| Pension and Other Postretirement Benefits | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Pension and Other Postretirement Benefits | |
Schedule of change in benefit obligation, change in plan assets and funded status |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
|
|
Pension
|
|
|
|
|
|
|
|
Benefits
|
|
Benefits
|
|
Postretirement
|
|
|
(in thousands)
|
|
(Underfunded)
|
|
(Overfunded)
|
|
Benefits
|
|
|
Change in projected benefit obligation (PBO)
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation at December 31, 2015
|
|
$
|
271,462
|
|
$
|
38,287
|
|
$
|
20,079
|
|
|
Service cost
|
|
|
9,787
|
|
|
(24)
|
|
|
888
|
|
|
Interest cost
|
|
|
11,077
|
|
|
1,279
|
|
|
779
|
|
|
Actuarial (gain) loss
|
|
|
14,095
|
|
|
7,711
|
|
|
(572)
|
|
|
Settlements
|
|
|
(6,714)
|
|
|
-
|
|
|
-
|
|
|
Plan amendments
|
|
|
-
|
|
|
-
|
|
|
283
|
|
|
Participants’ contributions
|
|
|
-
|
|
|
-
|
|
|
921
|
|
|
Benefit payments
|
|
|
(15,515)
|
|
|
(796)
|
|
|
(2,114)
|
|
|
Foreign currency translation
|
|
|
122
|
|
|
(6,932)
|
|
|
-
|
|
|
Adjustment for movement from underfunded to overfunded
|
|
|
(210)
|
|
|
210
|
|
|
-
|
|
|
Projected benefit obligation at December 31, 2016
|
|
|
284,104
|
|
|
39,735
|
|
|
20,264
|
|
|
Accumulated benefit obligation (ABO) at December 31, 2016
|
|
|
247,009
|
|
|
37,289
|
|
|
20,264
|
|
|
Change in plan assets
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at December 31, 2015
|
|
|
157,729
|
|
|
43,768
|
|
|
-
|
|
|
Return on plan assets
|
|
|
7,203
|
|
|
8,280
|
|
|
-
|
|
|
Employer contributions
|
|
|
18,335
|
|
|
2,012
|
|
|
1,193
|
|
|
Participants’ contributions
|
|
|
-
|
|
|
-
|
|
|
921
|
|
|
Settlements
|
|
|
(6,714)
|
|
|
-
|
|
|
-
|
|
|
Benefit payments
|
|
|
(15,515)
|
|
|
(796)
|
|
|
(2,114)
|
|
|
Foreign currency translation
|
|
|
50
|
|
|
(7,922)
|
|
|
-
|
|
|
Fair value of plan assets at December 31, 2016
|
|
|
161,088
|
|
|
45,342
|
|
|
-
|
|
|
Funded status (fair value of plan assets less PBO)
|
|
$
|
(123,016)
|
|
$
|
5,607
|
|
$
|
(20,264)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
|
|
Pension
|
|
|
|
|
|
|
|
Benefits
|
|
Benefits
|
|
Postretirement
|
|
|
(in thousands)
|
|
(Underfunded)
|
|
(Overfunded)
|
|
Benefits
|
|
|
Change in projected benefit obligation (PBO)
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation at December 31, 2014
|
|
$
|
275,022
|
|
$
|
35,998
|
|
$
|
21,089
|
|
|
Service cost
|
|
|
15,515
|
|
|
168
|
|
|
1,060
|
|
|
Interest cost
|
|
|
10,962
|
|
|
1,376
|
|
|
787
|
|
|
Actuarial (gain) loss
|
|
|
199
|
|
|
2,920
|
|
|
(2,228)
|
|
|
Curtailments
|
|
|
(21,567)
|
|
|
-
|
|
|
-
|
|
|
Plan amendments
|
|
|
1,331
|
|
|
-
|
|
|
-
|
|
|
Participants’ contributions
|
|
|
-
|
|
|
55
|
|
|
1,068
|
|
|
Benefit payments
|
|
|
(9,203)
|
|
|
(575)
|
|
|
(1,697)
|
|
|
Foreign currency translation
|
|
|
(797)
|
|
|
(1,655)
|
|
|
-
|
|
|
Projected benefit obligation at December 31, 2015
|
|
|
271,462
|
|
|
38,287
|
|
|
20,079
|
|
|
Accumulated benefit obligation (ABO) at December 31, 2015
|
|
|
228,830
|
|
|
36,004
|
|
|
20,079
|
|
|
Change in plan assets
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at December 31, 2014
|
|
|
159,309
|
|
|
42,269
|
|
|
-
|
|
|
Return on plan assets
|
|
|
(5,182)
|
|
|
1,838
|
|
|
-
|
|
|
Employer contributions
|
|
|
12,827
|
|
|
2,095
|
|
|
629
|
|
|
Participants’ contributions
|
|
|
-
|
|
|
55
|
|
|
1,068
|
|
|
Benefit payments
|
|
|
(9,203)
|
|
|
(575)
|
|
|
(1,697)
|
|
|
Foreign currency translation
|
|
|
(22)
|
|
|
(1,914)
|
|
|
-
|
|
|
Fair value of plan assets at December 31, 2015
|
|
|
157,729
|
|
|
43,768
|
|
|
-
|
|
|
Funded status (fair value of plan assets less PBO)
|
|
$
|
(113,733)
|
|
$
|
5,481
|
|
$
|
(20,079)
|
|
|
Schedule of amount of pension and postretirement assets and liabilities recognized on consolidated balance sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
|
|
(in thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other noncurrent assets
|
|
$
|
5,607
|
|
$
|
5,481
|
|
$
|
-
|
|
$
|
-
|
|
|
Accrued compensation and benefits
|
|
|
(7,149)
|
|
|
(13,419)
|
|
|
(784)
|
|
|
(844)
|
|
|
Accrued pension and postretirement benefits
|
|
|
(115,867)
|
|
|
(100,314)
|
|
|
(19,480)
|
|
|
(19,235)
|
|
|
Net amount recognized
|
|
$
|
(117,409)
|
|
$
|
(108,252)
|
|
$
|
(20,264)
|
|
$
|
(20,079)
|
|
|
Schedule of amount in accumulated other comprehensive income (loss) on consolidated balance sheets that have not yet been recognized as components of net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
|
|
|
|
Year ended December 31,
|
|
Year ended December 31,
|
|
|
(in thousands)
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial (gain) loss at beginning of year
|
|
$
|
18,374
|
|
$
|
19,878
|
|
$
|
(7,892)
|
|
$
|
(8,840)
|
|
$
|
(7,270)
|
|
$
|
(3,269)
|
|
|
Current year actuarial (gain) loss
|
|
|
18,425
|
|
|
17,835
|
|
|
28,116
|
|
|
(573)
|
|
|
(2,228)
|
|
|
(2,484)
|
|
|
Amortization of actuarial (gain) loss
|
|
|
(485)
|
|
|
(1,152)
|
|
|
(34)
|
|
|
912
|
|
|
490
|
|
|
195
|
|
|
Curtailment impact
|
|
|
-
|
|
|
(19,146)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Settlement impact
|
|
|
(1,124)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Prior service cost (credit)
|
|
|
-
|
|
|
1,331
|
|
|
-
|
|
|
283
|
|
|
-
|
|
|
(1,712)
|
|
|
Amortization of prior service cost (credit)
|
|
|
(175)
|
|
|
(22)
|
|
|
-
|
|
|
163
|
|
|
168
|
|
|
-
|
|
|
Foreign currency translation
|
|
|
(1,279)
|
|
|
(350)
|
|
|
(312)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Net actuarial (gain) loss at end of year
|
|
$
|
33,736
|
|
$
|
18,374
|
|
$
|
19,878
|
|
$
|
(8,055)
|
|
$
|
(8,840)
|
|
$
|
(7,270)
|
|
|
Schedule of Components of net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
|
|
|
|
Year ended December 31,
|
|
|
(in thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of net periodic benefit cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$
|
9,763
|
|
$
|
15,683
|
|
$
|
888
|
|
$
|
1,060
|
|
|
Interest cost
|
|
|
12,356
|
|
|
12,338
|
|
|
779
|
|
|
787
|
|
|
Expected return on plan assets
|
|
|
(12,189)
|
|
|
(11,372)
|
|
|
-
|
|
|
-
|
|
|
Curtailment Expense (Income)
|
|
|
-
|
|
|
(2,421)
|
|
|
-
|
|
|
-
|
|
|
Settlement Expense (Income)
|
|
|
1,148
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Amortization of net (gain) loss
|
|
|
471
|
|
|
1,152
|
|
|
(912)
|
|
|
(490)
|
|
|
Amortization of prior service cost (credit)
|
|
|
175
|
|
|
22
|
|
|
(163)
|
|
|
(168)
|
|
|
Net periodic benefit cost
|
|
$
|
11,724
|
|
$
|
15,402
|
|
$
|
592
|
|
$
|
1,189
|
|
|
Schedule of weighted average assumptions used to determine future benefit obligations and net periodic benefit cost |
The weighted average assumptions used to determine future benefit obligations benefit cost were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
Weighted-average assumptions used to determine benefit obligations at December 31
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
4.17%
|
|
4.16%
|
|
4.08%
|
|
4.30%
|
|
|
Rate of compensation increase
|
|
4.02%
|
|
4.07%
|
|
N/A
|
|
N/A
|
|
The weighted average assumptions used to determine net periodic benefit cost were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
|
|
Weighted-average assumptions used to determine net cost for years ended December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
4.16%
|
|
3.92%
|
|
4.73%
|
|
4.30%
|
|
3.90%
|
|
4.80%
|
|
|
Expected long-term rate of return on plan assets
|
|
6.23%
|
|
6.15%
|
|
6.72%
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
Rate of compensation increase
|
|
4.07%
|
|
4.05%
|
|
4.05%
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
Schedule of assumed healthcare cost trend rates used to determine benefit obligations and net cost |
|
|
|
|
|
|
|
|
|
|
|
|
Postretirement Benefits
|
|
|
|
|
Medical and Prescription Drug
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare cost trend rate assumed for next year
|
|
5.50%/9.00%
|
|
5.75/10.00%
|
|
8.00%
|
|
|
Rate that the cost trend rate is assumed to decline
(the ultimate trend rate)
|
|
4.50%
|
|
4.50%
|
|
5.00%
|
|
|
Year that the rate reaches the ultimate trend rate
|
|
2024
|
|
2024
|
|
2021
|
|
|
Schedule of one-percentage-point change in assumed healthcare cost trend rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
One-Percentage
|
|
One-Percentage
|
|
One-Percentage
|
|
One-Percentage
|
|
|
(in thousands)
|
|
Point Increase
|
|
Point Decrease
|
|
Point Increase
|
|
Point Decrease
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect on total of service and interest cost
|
|
$
|
104
|
|
$
|
(91)
|
|
$
|
125
|
|
$
|
(110)
|
|
|
Effect on postretirement benefit obligation
|
|
|
894
|
|
|
(796)
|
|
|
1,054
|
|
|
(941)
|
|
|
Schedule of pension assets by major category of plan assets and type of fair value measurement |
Pension assets by major category of plan assets and the type of fair value measurement as of December 31, 2016 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits – Plan Assets
|
|
|
|
|
|
|
|
Quoted Prices in
|
|
Significant
|
|
Significant
|
|
|
|
|
|
|
|
Active Markets for
|
|
Observable
|
|
Unobservable
|
|
|
|
|
|
|
|
Identical Assets
|
|
Inputs
|
|
Inputs
|
|
|
(in thousands)
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|
Asset category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income
|
|
$
|
1,628
|
|
$
|
-
|
|
$
|
1,628
|
|
$
|
-
|
|
|
Commingled funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at net asset value
|
|
|
204,801
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
$
|
206,429
|
|
$
|
-
|
|
$
|
1,628
|
|
$
|
-
|
|
Pension assets by major category of plan assets and the type of fair value measurement as of December 31, 2015 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits – Plan Assets
|
|
|
|
|
|
|
|
Quoted Prices in
|
|
Significant
|
|
Significant
|
|
|
|
|
|
|
|
Active Markets for
|
|
Observable
|
|
Unobservable
|
|
|
|
|
|
|
|
Identical Assets
|
|
Inputs
|
|
Inputs
|
|
|
(dollars in thousands)
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income
|
|
$
|
1,520
|
|
$
|
-
|
|
$
|
1,520
|
|
$
|
-
|
|
|
Commingled funds
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Measured at net asset value
|
|
|
199,977
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
$
|
201,497
|
|
$
|
-
|
|
$
|
1,520
|
|
$
|
-
|
|
|
Schedule of estimated future retirement benefit payments |
|
|
|
|
|
|
|
|
|
|
|
|
Pension
|
|
Postretirement
|
|
|
(in thousands)
|
|
Benefits
|
|
Benefits
|
|
|
Year ending December 31,
|
|
|
|
|
|
|
|
|
2017
|
|
$
|
22,696
|
|
$
|
784
|
|
|
2018
|
|
|
30,294
|
|
|
990
|
|
|
2019
|
|
|
19,283
|
|
|
1,140
|
|
|
2020
|
|
|
19,594
|
|
|
1,317
|
|
|
2021
|
|
|
23,300
|
|
|
1,507
|
|
|
Thereafter
|
|
|
100,017
|
|
|
9,397
|
|
|
|
|
$
|
215,184
|
|
$
|
15,135
|
|
|