Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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Schedule of Net Benefit Costs |
Net periodic pension cost ("NPPC") for U.S. and international pension plans for 2015, 2014 and 2013 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Plans | | International Plans | (In thousands) | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | Defined benefit plans: | | | | | | | | | | | Service cost | | $ | 2,889 |
| | $ | 2,233 |
| | $ | 2,565 |
| | $ | 1,648 |
| | $ | 1,610 |
| | $ | 3,457 |
| Interest cost | | 12,357 |
| | 12,868 |
| | 11,767 |
| | 36,282 |
| | 43,230 |
| | 42,707 |
| Expected return on plan assets | | (16,812 | ) | | (16,786 | ) | | (15,642 | ) | | (50,091 | ) | | (49,927 | ) | | (46,920 | ) | Recognized prior service costs | | 81 |
| | 90 |
| | 248 |
| | 188 |
| | 184 |
| | 335 |
| Recognized losses | | 4,919 |
| | 3,352 |
| | 5,052 |
| | 16,875 |
| | 14,102 |
| | 16,447 |
| Settlement/curtailment loss (gain) | | — |
| | — |
| | — |
| | (23 | ) | | 60 |
| | (372 | ) | Defined benefit plans pension cost | | 3,434 |
| | 1,757 |
| | 3,990 |
| | 4,879 |
| | 9,259 |
| | 15,654 |
| Multiemployer plans | | 853 |
| | 1,199 |
| | 12,444 |
| | 1,463 |
| | 1,762 |
| | 5,449 |
| Defined contribution plans | | 3,921 |
| | 4,704 |
| | 4,945 |
| | 6,765 |
| | 8,033 |
| | 11,139 |
| Net periodic pension cost | | $ | 8,208 |
| | $ | 7,660 |
| | $ | 21,379 |
| | $ | 13,107 |
| | $ | 19,054 |
| | $ | 32,242 |
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Schedule of Net Funded Status |
The change in the financial status of the defined benefit pension plans and amounts recognized on the Consolidated Balance Sheets at December 31, 2015 and 2014 are as follows: | | | | | | | | | | | | | | | | | | | | U.S. Plans | | International Plans | (In thousands) | | 2015 | | 2014 | | 2015 | | 2014 | Change in benefit obligation: | | | | | | | | | Benefit obligation at beginning of year | | $ | 325,319 |
| | $ | 283,571 |
| | $ | 1,049,603 |
| | $ | 958,705 |
| Service cost | | 2,889 |
| | 2,233 |
| | 1,648 |
| | 1,610 |
| Interest cost | | 12,357 |
| | 12,868 |
| | 36,282 |
| | 43,230 |
| Plan participants' contributions | | — |
| | — |
| | 61 |
| | 75 |
| Amendments | | — |
| | — |
| | 47 |
| | — |
| Actuarial (gain) loss | | (14,417 | ) | | 49,939 |
| | (85,028 | ) | | 150,289 |
| Settlements/curtailments | | — |
| | — |
| | (250 | ) | | (589 | ) | Benefits paid | | (18,758 | ) | | (23,292 | ) | | (38,197 | ) | | (41,522 | ) | Effect of foreign currency | | — |
| | — |
| | (64,062 | ) | | (62,250 | ) | Other | | — |
| | — |
| | — |
| | 55 |
| Benefit obligation at end of year | | $ | 307,390 |
| | $ | 325,319 |
| | $ | 900,104 |
| | $ | 1,049,603 |
| Change in plan assets: | | | | | | | | | Fair value of plan assets at beginning of year | | $ | 233,350 |
| | $ | 233,579 |
| | $ | 791,045 |
| | $ | 770,911 |
| Actual return on plan assets | | (8,011 | ) | | 15,465 |
| | 22,602 |
| | 80,518 |
| Employer contributions | | 2,289 |
| | 7,598 |
| | 27,402 |
| | 28,112 |
| Plan participants' contributions | | — |
| | — |
| | 61 |
| | 75 |
| Settlements/curtailments | | — |
| | — |
| | (250 | ) | | — |
| Benefits paid | | (18,758 | ) | | (23,292 | ) | | (37,693 | ) | | (40,948 | ) | Effect of foreign currency | | — |
| | — |
| | (47,201 | ) | | (47,623 | ) | Fair value of plan assets at end of year | | $ | 208,870 |
| | $ | 233,350 |
| | $ | 755,966 |
| | $ | 791,045 |
| | | | | | | | | | Funded status at end of year | | $ | (98,520 | ) | | $ | (91,969 | ) | | $ | (144,138 | ) | | $ | (258,558 | ) |
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Schedule of Amounts Recognized in Balance Sheet |
Amounts recognized on the Consolidated Balance Sheets consist of the following at December 31, 2015 and 2014: | | | | | | | | | | | | | | | | | | | | U.S. Plans | | International Plans | | | December 31 | | December 31 | (In thousands) | | 2015 | | 2014 | | 2015 | | 2014 | Noncurrent assets | | $ | 229 |
| | $ | 615 |
| | $ | 1,229 |
| | $ | 1,746 |
| Current liabilities | | 2,072 |
| | 2,102 |
| | 479 |
| | 524 |
| Noncurrent liabilities | | 96,678 |
| | 90,482 |
| | 144,888 |
| | 259,780 |
| Accumulated other comprehensive loss before tax | | 162,571 |
| | 157,165 |
| | 376,641 |
| | 479,382 |
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Schedule of Net Periodic Benefit Cost Not yet Recognized |
Amounts recognized in Accumulated other comprehensive loss, before tax, consist of the following at December 31, 2015 and 2014: | | | | | | | | | | | | | | | | | | | | U.S. Plans | | International Plans | (In thousands) | | 2015 | | 2014 | | 2015 | | 2014 | Net actuarial loss | | $ | 162,475 |
| | $ | 156,989 |
| | $ | 375,725 |
| | $ | 478,396 |
| Prior service cost | | 96 |
| | 176 |
| | 916 |
| | 986 |
| Total | | $ | 162,571 |
| | $ | 157,165 |
| | $ | 376,641 |
| | $ | 479,382 |
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year |
The estimated amounts that will be amortized from accumulated other comprehensive loss into defined benefit NPPC in 2016 are as follows: | | | | | | | | | | (In thousands) | | U.S. Plans | | International Plans | Net actuarial loss | | $ | 5,489 |
| | $ | 13,139 |
| Prior service cost | | 63 |
| | 173 |
| Total | | $ | 5,552 |
| | $ | 13,312 |
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Schedule of Expected Benefit Payments |
The expected benefit payments for defined benefit plans over the next 10 years are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | | 2016 | | 2017 | | 2018 | | 2019 | | 2020 | | 2021-2025 | U.S. Plans | | $ | 19.1 |
| | $ | 19.1 |
| | $ | 18.9 |
| | $ | 18.7 |
| | $ | 18.8 |
| | $ | 94.8 |
| International Plans | | 39.7 |
| | 40.3 |
| | 41.2 |
| | 42.6 |
| | 44.5 |
| | 244.4 |
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Schedule of Assumptions Used |
The weighted-average actuarial assumptions used to determine the defined benefit pension plan obligations at December 31, 2015 and 2014 were as follows: | | | | | | | | | | | | | | | | | | | | | | U.S. Plans | | International Plans | | Global Weighted-Average | | | December 31 | | December 31 | | December 31 | | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | Discount rates | | 4.2 | % | | 3.9 | % | | 3.8 | % | | 3.7 | % | | 3.9 | % | | 3.7 | % | Rates of compensation increase | | 3.0 | % | | 3.0 | % | | 3.2 | % | | 3.2 | % | | 3.2 | % | | 3.2 | % |
The weighted-average actuarial assumptions used to determine the NPPC for 2015, 2014 and 2013 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Plans December 31 | | International Plans December 31 | | Global Weighted-Average December 31 | | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | Discount rates | | 3.9 | % | | 4.7 | % | | 3.8 | % | | 3.7 | % | | 4.7 | % | | 4.3 | % | | 3.7 | % | | 4.7 | % | | 4.2 | % | Expected long-term rates of return on plan assets | | 7.5 | % | | 7.5 | % | | 7.5 | % | | 6.8 | % | | 6.8 | % | | 6.6 | % | | 7.0 | % | | 7.0 | % | | 6.8 | % | Rates of compensation increase | | 3.0 | % | | 3.0 | % | | 3.0 | % | | 3.2 | % | | 3.4 | % | | 2.8 | % | | 3.2 | % | | 3.4 | % | | 2.8 | % |
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Schedule of Accumulated Benefit Obligations |
The accumulated benefit obligation for all defined benefit pension plans at December 31, 2015 and 2014 was as follows: | | | | | | | | | | | | | | | | | | | | U.S. Plans | | International Plans | | | December 31 | | December 31 | (In millions) | | 2015 | | 2014 | | 2015 | | 2014 | Accumulated benefit obligation | | $ | 307.4 |
| | $ | 325.3 |
| | $ | 894.8 |
| | $ | 1,043.2 |
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Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets |
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2015 and 2014 were as follows: | | | | | | | | | | | | | | | | | | | | U.S. Plans | | International Plans | | | December 31 | | December 31 | (In millions) | | 2015 | | 2014 | | 2015 | | 2014 | Projected benefit obligation | | $ | 297.5 |
| | $ | 314.9 |
| | $ | 876.9 |
| | $ | 1,032.1 |
| Accumulated benefit obligation | | 297.5 |
| | 314.9 |
| | 871.9 |
| | 1,026.0 |
| Fair value of plan assets | | 198.8 |
| | 222.3 |
| | 731.6 |
| | 771.8 |
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Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets |
The following table summarizes changes in the fair value of Level 3 assets for 2015, 2014 and 2013: | | | | | | | | | | | | | | Level 3 Asset Changes for the Twelve Months Ended December 31 | | | (In thousands) | | 2015 | | 2014 | | 2013 | Real Estate Limited Partnership: | | | | | | | Balance at beginning of year | | $ | 22,647 |
| | $ | 20,423 |
| | $ | 17,746 |
| Contributions to partnership | | 109 |
| | 385 |
| | 838 |
| Cash distributions received | | (10,062 | ) | | (1,614 | ) | | (1,380 | ) | Actual return on plan assets: | | | | | | | Related to asset still held at end of year | | 11,668 |
| | 3,453 |
| | 3,219 |
| Balance at end of year | | $ | 24,362 |
| | $ | 22,647 |
| | $ | 20,423 |
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U.S. Plans |
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Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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Schedule of Allocation of Plan Assets |
The asset allocations attributable to the Company's U.S. defined benefit pension plans at December 31, 2015 and 2014, and the long-term target allocation of plan assets, by asset category, are as follows: | | | | | | | | | | | | Target Long-Term Allocation | | Percentage of Plan Assets at December 31 | U.S. Plans Asset Category | | | 2015 | | 2014 | Domestic equity securities | | 32%-42% | | 37.2 | % | | 39.1 | % | International equity securities | | 15%-25% | | 18.5 | % | | 18.2 | % | Fixed income securities | | 28%-38% | | 32.6 | % | | 30.3 | % | Cash and cash equivalents | | Less than 5% | | 1.7 | % | | 3.1 | % | Other | | 5%-15% | | 10.0 | % | | 9.3 | % |
The fair values of the Company's U.S. pension plans' assets at December 31, 2014 by asset class are as follows: | | | | | | | | | | | | | | (In thousands) | | Total | | Level 1 | | Level 2 | Domestic equities: | | | | | | | Common stocks | | $ | 44,064 |
| | $ | 44,064 |
| | $ | — |
| Mutual funds—equities | | 47,313 |
| | 13,335 |
| | 33,978 |
| International equities—mutual funds | | 42,446 |
| | 42,446 |
| | — |
| Fixed income investments: | | | | | | | U.S. Treasuries and collateralized securities | | 18,759 |
| | — |
| | 18,759 |
| Corporate bonds and notes | | 11,347 |
| | 11,347 |
| | — |
| Mutual funds—bonds | | 40,568 |
| | 11,936 |
| | 28,632 |
| Other—mutual funds | | 21,700 |
| | 21,700 |
| | — |
| Cash and money market accounts | | 7,153 |
| | 7,153 |
| | — |
| Total | | $ | 233,350 |
| | $ | 151,981 |
| | $ | 81,369 |
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The fair values of the Company's U.S. pension plans' assets at December 31, 2015 by asset class are as follows: | | | | | | | | | | | | | | (In thousands) | | Total | | Level 1 | | Level 2 | Domestic equities: | | | | | | | Common stocks | | $ | 35,619 |
| | $ | 35,619 |
| | $ | — |
| Mutual funds—equities | | 42,093 |
| | 11,595 |
| | 30,498 |
| International equities—mutual funds | | 38,787 |
| | 38,787 |
| | — |
| Fixed income investments: | |
| | | | | U.S. Treasuries and collateralized securities | | 15,506 |
| | — |
| | 15,506 |
| Corporate bonds and notes | | 12,987 |
| | 12,987 |
| | — |
| Mutual funds—bonds | | 39,594 |
| | 12,094 |
| | 27,500 |
| Other—mutual funds | | 20,803 |
| | 20,803 |
| | — |
| Cash and money market accounts | | 3,481 |
| | 3,481 |
| | — |
| Total | | $ | 208,870 |
| | $ | 135,366 |
| | $ | 73,504 |
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International Plans |
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Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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Schedule of Allocation of Plan Assets |
The fair values of the Company's international pension plans' assets at December 31, 2014 by asset class are as follows: | | | | | | | | | | | | | | | | | | (In thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | Equity securities: | | | | | | | | | Mutual funds—equities | | $ | 292,150 |
| | $ | — |
| | $ | 292,150 |
| | $ | — |
| Fixed income investments: | | | | | | | | | Mutual funds—bonds | | 350,073 |
| | — |
| | 350,073 |
| | — |
| Insurance contracts | | 8,233 |
| | — |
| | 8,233 |
| | — |
| Other: | |
| | | | | | | Real estate funds / limited partnerships | | 53,926 |
| | — |
| | 31,279 |
| | 22,647 |
| Other mutual funds | | 84,120 |
| | — |
| | 84,120 |
| | — |
| Cash and money market accounts | | 2,543 |
| | 2,543 |
| | — |
| | — |
| Total | | $ | 791,045 |
| | $ | 2,543 |
| | $ | 765,855 |
| | $ | 22,647 |
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The fair values of the Company's international pension plans' assets at December 31, 2015 by asset class are as follows: | | | | | | | | | | | | | | | | | | (In thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | Equity securities: | | | | | | | | | Mutual funds—equities | | $ | 255,937 |
| | $ | — |
| | $ | 255,937 |
| | $ | — |
| Fixed income investments: | |
| | | | | | | Mutual funds—bonds | | 320,259 |
| | — |
| | 320,259 |
| | — |
| Insurance contracts | | 7,306 |
| | — |
| | 7,306 |
| | — |
| Other: | |
| | | | | | | Real estate funds/limited partnerships | | 52,313 |
| | — |
| | 27,951 |
| | 24,362 |
| Other mutual funds | | 117,646 |
| | — |
| | 117,646 |
| | — |
| Cash and money market accounts | | 2,505 |
| | 2,505 |
| | — |
| | — |
| Total | | $ | 755,966 |
| | $ | 2,505 |
| | $ | 729,099 |
| | $ | 24,362 |
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The asset allocations attributable to the Company's international defined benefit pension plans at December 31, 2015 and 2014 and the long-term target allocation of plan assets, by asset category, are as follows: | | | | | | | | | | | International Plans Asset Category | | Target Long-Term Allocation | | Percentage of Plan Assets at December 31 | | | 2015 | | 2014 | Equity securities | | 32.5 | % | | 33.7 | % | | 36.9 | % | Fixed income securities | | 42.5 | % | | 43.3 | % | | 45.3 | % | Cash and cash equivalents | | — |
| | 0.3 | % | | 0.3 | % | Other (a) | | 25.0 | % | | 22.7 | % | | 17.5 | % |
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