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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2015
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,    2015     2014     2015     2014  
     (In thousands)  

Change in benefit obligation:

         

Benefit obligation, beginning of year

    $ (300,339 )    $ (258,423 )    $ (39,169 )    $ (46,614 ) 

Service cost

      (5,505 )      (5,453 )      (52 )      (49 ) 

Interest cost

      (9,116 )      (10,757 )      (1,301 )      (1,647 ) 

Participant contributions

      (109 )      (109 )      (5 )      (7 ) 

Actuarial gain (loss)

      12,108        (28,971 )      1,720        4,392   

Acquisitions

      —          (25,283 )      —          —     

Settlements

      1,579        —          —          —     

Curtailments

      128        359        —          —     

Foreign currency exchange rate changes

      12,132        13,708        4,691        2,704   

Benefits paid

      13,917        14,590        1,803        2,052   
  

 

 

    

 

 

    

 

 

    

 

 

  

Benefit obligation, end of year

    $ (275,205 )    $ (300,339 )    $ (32,313 )    $ (39,169 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Change in Plan Assets

 

     Pension Benefits     Other Benefits  
Years Ended December 31,    2015     2014     2015     2014  
     (In thousands)  

Change in plan assets:

         

Fair value of plan assets, beginning of year

    $ 216,754      $ 198,367      $ —        $ —     

Actual return on plan assets

      2,569        20,223        —          —     

Employer contributions

      5,706        7,992        1,798        2,045   

Plan participant contributions

      109        109        5        7   

Acquisitions

      —          9,360        —          —     

Settlements

      (1,579 )      —          —          —     

Foreign currency exchange rate changes

      (5,270 )      (4,707 )      —          —     

Benefits paid

      (13,917 )      (14,590 )      (1,803 )      (2,052 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Fair value of plan assets, end of year

    $ 204,372      $ 216,754      $ —        $ —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Funded status, end of year

    $ (70,833 )    $ (83,585 )    $ (32,313 )    $ (39,169 ) 
Amounts Recognized in Balance Sheets

Amounts recongized in the balance sheets:

            

Prepaid benefit cost

    $ 7,219       $ 5,689       $ —         $ —     

Accrued benefit liability (current)

      (3,173 )       (3,628 )       (1,962 )       (2,188 ) 

Accrued benefit liability (noncurrent)

      (74,879 )       (85,646 )       (30,351 )       (36,981 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Net funded status

    $ (70,833 )     $ (83,585 )     $ (32,313 )     $ (39,169 ) 
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,    2015     2014     2013     2015     2014     2013  
     (In thousands)  

Components of net periodic benefit cost:

             

Service cost

    $ 5,505      $ 5,453      $ 5,554      $ 52      $ 49      $ 125   

Interest cost

      9,116        10,757        9,310        1,301        1,647        1,910   

Expected return on plan assets

      (12,518 )      (12,468 )      (11,066 )      —          —          —     

Amortization of prior service credit

      (44 )      (48 )      (54 )      (87 )      (100 )      (108 ) 

Curtailment gain

      (128 )      (359 )      —          —          —          —     

Settlement loss

      128        —          —          —          —          —     

Net loss recognition

      5,082        4,154        6,388        328        315        932   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit cost

    $ 7,141      $ 7,489      $ 10,132      $ 1,594      $ 1,911      $ 2,859   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
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,    2015     2014     2015     2014  

Weighted average assumptions for benefit obligations at year end:

         

Discount rate

      3.6 %      3.2 %      4.0 %      3.7 % 

Salary increase

      3.5 %      3.3 %      N/A        N/A   

Weighted average assumptions for net periodic cost for the year:

         

Discount rate

      3.2 %      4.1 %      3.7 %      4.4 % 

Salary increase

      3.5 %      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 %      5.5 % 

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        2022        2016   
Effect of One Percentage - Point Change in Assumed Health Care Cost Trend Rates

A one percentage-point change in the assumed health care cost trend rates would have the following effects on 2015 expense and year-end liabilities.

 

     1% Increase      1% Decrease  
     (In thousands)  

Effect on total of service and interest cost components

    $ 134       $ (110 ) 

Effect on postretirement benefit obligation

    $ 2,996       $ (2,484 ) 
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, 2015     December 31, 2014  
    Fair Market
Value at
December 31,
2015		     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,
2014		     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

   $ 77,618      $ 3,266      $ 74,352      $ —        $ 82,816      $ 3,414      $ 79,402      $ —     

Mid-cap fund

     14,427        957        13,470        —          15,276        1,448        13,828        —     

Small-cap fund

     19,260        461        18,799        —          19,952        312        19,640        —     

Debt securities(b)

                

Government bond fund

     26,827        1,387        25,440        —          29,121        1,244        27,877        —     

Corporate bond fund

     24,975        3,194        21,781        —          27,485        3,815        23,670        —     

Fixed income fund(c)

     40,989        —          40,989        —          41,975        —          41,975        —     

Cash & equivalents

     276        276        —          —          129        129        —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 204,372      $ 9,541      $ 194,831      $ —        $ 216,754      $ 10,362      $ 206,392      $ —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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.

 

                   Medicare  
     Pension      Other      Subsidy  
     Plans      Plans      Receipts  
     (In thousands)  

2016

    $ 16,173       $ 2,097       $ 87   

2017

      17,795         2,044         80   

2018

      17,886         1,970         72   

2019

      18,816         1,890         65   

2020

      17,170         1,827         57   

2021-2025

      94,434         8,569         188   
  

 

 

     

 

 

     

 

 

  

Total

    $ 182,274       $ 18,397       $ 549   
  

 

 

     

 

 

     

 

 

  

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, 2015, the changes in these amounts during the year ended December 31, 2015, and the expected amortization of these amounts as components of net periodic benefit cost for the year ended December 31, 2016 are as follows.

 

     Pension      Other  
     Benefits      Benefits  
     (In thousands)  

Components of accumulated other comprehensive loss:

      

Net actuarial loss

    $ 51,720       $ 2,515   

Net prior service credit

      (81 )       (40 ) 
  

 

 

     

 

 

  
   $ 51,639       $ 2,475   
  

 

 

     

 

 

  

 

     Pension      Other  
     Benefits      Benefits  
     (In thousands)  

Changes in accumulated other comprehensive loss:

      

Net actuarial loss, beginning of year

    $ 61,333       $ 4,679   

Amortization cost

      (5,082 )       (328 ) 

Curtailment gain recognized

      128         —     

Settlement loss recognized

      (128 )       —     

Actuarial gain

      (12,236 )       (1,720 ) 

Asset loss

      9,949         —     

Currency impact

      (2,244 )       (116 ) 
  

 

 

     

 

 

  

Net actuarial loss, end of year

    $ 51,720       $ 2,515   
  

 

 

     

 

 

  

Prior service credit, beginning of year

    $ (94 )     $ (143 ) 

Amortization credit

      44         87   

Currency impact

      (31 )       16   
  

 

 

     

 

 

  

Prior service credit, end of year

    $ (81 )     $ (40 ) 
  

 

 

     

 

 

  

 

     Pension      Other  
     Benefits      Benefits  
     (In thousands)  

Expected 2016 amortization:

      

Amortization of prior service credit

    $ (43 )     $ (40 ) 

Amortization of net loss

      2,709         220   
  

 

 

     

 

 

  
   $ 2,666       $ 180