacific Companies represents Japanese and Pacific Rim equity index funds, which are passively managed and track their respective benchmarks (FTSE All-World Japan Index and FTSE All-World Developed Asia Pacific Ex-Japan Index).

(e) Global Equity represents actively managed, global equity funds taking a top-down strategic view on the different regions by analyzing companies based on fundamentals, market-driven, thematic and quantitative factors to generate alpha.

(f) U.K. Government Gilt Index represents U.K. government issued fixed income investments which are passively managed and track the respective benchmarks (FTSE U.K. Gilt Index-Linked Over 5 Years Index, FTSE U.K. Gilt Over 15 Years Index and FTSE U.K. Gilt Index-Linked Over 25 Years Index).

(g) U.K. Corporate Bond Index represents U.K. corporate bond investments, which are passively managed and track the iBoxx Over 15 years £ Non-Gilt Index.

(h) Global Fixed Income Bond represents mostly European fixed income investment funds that are actively managed, diversified and primarily invested in traditional government bonds, high-quality corporate bonds, asset backed securities, emerging market debt and high yield corporate bonds.

(i) Includes assets held by plans outside the U.K. and The Netherlands. Details, including Level III rollforward details, have not been provided due to immateriality.

Postretirement Medical Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Assumptions Related to Plans

The following are assumptions related to postretirement benefits:

	Year Ended December 31,
	2014		2013		2012
Weighted average assumptions used to determine Benefit Obligation:
Discount rate	3.75	%	4.00	%	3.25	%
Weighted average assumptions used to determine net expense:
Discount rate	4.00	%	3.25	%	4.25	%

Components of Net Periodic Cost for Pension and Postretirement Benefits

Net postretirement benefit income for postretirement medical plans was:

	Year Ended December 31,
	2014			2013			2012
	(Amounts in thousands)
Service cost	$	3		$	6		$	11
Interest cost	1,200			1,066			1,462
Amortization of unrecognized prior service benefit	—			—			(41		)
Amortization of unrecognized net gain	(1,220		)	(1,280		)	(1,542		)
Net postretirement benefit income	$	(17	)	$	(208	)	$	(110	)

Schedule of Funded Status

The following summarizes the accrued postretirement benefits liability for the postretirement medical plans:

	December 31,
	2014			2013
	(Amounts in thousands)
Postretirement Benefit Obligation	$	33,019		$	31,477
Funded status	$	(33,019	)	$	(31,477	)

Schedule of Amounts Recognized in Balance Sheet

The following summarizes amounts recognized in the balance sheet for postretirement Benefit Obligation:

	December 31,
	2014			2013
	(Amounts in thousands)
Current liabilities	$	(3,799	)	$	(4,013	)
Noncurrent liabilities	(29,220		)	(27,464		)
Funded status	$	(33,019	)	$	(31,477	)

Schedule of Benefit Obligations and Accumulated Benefit Obligations

The following is a reconciliation of the postretirement Benefit Obligation:

	2014			2013
	(Amounts in thousands)
Balance — January 1	$	31,477		$	34,967
Service cost	3			6
Interest cost	1,200			1,066
Employee contributions	901			2,151
Medicare subsidies receivable	453			789
Actuarial loss (gain)	1,779			(857		)
Plan Amendments	2,339			—
Net benefits and expenses paid	(5,133		)	(6,645		)
Balance — December 31	$	33,019		$	31,477

Schedule of Expected Cash Activity

The following presents expected benefit payments for future periods (amounts in millions):

	Expected Payments		Medicare Subsidy
2015	$	3.9	$	0.1
2016	3.7		0.1
2017	3.5		0.1
2018	3.3		0.1
2019	3.0		0.1
2020-2024	11.2		0.5

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table shows the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in Benefit Obligations for postretirement benefits, net of tax:

	2014			2013			2012
	(Amounts in thousands)
Balance — January 1	$	4,445		$	4,710		$	7,081
Amortization of net gain	(764		)	(800		)	(963		)
Amortization of prior service cost	(1,464		)	—			(26		)
Net gain (loss) arising during the year	(1,114		)	535			(1,382		)
Balance — December 31	$	1,103		$	4,445		$	4,710

Amounts recorded in accumulated other comprehensive loss consist of:

	December 31,
	2014			2013
	(Amounts in thousands)
Unrecognized net gain	$	2,788		$	4,445
Unrecognized prior service cost	(1,685		)	—
Accumulated other comprehensive income, net of tax	$	1,103		$	4,445

Schedule of Effect 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 on the 2014 reported amounts (in thousands):

	1% Increase		1% Decrease
Effect on postretirement Benefit Obligation	$	245	$	(248	)
Effect on service cost plus interest cost	6		(7		)