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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost include the following:
 
2015
 
2014
 
2013
Retirement Plans
 
 
 
 
 
Service cost
$
23,366

 
$
21,826

 
$
25,198

Interest cost
70,797

 
73,505

 
67,235

Expected return on plan assets
(94,307
)
 
(93,198
)
 
(86,545
)
Amortization of net transition obligation
65

 
405

 
438

Amortization of prior service cost
745

 
697

 
569

Amortization of net actuarial loss
42,584

 
26,523

 
43,776

Effect of settlement loss
—

 
—

 
1,947

Other
49

 
77

 
—

Net periodic benefit cost
$
43,299

 
$
29,835

 
$
52,618

Retiree Health and Life Insurance Plans
 
 
 
 
 
Service cost
$
711

 
$
726

 
$
891

Interest cost
766

 
1,034

 
942

Expected return on plan assets
(1,661
)
 
(1,599
)
 
(1,510
)
Amortization of prior service credit
(104
)
 
(1,381
)
 
(2,969
)
Amortization of net actuarial gain
(673
)
 
(259
)
 
—

Net periodic benefit income
$
(961
)
 
$
(1,479
)
 
$
(2,646
)
Plans' Obligations and Assets
The following tables set forth the Plans’ obligations and assets at December 31:
 
Retirement Plans
 
Retiree Health
and
Life Insurance Plans
  
2015
 
2014
 
2015
 
2014
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at January 1
$
1,857,106

 
$
1,596,458

 
$
27,451

 
$
27,521

Service cost
23,366

 
21,826

 
711

 
726

Interest cost
70,797

 
73,505

 
766

 
1,034

Plan participant contributions
452

 
486

 
1,046

 
1,049

Plan amendments
519

 
812

 
(2,273
)
 
—

Actuarial loss/(gain)
(106,211
)
 
278,428

 
(6,004
)
 
736

Benefits paid
(87,626
)
 
(91,078
)
 
(2,556
)
 
(3,568
)
Impact of foreign exchange rates
(25,822
)
 
(26,791
)
 
(88
)
 
(47
)
Acquisitions
—

 
3,460

 
—

 
—

Other
1,015

 
—

 
—

 
—

Benefit obligation at December 31
$
1,733,596

 
$
1,857,106

 
$
19,053

 
$
27,451
Fair Value of Plan Assets
 
Retirement Plans
 
Retiree Health and
Life Insurance Plans
  
2015
 
2014
 
2015
 
2014
Change in Plan Assets
 
 
 
 
 
 
 
Fair value of plan assets at January 1
$
1,407,461

 
$
1,331,934

 
$
23,064

 
$
22,497

Actual return on plan assets
(13,886
)
 
144,209

 
(107
)
 
2,323

Company contributions
22,233

 
53,020

 
911

 
875

Plan participant contributions
452

 
486

 
1,046

 
1,049

Benefits paid
(87,626
)
 
(91,078
)
 
(2,556
)
 
(3,568
)
Impact of foreign exchange rates
(24,271
)
 
(23,849
)
 
—

 
—

Expenses paid
(6,177
)
 
(7,261
)
 
(108
)
 
(112
)
Fair value of plan assets at December 31
$
1,298,186

 
$
1,407,461

 
$
22,250

 
$
23,064

Funded Status of the Plans
$
(435,410
)
 
$
(449,645
)
 
$
3,197

 
$
(4,387
)
Recognized Amounts in Consolidated Balance Sheets
 
Retirement Plans
 
Retiree Health and
Life Insurance Plans
  
2015
 
2014
 
2015
 
2014
Total Recognized Amounts in the Consolidated Balance Sheets
 
 
 
 
 
 
Noncurrent assets
$
4,635

 
$
3,151

 
$
4,057

 
$
—

Current liabilities
(8,678
)
 
(12,759
)
 
(860
)
 
(831
)
Noncurrent liabilities
(431,367
)
 
(440,037
)
 
—

 
(3,556
)
Net liability
$
(435,410
)
 
$
(449,645
)
 
$
3,197

 
$
(4,387
)
Component of Net Periodic Pension Cost that are Included in Accumulated Other Comprehensive Loss (Income)
Items not yet recognized as a component of net periodic pension cost that are included in Accumulated Other Comprehensive Loss (Income) as of December 31, 2015 and 2014, are as follows:
 
Retirement Plans
 
Retiree Health and
Life Insurance Plans
  
2015
 
2014
 
2015
 
2014
Net actuarial loss
$
691,482

 
$
725,714

 
$
(6,274
)
 
$
(2,818
)
Prior service cost/(credit)
3,791

 
4,023

 
(2,272
)
 
(103
)
Net transition obligation
—

 
65

 
—

 
—

 
$
695,273

 
$
729,802

 
$
(8,546
)
 
$
(2,921
)
Amounts Recognized in Other Comprehensive Loss/(Income)
The amounts recognized in Other Comprehensive Loss/(Income) during December 31, 2015 and 2014 include the following:
 
Retirement Plans
 
Retiree Health and
Life Insurance Plans
  
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Adjustments arising during the period:
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss/(gain)
$
8,352

 
$
233,962

 
$
(178,648
)
 
$
(4,129
)
 
$
101

 
$
(5,527
)
Prior service cost/(credit)
513

 
729

 
1,902

 
(2,273
)
 
(46
)
 
—

Net settlements/curtailments
—

 
—

 
(1,947
)
 
—

 
—

 
—

Reversal of amortization:
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss
(42,584
)
 
(26,523
)
 
(43,776
)
 
673

 
259

 
—

Prior service cost/(credit)
(745
)
 
(697
)
 
(569
)
 
104

 
1,381

 
2,969

Net transition obligation
(65
)
 
(405
)
 
(438
)
 
—

 
—

 
—

Total recognized in other comprehensive loss/(income)
$
(34,529
)
 
$
207,066

 
$
(223,476
)
 
$
(5,625
)
 
$
1,695

 
$
(2,558
)
Total recognized in net periodic benefit cost and other comprehensive loss/(income)
$
8,770

 
$
236,901

 
$
(170,858
)
 
$
(6,586
)
 
$
216

 
$
(5,204
)
Accumulated Other Comprehensive Loss/(Income) Expects to Recognize as Components of Net Periodic Benefit Cost
Of the amounts included in Accumulated Other Comprehensive Loss/(Income) as of December 31, 2015, the portions the Company expects to recognize as components of net periodic benefit cost in 2016 are as follows:
 
Retirement
Plans
 
Retiree Health and
Life Insurance Plans
Net actuarial loss
$
37,662

 
$
(532
)
Prior service cost/(credit)
753

 
(498
)
Net transition obligation
—

 
—

 
$
38,415

 
$
(1,030
)
Company's Projected Benefit Payments
The following table sets forth the Company’s projected benefit payments for the next ten years:
Year
Retirement Plans
 
Retiree Health and
Life Insurance Plans
2016
$
86,234

 
$
2,173

2017
$
89,282

 
$
2,103

2018
$
92,596

 
$
2,055

2019
$
95,245

 
$
2,007

2020
$
98,004

 
$
1,653

2021-2025
$
520,612

 
$
6,744
Major Actuarial Assumptions Used in Determining PBO, ABO and Net Periodic Cost
The following tables set forth the major actuarial assumptions used in determining the PBO, ABO and net periodic cost:
Weighted-average assumptions
used to determine benefit
obligations at December 31
U.S.
Retirement
Plans
 
U.S. Retiree
Health and
Life Insurance
Plans
 
Foreign Plans
Discount Rate
 
 
 
 
 
2015
4.36
%
 
3.78
%
 
3.71
%
2014
4.00
%
 
3.52
%
 
3.49
%
Rate of Compensation Increase
 
 
 
 
 
2015
3.69
%
 
3.36
%
 
3.52
%
2014
3.99
%
 
3.42
%
 
3.51
%
 
Weighted-average assumptions
used to determine net periodic benefit
cost for years ended December 31
U.S.
Retirement
Plans
 
U.S. Retiree
Health and
Life Insurance
Plans
 
Foreign
Plans
Discount Rate
 
 
 
 
 
2015
4.00
%
 
3.52
%
 
3.49
%
2014
4.78
%
 
4.03
%
 
4.51
%
2013
3.90
%
 
3.16
%
 
4.36
%
Expected Long-term Rate of Return
 
 
 
 
 
2015
7.67
%
 
7.39
%
 
4.92
%
2014
7.66
%
 
7.39
%
 
5.57
%
2013
7.65
%
 
7.42
%
 
5.57
%
Rate of Compensation Increase
 
 
 
 
 
2015
3.99
%
 
3.42
%
 
3.51
%
2014
3.99
%
 
3.44
%
 
3.80
%
2013
4.29
%
 
3.51
%
 
3.46
%
Health Care Cost Trend Rates Related to U.S. Plan
The U.S. Retiree Health and Life Insurance Plan makes up approximately 98% of the Retiree Health liability. Therefore, the following information relates to the U.S. plan only.
Healthcare Cost Trend Rate
Pre-age 65
 
Post-age 65
2015
7.00
%
 
6.00
%
2014
8.00
%
 
8.00
%
Ultimate Trend Rate
Pre-age 65
 
Post-age 65
2015
4.90
%
 
4.90
%
2014
5.60
%
 
5.60
%
Year at which the Rate Reaches
the Ultimate Trend Rate
Pre-age 65
 
Post-age 65
2015
2039

 
2041

2014
2042

 
2044
Retirement Plans  
Weighted-Average Asset Allocations
The following table sets forth the weighted-average asset allocations of the Company’s retirement plans at December 31, 2015 and 2014, by asset category.
Asset Category
  
 
U.S.
 
U.K.
 
Canada
Equity securities
2015
 
49.0
%
 
49.0
%
 
62.9
%
2014
 
49.9
%
 
49.2
%
 
56.8
%
Debt securities
2015
 
36.8
%
 
50.2
%
 
36.8
%
2014
 
37.8
%
 
49.6
%
 
43.0
%
Alternative
2015
 
14.2
%
 
—
%
 
—
%
2014
 
12.2
%
 
—
%
 
—
%
Cash and short-term investments
2015
 
—
%
 
0.8
%
 
0.3
%
2014
 
0.1
%
 
1.2
%
 
0.2
%
Total
2015
 
100.0
%
 
100.0
%
 
100.0
%
2014
 
100.0
%
 
100.0
%
 
100.0
%
Retiree Health and Life Insurance Plans  
Weighted-Average Asset Allocations
The following table sets forth the weighted-average asset allocations by asset category of the Company’s retiree health and life insurance plan.
Asset Category
December 31, 2015
 
December 31, 2014
Equity securities
59.8%
 
59.1%
Debt securities
33.0%
 
34.5%
Alternative
7.1%
 
6.3%
Cash
0.1%
 
0.1%
Total
100.0%
 
100.0%