RETIREMENT BENEFITS | RETIREMENT BENEFITS Defined Contribution Plans We sponsor multiple defined contribution plans for eligible employees with various features including voluntary pre-tax salary deferrals, matching contributions, and savings plan contributions in the form of cash or our common stock, to be determined annually. During 2015 , 2014 and 2013 , we expensed $60,540 , $73,444 and $82,655 , respectively, for these plans. In addition, we sponsor several other defined contribution plans that cover salaried and hourly employees for which we do not provide contributions. The cost of these plans was not significant to us in 2015 , 2014 or 2013 . Defined Benefit Pension and Other Postretirement Plans We sponsor various defined benefit pension plans covering certain employees and provide specific health care and life insurance benefits for eligible retired U.S. employees through health care and life insurance benefit programs. These plans may be changed or terminated by us at any time. The following tables provide combined information for our defined benefit pension and other postretirement plans: Components of Net Periodic Benefit Cost Pension Plans Other Postretirement Plans 2015 2014 2013 2015 2014 2013 Service cost $ 10,611 $ 9,113 $ 6,795 $ 791 $ 1,037 $ 1,244 Interest cost 23,242 33,530 31,159 1,545 2,279 2,064 Expected return on plan assets (28,341 ) (36,577 ) (30,611 ) — — — Amortization of prior service credits (620 ) (465 ) (466 ) — — (266 ) Recognized net actuarial losses (gains) 7,648 4,649 4,555 (2,696 ) (863 ) (517 ) Net periodic benefit cost (income) $ 12,540 $ 10,250 $ 11,432 $ (360 ) $ 2,453 $ 2,525 Change in Projected Benefit Obligation Pension Plans Other Postretirement Plans 2015 2014 2015 2014 Projected benefit obligation at beginning of year $ 945,522 $ 882,471 $ 51,458 $ 46,637 Service cost 10,611 9,113 791 1,037 Interest cost 23,242 33,530 1,545 2,279 Actuarial (gain) loss (1) (45,456 ) 153,887 (20,863 ) 3,199 Plan participants’ contributions 2,828 3,443 452 1,625 Amendments — (4,119 ) — — Benefits paid (33,521 ) (35,945 ) (2,435 ) (3,319 ) Currency translation (2) (78,258 ) (96,858 ) — — Projected benefit obligation at end of year $ 824,968 $ 945,522 $ 30,948 $ 51,458 Change in Plan Assets Pension Plans Other Postretirement Plans 2015 2014 2015 2014 Fair value of plan assets at beginning of year $ 783,219 $ 779,626 $ — $ — Actual return on plan assets 1,211 95,294 — — Benefits paid (33,521 ) (35,945 ) (2,435 ) (3,319 ) Employer contributions (3) 16,918 19,957 1,983 1,694 Plan participants’ contributions 2,828 3,443 452 1,625 Currency translation (2) (63,567 ) (79,156 ) — — Fair value of plan assets at end of year $ 707,088 $ 783,219 $ — $ — Funded status $ (117,880 ) $ (162,303 ) $ (30,948 ) $ (51,458 ) Balance Sheet Position Pension Plans Other Postretirement Plans 2015 2014 2015 2014 Prepaid benefit cost within other non-current assets $ 13,581 $ 14,524 $ — $ — Accrued benefit cost within other current liabilities (2,699 ) (2,975 ) (2,432 ) (2,895 ) Accrued benefit cost within other non-current liabilities (128,762 ) (173,852 ) (28,516 ) (48,563 ) Net funded status recognized $ (117,880 ) $ (162,303 ) $ (30,948 ) $ (51,458 ) Unrecognized net prior service credits $ (3,975 ) $ (5,111 ) $ — $ — Unrecognized net actuarial losses (gains) 144,680 186,838 (31,571 ) (13,360 ) Accumulated other comprehensive loss (income), before taxes (4) $ 140,705 $ 181,727 $ (31,571 ) $ (13,360 ) (1) 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. The actuarial pension plan loss for 2014 was primarily associated with a decrease in discount rate assumptions for our pension plans. (2) The currency translation loss for 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 2016 , we expect to contribute approximately $16,900 and $2,400 to our pension and other postretirement plans, respectively. (4) During 2016 , we expect to recognize $(400) and $2,300 of previously unrecognized net prior service pension credits and net actuarial pension losses, respectively. Accumulated Benefit Obligation —At December 31, 2015 and 2014 , the accumulated benefit obligation for all defined benefit pension plans was $823,616 and $926,365 , respectively. The following table includes summary information for those defined benefit plans with an accumulated benefit obligation in excess of plan assets: December 31, 2015 2014 Projected benefit obligation $ 714,539 $ 824,988 Accumulated benefit obligation $ 713,187 $ 805,830 Fair value of plan assets $ 583,081 $ 648,162 Plan Assumptions —The following table reflects the weighted-average assumptions used to measure our defined benefit pension and other postretirement plans: Pension Plans Other Postretirement Plans 2015 2014 2015 2014 Weighted-average assumptions used to determine benefit obligations at December 31, Discount rate 2.95 % 2.64 % 4.47 % 4.13 % Rate of compensation increase (1) 2.37 % 2.76 % n/a n/a Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, Discount rate 2.64 % 3.97 % 4.13 % 4.94 % Expected long-term rate of return on plan assets (2) 3.81 % 4.80 % n/a n/a Rate of compensation increase (1) 2.90 % 2.76 % 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. Benefit 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 2016 $ 33,796 $ 2,432 2017 $ 37,662 $ 2,457 2018 $ 33,786 $ 2,461 2019 $ 34,367 $ 2,419 2020 $ 35,038 $ 2,372 2021-2025 $ 186,366 $ 10,778 Plan Assets —Our investment strategy for defined benefit plan assets seeks to optimize the proper risk-return relationship considered appropriate for each respective plan’s investment goals, using a global portfolio of various asset classes diversified by market segment, economic sector and issuer. The primary goal is to optimize the asset mix to fund future benefit obligations, while managing various risk factors and each plan’s investment return objectives. Our defined benefit plan assets in the U.S. are invested in well-diversified portfolios of equity (including U.S. large, mid and small-capitalization and international equities) and fixed income securities (including corporate and government bonds). Non-U.S. defined benefit plan assets are similarly invested in well-diversified portfolios of equity, fixed income and other securities. At December 31, 2015 , our target weighted-average asset allocations by asset category were: equity securities ( 35% - 40% ), fixed income securities ( 60% - 65% ), and other investments ( 0% - 5% ). The following tables present the fair value of our plan assets by investment category and valuation hierarchy level at December 31, 2015 and 2014 : December 31, 2015 Quoted Market Internal Models Internal Models Total Carrying Asset Category Equity Securities: Global Equities $ 2,278 $ — $ — $ 2,278 International Funds (a) — 167,695 — 167,695 Emerging Markets Growth Funds — 15,764 — 15,764 U.S. Large-Cap Growth Funds — 17,318 — 17,318 U.S. Large-Cap Value Funds — 1,292 — 1,292 U.S. Mid-Cap Growth Funds — 367 — 367 U.S. Mid-Cap Value Funds — 357 — 357 U.S. Small-Cap Growth Funds — 408 — 408 U.S. Small-Cap Value Funds — 416 — 416 Fixed Income Securities: Euro Government Bonds (b) — 160,335 — 160,335 Euro Corporate Bonds (c) — 79,120 — 79,120 U.K. Government Index-Linked Bonds (d) — 93,634 — 93,634 U.K. Corporate Bonds (e) — 17,142 — 17,142 Other International Bonds (f) — 64,818 — 64,818 U.S. Corporate and Government Bonds — 3,618 — 3,618 Guaranteed Investment Contracts — 747 — 747 Other Investments: Commodities — 8,355 — 8,355 Asset Allocation Funds (g) — 73,425 — 73,425 Total Assets at Fair Value $ 2,278 $ 704,811 $ — $ 707,089 December 31, 2014 Quoted Market Prices In Active Markets (Level 1) Internal Models With Significant Observable Market Parameters (Level 2) Internal Models With Significant Unobservable Market Parameters (Level 3) Total Carrying Value On The Consolidated Balance Sheet Asset Category Equity Securities: Global Equities $ 4,661 $ — $ — $ 4,661 International Funds (a) — 194,336 — 194,336 Emerging Markets Growth Funds — 17,584 — 17,584 U.S. Large-Cap Growth Funds — 11,796 — 11,796 U.S. Mid-Cap Growth Funds — 886 — 886 U.S. Small-Cap Growth Funds — 498 — 498 U.S. Small-Cap Value Funds — 505 — 505 Fixed Income Securities: Euro Government Bonds (b) — 184,979 — 184,979 Euro Corporate Bonds (c) — 89,356 — 89,356 U.K. Government Index-Linked Bonds (d) — 101,779 — 101,779 U.K. Corporate Bonds (e) — 17,989 — 17,989 Other International Bonds (f) — 69,455 — 69,455 U.S. Corporate and Government Bonds — 3,046 — 3,046 Guaranteed Investment Contracts — 821 — 821 Other Investments: Commodities — 9,278 — 9,278 Asset Allocation Funds (g) — 76,250 — 76,250 Total Assets at Fair Value $ 4,661 $ 778,558 $ — $ 783,219 The following provides descriptions for plan asset categories with significant balances in the tables above: (a) Investments in various funds that track international indices. (b) Investments in European Union government securities with credit ratings of primarily AAA. (c) Investments in European fixed interest securities with credit ratings of primarily BBB and above. (d) Investments predominantly in U.K. Treasury securities with credit ratings of primarily AAA. (e) Investments predominantly in U.K. fixed interest securities with credit ratings of primarily BBB and above. (f) Investments predominantly in various international fixed income obligations that are individually insignificant. (g) Investments in fixed income securities, equities and alternative asset classes, including commodities and property assets. Our pension assets are categorized within the valuation hierarchy based upon the lowest level of input that is significant to the fair value measurement. Assets that are valued using quoted prices are classified within level 1 of the valuation hierarchy, assets that are valued using internally-developed models that use, as their basis, readily observable market parameters, are classified within level 2 of the valuation hierarchy and assets that are valued based upon models with significant unobservable market parameters are classified within level 3 of the valuation hierarchy. Health Care Cost Inflation —As noted above, we provide specific medical benefits for certain groups of retirees and their dependents in the U.S., subject to vesting requirements. Under our program in the U.S., certain eligible current and future retirees are covered by a defined fixed dollar benefit, under which our costs for each participant are fixed, based upon prior years of service of each retired employee. Additionally, there is a closed group of U.S. retirees for which we assume some or all of the cost of coverage. For this group, health care cost trend rates are projected at annual rates ranging from 6.5% in 2016 down to 5% in 2020 and beyond. Under the U.S. program, since 2011, new employees are not eligible for post-retirement medical benefits. A change in the assumed health care cost trends by one percentage point for our U.S. program is estimated to have an immaterial impact on the total service and interest cost components of net postretirement health care cost for 2015 and the accumulated postretirement benefit obligation at December 31, 2015 . Multi-Employer Pension Plans —We contribute to certain union sponsored multi-employer defined benefit pension plans in the U.S. and Canada. Benefits under these plans are generally based upon years of service and compensation levels. Under U.S. legislation regarding such pension plans, the risks of participation are different than single-employer pension plans as (1) assets contributed to the plan by a company may be used to provide benefits to participants of other companies, (2) if a participating company discontinues contributions to a plan, other participating companies may have to cover any unfunded liability that may exist, and (3) a company is required to continue funding its proportionate share of a plan’s unfunded vested benefits in the event of withdrawal (as defined by the legislation) from a plan or plan termination. 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 2015 , 2014 and 2013 , among other disclosures: EIN/Plan Number Plan Year End Pension Protection (1) FIP/RP Plan (1) Total Company Contributions (2) Expiration Date of Collective- Bargaining Agreement (4) Pension Fund 2015 2014 2015 2014 2013 Boilermaker-Blacksmith National Pension Trust 48-6168020-001 12/31 65%-80% 65%-80% Yes $ 32,918 $ 33,105 $ 20,549 Various Middle Tennessee Carpenters and Millwrights Pension Fund 62-6101275-001 4/30 >80% >80% No 6,809 4,729 1,297 Various Utah Pipe Trades Pension Trust Fund 51-6077569-001 12/31 >80% >80% No 5,522 664 1,939 07/19 Twin City Carpenters and Joiners Pension Fund 41-6043137-001 12/31 65%-80% 65%-80% Yes 5,469 6,010 2,752 04/16 Plumbers and Pipefitters National Pension Fund 52-6152779-001 6/30 65%-80% 65%-80% Yes 4,712 3,895 3,336 Various Southern Ironworkers Pension Fund 59-6227091-001 12/31 >80% >80% No 3,823 2,150 612 Various Plumbers and Steamfitters Local 150 Pension Fund 58-6116699-001 12/31 65%-80% 65%-80% Yes 3,510 2,154 1,788 Various Minnesota Laborers Pension Plan 41-6159599-001 12/31 >80% >80% No 2,755 2,584 1,444 04/16 Laborers National Pension Fund 75-1280827-001 12/31 >80% >80% No 2,575 1,704 1,210 Various Pipe Fitters Retirement Fund, Local 597 62-6105084-001 12/31 >80% >80% No 2,209 1,205 1,024 Various EIN/Plan Plan Year End Pension Protection (1) FIP/RP Plan (1) Total Company Contributions (2) Expiration Date of Collective- Bargaining Agreement (4) Pension Fund 2015 2014 2015 2014 2013 Twin City Ironworkers Pension Plan 41-6084127-001 12/31 >80% 65%-80% No 2,102 2,791 1,272 04/16 Central Laborers' Pension Fund 37-6052379-001 12/31 <65% <65% Yes 2,083 1,881 1,609 Various National Electrical Benefit Fund 53-0181657-001 12/31 >80% >80% No 1,801 1,359 2,300 Various I.B.E.W. Local 1579 Pension Plan 58-1254974-001 9/30 >80% >80% No 1,760 1,401 1,114 Various Plumbers and Pipefitters Local 520 Pension Plan 23-6489357-001 4/30 65%-80% 65%-80% Yes 1,717 1,174 1,105 Various Central States, Southeast and Southwest Areas Pension Plan 36-6044243-001 12/31 <65% <65% Yes 1,105 854 557 Various Iron Workers' Mid-America Pension Plan 36-6488227-001 12/31 >80% >80% No 1,070 1,227 2,073 Various Will County Local 174 Carpenters Pension Fund 36-2515854-001 5/31 <65% <65% Yes 1,043 189 349 Various Upstate New York Engineers Pension Fund 15-0614642-001 3/31 65%-80% 65%-80% Yes 1,020 1,806 1,667 Various Plumbers and Pipefitters Local Union 421 Pension Fund Trust 57-0524232-001 8/31 >80% >80% No 957 1,134 913 Various Plumbers and Steamfitters Local 577 Pension Plan 31-6134953-001 8/31 65%-80% 65%-80% Yes 414 1,075 500 Various Boilermakers’ National Pension Plan (Canada) 366708 12/31 N/A N/A N/A 8,645 10,795 14,033 04/19 Edmonton Pipe Industry Pension Plan (Canada) 546028 12/31 N/A N/A N/A 1,689 2,896 5,612 04/19 Alberta Ironworkers Pension Fund (Canada) 555656 12/31 N/A N/A N/A 218 787 2,775 04/19 All Other (3) 41,787 30,518 27,165 $ 137,713 $ 118,087 $ 98,995 (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 2015 contributions as a percentage of total plan contributions were not available for any of our plans. For 2014 , our contributions to the Utah Pipe Trades Pension Trust Fund, the Southern Ironworkers Pension Fund, the Plumbers and Steamfitters Local 150 Pension Fund, the I.B.E.W. Local 1579 Pension Plan, the Iron Workers' Mid-America Pension Plan, the Plumbers and Pipefitters Local Union 421 Pension Fund Trust, the Plumbers and Steamfitters Local 577 Pension Plan and the Boilermakers’ National Pension Plan (Canada) exceeded 5% of total plan contributions. For 2013 , our contributions to the Plumbers and Steamfitters Local 150 Pension Fund, the Southern Ironworkers Pension Fund, the I.B.E.W. Local 1579 Pension Plan, the Iron Workers' Mid-America Pension Plan, the Plumbers and Pipefitters Local Union 421 Pension Fund Trust, the Plumbers and Steamfitters Local 577 Pension Plan, the Boilermakers’ National Pension Plan (Canada) and the Edmonton Pipe Industry Pension Plan (Canada) 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) Our remaining contributions are to various U.S. and Canadian plans, which are individually immaterial. (4) The expiration dates of our labor agreements associated with the plans noted as “Various” above vary based upon the duration of the applicable projects. We also contribute to our multi-employer plans for annuity benefits covered under the defined contribution portion of the plans as well as health benefits. We made contributions to our multi-employer plans of $130,042 , $110,743 and $102,025 during 2015 , 2014 , and 2013 , respectively, for these additional benefits. |