| Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Compensation and Retirement Disclosure [Abstract] | |
Reconciliation of Projected Benefit Obligations (PBO), Plan Assets, the Funded Status of the Plans and the Amounts Recognized in the Consolidated Balance Sheets |
The following
provides a reconciliation of projected benefit obligations
(“PBO”), plan assets, the funded status of the plans
and the amounts recognized in the consolidated balance sheets for
the Corporation’s defined benefit plans calculated using a
measurement date as of the end of the respective years.
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U.S.
Pension
Benefits(a)
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Foreign Pension
Benefits |
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Other Postretirement
Benefits |
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|
2016 |
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|
2015 |
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|
2016 |
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|
2015 |
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2016 |
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|
2015 |
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|
Change in projected
benefit obligations:
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PBO at
January 1
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$ |
181,803 |
|
|
$ |
205,399 |
|
|
$ |
63,750 |
|
|
$ |
70,523 |
|
|
$ |
8,117 |
|
|
$ |
13,739 |
|
|
Åkers acquisition
– PBO at March 3
|
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|
68,081 |
|
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|
0 |
|
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|
5,393 |
|
|
|
0 |
|
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|
17,467 |
|
|
|
0 |
|
|
Service cost
|
|
|
1,714 |
|
|
|
2,743 |
|
|
|
314 |
|
|
|
0 |
|
|
|
504 |
|
|
|
384 |
|
|
Interest cost
|
|
|
9,977 |
|
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|
7,990 |
|
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|
2,250 |
|
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|
2,394 |
|
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|
722 |
|
|
|
474 |
|
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Plan
amendments
|
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|
0 |
|
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|
447 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(4,762 |
) |
|
|
(4,437 |
) |
|
Plan
settlements(b)
|
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|
(2,739 |
) |
|
|
(5,494 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
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Plan
curtailments
|
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|
(1,181 |
) |
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|
(10,306 |
) |
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|
0 |
|
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|
0 |
|
|
|
0 |
|
|
|
0 |
|
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Foreign currency exchange
rate changes
|
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|
0 |
|
|
|
0 |
|
|
|
(11,477 |
) |
|
|
(3,413 |
) |
|
|
0 |
|
|
|
0 |
|
|
Actuarial (gain)
loss
|
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|
(160 |
) |
|
|
(9,880 |
) |
|
|
8,869 |
|
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(4,005 |
) |
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|
(1,598 |
) |
|
|
(1,433 |
) |
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Participant
contributions
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0 |
|
|
|
0 |
|
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|
0 |
|
|
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0 |
|
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|
80 |
|
|
|
79 |
|
|
Benefits paid from plan
assets
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|
(12,679 |
) |
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(8,772 |
) |
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(2,189 |
) |
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(1,749 |
) |
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0 |
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|
0 |
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Benefits paid by the
Corporation
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|
(376 |
) |
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|
(324 |
) |
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0 |
|
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0 |
|
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(1,471 |
) |
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|
(689 |
) |
|
PBO at
December 31
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|
$ |
244,440 |
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$ |
181,803 |
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$ |
66,910 |
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$ |
63,750 |
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|
$ |
19,059 |
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$ |
8,117 |
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|
Change in plan
assets:
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Fair value of plan assets
at January 1
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$ |
139,376 |
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$ |
157,048 |
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$ |
49,628 |
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$ |
50,533 |
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$ |
0 |
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$ |
0 |
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Åkers acquisition
– fair value of plan assets at March 3
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50,108 |
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0 |
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0 |
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0 |
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0 |
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0 |
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Actual return on plan
assets
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14,656 |
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(3,406 |
) |
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7,859 |
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|
1,701 |
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0 |
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0 |
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Foreign currency exchange
rate changes
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0 |
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0 |
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(8,930 |
) |
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(2,572 |
) |
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0 |
|
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|
0 |
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Corporate
contributions
|
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|
376 |
|
|
|
324 |
|
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|
1,687 |
|
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|
1,715 |
|
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|
1,391 |
|
|
|
610 |
|
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Participant
contributions
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0 |
|
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|
0 |
|
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|
0 |
|
|
|
0 |
|
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|
80 |
|
|
|
79 |
|
|
Plan
settlements(b)
|
|
|
(2,739 |
) |
|
|
(5,494 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
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|
Gross benefits
paid
|
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|
(13,055 |
) |
|
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(9,096 |
) |
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(2,189 |
) |
|
|
(1,749 |
) |
|
|
(1,471 |
) |
|
|
(689 |
) |
|
Fair value of plan assets
at December 31
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$ |
188,722 |
|
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$ |
139,376 |
|
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$ |
48,055 |
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$ |
49,628 |
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$ |
0 |
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$ |
0 |
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|
Funded status of the
plans:
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Fair value of plan
assets
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$ |
188,722 |
|
|
$ |
139,376 |
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$ |
48,055 |
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$ |
49,628 |
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$ |
0 |
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|
$ |
0 |
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|
Less benefit
obligations
|
|
|
244,440 |
|
|
|
181,803 |
|
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|
66,910 |
|
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|
63,750 |
|
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|
19,059 |
|
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|
8,117 |
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|
Funded status at
December 31
|
|
$ |
(55,718 |
) |
|
$ |
(42,427 |
) |
|
$ |
(18,855 |
) |
|
$ |
(14,122 |
) |
|
$ |
(19,059 |
) |
|
$ |
(8,117 |
) |
| (a) |
Includes the
nonqualified defined benefit pension plan. |
| (b) |
Represents lump sum
payments. |
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| |
|
U.S. Pension
Benefits |
|
|
Foreign Pension
Benefits |
|
|
Other Postretirement
Benefits |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
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|
2016 |
|
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|
2015 |
|
|
Recognized in the
balance sheets:
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Employee benefit
obligations:
|
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|
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|
|
|
|
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Accrued payrolls and
employee benefits(a)
|
|
$ |
(409 |
) |
|
$ |
(352 |
) |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
(1,276 |
) |
|
$ |
(612 |
) |
|
Employee benefit
obligations(b)
|
|
|
(55,309 |
) |
|
|
(42,075 |
) |
|
|
(18,855 |
) |
|
|
(14,122 |
) |
|
|
(17,783 |
) |
|
|
(7,505 |
) |
|
|
|
$ |
(55,718 |
) |
|
$ |
(42,427 |
) |
|
$ |
(18,855 |
) |
|
$ |
(14,122 |
) |
|
$ |
(19,059 |
) |
|
$ |
(8,117 |
) |
|
Accumulated other
comprehensive loss:(c)
|
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|
|
|
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|
|
|
|
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|
Net actuarial
loss
|
|
$ |
48,153 |
|
|
$ |
53,163 |
|
|
$ |
25,547 |
|
|
$ |
27,594 |
|
|
$ |
936 |
|
|
$ |
2,570 |
|
|
Prior service
cost
|
|
|
209 |
|
|
|
237 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(15,581 |
) |
|
|
(12,097 |
) |
|
|
|
$ |
48,362 |
|
|
$ |
53,400 |
|
|
$ |
25,547 |
|
|
$ |
27,594 |
|
|
$ |
(14,645 |
) |
|
$ |
(9,527 |
) |
| (a) |
Recorded as a current
liability in the consolidated balance sheet. |
| (b) |
Recorded as a
noncurrent liability in the consolidated balance
sheet. |
|
Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Year |
Amounts
included in accumulated other comprehensive loss as of
December 31, 2016 expected to be recognized in net periodic
pension and other postretirement costs in 2017 include:
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|
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|
U.S. Pension
Benefits |
|
|
Foreign Pension
Benefits |
|
|
Other Postretirement
Benefits |
|
|
Net actuarial
loss
|
|
$ |
1,212 |
|
|
$ |
790 |
|
|
$ |
67 |
|
|
Prior service cost
(credit)
|
|
|
52 |
|
|
|
0 |
|
|
|
(1,620) |
|
|
|
|
$ |
1,264 |
|
|
$ |
790 |
|
|
$ |
(1,553) |
|
|
Summary of Target Asset Allocations and Major Asset Categories |
The following
summarizes target asset allocations (within +/-5% considered
acceptable) and major asset categories. Certain investments are
classified differently for target asset allocation purposes and
external reporting purposes. In addition, for the legacy plan, the
Corporation changed investment managers in December 2016;
accordingly, there is temporarily a higher amount in cash and cash
equivalents.
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| |
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U.S.
Pension Benefits
|
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|
Foreign
Pension Benefits
|
|
| |
|
Target
Allocation |
|
|
Percentage of Plan
Assets |
|
|
Target
Allocation |
|
|
Percentage of Plan
Assets |
|
|
|
Dec. 31, 2016 |
|
|
2016 |
|
|
2015 |
|
|
Dec. 31, 2016 |
|
|
2016 |
|
|
2015 |
|
|
Equity
Securities
|
|
|
65 |
% |
|
|
47 |
% |
|
|
58 |
% |
|
|
44 |
% |
|
|
48 |
% |
|
|
46 |
% |
|
Fixed-Income
Securities
|
|
|
15 |
% |
|
|
21 |
% |
|
|
19 |
% |
|
|
35 |
% |
|
|
34 |
% |
|
|
33 |
% |
|
Alternative
Investments
|
|
|
15 |
% |
|
|
8 |
% |
|
|
13 |
% |
|
|
21 |
% |
|
|
18 |
% |
|
|
21 |
% |
|
Other (primarily cash and
cash equivalents)
|
|
|
5 |
% |
|
|
24 |
% |
|
|
10 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
Asset Categories Based on the Nature and Risks of the Plans Assets |
Asset
categories based on the nature and risks of the U.S. Pension
Benefit Plans’ assets as of December 31, 2016 are
summarized below.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices in
Active Markets for
Identical Inputs
(Level 1) |
|
|
Significant Other
Observable Inputs
(Level
2)
|
|
|
Significant
Unobservable
Inputs
(Level
3)
|
|
|
Total |
|
|
Equity
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank & financial
services
|
|
$ |
631 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
631 |
|
|
Capital goods
|
|
|
75 |
|
|
|
0 |
|
|
|
0 |
|
|
|
75 |
|
|
Chemicals
|
|
|
20 |
|
|
|
0 |
|
|
|
0 |
|
|
|
20 |
|
|
Commercial
services
|
|
|
16 |
|
|
|
0 |
|
|
|
0 |
|
|
|
16 |
|
|
Electronics
|
|
|
67 |
|
|
|
0 |
|
|
|
0 |
|
|
|
67 |
|
|
Health care
|
|
|
201 |
|
|
|
0 |
|
|
|
0 |
|
|
|
201 |
|
|
Mutual funds
|
|
|
72,571 |
|
|
|
0 |
|
|
|
0 |
|
|
|
72,571 |
|
|
Oil &
gas
|
|
|
87 |
|
|
|
0 |
|
|
|
0 |
|
|
|
87 |
|
|
Retail
|
|
|
101 |
|
|
|
0 |
|
|
|
0 |
|
|
|
101 |
|
|
Technology
|
|
|
188 |
|
|
|
0 |
|
|
|
0 |
|
|
|
188 |
|
|
Transportation
|
|
|
18 |
|
|
|
0 |
|
|
|
0 |
|
|
|
18 |
|
|
Wholesale
distribution
|
|
|
16 |
|
|
|
0 |
|
|
|
0 |
|
|
|
16 |
|
|
Other (represents 8
business sectors)
|
|
|
211 |
|
|
|
0 |
|
|
|
0 |
|
|
|
211 |
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals
|
|
|
7 |
|
|
|
0 |
|
|
|
0 |
|
|
|
7 |
|
|
Technology
|
|
|
6 |
|
|
|
0 |
|
|
|
0 |
|
|
|
6 |
|
|
Total Equity
Securities
|
|
|
74,215 |
|
|
|
0 |
|
|
|
0 |
|
|
|
74,215 |
|
|
Fixed Income
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds
|
|
|
36,601 |
|
|
|
0 |
|
|
|
0 |
|
|
|
36,601 |
|
|
Total Fixed Income
Securities
|
|
|
36,601 |
|
|
|
0 |
|
|
|
0 |
|
|
|
36,601 |
|
|
Alternative
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed
funds(a)
|
|
|
0 |
|
|
|
0 |
|
|
|
33,830 |
|
|
|
33,830 |
|
|
Total Alternative
Investments
|
|
|
0 |
|
|
|
0 |
|
|
|
33,830 |
|
|
|
33,830 |
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market mutual
funds
|
|
|
27,902 |
|
|
|
0 |
|
|
|
0 |
|
|
|
27,902 |
|
|
Commingled
funds
|
|
|
0 |
|
|
|
154 |
|
|
|
0 |
|
|
|
154 |
|
|
Other(b)
|
|
|
16,020 |
|
|
|
0 |
|
|
|
0 |
|
|
|
16,020 |
|
|
Total Other
|
|
|
43,922 |
|
|
|
154 |
|
|
|
0 |
|
|
|
44,076 |
|
| |
|
$ |
154,738 |
|
|
$ |
154 |
|
|
$ |
33,830 |
|
|
$ |
188,722 |
|
| |
(a) |
Includes approximately
45.9% in equity and equity-like asset securities, 44.5% in
alternative investments (real assets, commodities and resources,
absolute return funds) and 7.4% in fixed income securities and 2.2%
in other, primarily cash and cash equivalents. |
| |
(b) |
Includes accrued
receivables and pending broker settlements. |
Asset
categories based on the nature and risks of the U.S. Pension
Benefit Plan’s assets as of December 31, 2015 are
summarized below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices in
Active Markets for
Identical Inputs
(Level 1) |
|
|
Significant Other
Observable Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
Total |
|
|
Equity
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital goods
|
|
$ |
1,531 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
1,531 |
|
|
Chemicals
|
|
|
1,811 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,811 |
|
|
Commercial
property
|
|
|
906 |
|
|
|
0 |
|
|
|
0 |
|
|
|
906 |
|
|
Commercial
services
|
|
|
925 |
|
|
|
0 |
|
|
|
0 |
|
|
|
925 |
|
|
Common collective trust
funds
|
|
|
0 |
|
|
|
31,291 |
|
|
|
0 |
|
|
|
31,291 |
|
|
Electronics
|
|
|
785 |
|
|
|
0 |
|
|
|
0 |
|
|
|
785 |
|
|
Food
processing
|
|
|
2,856 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2,856 |
|
|
Health
care
|
|
|
1,815 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,815 |
|
|
Limited
partnerships – public equity
|
|
|
4,173 |
|
|
|
0 |
|
|
|
0 |
|
|
|
4,173 |
|
|
Manufacturing
|
|
|
1,536 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,536 |
|
|
Oil & gas
|
|
|
1,499 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,499 |
|
|
Retail
|
|
|
706 |
|
|
|
0 |
|
|
|
0 |
|
|
|
706 |
|
|
Technology
|
|
|
1,674 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,674 |
|
|
Transportation
|
|
|
484 |
|
|
|
0 |
|
|
|
0 |
|
|
|
484 |
|
|
Wholesale
distribution
|
|
|
789 |
|
|
|
0 |
|
|
|
0 |
|
|
|
789 |
|
|
Other
(represents 13 business sectors)
|
|
|
5,695 |
|
|
|
0 |
|
|
|
0 |
|
|
|
5,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank & financial
services
|
|
|
1,525 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,525 |
|
|
Common collective trust
funds
|
|
|
0 |
|
|
|
3,078 |
|
|
|
0 |
|
|
|
3,078 |
|
|
Engineering &
construction
|
|
|
729 |
|
|
|
0 |
|
|
|
0 |
|
|
|
729 |
|
|
Oil &
gas
|
|
|
807 |
|
|
|
0 |
|
|
|
0 |
|
|
|
807 |
|
|
Real estate
|
|
|
937 |
|
|
|
0 |
|
|
|
0 |
|
|
|
937 |
|
|
Technology
|
|
|
265 |
|
|
|
0 |
|
|
|
0 |
|
|
|
265 |
|
|
Other (represents 9
business sectors)
|
|
|
2,391 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2,391 |
|
|
Total Equity
Securities
|
|
|
33,839 |
|
|
|
34,369 |
|
|
|
0 |
|
|
|
68,208 |
|
|
Fixed-Income
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commingled
funds
|
|
|
0 |
|
|
|
14,697 |
|
|
|
0 |
|
|
|
14,697 |
|
|
Preferred (represents 5
business sectors)
|
|
|
6,689 |
|
|
|
0 |
|
|
|
0 |
|
|
|
6,689 |
|
|
Other (represents 4
business sectors)
|
|
|
0 |
|
|
|
1,280 |
|
|
|
0 |
|
|
|
1,280 |
|
|
Total Fixed-Income
Securities
|
|
|
6,689 |
|
|
|
15,977 |
|
|
|
0 |
|
|
|
22,666 |
|
|
Alternative
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed
funds(a)
|
|
|
0 |
|
|
|
0 |
|
|
|
32,210 |
|
|
|
32,210 |
|
|
Hedge and absolute return
funds
|
|
|
0 |
|
|
|
0 |
|
|
|
4,967 |
|
|
|
4,967 |
|
|
Total Alternative
Investments
|
|
|
0 |
|
|
|
0 |
|
|
|
37,177 |
|
|
|
37,177 |
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds
|
|
|
1,836 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,836 |
|
|
Commingled
funds
|
|
|
0 |
|
|
|
1,005 |
|
|
|
0 |
|
|
|
1,005 |
|
|
Other(b)
|
|
|
8,484 |
|
|
|
0 |
|
|
|
0 |
|
|
|
8,484 |
|
|
Total Other
|
|
|
10,320 |
|
|
|
1,005 |
|
|
|
0 |
|
|
|
11,325 |
|
| |
|
$ |
50,848 |
|
|
$ |
51,351 |
|
|
$ |
37,177 |
|
|
$ |
139,376 |
|
| |
(a) |
Includes approximately
38% in equity and equity-like asset securities, 43% in alternative
investments (real assets, commodities and resources, absolute
return funds) and 19% in fixed income securities and cash and cash
equivalents. |
| |
(b) |
Includes accrued
receivables and pending broker settlements. |
Asset
categories based on the nature and risks of the Foreign Pension
Benefit Plan’s assets as of December 31, 2016 are
summarized below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices in
Active Markets for
Identical Inputs
(Level 1) |
|
|
Significant Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Total |
|
|
Equity
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commingled Funds
(U.K.)
|
|
$ |
0 |
|
|
$ |
3,716 |
|
|
$ |
0 |
|
|
$ |
3,716 |
|
|
Commingled Funds
(International)
|
|
|
0 |
|
|
|
19,146 |
|
|
|
0 |
|
|
|
19,146 |
|
|
Total Equity
Securities
|
|
|
0 |
|
|
|
22,862 |
|
|
|
0 |
|
|
|
22,862 |
|
|
Fixed-Income
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commingled Funds
(U.K.)
|
|
|
0 |
|
|
|
16,426 |
|
|
|
0 |
|
|
|
16,426 |
|
|
Alternative
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedge and Absolute Return
Funds
|
|
|
0 |
|
|
|
0 |
|
|
|
8,593 |
|
|
|
8,593 |
|
|
Cash and cash
equivalents
|
|
|
174 |
|
|
|
0 |
|
|
|
0 |
|
|
|
174 |
|
| |
|
$ |
174 |
|
|
$ |
39,288 |
|
|
$ |
8,593 |
|
|
$ |
48,055 |
|
Asset
categories based on the nature and risks of the Foreign Pension
Benefit Plan’s assets as of December 31, 2015 are
summarized below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices in
Active Markets for
Identical Inputs
(Level 1) |
|
|
Significant Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Total |
|
|
Equity
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commingled Funds
(U.K.)
|
|
$ |
0 |
|
|
$ |
3,697 |
|
|
$ |
0 |
|
|
$ |
3,697 |
|
|
Commingled Funds
(International)
|
|
|
0 |
|
|
|
18,930 |
|
|
|
0 |
|
|
|
18,930 |
|
|
Total Equity
Securities
|
|
|
0 |
|
|
|
22,627 |
|
|
|
0 |
|
|
|
22,627 |
|
|
Fixed-Income
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commingled Funds
(U.K.)
|
|
|
0 |
|
|
|
16,298 |
|
|
|
0 |
|
|
|
16,298 |
|
|
Alternative
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedge and Absolute Return
Funds
|
|
|
0 |
|
|
|
0 |
|
|
|
10,571 |
|
|
|
10,571 |
|
|
Cash and cash
equivalents
|
|
|
132 |
|
|
|
0 |
|
|
|
0 |
|
|
|
132 |
|
| |
|
$ |
132 |
|
|
$ |
38,925 |
|
|
$ |
10,571 |
|
|
$ |
49,628 |
|
|
Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans |
The table
below sets forth a summary of changes in the fair value of the
Level 3 plan assets for U.S. and foreign pension plans for the year
ended December 31, 2016.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alternative Investments |
|
|
|
|
U.S. Pension
Benefits |
|
|
Foreign Pension
Benefits |
|
|
Fair value as of
January 1, 2016
|
|
$ |
4,967 |
|
|
$ |
32,210 |
|
|
$ |
10,571 |
|
|
Contributions
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
Withdrawals
|
|
|
(4,967 |
) |
|
|
0 |
|
|
|
0 |
|
|
Realized gains
(losses)
|
|
|
0 |
|
|
|
1,857 |
|
|
|
0 |
|
|
Change in net unrealized
(losses) gains
|
|
|
0 |
|
|
|
(237 |
) |
|
|
(280 |
) |
|
Other, primarily impact from changes in foreign currency
exchange rates
|
|
|
0 |
|
|
|
0 |
|
|
|
(1,698 |
) |
|
Fair value as of
December 31, 2016
|
|
$ |
0 |
|
|
$ |
33,830 |
|
|
$ |
8,593 |
|
The table
below sets forth a summary of changes in the fair value of the
Level 3 plan assets for U.S. and foreign pension plans for the year
ended December 31, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alternative Investments |
|
|
|
|
U.S. Pension
Benefits |
|
|
Foreign Pension
Benefits |
|
|
Fair value as of
January 1, 2015
|
|
$ |
8,592 |
|
|
$ |
33,602 |
|
|
$ |
10,799 |
|
|
Contributions
|
|
|
5,900 |
|
|
|
0 |
|
|
|
0 |
|
|
Withdrawals
|
|
|
(9,843 |
) |
|
|
(2,424) |
|
|
|
0 |
|
|
Realized gains
(losses)
|
|
|
2,334 |
|
|
|
(19) |
|
|
|
0 |
|
|
Change in net unrealized
(losses) gains
|
|
|
(2,016 |
) |
|
|
1,051 |
|
|
|
320 |
|
|
Other, primarily impact from changes in foreign currency
exchange rates
|
|
|
0 |
|
|
|
0 |
|
|
|
(548 |
) |
|
Fair value as of
December 31, 2015
|
|
$ |
4,967 |
|
|
$ |
32,210 |
|
|
$ |
10,571 |
|
|
Net Periodic Pension and Other Postretirement Benefit Costs |
Net periodic
pension and other postretirement benefit costs include the
following components for the year ended
December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
U.S. Pension
Benefits |
|
|
Foreign Pension
Benefits |
|
|
Other Postretirement
Benefits |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Service cost
|
|
$ |
1,714 |
|
|
$ |
2,743 |
|
|
$ |
3,683 |
|
|
$ |
314 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
504 |
|
|
$ |
384 |
|
|
$ |
505 |
|
|
Interest cost
|
|
|
9,977 |
|
|
|
7,990 |
|
|
|
8,762 |
|
|
|
2,250 |
|
|
|
2,394 |
|
|
|
2,695 |
|
|
|
722 |
|
|
|
474 |
|
|
|
688 |
|
|
Expected return on plan
assets
|
|
|
(13,424 |
) |
|
|
(10,996 |
) |
|
|
(10,747 |
) |
|
|
(2,461 |
) |
|
|
(2,681 |
) |
|
|
(3,157 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
Amortization
of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service cost
(credit)
|
|
|
44 |
|
|
|
371 |
|
|
|
854 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(1,277 |
) |
|
|
(672 |
) |
|
|
(441 |
) |
|
Actuarial loss
|
|
|
3,324 |
|
|
|
5,440 |
|
|
|
4,183 |
|
|
|
670 |
|
|
|
845 |
|
|
|
599 |
|
|
|
36 |
|
|
|
26 |
|
|
|
104 |
|
|
Curtailment (gain)
loss
|
|
|
(887 |
) |
|
|
1,303 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
$ |
748 |
|
|
$ |
6,851 |
|
|
$ |
6,735 |
|
|
$ |
773 |
|
|
$ |
558 |
|
|
$ |
137 |
|
|
$ |
(15 |
) |
|
$ |
212 |
|
|
$ |
856 |
|
|
Discount Rates and Weighted-Average Wage Increases Used to Determine the Benefit Obligations |
The discount
rates and weighted-average wage increases used to determine the
benefit obligations as of December 31, 2016 and 2015 are
summarized below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
U.S. Pension
Benefits |
|
|
Foreign Pension
Benefits |
|
|
Other Postretirement
Benefits |
|
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
Discount rate
|
|
|
4.02-4.25 |
% |
|
|
4.40 |
% |
|
|
2.50-2.65 |
% |
|
|
3.65 |
% |
|
|
3.90-4.13 |
% |
|
|
4.20 |
% |
|
Wage increases
|
|
|
3.00 |
% |
|
|
3.00 |
% |
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
|
Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs |
The following
assumptions were used to determine net periodic pension and other
postretirement benefit costs for the year ended
December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
U.S. Pension
Benefits |
|
Foreign Pension
Benefits |
|
|
Other Postretirement
Benefits |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Discount rate
|
|
|
4.20-4.40 |
% |
|
|
4.00-4.10 |
% |
|
5.00% |
|
|
3.00-3.65 |
% |
|
|
3.50 |
% |
|
|
4.50 |
% |
|
|
3.80-4.20 |
% |
|
|
4.00 |
% |
|
|
5.00 |
% |
|
Expected long-term rate
of return
|
|
|
6.90-7.75 |
% |
|
|
8.00 |
% |
|
8.00% |
|
|
5.40 |
% |
|
|
5.40 |
% |
|
|
6.50 |
% |
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
|
Wages
increases
|
|
|
3.00 |
% |
|
|
4.00 |
% |
|
4.00% |
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
|