Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2015

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
		2015			2014			2015			2014			2015			2014
Change in projected benefit obligations:
Projected benefit obligations at January 1	$	205,399		$	181,606		$	70,523		$	60,830		$	13,739		$	20,129
Service cost		2,743			3,683			0			0			384			505
Interest cost		7,990			8,762			2,394			2,695			474			688
Plan amendments		447			163			0			0			(4,437	)		(8,914	)
Plan settlements(b)		(5,494	)		(9,304	)		0			0			0			0
Plan curtailment		(10,306	)		0			0			0			0			0
Foreign currency exchange rate changes		0			0			(3,413	)		(4,351	)		0			0
Actuarial (gain) loss		(9,880	)		29,023			(4,005	)		13,993			(1,433	)		1,920
Participant contributions		0			0			0			0			79			386
Benefits paid from plan assets		(8,772	)		(8,494	)		(1,749	)		(2,644	)		0			0
Benefits paid by the Corporation		(324	)		(40	)		0			0			(689	)		(975	)
Projected benefit obligations at December 31	$	181,803		$	205,399		$	63,750		$	70,523		$	8,117		$	13,739
Change in plan assets:
Fair value of plan assets at January 1	$	157,048		$	164,085		$	50,533		$	48,536		$	0		$	0
Actual return on plan assets		(3,406	)		10,761			1,701			5,936			0			0
Foreign currency exchange rate changes		0			0			(2,572	)		(3,144	)		0			0
Corporate contributions		324			40			1,715			1,849			610			589
Participant contributions		0			0			0			0			79			386
Plan settlements(b)		(5,494	)		(9,304	)		0			0			0			0
Gross benefits paid		(9,096	)		(8,534	)		(1,749	)		(2,644	)		(689	)		(975	)
Fair value of plan assets at December 31	$	139,376		$	157,048		$	49,628		$	50,533		$	0		$	0
Funded status of the plans:
Fair value of plan assets	$	139,376		$	157,048		$	49,628		$	50,533		$	0		$	0
Less benefit obligations		181,803			205,399			63,750			70,523			8,117			13,739
Funded status at December 31	$	(42,427	)	$	(48,351	)	$	(14,122	)	$	(19,990	)	$	(8,117	)	$	(13,739	)
(a)    Includes the nonqualified defined benefit pension plan. (b)    Represents lump sum payments.

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
		2015			2014			2015			2014			2015			2014
Amounts recognized in the balance sheets:
Employee benefit obligations:
Accrued payrolls and employee benefits(a)	$	(352	)	$	(73	)	$	0		$	0		$	(612	)	$	(791	)
Employee benefit obligations(b)		(42,075	)		(48,278	)		(14,122	)		(19,990	)		(7,505	)		(12,948	)
	$	(42,427	)	$	(48,351	)	$	(14,122	)	$	(19,990	)	$	(8,117	)	$	(13,739	)
Accumulated other comprehensive loss:(c)
Net actuarial loss	$	53,163		$	64,387		$	27,594		$	32,989		$	2,570		$	4,029
Prior service cost		237			1,464			0			0			(12,097	)		(8,331	)
	$	53,400		$	65,851		$	27,594		$	32,989		$	(9,527	)	$	(4,302	)
(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, 2015 expected to be recognized in net periodic pension and other postretirement costs in 2016 include:

	U.S. Pension Benefits	Foreign Pension Benefits		Other Postretirement Benefits
Net actuarial loss	$    3,338	$	755	$	149
Prior service cost (credit)	31		0		(1,030	)
	$    3,369	$	755	$	(881	)

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, 2015	2015	2014	Dec. 31, 2015	2015	2014
Equity Securities	65%	58%	64%	44%	46%	44%
Fixed-Income Securities	15%	19%	18%	35%	33%	35%
Alternative Investments	15%	13%	16%	21%	21%	21%
Other (primarily cash and cash equivalents)	5%	10%	2%	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, 2015 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	$	1,531	$	0	$	0	$	1,531
Chemicals		1,811		0		0		1,811
Commercial property		906		0		0		906
Commercial services		925		0		0		925
Common collective trust funds		0		31,291		0		31,291
Electronics		785		0		0		785
Food processing		2,856		0		0		2,856
Health care		1,815		0		0		1,815
Limited partnerships – public equity		4,173		0		0		4,173
Manufacturing		1,536		0		0		1,536
Oil & gas		1,499		0		0		1,499
Retail		706		0		0		706
Technology		1,674		0		0		1,674
Transportation		484		0		0		484
Wholesale distribution		789		0		0		789
Other (represents 13 business sectors)		5,695		0		0		5,695
International
Bank & financial services		1,525		0		0		1,525
Common collective trust funds		0		3,078		0		3,078
Engineering & construction		729		0		0		729
Oil & gas		807		0		0		807
Real estate		937		0		0		937
Technology		265		0		0		265
Other (represents 9 business sectors)		2,391		0		0		2,391
Total Equity Securities		33,839		34,369		0		68,208
Fixed-Income Securities:
Commingled funds		0		14,697		0		14,697
Preferred (represents 5 business sectors)		6,689		0		0		6,689
Other (represents 4 business sectors)		0		1,280		0		1,280
Total Fixed-Income Securities		6,689		15,977		0		22,666
Alternative Investments:
Managed funds(a)		0		0		32,210		32,210
Hedge and absolute return funds		0		0		4,967		4,967
Total Alternative Investments		0		0		37,177		37,177
Other (primarily cash and cash equivalents):
Mutual funds		1,836		0		0		1,836
Commingled funds		0		1,005		0		1,005
Other(b)		8,484		0		0		8,484
Total Other		10,320		1,005		0		11,325
	$	50,848	$	51,351	$	37,177	$	139,376

(a) Includes approximately 38% in equity and equity-like asset securities, 43% in alternative investments (real assets, commodities and resources, absolute return funds) and 19% 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, 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 Foreign Pension Benefit Plan’s assets as of December 31, 2015 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	$	3,697	$	0	$	3,697
Commingled Funds (International)		0		18,930		0		18,930
Total Equity Securities		0		22,627		0		22,627
Fixed-Income Securities:
Commingled Funds (U.K.)		0		16,298		0		16,298
Alternative Investments:
Hedge and Absolute Return Funds		0		0		10,571		10,571
Cash and cash equivalents		132		0		0		132
	$	132	$	38,925	$	10,571	$	49,628

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

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, 2015.

	Alternative Investments
	U.S. Pension Benefits						Foreign Pension Benefits
Fair value as of January 1, 2015	$	8,592		$	33,602		$	10,799
Contributions		5,900			0			0
Withdrawals		(9,843	)		(2,424	)		0
Realized gains (losses)		2,334			(19	)		0
Change in net unrealized (losses) gains		(2,016	)		1,051			320
Other, primarily impact from changes in foreign currency exchange rates		0			0			(548	)
Fair value as of December 31, 2015	$	4,967		$	32,210		$	10,571

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

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
	2015			2014			2013			2015			2014			2013			2015			2014			2013
Service cost	$	2,743		$	3,683		$	4,424		$	0		$	0		$	0		$	384		$	505		$	943
Interest cost		7,990			8,762			8,070			2,394			2,695			2,551			474			688			926
Expected return on plan assets		(10,996	)		(10,747	)		(9,368	)		(2,681	)		(3,157	)		(2,485	)		0			0			0
Amortization of prior service cost (credit)		371			854			640			0			0			0			(672	)		(441	)		85
Amortization of actuarial loss		5,440			4,183			7,146			845			599			687			26			104			241
Curtailment loss		1,303			0			0			0			0			0			0			0			0
Net cost	$	6,851		$	6,735		$	10,912		$	558		$	137		$	753		$	212		$	856		$	2,195

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, 2015 and 2014 are summarized below.

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2015			2014			2015			2014			2015			2014
Discount rate		4.40	%		4.10	%		3.65	%		3.50	%		4.20	%		4.00	%
Wage increases		3.00	%		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
	2015			2014			2013	2015			2014			2013			2015			2014			2013
Discount rate		4.00/4.10	%		5.00	%	4.25%		3.50	%		4.50	%		4.50	%		4.00	%		5.00	%		4.25	%
Expected long-term rate of return		8.00	%		8.00	%	8.00%		5.40	%		6.50	%		6.09	%		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