|
Pension and Other Postretirement Benefits (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Compensation and Retirement Disclosure [Abstract] |
|
| Change in Benefit Obligation |
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 |
|
|
|
|
|
|
|
|
|
|
|