Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Plan Assets and Benefit Obligations of Defined Benefit Pension Plans

The plan assets and benefit obligations of our defined benefit pension plans are measured at December 31 of each year.

	U.S. Plans									Non-U.S. Plans
(DOLLARS IN THOUSANDS)	2014			2013			2012			2014			2013			2012
Components of net periodic benefit cost
Service cost for benefits earned	$	3,057		$	3,644		$	3,121		$	14,142		$	16,423		$	12,585
Interest cost on projected benefit obligation	25,090			23,284			24,314			33,360			31,103			30,944
Expected return on plan assets	(27,647		)	(26,320		)	(24,329		)	(49,861		)	(47,793		)	(43,728		)
Net amortization of deferrals	17,656			24,600			20,180			10,584			9,337			6,443
Settlements and curtailments	—			—			—			43			215			873
Net periodic benefit cost	18,156			25,208			23,286			8,268			9,285			7,117
Defined contribution and other retirement plans	7,854			7,326			7,039			6,323			4,094			4,837
Total expense	$	26,010		$	32,534		$	30,325		$	14,591		$	13,379		$	11,954
Changes in plan assets and benefit obligations recognized in OCI
Net actuarial (gain) loss	$	50,918		$	(39,754	)				$	138,652		$	36,134
Recognized actuarial loss	(17,345		)	(24,296		)				(10,874		)	(9,536		)
Prior service cost	216			—						(10,814		)	(873		)
Recognized prior service cost	(311		)	(304		)				248			(15		)
Currency translation adjustment	—			—						(30,441		)	5,464
Total recognized in OCI (before tax effects)	$	33,478		$	(64,354	)				$	86,771		$	31,174

Components of Net Periodic Benefit Cost and Changes in Plan Assets and Benefit Obligations Recognized in OCI

	Postretirement Benefits
(DOLLARS IN THOUSANDS)	2014			2013			2012
Components of net periodic benefit cost
Service cost for benefits earned	$	1,295		$	1,526		$	1,357
Interest cost on projected benefit obligation	4,896			4,503			5,656
Net amortization and deferrals	(4,109		)	(3,040		)	(1,770		)
Expense	$	2,082		$	2,989		$	5,243
Changes in plan assets and benefit obligations recognized in OCI
Net actuarial (gain)	$	7,706		$	(15,524	)
Recognized actuarial loss	(540		)	(1,672		)
Recognized prior service credit	4,649			4,712
Total recognized in OCI (before tax effects)	$	11,815		$	(12,484	)

Amounts Expected to be Recognized in Net Periodic Cost

The amounts expected to be recognized in net periodic cost in 2015 are:

(DOLLARS IN THOUSANDS)	U.S. Plans		Non-U.S. Plans			Postretirement Benefits
Actuarial loss recognition	$	20,627	$	15,088		$	1,184
Prior service cost (credit) recognition	183		(840		)	(4,029		)

Weighted-Average Actuarial Assumption Used to Determine Expense

Weighted-average actuarial assumption used to determine expense	U.S. Plans						Non-U.S. Plans
	2014		2013		2012		2014		2013		2012
Discount rate	4.70	%	4.10	%	4.70	%	4.18	%	4.14	%	4.71	%
Expected return on plan assets	7.30	%	7.30	%	7.30	%	6.27	%	6.26	%	6.27	%
Rate of compensation increase	3.25	%	3.25	%	3.25	%	2.66	%	2.73	%	2.88	%

Changes in Postretirement Benefit Obligation and Plan Assets

anges in the postretirement benefit obligation and plan assets, as applicable, are detailed in the following table:

	U.S. Plans						Non-U.S. Plans						Postretirement Benefits
(DOLLARS IN THOUSANDS)	2014			2013			2014			2013			2014			2013
Benefit obligation at beginning of year	$	544,602		$	573,706		$	818,578		$	780,164		$	105,521		$	119,308
Service cost for benefits earned	3,057			3,644			14,142			16,423			1,295			1,526
Interest cost on projected benefit obligation	25,090			23,284			33,360			31,103			4,896			4,503
Actuarial (gain) loss	79,855			(29,875		)	236,096			2,655			7,706			(15,524		)
Plan amendments	216			—			(10,814		)	(873		)	—			—
Adjustments for expense/tax contained in service cost	—			—			(2,087		)	(2,343		)	—			—
Plan participants’ contributions	—			—			2,096			2,793			1,024			1,022
Benefits paid	(27,341		)	(26,157		)	(32,134		)	(27,571		)	(6,945		)	(5,314		)
Curtailments / settlements	—			—			(9,270		)	(768		)	—			—
Translation adjustments	—			—			(86,413		)	16,995			—			—
Acquisitions/Transferred Liabilities	—			—			1,712			—			—			—
Benefit obligation at end of year	$	625,479		$	544,602		$	965,266		$	818,578		$	113,497		$	105,521
Fair value of plan assets at beginning of year	$	448,851		$	405,289		$	799,670		$	776,188
Actual return on plan assets	56,584			36,199			135,947			11,970
Employer contributions	23,707			33,520			20,282			19,377
Participants’ contributions	—			—			2,096			2,793
Benefits paid	(27,341		)	(26,157		)	(32,134		)	(27,571		)
Settlements	—			—			—			(768		)
Translation adjustments	—			—			(74,680		)	17,681
Acquisitions/Transferred Assets	—			—			1,712			—
Fair value of plan assets at end of year	$	501,801		$	448,851		$	852,893		$	799,670
Funded status at end of year	$	(123,678	)	$	(95,751	)	$	(112,373	)	$	(18,908	)

Amounts Recognized in Balance Sheet

	U.S. Plans						Non-U.S. Plans
(DOLLARS IN THOUSANDS)	2014			2013			2014			2013
Amounts recognized in the balance sheet:
Other assets	$	—		$	—		$	1,338		$	14,058
Other current liabilities	(3,887		)	(3,819		)	(608		)	(651		)
Retirement liabilities	(119,791		)	(91,930		)	(113,103		)	(32,315		)
Net amount recognized	$	(123,678	)	$	(95,749	)	$	(112,373	)	$	(18,908	)

Amounts Recognized in Accumulated Other Comprehensive Income

	U.S. Plans				Non-U.S. Plans						Postretirement Benefits
(DOLLARS IN THOUSANDS)	2014		2013		2014			2013			2014			2013
Amounts recognized in AOCI consist of:
Net actuarial loss	$	178,677	$	145,105	$	360,070		$	263,930		$	21,057		$	13,891
Prior service cost (credit)	387		482		(10,697		)	(1,330		)	(10,358		)	(15,007		)
Total AOCI (before tax effects)	$	179,064	$	145,587	$	349,373		$	262,600		$	10,699		$	(1,116	)

Accumulated Benefit Obligation

	U.S. Plans						Non-U.S. Plans
(DOLLARS IN THOUSANDS)	2014			2013			2014			2013
Accumulated Benefit Obligation — end of year	$	616,004		$	536,176		$	942,103		$	777,188
Information for Pension Plans with an ABO in excess of Plan Assets:
Projected benefit obligation	$	625,479		$	544,602		$	695,552		$	43,778
Accumulated benefit obligation	616,004			536,176			672,389			41,991
Fair value of plan assets	501,801			448,851			581,841			18,669
Weighted-average assumptions used to determine obligations at December 31
Discount rate	3.90		%	4.70		%	2.74		%	4.18		%
Rate of compensation increase	3.25		%	3.25		%	2.00		%	2.66		%

Estimated Future Benefit Payments

(DOLLARS IN THOUSANDS)	U.S. Plans		Non-U.S. Plans		Postretirement Benefits
Estimated Future Benefit Payments
2015	30,068		28,045		5,085
2016	31,194		27,710		5,285
2017	32,589		28,893		5,522
2018	34,115		31,459		5,784
2019	35,483		32,259		6,043
2020 - 2024	188,512		169,579		33,627
Contributions
Required Company Contributions in the Following Year (2015)	$	4,156	$	16,183	$	5,085

Percentage of Assets Invested

	U.S. Plans				Non-U.S. Plans
	2014		2013		2014		2013
Percentage of assets invested in:
Cash and cash equivalents	1	%	1	%	1	%	2	%
Equities	40	%	48	%	26	%	25	%
Fixed income	59	%	51	%	62	%	59	%
Property	0	%	0	%	7	%	8	%
Alternative and other investments	0	%	0	%	4	%	6	%

Fair Value Hierarchy of Plan Assets

The following tables present our plan assets for the U.S. and non-U.S. plans using the fair value hierarchy as of December 31, 2014 and 2013. Our plans’ assets were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. For more information on a description of the fair value hierarchy, see Note 14.

	U.S. Plans for the year ended
	December 31, 2014
(DOLLARS IN THOUSANDS)	Level 1		Level 2		Level 3		Total
Cash Equivalents	$	—	$	3,829	$	—	$	3,829
Equity Securities
U.S. Common Stock	37,278		—		—		37,278
Non-U.S. Common Stock	1,635		—		—		1,635
Balanced Funds	—		9,270		—		9,270
Pooled Funds	—		154,559		—		154,559
Fixed Income Securities
Government & Government Agency Bonds	—		10,620		—		10,620
Mutual Funds	—		212,007		—		212,007
Corporate Bonds	—		63,057		—		63,057
Municipal Bonds	—		9,100		—		9,100
Total	$	38,913	$	462,442	$	—	$	501,355
Receivables							$	446
Total							$	501,801

	U.S. Plans for the year ended
	December 31, 2013
(DOLLARS IN THOUSANDS)	Level 1		Level 2		Level 3		Total
Cash Equivalents	$	—	$	5,694	$	—	$	5,694
Equity Securities
U.S. Common Stock	38,993		—		—		38,993
Non-U.S. Common Stock	343		—		—		343
Balanced Funds	—		8,389		—		8,389
Pooled Funds	—		165,670		—		165,670
Fixed Income Securities
Government & Government Agency Bonds	—		8,262		—		8,262
Mutual Funds	—		158,646		—		158,646
Corporate Bonds	—		54,699		—		54,699
Municipal Bonds	—		7,440		—		7,440
Total	$	39,336	$	408,800	$	—	$	448,136
Receivables							$	715
Total							$	448,851

	Non-U.S. Plans for the year ended
	December 31, 2014
(DOLLARS IN THOUSANDS)	Level 1		Level 2		Level 3		Total
Cash	$	10,792	$	—	$	—	$	10,792
Equity Securities
U.S. Large Cap	64,852		8,295		—		73,147
Non-U.S. Large Cap	83,671		5,853		—		89,524
Non-U.S. Mid Cap	145		—		—		145
Non-U.S. Small Cap	33		—		—		33
Emerging Markets	52,664		1,214		—		53,878
Fixed Income Securities
U.S. Treasuries/Government Bonds	47		—		—		47
Non-U.S. Treasuries/Government Bonds	163,143		100,544		—		263,687
Non-U.S. Corporate Bonds	62,630		186,837		—		249,467
Non-U.S. Asset-Backed Securities	—		16,375		—		16,375
Non-U.S. Other Fixed Income	1,409		—		—		1,409
Alternative Types of Investments
Insurance Contracts	316		—		—		316
Hedge Funds	—		—		14,775		14,775
Other	904		—		—		904
Absolute Return Funds	—		17,135		—		17,135
Private Equity Funds	—		—		6		6
Real Estate
Non-U.S. Real Estate	—		56,346		4,907		61,253
Total	$	440,606	$	392,599	$	19,688	$	852,893

	Non-U.S. Plans for the year ended
	December 31, 2013
(DOLLARS IN THOUSANDS)	Level 1		Level 2		Level 3		Total
Cash	$	11,956	$	—	$	—	$	11,956
Equity Securities
U.S. Large Cap	40,274		—		—		40,274
Non-U.S. Large Cap	92,551		12,783		—		105,334
Non-U.S. Mid Cap	107		—		—		107
Non-U.S. Small Cap	29		—		—		29
Emerging Markets	57,689		—		—		57,689
Fixed Income Securities
U.S. Treasuries/Government Bonds	328		—		—		328
U.S. Corporate Bonds	—		—		—		—
Non-U.S. Treasuries/Government Bonds	120,651		75,131		—		195,782
Non-U.S. Corporate Bonds	65,443		189,707		—		255,150
Non-U.S. Mortgage-Backed Securities	—		—		—		—
Non-U.S. Asset-Backed Securities	—		17,895		—		17,895
Non-U.S. Other Fixed Income	1,205		—		—		1,205
Alternative Types of Investments
Insurance Contracts	334		—		—		334
Hedge Funds	—		—		15,280		15,280
Other	928		—		—		928
Absolute Return Funds	—		31,253		—		31,253
Private Equity Funds	—		—		7		7
Real Estate
Non-U.S. Real Estate	—		58,660		7,459		66,119
Total	$	391,495	$	385,429	$	22,746	$	799,670

Reconciliation of Level 3 Non-U.S. Plan Assets Held

The following table presents a reconciliation of Level 3 non-U.S. plan assets held during the year ended December 31, 2014:

	Non-U.S. Plans
(DOLLARS IN THOUSANDS)	Real Estate			Private Equity			Hedge Funds			Total
Ending balance as of December 31, 2013	$	7,459		$	7		$	15,280		$	22,746
Actual return on plan assets	(2,322		)	(1		)	(505		)	(2,828		)
Purchases, sales and settlements	(230		)	—			—			(230		)
Ending balance as of December 31, 2014	$	4,907		$	6		$	14,775		$	19,688

Weighted Average Assumptions Used to Determine Postretirement Benefit Expense and Obligation

The following weighted average assumptions were used to determine our postretirement benefit expense and obligation for the years ended December 31:

	Expense				Liability
	2014		2013		2014		2013
Discount rate	4.80	%	4.00	%	3.90	%	4.80	%
Current medical cost trend rate	6.50	%	6.75	%	5.80	%	6.50	%
Ultimate medical cost trend rate	4.75	%	4.75	%	4.75	%	4.75	%
Medical cost trend rate decreases to ultimate rate in year	2021		2021		2023		2021

Sensitivity of Disclosures to Changes in Selected Assumptions

	Sensitivity of Disclosures to Changes in Selected Assumptions
	25 BP Decrease in Discount Rate				25 BP Decrease in Discount Rate		25 BP Decrease in Long-Term Rate of Return
(DOLLARS IN THOUSANDS)	Change in PBO		Change in ABO		Change in pension expense		Change in pension expense
U.S. Pension Plans	$	19,983	$	19,609	$	1,304	$	1,043
Non-U.S. Pension Plans	$	47,377	$	45,329	$	2,783	$	2,115
Postretirement Benefit Plan	N/A		$	3,745	$	215	N/A