Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The following tables present combined information for our defined benefit pension and other postretirement plans: | | | | | | | | | | | | | | | | | | | | | | | | | | Components of Net Periodic Benefit Cost | | Pension Plans | | Other Postretirement Plans | | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | Service cost | | $ | 9,337 |
| | $ | 10,611 |
| | $ | 9,113 |
| | $ | 704 |
| | $ | 791 |
| | $ | 1,037 |
| Interest cost | | 23,078 |
| | 23,242 |
| | 33,530 |
| | 1,361 |
| | 1,545 |
| | 2,279 |
| Expected return on plan assets | | (26,314 | ) | | (28,341 | ) | | (36,577 | ) | | — |
| | — |
| | — |
| Amortization of prior service credits | | (617 | ) | | (620 | ) | | (465 | ) | | — |
| | — |
| | — |
| Recognized net actuarial losses (gains) | | 5,719 |
| | 7,648 |
| | 4,649 |
| | (3,361 | ) | | (2,696 | ) | | (863 | ) | Net periodic benefit cost (income) | | $ | 11,203 |
| | $ | 12,540 |
| | $ | 10,250 |
| | $ | (1,296 | ) | | $ | (360 | ) | | $ | 2,453 |
|
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Change in Benefit Obligation | | | | | | | | | | | | | | | | | | | Change in Projected Benefit Obligation | | Pension Plans | | Other Postretirement Plans | | | 2016 | | 2015 | | 2016 | | 2015 | Projected benefit obligation at beginning of year | | $ | 824,968 |
| | $ | 945,522 |
| | $ | 30,948 |
| | $ | 51,458 |
| Service cost | | 9,337 |
| | 10,611 |
| | 704 |
| | 791 |
| Interest cost | | 23,078 |
| | 23,242 |
| | 1,361 |
| | 1,545 |
| Actuarial loss (gain) (1) | | 127,406 |
| | (45,456 | ) | | 2,702 |
| | (20,863 | ) | Plan participants’ contributions | | 2,850 |
| | 2,828 |
| | 502 |
| | 452 |
| Benefits paid | | (36,955 | ) | | (33,521 | ) | | (2,810 | ) | | (2,435 | ) | Currency translation (2) | | (73,427 | ) | | (78,258 | ) | | — |
| | — |
| Projected benefit obligation at end of year | | $ | 877,257 |
| | $ | 824,968 |
| | $ | 33,407 |
| | $ | 30,948 |
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Change in Plan Assets |
| | | | | | | | | | | | | | | | | | Change in Plan Assets | | Pension Plans | | Other Postretirement Plans | | | 2016 | | 2015 | | 2016 | | 2015 | Fair value of plan assets at beginning of year | | $ | 707,088 |
| | $ | 783,219 |
| | $ | — |
| | $ | — |
| Actual return on plan assets | | 78,360 |
| | 1,211 |
| | — |
| | — |
| Benefits paid | | (36,955 | ) | | (33,521 | ) | | (2,810 | ) | | (2,435 | ) | Employer contributions (3) | | 16,770 |
| | 16,918 |
| | 2,308 |
| | 1,983 |
| Plan participants’ contributions | | 2,850 |
| | 2,828 |
| | 502 |
| | 452 |
| Currency translation (2) | | (65,009 | ) | | (63,567 | ) | | — |
| | — |
| Fair value of plan assets at end of year | | $ | 703,104 |
| | $ | 707,088 |
| | $ | — |
| | $ | — |
| Funded status | | $ | (174,153 | ) | | $ | (117,880 | ) | | $ | (33,407 | ) | | $ | (30,948 | ) |
| | | | | | | | | | | | | | | | | | Balance Sheet Position | | Pension Plans | | Other Postretirement Plans | | | 2016 | | 2015 | | 2016 | | 2015 | Prepaid benefit cost within other non-current assets | | $ | 2,798 |
| | $ | 13,581 |
| | $ | — |
| | $ | — |
| Accrued benefit cost within other current liabilities | | (2,687 | ) | | (2,699 | ) | | (2,476 | ) | | (2,432 | ) | Accrued benefit cost within other non-current liabilities | | (174,264 | ) | | (128,762 | ) | | (30,931 | ) | | (28,516 | ) | Net funded status recognized | | $ | (174,153 | ) | | $ | (117,880 | ) | | $ | (33,407 | ) | | $ | (30,948 | ) | | | | | | | | | | Unrecognized net prior service credits | | $ | (3,259 | ) | | $ | (3,975 | ) | | $ | — |
| | $ | — |
| Unrecognized net actuarial losses (gains) | | 200,334 |
| | 144,680 |
| | (25,508 | ) | | (31,571 | ) | Accumulated other comprehensive loss (income), before taxes (4) | | $ | 197,075 |
| | $ | 140,705 |
| | $ | (25,508 | ) | | $ | (31,571 | ) |
| | (1) | The actuarial pension plan loss for 2016 was primarily associated with a decrease in discount rate assumptions for our pension plans. The actuarial pension plan gain for 2015 was primarily associated with an increase in the discount rate assumptions for our pension plans. The actuarial other postretirement plan gain for 2015 was primarily associated with an increase in the discount rate assumptions and a decrease in the percent of retiring employees electing medical coverage for our other postretirement plan. |
| | (2) | The currency translation loss for 2016 and 2015 was primarily associated with the strengthening of the U.S. Dollar against the currencies associated with our international pension plans, primarily the Euro and British Pound. |
| | (3) | During 2017, we expect to contribute approximately $17,000 and $2,500 to our pension and other postretirement plans, respectively. |
| | (4) | During 2017, we expect to recognize approximately $(600) and $5,500 of previously unrecognized net prior service pension credits and net actuarial pension losses, respectively. |
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Defined Benefit Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | The following table includes summary information for those defined benefit plans with an accumulated benefit obligation in excess of plan assets: | | | | | | | | | | | | December 31, | | | 2016 | | 2015 | Projected benefit obligation | | $ | 766,618 |
| | $ | 714,539 |
| Accumulated benefit obligation | | $ | 748,862 |
| | $ | 713,187 |
| Fair value of plan assets | | $ | 589,667 |
| | $ | 583,081 |
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Weighted-Average Assumptions Used to Measure Defined Benefit Pension and Other Postretirement Plans | The following table presents the weighted-average assumptions used to measure our defined benefit pension and other postretirement plans: | | | | | | | | | | | | | | | | Pension Plans | | Other Postretirement Plans | | | 2016 | | 2015 | | 2016 | | 2015 | Weighted-average assumptions used to determine benefit obligations at December 31, | | | | | | | | | Discount rate | | 2.11 | % | | 2.95 | % | | 4.15 | % | | 4.47 | % | Rate of compensation increase (1) | | 2.36 | % | | 2.37 | % | | n/a |
| | n/a |
| Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, | | | | | | | | | Discount rate | | 2.95 | % | | 2.64 | % | | 4.47 | % | | 4.13 | % | Expected long-term rate of return on plan assets (2) | | 3.87 | % | | 3.81 | % | | n/a |
| | n/a |
| Rate of compensation increase (1) | | 2.36 | % | | 2.90 | % | | n/a |
| | n/a |
|
| | (1) | The rate of compensation increase relates solely to the defined benefit plans that factor compensation increases into the valuation. |
| | (2) | The expected long-term rate of return on plan assets was derived using historical returns by asset category and expectations of future performance. |
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Expected Defined Benefit Pension and Other Postretirement Plan Payments | The following table includes the expected defined benefit and other postretirement plan payments for the next 10 years: | | | | | | | | | | Year | | Pension Plans | | Other Postretirement Plans | 2017 | | $ | 37,783 |
| | $ | 2,476 |
| 2018 | | $ | 33,699 |
| | $ | 2,471 |
| 2019 | | $ | 33,859 |
| | $ | 2,446 |
| 2020 | | $ | 34,584 |
| | $ | 2,408 |
| 2021 | | $ | 35,245 |
| | $ | 2,337 |
| 2022-2026 | | $ | 183,871 |
| | $ | 10,820 |
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Plan Assets at Fair Value by Investment Category and Valuation Hierarchy Level | The following tables present the fair value of our plan assets by investment category and valuation hierarchy level at December 31, 2016 and 2015: | | | | | | | | | | | | | | | | | | |
| December 31, 2016 | |
| Level 1 |
| Level 2 |
| Level 3 |
| Total | Asset Category |
|
|
|
|
|
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| Equity Securities: |
|
|
|
|
|
|
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| Global Equities and Cash |
| $ | 3,310 |
|
| $ | — |
|
| $ | — |
|
| $ | 3,310 |
| International Funds (1) |
| — |
|
| 155,560 |
|
| — |
|
| 155,560 |
| Emerging Markets Growth Funds |
| — |
|
| 17,342 |
|
| — |
|
| 17,342 |
| U.S. Equity Funds |
| — |
| | 13,766 |
| | — |
| | 13,766 |
| Fixed Income Securities: |
|
|
|
|
|
|
|
| International Government Bonds (2) |
| — |
| | 180,850 |
| | — |
| | 180,850 |
| International Corporate Bonds (3) |
| — |
| | 110,626 |
| | — |
| | 110,626 |
| International Mortgage Funds (4) | | — |
| | 64,174 |
| | — |
| | 64,174 |
| All Other Fixed Income Securities (5) | | — |
| | 50,321 |
| | — |
| | 50,321 |
| Other Investments: |
| | | | | | | | Asset Allocation Funds (6) | | — |
| | 107,155 |
| | — |
| | 107,155 |
| Total Assets at Fair Value |
| $ | 3,310 |
|
| $ | 699,794 |
|
| $ | — |
|
| $ | 703,104 |
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| | | | | | | | | | | | | | | | | | | | December 31, 2015 | | | Level 1 | | Level 2 | | Level 3 | | Total | Asset Category | | | | | | | | | Equity Securities: | | | | | | | | | Global Equities and Cash | | $ | 2,278 |
| | $ | — |
| | $ | — |
| | $ | 2,278 |
| International Funds (1) | | — |
| | 167,695 |
| | — |
| | 167,695 |
| U.S. Equity Funds | | — |
| | 20,158 |
| | — |
| | 20,158 |
| Emerging Markets Growth Funds | | — |
| | 15,764 |
| | — |
| | 15,764 |
| Fixed Income Securities: | | | | | | | | | International Government Bonds (2) | | — |
| | 253,969 |
| | — |
| | 253,969 |
| International Corporate Bonds (3) | | — |
| | 96,262 |
| | — |
| | 96,262 |
| International Mortgage Funds (4) | | — |
| | 21,679 |
| | — |
| | 21,679 |
| All Other Fixed Income Securities (5) | | — |
| | 47,504 |
| | — |
| | 47,504 |
| Other Investments: | | | | | | | | | Asset Allocation Funds (6) | | — |
| | 81,779 |
| | — |
| | 81,779 |
| Total Assets at Fair Value | | $ | 2,278 |
| | $ | 704,810 |
| | $ | — |
| | $ | 707,088 |
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The following provides descriptions for plan asset categories with significant balances in the tables above: | | (1) | Investments in various funds that track international indices. |
| | (2) | Investments in predominately EU government securities and U.K. Treasury securities with credit ratings primarily AAA. |
| | (3) | Investments in European and U.K. fixed interest securities with credit ratings of primarily BBB and above. |
| | (4) | Investments in international mortgage funds. |
| | (5) | Investments predominantly in various international fixed income obligations that are individually insignificant. |
| | (6) | Investments in fixed income securities, equities and alternative asset classes, including commodities and property assets. |
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Additional Information Regarding Significant Multi-Employer Pension Plans | The following table provides additional information regarding our significant multi-employer defined benefit pension plans, including the funding level of each plan (or zone status, as defined by the Pension Protection Act), whether actions to improve the funding level of the plan have been implemented, where required (a funding improvement plan (“FIP”) or rehabilitation plan (“RP”), and our contributions to each plan and total contributions for 2016, 2015 and 2014, among other disclosures: | | | | | | | | | | | | | | | | | | | | | | | | | | | | EIN/Plan Number | | Plan Year End | | Pension Protection Act (% Funded) (1) | | FIP/RP Plan (1) | | Total Company Contributions (2) | | Expiration Date of Collective- Bargaining Agreement (3) | Pension Fund | | | 2016 | | 2015 | | 2016 | | 2015 | | 2014 | | Boilermaker-Blacksmith National Pension Trust | | 48-6168020-001 | | 12/31 | | 65%-80% | | 65%-80% | | Yes | | $ | 35,235 |
| | $ | 32,918 |
| | $ | 33,105 |
| | Various | Plumbers and Pipefitters National Pension Fund | | 52-6152779-001 | | 6/30 | | 65%-80% | | 65%-80% | | Yes | | 5,443 |
| | 4,712 |
| | 3,895 |
| | Various | Utah Pipe Trades Pension Trust Fund | | 51-6077569-001 | | 12/31 | | >80% | | >80% | | No | | 4,321 |
| | 5,522 |
| | 664 |
| | 07/19 | Central Laborers’ Pension Fund | | 37-6052379-001 | | 12/31 | | 65%-80% | | <65% | | Yes | | 2,054 |
| | 2,083 |
| | 1,881 |
| | Various | Twin City Carpenters and Joiners Pension Fund | | 41-6043137-001 | | 12/31 | | 65%-80% | | 65%-80% | | Yes | | 1,295 |
| | 5,469 |
| | 6,010 |
| | 04/19 | Twin City Ironworkers Pension Plan | | 41-6084127-001 | | 12/31 | | >80% | | >80% | | No | | 731 |
| | 2,102 |
| | 2,791 |
| | 04/19 | Middle Tennessee Carpenters and Millwrights Pension Fund (4) | | 62-6101275-001 | | 4/30 | | >80% | | >80% | | No | | — |
| | 6,809 |
| | 4,729 |
| | Various | Southern Ironworkers Pension Fund (4) | | 59-6227091-001 | | 12/31 | | >80% | | >80% | | No | | — |
| | 3,823 |
| | 2,150 |
| | Various | Plumbers and Steamfitters Local 150 Pension Fund (4) | | 58-6116699-001 | | 12/31 | | >80% | | >80% | | No | | — |
| | 3,510 |
| | 2,154 |
| | Various | Boilermakers’ National Pension Plan (Canada) | | 366708 | | 12/31 | | N/A | | N/A | | N/A | | 6,709 |
| | 8,645 |
| | 10,795 |
| | 04/19 | All Other (5) | | | | | | | | | | | | 64,621 |
| | 62,120 |
| | 49,913 |
| | | Total | | | | | | | | | | | | $ | 120,409 |
| | $ | 137,713 |
| | $ | 118,087 |
| | |
| | (1) | Pension Protection Act Zone Status and FIP/RP plans are applicable to our U.S.-registered plans only, as these terms are not defined within Canadian pension legislation. In the U.S., plans funded less than 65% are in the red zone, plans funded at least 65%, but less than 80% are in the yellow zone, and plans funded at least 80% are in the green zone. The requirement for FIP or RP plans in the U.S. is based on the funding level or zone status of the applicable plan. |
| | (2) | Our 2016 contributions as a percentage of total plan contributions were not available for any of our plans. For 2015 and 2014, our contributions to the Utah Pipe Trades Pension Trust Fund, the Twin City Carpenters and Joiners Pension Fund, the Twin City Ironworkers Pension Plan, the Southern Ironworkers Pension Fund, the Plumbers and Steamfitters Local 150 Pension Fund and the Boilermakers’ National Pension Plan (Canada) each exceeded 5% of total plan contributions. The level of our contributions to each plan noted above varies from period to period based upon the level of work being performed that is covered under the applicable collective-bargaining agreement. |
| | (3) | The expiration dates of our labor agreements associated with the plans noted as “Various” above vary based upon the duration of the applicable projects. |
| | (4) | The contributions in 2015 and 2014 were associated with plans that were included with our former Nuclear Operations, which were sold on December 31, 2015. |
| | (5) | Our remaining contributions are to various U.S. and Canadian plans, which are individually immaterial. |
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