Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans.


	Pension Benefits						Other Benefits
Years Ended December 31,	2014			2013			2014			2013
	(In thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	(258,423	)	$	(263,876	)	$	(46,614	)	$	(51,772	)
Service cost		(5,453	)		(5,554	)		(49	)		(125	)
Interest cost		(10,757	)		(9,310	)		(1,647	)		(1,910	)
Participant contributions		(109	)		(105	)		(7	)		(11	)
Plan amendments		—			(56	)		—			—
Actuarial gain (loss)		(28,971	)		8,147			4,392			2,096
Acquisitions		(25,283	)		—			—			—
Curtailments		359			—			—			—
Foreign currency exchange rate changes		13,708			(1,826	)		2,704			2,681
Benefits paid		14,590			14,157			2,052			2,427

Benefit obligation, end of year	$	(300,339	)	$	(258,423	)	$	(39,169	)	$	(46,614	)

Change in Plan Assets


	Pension Benefits						Other Benefits
Years Ended December 31,	2014			2013			2014			2013
	(In thousands)
Change in plan assets:
Fair value of plan assets, beginning of year	$	198,367		$	173,154		$	—		$	—
Actual return on plan assets		20,223			29,416			—			—
Employer contributions		7,992			10,035			2,045			2,416
Plan participant contributions		109			105			7			11
Acquisitions		9,360			—			—			—
Foreign currency exchange rate changes		(4,707	)		(186	)		—			—
Benefits paid		(14,590	)		(14,157	)		(2,052	)		(2,427	)

Fair value of plan assets, end of year	$	216,754		$	198,367		$	—		$	—

Funded status, end of year	$	(83,585	)	$	(60,056	)	$	(39,169	)	$	(46,614	)

Amounts Recognized in Balance Sheets

Amounts recongized in the balance sheets:
Prepaid benefit cost	$	5,689		$	5,797		$	—		$	—
Accrued benefit liability (current)		(3,628	)		(3,878	)		(2,188	)		(2,665	)
Accrued benefit liability (noncurrent)		(85,646	)		(61,975	)		(36,981	)		(43,949	)

Net funded status	$	(83,585	)	$	(60,056	)	$	(39,169	)	$	(46,614	)

Components of Net Periodic Benefit Costs

The following table provides the components of net periodic benefit costs for the plans.


	Pension Benefits									Other Benefits
Years Ended December 31,	2014			2013			2012			2014			2013			2012
	(In thousands)
Components of net periodic benefit cost:
Service cost	$	5,453		$	5,554		$	5,423		$	49		$	125		$	116
Interest cost		10,757			9,310			10,510			1,647			1,910			2,077
Expected return on plan assets		(12,468	)		(11,066	)		(11,112	)		—			—			—
Amortization of prior service credit		(48	)		(54	)		(55	)		(100	)		(108	)		(111	)
Curtailment gain		(359	)		—			—			—			—			—
Net loss recognition		4,154			6,388			5,974			315			932			842

Net periodic benefit cost	$	7,489		$	10,132		$	10,740		$	1,911		$	2,859		$	2,924

Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts

The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts.


	Pension Benefits						Other Benefits
Years Ended December 31,	2014			2013			2014			2013
Weighted average assumptions for benefit obligations at year end:
Discount rate		3.2	%		4.1	%		3.7	%		4.4	%
Salary increase		3.3	%		3.9	%		N/A			N/A
Weighted average assumptions for net periodic cost for the year:
Discount rate		4.1	%		3.7	%		4.4	%		4.3	%
Salary increase		3.9	%		3.9	%		N/A			N/A
Expected return on assets		6.7	%		6.7	%		N/A			N/A
Assumed health care cost trend rates:
Health care cost trend rate assumed for next year		N/A			N/A			5.5	%		7.3	%
Rate that the cost trend rate gradually declines to		N/A			N/A			5.0	%		5.0	%
Year that the rate reaches the rate it is assumed to remain at		N/A			N/A			2016			2020

Effect of One Percentage - Point Change in Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A one percentage-point change in the assumed health care cost trend rates would have the following effects on 2013 expense and year-end liabilities.


	1% Increase		1% Decrease
	(In thousands)
Effect on total of service and interest cost components	$	142	$	(118	)
Effect on postretirement benefit obligation	$	3,629	$	(3,006	)

Fair Values of Pension Plan Assets by Asset Category

The following table presents the fair values of the pension plan assets by asset category.


	December 31, 2014								December 31, 2013
	Fair Market Value at December 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Market Value at December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)								(In thousands)
Asset Category:
Equity securities^(a)
Large-cap fund	$	82,816	$	3,414	$	79,402	$	—	$	75,306	$	—	$	75,306	$	—
Mid-cap fund		15,276		1,448		13,828		—		13,511		—		13,511		—
Small-cap fund		19,952		312		19,640		—		19,473		—		19,473		—
Debt securities^(b)
Government bond fund		29,121		1,244		27,877		—		25,520		—		25,520		—
Corporate bond fund		27,485		3,815		23,670		—		21,679		—		21,679		—
Fixed income fund^(c)		41,975		—		41,975		—		42,847		—		42,847		—
Cash & equivalents		129		129		—		—		31		31		—		—

Total	$	216,754	$	10,362	$	206,392	$	—	$	198,367	$	31	$	198,336	$	—

(a)

This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The Level 1 funds are valued at fair market value obtained from quoted market prices in active markets. The Level 2 funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

(b)

This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The Level 1 funds are valued at fair market value obtained from quoted market prices in active markets. The Level 2 funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

(c)	This category includes guaranteed insurance contracts.

Benefits Expected to be Paid in Subsequent Years from Our Pension and Other Postretirement as Well as Medicare Subsidy Receipts

Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans.


	Pension Plans		Other Plans		Medicare Subsidy Receipts
	(In thousands)
2015	$	16,323	$	2,328	$	91
2016		17,346		2,283		84
2017		17,969		2,238		77
2018		18,357		2,167		70
2019		18,292		2,080		63
2020-2024		94,607		9,805		214

Total	$	182,894	$	20,901	$	599

Summary of Accumulated Other Comprehensive Loss, Changes in these Amounts and Expected Amortization of these Amounts as Components of Net Periodic Benefit Cost

The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2014, the changes in these amounts during the year ended December 31, 2014, and the expected amortization of these amounts as components of net periodic benefit cost for the year ended December 31, 2015 are as follows.


	Pension			Other
	Benefits			Benefits
	(In thousands)
Components of accumulated other comprehensive loss:
Net actuarial loss	$	61,333		$	4,679
Net prior service credit		(94	)		(143	)

	$	61,239		$	4,536


	Pension			Other
	Benefits			Benefits
	(In thousands)
Changes in accumulated other comprehensive loss:
Net actuarial loss, beginning of year	$	46,468		$	9,622
Amortization cost		(4,154	)		(315	)
Actuarial loss (gain)		28,971			(4,392	)
Asset gain		(7,755	)		—
Currency impact		(2,197	)		(236	)

Net actuarial loss, end of year	$	61,333		$	4,679

Prior service credit, beginning of year	$	(106	)	$	(259	)
Amortization credit		48			100
Currency impact		(36	)		16

Prior service credit, end of year	$	(94	)	$	(143	)


	Pension			Other
	Benefits			Benefits
	(In thousands)
Expected 2015 amortization:
Amortization of prior service credit	$	(41	)	$	(95	)
Amortization of net loss		5,319			354

	$	5,278		$	259