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] | |
Plan Obligation, Plan Assets, Amounts Recognized in Financial Statements and Underlying Actuarial and Other Assumptions | Information concerning the plan obligation, the funded status and amounts recognized in our financial statements and underlying actuarial and other assumptions are as follows: | | | | | | | | | | December 31, | | 2016 | | 2015 | | (In thousands) | Change in benefit obligation: | | | | Benefit obligation at beginning of period | $ | 30,867 |
| | $ | 32,444 |
| Service cost | 543 |
| | 597 |
| Interest cost | 1,398 |
| | 1,271 |
| Benefits and expenses paid (premiums) | (929 | ) | | (825 | ) | Actuarial (gain) loss | 1,368 |
| | (2,620 | ) | Benefit obligation at end of period | 33,247 |
| | 30,867 |
| Change in plan assets (1): | | | | Fair value at beginning of period | — |
| | — |
| Employer contributions | 929 |
| | 825 |
| Benefits paid | (929 | ) | | (825 | ) | Fair value at end of period | — |
| | — |
| Funded status at end of year | $ | 33,247 |
| | $ | 30,867 |
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___________________________________________ | | (1) | Shell Chemicals has committed to a future cash payment related to retiree medical expenses based on a specified dollar amount per employee, if certain contractual commitments are met. We have recorded an asset of approximately $9.1 million and $10.1 million as our estimate of the present value of this commitment as of December 31, 2016 and 2015, respectively. |
| | | | | | | | | | December 31, | | 2016 | | 2015 | | (In thousands) | Amounts recognized in the balance sheet: | |
| | |
| Current liabilities | $ | (1,587 | ) | | $ | (1,341 | ) | Noncurrent liabilities | (31,660 | ) | | (29,526 | ) | | $ | (33,247 | ) | | $ | (30,867 | ) | Amounts recognized in accumulated other comprehensive loss: | |
| | |
| Net actuarial loss | 9,067 |
| | 8,307 |
| | $ | 9,067 |
| | $ | 8,307 |
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Information concerning the pension obligation, plan assets, amounts recognized in our financial statements and underlying actuarial and other assumptions are as follows: | | | | | | | | | | | | | | | | | | U.S. Plans | | Non-U.S. Plans | | December 31, | | December 31, | | 2016 | | 2015 | | 2016 | | 2015 | | (In thousands) | Change in benefit obligation: | | | | | | | | Benefit obligation at beginning of period | $ | 152,511 |
| | $ | 158,885 |
| | $ | 1,711 |
| | $ | — |
| Service cost | 3,288 |
| | 3,528 |
| | 2,239 |
| | — |
| Interest cost | 7,416 |
| | 6,483 |
| | 3,121 |
| | — |
| Participant contributions | — |
| | — |
| | 140 |
| | — |
| Benefits paid | (9,753 | ) | | (4,724 | ) | | (3,199 | ) | | — |
| Expenses and taxes | — |
| | — |
| | (50 | ) | | — |
| Plan amendments | — |
| | — |
| | 322 |
| | — |
| Acquisition | 14,118 |
| | — |
| | 98,651 |
| | — |
| Transfers | — |
| | — |
| | 2,399 |
| | — |
| Actuarial (gain) / loss | 4,363 |
| | (11,661 | ) | | 21,914 |
| | — |
| Exchange rate gain (loss) | — |
| | — |
| | (13,759 | ) | | — |
| Benefit obligation at end of period | 171,943 |
| | 152,511 |
| | 113,489 |
| | — |
| Change in plan assets: | | | | | | | | Fair value at beginning of period | 97,561 |
| | 104,792 |
| | — |
| | — |
| Return on plan assets | 6,737 |
| | (4,267 | ) | | 10,763 |
| | — |
| Employer contributions | 1,396 |
| | 1,760 |
| | 3,685 |
| | — |
| Participant contributions | — |
| | — |
| | 140 |
| | — |
| Benefits paid | (9,753 | ) | | (4,724 | ) | | (3,199 | ) | | — |
| Expenses and taxes | — |
| | — |
| | (50 | ) | | — |
| Settlements | — |
| | — |
| | (51 | ) | | — |
| Acquisition | 9,166 |
| | — |
| | 68,130 |
| | — |
| Transfers | — |
| | — |
| | 2,399 |
| | — |
| Exchange rate gain (loss) | — |
| | — |
| | (8,986 | ) | | — |
| Fair value at end of period | 105,107 |
| | 97,561 |
| | 72,831 |
| | — |
| Funded status at end of period | $ | (66,836 | ) | | $ | (54,950 | ) | | $ | (40,658 | ) | | $ | — |
| Amounts recognized on balance sheet: | | | | | | | | Current liabilities | $ | — |
| | $ | — |
| | $ | (726 | ) | | $ | — |
| Noncurrent liabilities | (66,836 | ) | | (54,950 | ) | | (39,932 | ) | | — |
| | $ | (66,836 | ) | | $ | (54,950 | ) | | $ | (40,658 | ) | | $ | — |
| Amounts recognized in accumulated other comprehensive loss: | | | | | | | | Prior service costs | $ | — |
| | $ | — |
| | $ | 307 |
| | $ | — |
| Net actuarial loss | 53,604 |
| | 49,491 |
| | 12,972 |
| | — |
| Amounts recognized in accumulated other comprehensive loss | $ | 53,604 |
| | $ | 49,491 |
| | $ | 13,279 |
| | $ | — |
| | | | | | | | | Accumulated benefit obligations | $ | 160,625 |
| | $ | 140,848 |
| | $ | 109,219 |
| | $ | — |
|
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Estimated Future Benefit Payments | The following employer contributions and benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | | | | | | | | | | U.S. Plans | | Non-U.S. Plans | | (In thousands) | Employer Contributions | | | | 2017 Employer contribution | $ | 7,715 |
| | $ | 4,956 |
| Benefit Payments | | | | 2017 | $ | 5,932 |
| | $ | 2,093 |
| 2018 | 6,325 |
| | 2,027 |
| 2019 | 6,731 |
| | 1,991 |
| 2020 | 7,094 |
| | 2,282 |
| 2021 | 7,591 |
| | 2,172 |
| Years 2022-2026 | 45,865 |
| | 12,877 |
| | $ | 79,538 |
| | $ | 23,442 |
|
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Components of Net Periodic Pension Costs | Net periodic benefit costs consist of the following components: | | | | | | | | | | | | | | Years Ended December 31, | | 2016 | | 2015 | | 2014 | | (In thousands) | Service cost | $ | 543 |
| | $ | 597 |
| | $ | 498 |
| Interest cost | 1,398 |
| | 1,271 |
| | 1,275 |
| Amortization of net actuarial loss | 608 |
| | 757 |
| | 416 |
| Net periodic benefit costs | $ | 2,549 |
| | $ | 2,625 |
| | $ | 2,189 |
|
Net periodic pension costs consist of the following components: | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Plans | | Non-U.S. Plans | | Years Ended December 31, | | Years Ended December 31, | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | | (In thousands) | Service cost benefits earned during the period | $ | 3,288 |
| | $ | 3,528 |
| | $ | 2,800 |
| | $ | 2,239 |
| | $ | — |
| | $ | — |
| Interest on prior year’s projected benefit obligation | 7,416 |
| | 6,483 |
| | 6,171 |
| | 3,121 |
| | — |
| | — |
| Expected return on plan assets | (9,355 | ) | | (8,459 | ) | | (7,677 | ) | | (3,583 | ) | | — |
| | — |
| Amortization of prior service costs | — |
| | — |
| | — |
| | 9 |
| | — |
| | — |
| Amortization of net actuarial loss | 2,868 |
| | 4,239 |
| | 1,841 |
| | 21 |
| | — |
| | — |
| Net periodic pension costs | $ | 4,217 |
| | $ | 5,791 |
| | $ | 3,135 |
| | $ | 1,807 |
| | $ | — |
| | $ | — |
|
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) | The estimated losses that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2017 are as follows: | | | | | | | | | | U.S. Plans | | Non-U.S. Plans | | (In thousands) | Amortization of prior service costs | $ | — |
| | $ | 11 |
| Amortization of net actuarial loss | 3,600 |
| | 195 |
| | $ | 3,600 |
| | $ | 206 |
|
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Weighted Average Assumptions used to Determine Benefit Obligation and Net Periodic Benefit Cost | | | | | | | | | December 31, | | 2016 | | 2015 | Weighted average assumptions used to determine benefit obligations: | | | | Measurement date | 12/31/2016 |
| | 12/31/2015 |
| Discount rate | 4.18 | % | | 4.45 | % | Rates of increase in salary compensation level | N/A |
| | N/A |
| Weighted average assumptions used to determine net periodic benefit cost: | | | | Discount rate | 4.45 | % | | 4.02 | % | Rates of increase in salary compensation level | N/A |
| | N/A |
| Expected long-term rate of return on plan assets | N/A |
| | N/A |
|
Discount rates are determined annually and are based on rates of return of high-quality long-term fixed income securities currently available and expected to be available during the maturity of the pension benefits. | | | | | | | | | | | | | | U.S. Plans | | Non-U.S. Plans | | December 31, | | December 31, | | 2016 | | 2015 | | 2016 | | 2015 | Weighted average assumptions used to determine benefit obligations: | | | | | | | | Measure date | 12/31/2016 |
| | 12/31/2015 |
| | 12/31/2016 |
| | 12/31/2015 |
| Discount rate | 4.29 | % | | 4.55 | % | | 2.39 | % | | — | % | Rates of increase in salary compensation level | 3.00 | % | | 3.00 | % | | 2.78 | % | | — | % | Weighted average assumptions used to determine net periodic benefit cost: | | | | | | | | Discount rate | 4.57 | % | | 4.12 | % | | 3.59 | % | | — | % | Rates of increase in salary compensation level | 3.00 | % | | 3.00 | % | | 3.11 | % | | — | % | Expected long-term rate of return on plan assets | 8.36 | % | | 8.50 | % | | 4.07 | % | | — | % |
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Pension Plan Asset Allocations by Asset Category | Our Pension Plan asset allocations at December 31, 2016 and 2015 by asset category are as follows: | | | | | | | | | | | | | | | | | | | | U.S. Plans | | Non-U.S. Plans | | Target Allocation | | Percentage of Plan Assets at December 31, | | Target Allocation | | Percentage of Plan Assets at December 31, | | 2016 | | 2016 | | 2015 | | 2016 | | 2016 | | 2015 | Equity | 50.0 | % | | 53.8 | % | | 57.1 | % | | 50.0 | % | | 28.9 | % | | — | % | Debt | 30.0 |
| | 36.8 |
| | 33.5 |
| | 40.0 |
| | 30.4 |
| | — |
| Insurance | — |
| | — |
| | — |
| | — |
| | 40.5 |
| | — |
| Other | 20.0 |
| | 9.4 |
| | 9.4 |
| | 10.0 |
| | 0.2 |
| | — |
| Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | — | % |
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Fair Values of Pension Plan Assets by Asset Category | A summary of total investments for our pension plan assets measured at fair value is presented below. See Note 9 Fair Value Measurements, Financial Instruments, and Credit Risk to the consolidated financial statements for a detailed description of fair value measurements and the hierarchy established for Level 1, 2, and 3 valuation inputs. | | | | | | | | | | | | | | | | | | Pension Plan Assets Fair Value Measurements at December 31, 2016 | | Total | | Quoted Prices In Active Markets Identical Assets (Level 1) | | Significant Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | (In thousands) | Cash and Cash Equivalents | $ | 9,912 |
| | $ | 9,912 |
| | $ | — |
| | $ | — |
| Equity | 77,644 |
| | 24,270 |
| | 53,374 |
| | — |
| Debt | 60,857 |
| | 16,897 |
| | 43,960 |
| | — |
| Insurance | 29,525 |
| | — |
| | — |
| | 29,525 |
| Total | $ | 177,938 |
| | $ | 51,079 |
| | $ | 97,334 |
| | $ | 29,525 |
|
| | | | | | | | | | | | | | | | | | Pension Plan Assets Fair Value Measurements at December 31, 2015 | | Total | | Quoted Prices In Active Markets Identical Assets (Level 1) | | Significant Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | (In thousands) | Cash and Cash Equivalents | $ | 70 |
| | $ | 70 |
| | $ | — |
| | $ | — |
| Equity | 55,692 |
| | 21,188 |
| | 34,504 |
| | — |
| Debt | 32,700 |
| | 11,031 |
| | 21,669 |
| | — |
| Other | 9,099 |
| | 9,099 |
| | — |
| | — |
| Total | $ | 97,561 |
| | $ | 41,388 |
| | $ | 56,173 |
| | $ | — |
|
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Schedule of Changes in Fair Value of Plan Assets | The following is a summary of changes in fair value of our pension plan Level 3 investments for the year ended December 31, 2016. | | | | | | Level 3 Investments | | (In thousands) | December 31, 2015 | $ | — |
| Return on plan assets | 7,075 |
| Employer contributions | 1,389 |
| Participant contributions | 99 |
| Actual benefits paid from plan | (155 | ) | Actual expenses and taxes | (51 | ) | Acquisition | 19,359 |
| Transfers | 2,399 |
| Exchange rate gain (loss) | (590 | ) | December 31, 2016 | $ | 29,525 |
|
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Assumed Health Care Cost Trend Rates | | | | | | | | | December 31, | | 2016 | | 2015 | Assumed health care cost trend rates: | | | | Health care cost trend rate assumed for next year | 7.00 | % | | 7.50 | % | Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00 | % | | 5.00 | % | Year that the rate reaches the ultimate trend rate | 2021 |
| | 2021 |
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Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates | A 1.0% change in assumed health care cost trend rates would have the following effect (in thousands): | | | | | | | | | | 1% Increase | | 1% Decrease | Effect on total of service and interest cost components | $ | 19 |
| | $ | (24 | ) | Effect on postretirement benefit obligation | $ | 415 |
| | $ | (481 | ) |
|