Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Reconciliation of Projected Benefit Obligations, Plan Assets, the Funded Status of the Plans and the Amounts Recognized in the Consolidated Balance Sheets

The following provides a reconciliation of projected benefit obligations, plan assets, the funded status of the plans and the amounts recognized in the consolidated balance sheets for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years.

	U.S. Pension Benefits(a)						Foreign Pension Benefits						Other Postretirement Benefits
		2014			2013			2014			2013			2014			2013
Change in projected benefit obligations:
Projected benefit obligations at January 1	$	181,606		$	197,057		$	60,830		$	59,210		$	20,129		$	22,806
Service cost		3,683			4,424			0			0			505			943
Interest cost		8,762			8,070			2,695			2,551			688			926
Plan amendments		163			681			0			0			(8,914	)		0
Plan settlements		(9,304	)		0			0			0			0			0
Foreign currency exchange rate changes		0			0			(4,351	)		1,154			0			0
Actuarial loss (gain)		29,023			(20,806	)		13,993			(823	)		1,920			(3,949	)
Participant contributions		0			0			0			0			386			423
Benefits paid from plan assets		(8,494	)		(7,812	)		(2,644	)		(1,262	)		0			0
Benefits paid by the Corporation		(40	)		(8	)		0			0			(975	)		(1,020	)
Projected benefit obligations at December 31	$	205,399		$	181,606		$	70,523		$	60,830		$	13,739		$	20,129
Change in plan assets:
Fair value of plan assets at January 1	$	164,085		$	140,218		$	48,536		$	41,875		$	0		$	0
Actual return on plan assets		10,761			26,679			5,936			5,061			0			0
Foreign currency exchange rate changes		0			0			(3,144	)		1,098			0			0
Corporate contributions		40			5,008			1,849			1,764			589			597
Participant contributions		0			0			0			0			386			423
Plan settlements		(9,304	)		0			0			0			0			0
Gross benefits paid		(8,534	)		(7,820	)		(2,644	)		(1,262	)		(975	)		(1,020	)
Fair value of plan assets at December 31	$	157,048		$	164,085		$	50,533		$	48,536		$	0		$	0
Funded status of the plans:
Fair value of plan assets	$	157,048		$	164,085		$	50,533		$	48,536		$	0		$	0
Less benefit obligations		205,399			181,606			70,523			60,830			13,739			20,129
Funded status at December 31	$	(48,351	)	$	(17,521	)	$	(19,990	)	$	(12,294	)	$	(13,739	)	$	(20,129	)
(a)    Includes the nonqualified defined benefit pension plans.
	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
		2014			2013			2014			2013			2014			2013
Amounts recognized in the balance sheets:
Employee benefit obligations:
Accrued payrolls and employee benefits(a)	$	(73	)	$	(51	)	$	0		$	0		$	(791	)	$	(752	)
Employee benefit obligations(b)		(48,278	)		(17,470	)		(19,990	)		(12,294	)		(12,948	)		(19,377	)
	$	(48,351	)	$	(17,521	)	$	(19,990	)	$	(12,294	)	$	(13,739	)	$	(20,129	)
Accumulated other comprehensive loss:(c)
Net actuarial loss	$	64,387		$	39,562		$	32,989		$	24,386		$	4,029		$	2,213
Prior service cost		1,464			2,154			0			0			(8,331	)		142
	$	65,851		$	41,716		$	32,989		$	24,386		$	(4,302	)	$	2,355
(a)    Recorded as a current liability in the consolidated balance sheet.
(b)    Recorded as a noncurrent liability in the consolidated balance sheet.
(c)    Amounts are pre-tax.

Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Year

Amounts included in accumulated other comprehensive loss as of December 31, 2014 expected to be recognized in net periodic pension and other postretirement costs in 2015 include:

	U.S. Pension Benefits	Foreign Pension Benefits		Other Postretirement Benefits
Net actuarial loss	$    5,591	$	911	$    233
Prior service cost	551		0	(672)
	$    6,142	$	911	$  (439)

Summary of Target Asset Allocations and Major Asset Categories

The following summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes.

	U.S. Pension Benefits			Foreign Pension Benefits
	Target Allocation	Percentage of Plan Assets		Target Allocation	Percentage of Plan Assets
	Dec. 31, 2014	2014	2013	Dec. 31, 2014	2014	2013
Equity Securities	65%	64%	65%	44%	44%	46%
Fixed-Income Securities	15%	18%	19%	35%	35%	31%
Alternative Investments	15%	16%	15%	21%	21%	23%
Other (primarily cash and cash equivalents)	5%	2%	1%	0%	0%	0%

Asset Categories Based on the Nature and Risks of the Plans Assets

Asset categories based on the nature and risks of the U.S. Pension Benefit Plan’s assets as of December 31, 2014 are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Capital goods	$	1,684	$	0	$	0	$	1,684
Chemicals		2,424		0		0		2,424
Commercial property		1,012		0		0		1,012
Commercial services		1,210		0		0		1,210
Common collective trust funds		0		34,871		0		34,871
Electronics		1,050		0		0		1,050
Engineering & construction		778		0		0		778
Food processing		3,423		0		0		3,423
Health care		1,345		0		0		1,345
Limited partnerships – public equity		6,482		0		0		6,482
Manufacturing		2,224		0		0		2,224
Oil & gas		2,503		0		0		2,503
Retail		935		0		0		935
Technology		2,022		0		0		2,022
Transportation		926		0		0		926
Wholesale distribution		927		0		0		927
Other (represents 10 business sectors)		5,681		0		0		5,681
International
Bank & financial services		1,790		0		0		1,790
Common collective trust funds		0		6,364		0		6,364
Engineering & construction		600		0		0		600
Oil & gas		1,422		0		0		1,422
Real estate		1,321		0		0		1,321
Technology		965		0		0		965
Other (represents 9 business sectors)		3,106		0		0		3,106
Total Equity Securities		43,830		41,235		0		85,065
Fixed-Income Securities:
Commingled funds		0		16,533		0		16,533
Preferred (represents 5 business sectors)		7,242		0		0		7,242
Other (represents 6 business sectors)		0		2,035		0		2,035
Total Fixed-Income Securities		7,242		18,568		0		25,810
Alternative Investments:
Managed funds (a)		0		0		33,602		33,602
Hedge and absolute return funds		0		0		8,592		8,592
Total Alternative Investments		0		0		42,194		42,194
Other (primarily cash and cash equivalents):
Mutual funds		237		0		0		237
Commingled funds		0		1,081		0		1,081
Other (b)		2,661		0		0		2,661
Total Other		2,898		1,081		0		3,979
	$	53,970	$	60,884	$	42,194	$	157,048

(a) Includes approximately 43% in equity and equity-like asset securities, 50% in alternative investments (real assets, commodities and resources, absolute return funds) and 7% in fixed income securities and cash and cash equivalents.

(b) Includes accrued receivables and pending broker settlements.

Asset categories based on the nature and risks of the U.S. Pension Benefit Plan’s assets as of December 31, 2013 are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Capital goods	$	1,751	$	0	$	0	$	1,751
Chemicals		2,203		0		0		2,203
Commercial property		1,747		0		0		1,747
Commercial services		1,052		0		0		1,052
Common collective trust funds		0		37,495		0		37,495
Electronics		1,371		0		0		1,371
Engineering & construction		1,096		0		0		1,096
Food processing		3,339		0		0		3,339
Health care		1,216		0		0		1,216
Limited partnerships – public equity		9,125		0		0		9,125
Manufacturing		2,653		0		0		2,653
Oil & gas		2,342		0		0		2,342
Retail		1,006		0		0		1,006
Technology		1,855		0		0		1,855
Other (represents 10 business sectors)		6,300		0		0		6,300
International
Bank & financial services		1,808		0		0		1,808
Common collective trust funds		0		7,024		0		7,024
Engineering & construction		1,187		0		0		1,187
Oil & gas		1,969		0		0		1,969
Real estate		1,440		0		0		1,440
Technology		1,366		0		0		1,366
Other (represents 9 business sectors)		3,756		0		0		3,756
Total Equity Securities		48,582		44,519		0		93,101
Fixed-Income Securities:
Commingled funds		0		17,159		0		17,159
Preferred (represents 4 business sectors)		5,851		0		0		5,851
Other (represents 7 business sectors)		0		3,849		0		3,849
Total Fixed-Income Securities		5,851		21,008		0		26,859
Alternative Investments:
Managed funds (a)		0		0		32,433		32,433
Hedge and absolute return funds		0		0		8,389		8,389
Total Alternative Investments		0		0		40,822		40,822
Other (primarily cash and cash equivalents):
Mutual funds		64		0		0		64
Commingled funds		0		1,065		0		1,065
Other (b)		2,174		0		0		2,174
Total Other		2,238		1,065		0		3,303
	$	56,671	$	66,592	$	40,822	$	164,085

(a) Includes approximately 43% in equity and equity-like asset securities, 50% in alternative investments (real assets, commodities and resources, absolute return funds) and 7% in fixed income securities and cash and cash equivalents.

(b) Includes accrued receivables and pending broker settlements.

Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2014 are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
Commingled Funds (U.K.)	$	0	$	3,848	$	0	$	3,848
Commingled Funds (International)		0		18,449		0		18,449
Total Equity Securities		0		22,297		0		22,297
Fixed-Income Securities:
Commingled Funds (U.K.)		0		17,366		0		17,366
Alternative Investments:
Hedge and Absolute Return Funds		0		0		10,799		10,799
Cash and cash equivalents		71		0		0		71
	$	71	$	39,663	$	10,799	$	50,533

Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2013 are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
Commingled Funds (U.K.)	$	0	$	4,043	$	0	$	4,043
Commingled Funds (International)		0		18,086		0		18,086
Total Equity Securities		0		22,129		0		22,129
Fixed-Income Securities:
Commingled Funds (U.K.)		0		15,211		0		15,211
Alternative Investments:
Hedge and Absolute Return Funds		0		0		11,041		11,041
Cash and cash equivalents		155		0		0		155
	$	155	$	37,340	$	11,041	$	48,536

Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans

The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2014.

	Alternative Investments
	U.S. Pension Benefits						Foreign Pension Benefits
Fair value as of January 1, 2014	$	8,389		$	32,433		$	11,041
Withdrawals		(200	)		(2,550	)		(181	)
Realized gains		66			821			0
Change in net unrealized gains		337			2,898			615
Other, primarily impact from changes in foreign currency exchange rates		0			0			(676	)
Fair value as of December 31, 2014	$	8,592		$	33,602		$	10,799

The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2013.

	Alternative Investments
	U.S. Pension Benefits						Foreign Pension Benefits
Fair value as of January 1, 2013	$	6,490		$	30,064		$	9,031
Acquisitions		2,225			0			1,100
Withdrawals		(1,320	)		(2,070	)		0
Realized gains		563			451			0
Change in net unrealized gains		431			3,988			644
Other, primarily impact from changes in foreign currency exchange rates		0			0			266
Fair value as of December 31, 2013	$	8,389		$	32,433		$	11,041

Net Periodic Pension and Other Postretirement Benefit Costs

Net periodic pension and other postretirement benefit costs include the following components for the year ended December 31:

	U.S. Pension Benefits									Foreign Pension Benefits									Other Postretirement Benefits
	2014			2013			2012			2014			2013			2012			2014			2013		2012
Service cost	$	3,683		$	4,424		$	3,943		$	0		$	0		$	0		$	505		$	943	$	804
Interest cost		8,762			8,070			8,514			2,695			2,551			2,506			688			926		919
Expected return on plan assets		(10,747	)		(9,368	)		(9,556	)		(3,157	)		(2,485	)		(2,101	)		0			0		0
Amortization of prior service cost		854			640			668			0			0			0			(441	)		85		85
Amortization of actuarial loss		4,183			7,146			6,087			599			687			598			104			241		71
Net cost	$	6,735		$	10,912		$	9,656		$	137		$	753		$	1,003		$	856		$	2,195	$	1,879

Discount Rates and Weighted-Average Wage Increases Used to Determine the Benefit Obligations

The discount rates and weighted-average wage increases used to determine the benefit obligations as of December 31, 2014 and 2013 are summarized below. 

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2014			2013			2014			2013			2014			2013
Discount rate		4.10	%		5.00	%		3.50	%		4.50	%		4.00	%		5.00	%
Wage increases		4.00	%		4.00	%		n/a			n/a			n/a			n/a

Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs

The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the year ended December 31:

	U.S. Pension Benefits							Foreign Pension Benefits									Other Postretirement Benefits
	2014			2013			2012	2014			2013			2012			2014			2013			2012
Discount rate		5.00	%		4.25	%	5.00%		4.50	%		4.50	%		4.90	%		5.00	%		4.25	%		5.00	%
Expected long-term rate of return		8.00	%		8.00	%	8.00%		6.50	%		6.09	%		5.61	%		n/a			n/a			n/a
Wages increases		4.00	%		4.00	%	4.00%		n/a			n/a			n/a			n/a			n/a			n/a