| Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following table summarizes the total changes in the Company’s pension and accrued post-retirement benefits and plan assets and includes a statement of the plans’ funded status: | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Post-Retirement Benefits | | Year Ended December 31, | | Year Ended December 31, | | 2016 | | 2015 | | 2016 | | 2015 | | (In thousands) | Change in benefit obligation: | |
| | |
| | |
| | |
| Projected benefit obligation, beginning of year | $ | 1,550,643 |
| | $ | 1,765,493 |
| | $ | 33,093 |
| | $ | 35,085 |
| Acquisitions | — |
| | 31,914 |
| | — |
| | 4,983 |
| Service cost | 4,059 |
| | 4,612 |
| | 39 |
| | 33 |
| Interest cost | 51,638 |
| | 54,807 |
| | 1,038 |
| | 1,170 |
| Actuarial loss (gain) | 126,505 |
| | (93,878 | ) | | (5,689 | ) | | (6,410 | ) | Foreign exchange effect | (158,453 | ) | | (77,854 | ) | | — |
| | — |
| Benefits paid | (97,488 | ) | | (105,589 | ) | | (2,186 | ) | | (1,942 | ) | Settlements | (1,591 | ) | | (29,811 | ) | | — |
| | — |
| Other | (37 | ) | | 949 |
| | — |
| | 174 |
| Projected benefit obligation, end of year | $ | 1,475,276 |
| | $ | 1,550,643 |
| | $ | 26,295 |
| | $ | 33,093 |
| Accumulated benefit obligation, end of year | $ | 1,452,000 |
| | $ | 1,530,327 |
| | $ | 26,295 |
| | $ | 33,093 |
| Change in plan assets: | |
| | |
| | |
| | |
| Fair value of plan assets, beginning of year | $ | 1,337,405 |
| | $ | 1,469,103 |
| | $ | — |
| | $ | — |
| Acquisitions | — |
| | 28,591 |
| | — |
| | — |
| Actual return on plan assets | 191,562 |
| | (9,390 | ) | | — |
| | — |
| Employer contribution(1) | 32,347 |
| | 45,594 |
| | 2,186 |
| | 1,942 |
| Foreign exchange effect | (164,316 | ) | | (63,060 | ) | | — |
| | — |
| Benefits paid | (97,488 | ) | | (105,589 | ) | | (2,186 | ) | | (1,942 | ) | Settlements | (1,591 | ) | | (28,399 | ) | | — |
| | — |
| Other | (19 | ) | | 555 |
| | — |
| | — |
| Fair value of plan assets, end of year | $ | 1,297,900 |
| | $ | 1,337,405 |
| | $ | — |
| | $ | — |
| Funded status, end of year | $ | (177,376 | ) | | $ | (213,238 | ) | | $ | (26,295 | ) | | $ | (33,093 | ) | Amounts recognized on the Consolidated Balance Sheet at December 31: | |
| | |
| | |
| | |
| Non-current assets | $ | 85,828 |
| | $ | 73,914 |
| | $ | — |
| | $ | — |
| Current liabilities | (5,073 | ) | | (4,741 | ) | | (2,174 | ) | | (2,915 | ) | Non-current liabilities | (258,131 | ) | | (282,411 | ) | | (24,121 | ) | | (30,178 | ) | Total | $ | (177,376 | ) | | $ | (213,238 | ) | | $ | (26,295 | ) | | $ | (33,093 | ) |
| | (1) | Contributions during the year ended December 2015 include a contribution of 66,000 shares of Colfax Common stock with a value on the contribution date of approximately $3.4 million. |
The accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets were $0.6 billion and $0.4 billion, respectively, as of December 31, 2016 and $1.0 billion and $0.7 billion, respectively, as of December 31, 2015. The projected benefit obligation and fair value of plan assets for the pension plans with projected benefit obligations in excess of plan assets were $0.6 billion and $0.4 billion, respectively, as of December 31, 2016 and $1.0 billion and $0.7 billion, respectively, as of December 31, 2015. The following table summarizes the changes in the Company’s foreign pension benefit obligation, which is determined based upon an employee’s expected date of separation, and plan assets, included in the table above, and includes a statement of the plans’ funded status: | | | | | | | | | | Foreign Pension Benefits | | Year Ended December 31, | | 2016 | | 2015 | | (In thousands) | Change in benefit obligation: | |
| | |
| Projected benefit obligation, beginning of year | $ | 1,075,223 |
| | $ | 1,265,143 |
| Service cost | 3,881 |
| | 4,506 |
| Interest cost | 34,298 |
| | 37,253 |
| Actuarial loss (gain) | 132,898 |
| | (64,801 | ) | Foreign exchange effect | (158,453 | ) | | (77,854 | ) | Benefits paid | (53,028 | ) | | (60,162 | ) | Settlements | (1,591 | ) | | (29,811 | ) | Other | (35 | ) | | 949 |
| Projected benefit obligation, end of year | $ | 1,033,193 |
| | $ | 1,075,223 |
| Accumulated benefit obligation, end of year | $ | 1,009,916 |
| | $ | 1,054,907 |
| Change in plan assets: | |
| | |
| Fair value of plan assets, beginning of year | $ | 981,249 |
| | $ | 1,079,497 |
| Actual return on plan assets | 158,992 |
| | 11,159 |
| Employer contribution | 32,168 |
| | 41,659 |
| Foreign exchange effect | (164,316 | ) | | (63,060 | ) | Benefits paid | (53,028 | ) | | (60,162 | ) | Settlements | (1,591 | ) | | (28,399 | ) | Other | (19 | ) | | 555 |
| Fair value of plan assets, end of year | $ | 953,455 |
| | $ | 981,249 |
| Funded status, end of year | $ | (79,738 | ) | | $ | (93,974 | ) |
|
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments are expected to be paid during each respective fiscal year:
| | | | | | | | | | | | | | Pension Benefits | | Other Post-Retirement Benefits | | All Plans | | Foreign Plans | | | (In thousands) | 2017 | $ | 82,669 |
| | $ | 48,989 |
| | $ | 2,174 |
| 2018 | 81,813 |
| | 48,631 |
| | 2,103 |
| 2019 | 80,516 |
| | 47,871 |
| | 1,952 |
| 2020 | 80,534 |
| | 48,293 |
| | 1,803 |
| 2021 | 80,403 |
| | 48,745 |
| | 1,674 |
| 2022- 2026 | 397,871 |
| | 251,670 |
| | 7,323 |
|
|
Schedule of Allocation of Plan Assets [Table Text Block] | The following are the actual and target allocation percentages for the Company’s pension plan assets: | | | | | | | | | | Actual Asset Allocation
December 31, | |
Target | | 2016 | | 2015 | | Allocation | U.S. Plans: | | | | Equity securities: | |
| | |
| | | U.S. | 44 | % | | 42 | % | | 30% - 45% | International | 15 | % | | 16 | % | | 10% - 20% | Fixed income | 36 | % | | 41 | % | | 30% - 50% | Other | 1 | % | | 1 | % | | 0% - 20% | Cash and cash equivalents | 4 | % | | — | % | | 0% - 5% | Foreign Plans: | |
| | |
| | | Equity securities | 32 | % | | 32 | % | | 10% - 50% | Fixed income securities | 65 | % | | 64 | % | | 50% - 90% | Cash and cash equivalents | 1 | % | | 1 | % | | 0% - 25% | Other | 2 | % | | 3 | % | | 0% - 5% |
A summary of the Company’s pension plan assets for each fair value hierarchy level for the periods presented follows (see Note 14, “Financial Instruments and Fair Value Measurements” for further description of the levels within the fair value hierarchy): | | | | | | | | | | | | | | | | | | | | | | December 31, 2016 | | Measured at Net Asset Value(1) | | Level
One | | Level
Two | | Level
Three | |
Total | | (In thousands) | U.S. Plans: | | | |
| | |
| | |
| | |
| Cash and cash equivalents | $ | — |
| | $ | 16,517 |
| | $ | — |
| | $ | — |
| | $ | 16,517 |
| Equity securities: |
|
| | |
| | |
| | |
| | |
| U.S. large cap | 97,530 |
| | — |
| | — |
| | — |
| | 97,530 |
| U.S. small/mid cap | 41,141 |
| | 12,116 |
| | — |
| | — |
| | 53,257 |
| International | 51,656 |
| | — |
| | — |
| | — |
| | 51,656 |
| Fixed income mutual funds: |
|
| | |
| | |
| | |
| | |
| U.S. government and corporate | 123,663 |
| | — |
| | — |
| | — |
| | 123,663 |
| Other(2) | — |
| | 1,822 |
| | — |
| | — |
| | 1,822 |
| Foreign Plans: |
|
| | |
| | |
| | |
| | |
| Cash and cash equivalents | — |
| | 8,758 |
| | — |
| | — |
| | 8,758 |
| Equity securities | 129,525 |
| | 144,696 |
| | 32,966 |
| | — |
| | 307,187 |
| Non-U.S. government and corporate bonds | — |
| | 292,288 |
| | 321,657 |
| | — |
| | 613,945 |
| Other(2) | — |
| | 592 |
| | 22,973 |
| | — |
| | 23,565 |
| | $ | 443,515 |
| | $ | 476,789 |
| | $ | 377,596 |
| | $ | — |
| | $ | 1,297,900 |
|
| | (1) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”) have not been classified in the fair value hierarchy. These investments, consisting of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund, that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term. |
(2) Represents diversified portfolio funds, real estate and reinsurance contracts and money market funds. | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | Measured at Net Asset Value(1) | | Level
One | | Level
Two | | Level
Three | |
Total | | (In thousands) | U.S. Plans: | | | |
| | |
| | |
| | |
| Equity securities: |
|
| | |
| | |
| | |
| | |
| U.S. large cap | $ | 100,226 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 100,226 |
| U.S. small/mid cap | 40,899 |
| | 7,874 |
| | — |
| | — |
| | 48,773 |
| International | 58,642 |
| | — |
| | — |
| | — |
| | 58,642 |
| Fixed income mutual funds: |
|
| | |
| | |
| | |
| | |
| U.S. government and corporate | 143,787 |
| | — |
| | — |
| | — |
| | 143,787 |
| Other(2) | 2,917 |
| | 1,811 |
| | — |
| | — |
| | 4,728 |
| Foreign Plans: |
|
| | |
| | |
| | |
| | |
| Cash and cash equivalents | — |
| | 12,832 |
| | — |
| | — |
| | 12,832 |
| Equity securities | 130,078 |
| | 150,376 |
| | 32,398 |
| | — |
| | 312,852 |
| Non-U.S. government and corporate bonds | — |
| | 282,504 |
| | 343,870 |
| | — |
| | 626,374 |
| Other(2) | — |
| | 1,964 |
| | 27,227 |
| | — |
| | 29,191 |
| | $ | 476,549 |
| | $ | 457,361 |
| | $ | 403,495 |
| | $ | — |
| | $ | 1,337,405 |
|
| | (1) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”) have not been classified in the fair value hierarchy. These investments, consisting primarily of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund, that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term. |
(2) Represents diversified portfolio funds, real estate and reinsurance contracts and money market funds.
|
Schedule of Net Benefit Costs [Table Text Block] | The following table sets forth the components of net periodic benefit cost and Other comprehensive loss of the Company’s defined benefit pension plans and other post-retirement employee benefit plans: | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Post-Retirement Benefits | | Year Ended December 31, | | Year Ended December 31, | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | | (In thousands) | Components of Net Periodic Benefit Cost: | |
| | |
| | |
| | |
| | |
| | |
| Service cost | $ | 4,059 |
| | $ | 4,612 |
| | $ | 4,883 |
| | $ | 39 |
| | $ | 33 |
| | $ | 155 |
| Interest cost | 51,638 |
| | 54,807 |
| | 70,469 |
| | 1,038 |
| | 1,170 |
| | 1,304 |
| Amortization | 8,334 |
| | 11,515 |
| | 6,608 |
| | (407 | ) | | 259 |
| | 468 |
| Settlement loss (gain) | 48 |
| | (582 | ) | | 190 |
| | — |
| | — |
| | — |
| Other | 37 |
| | 525 |
| | 328 |
| | — |
| | 174 |
| | — |
| Expected return on plan assets | (57,169 | ) | | (58,107 | ) | | (69,055 | ) | | — |
| | — |
| | — |
| Net periodic benefit cost | $ | 6,947 |
| | $ | 12,770 |
| | $ | 13,423 |
| | $ | 670 |
| | $ | 1,636 |
| | $ | 1,927 |
| Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss: | |
| | |
| | |
| | |
| | |
| | |
| Current year net actuarial (gain) loss | $ | (9,523 | ) | | $ | (33,558 | ) | | $ | 96,005 |
| | $ | (5,689 | ) | | $ | (6,410 | ) | | $ | 5,553 |
| Less amounts included in net periodic benefit cost: | |
| | |
| | |
| | |
| | |
| | |
| Amortization of net loss | (8,362 | ) | | (11,515 | ) | | (6,608 | ) | | 655 |
| | (11 | ) | | (220 | ) | Settlement loss | (74 | ) | | (952 | ) | | (190 | ) | | — |
| | — |
| | — |
| Amortization of prior service cost | 28 |
| | — |
| | — |
| | (248 | ) | | (248 | ) | | (248 | ) | Total recognized in Other comprehensive loss | $ | (17,931 | ) | | $ | (46,025 | ) | | $ | 89,207 |
| | $ | (5,282 | ) | | $ | (6,669 | ) | | $ | 5,085 |
|
The following table sets forth the components of net periodic benefit cost and Other comprehensive loss of the foreign defined benefit pension plans, included in the table above:
| | | | | | | | | | | | | | Foreign Pension Benefits | | Year Ended December 31, | | 2016 | | 2015 | | 2014 | | (In thousands) | Components of Net Periodic Benefit Cost: | | Service cost | $ | 3,881 |
| | $ | 4,506 |
| | $ | 4,883 |
| Interest cost | 34,298 |
| | 37,253 |
| | 51,658 |
| Amortization | 1,870 |
| | 4,272 |
| | 1,669 |
| Settlement loss (gain) | 48 |
| | (582 | ) | | 190 |
| Other | 37 |
| | 525 |
| | 328 |
| Expected return on plan assets | (32,596 | ) | | (32,921 | ) | | (44,287 | ) | Net periodic benefit cost | $ | 7,538 |
| | $ | 13,053 |
| | $ | 14,441 |
| Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss: | |
| | |
| | |
| Current year net actuarial loss (gain) | $ | 4,867 |
| | $ | (50,216 | ) | | $ | 38,904 |
| Less amounts included in net periodic benefit cost: | |
| | |
| | |
| Amortization of net loss | (1,898 | ) | | (4,272 | ) | | (1,669 | ) | Settlement loss | (74 | ) | | (952 | ) | | (190 | ) | Amortization of prior service cost | 28 |
| | — |
| | — |
| Total recognized in Other comprehensive loss | $ | 2,923 |
| | $ | (55,440 | ) | | $ | 37,045 |
|
|
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | The components of net unrecognized pension and other post-retirement benefit cost included in Accumulated other comprehensive loss in the Consolidated Balance Sheets that have not been recognized as a component of net periodic benefit cost are as follows: | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Post-Retirement
Benefits | | December 31, | | December 31, | | 2016 | | 2015 | | 2016 | | 2015 | | (In thousands) | Net actuarial loss (gain) | $ | 221,294 |
| | $ | 239,225 |
| | $ | (6,878 | ) | | $ | (1,845 | ) | Prior service cost | — |
| | — |
| | 310 |
| | 559 |
| Total | $ | 221,294 |
| | $ | 239,225 |
| | $ | (6,568 | ) | | $ | (1,286 | ) |
The components of net unrecognized pension and other post-retirement benefit cost included in Accumulated other comprehensive loss in the Consolidated Balance Sheet that are expected to be recognized as a component of net periodic benefit cost during the year ending December 31, 2017 are as follows: | | | | | | | | | | Pension Benefits | | Other Post-
Retirement
Benefits | | (In thousands) | Net actuarial loss (gain) | $ | 10,630 |
| | $ | (649 | ) | Prior service cost | — |
| | 248 |
| Total | $ | 10,630 |
| | $ | (401 | ) |
|
Schedule of Assumptions Used [Table Text Block] | The key economic assumptions used in the measurement of the Company’s pension and other post-retirement benefit obligations are as follows: | | | | | | | | | | | | | | Pension Benefits | | Other Post-Retirement
Benefits | | December 31, | | December 31, | | 2016 | | 2015 | | 2016 | | 2015 | Weighted-average discount rate: | |
| | |
| | |
| | |
| All plans | 2.9 | % | | 3.6 | % | | 3.9 | % | | 4.0 | % | Foreign plans | 2.6 | % | | 3.5 | % | | — |
| | — |
| Weighted-average rate of increase in compensation levels for active foreign plans | 1.6 | % | | 1.5 | % | | — |
| | — |
|
The key economic assumptions used in the computation of net periodic benefit cost are as follows: | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Post-Retirement Benefits | | Year Ended December 31, | | Year Ended December 31, | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | Weighted-average discount rate: | |
| | |
| | |
| | |
| | |
| | |
| All plans | 3.6 | % | | 3.3 | % | | 4.4 | % | | 4.0 | % | | 3.6 | % | | 4.4 | % | Foreign plans | 3.5 | % | | 3.3 | % | | 4.4 | % | | — |
| | — |
| | — |
| Weighted-average expected return on plan assets: | |
| | |
| | |
| | |
| | |
| | |
| All plans | 4.8 | % | | 4.7 | % | | 5.4 | % | | — |
| | — |
| | — |
| Foreign plans | 4.1 | % | | 3.9 | % | | 4.9 | % | | — |
| | — |
| | — |
| Weighted-average rate of increase in compensation levels for active foreign plans | 1.5 | % | | 1.6 | % | | 1.7 | % | | — |
| | — |
| | — |
|
|
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A one-percentage point change in assumed health care cost trend rates would have the following pre-tax effects: | | | | | | | | | | 1% Increase | | 1% Decrease | | (In thousands) | Effect on total service and interest cost components for the year ended December 31, 2016 | $ | 99 |
| | $ | (80 | ) | Effect on post-retirement benefit obligation at December 31, 2016 | 2,400 |
| | (1,951 | ) |
|