Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 9.EMPLOYEE BENEFIT PLANS |
Defined Benefit Pension Plans |
The Company sponsors defined benefit pension plans that cover certain U.S., Canadian, German, and United Kingdom employees and which provide benefits of stated amounts for each year of service of the employee. The Company uses a December 31 measurement date for the plans. |
The following tables provide information regarding the Company’s defined benefit pension plans summarized by U.S. and international components. |
Obligations and Funded Status |
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| U.S. | | | International | | | | | | | | | | | | |
In thousands | 2014 | | | 2013 | | | 2014 | | | 2013 | | | | | | | | | | | | |
Change in projected benefit obligation | | | | | | | | | | | | | | | | | | | | | | | | | | |
Obligation at beginning of year | $ | (47,090 | ) | | $ | (52,226 | ) | | $ | (170,931 | ) | | $ | (163,507 | ) | | | | | | | | | | | |
Service cost | | (334 | ) | | | (432 | ) | | | (2,138 | ) | | | (2,035 | ) | | | | | | | | | | | |
Interest cost | | (2,070 | ) | | | (1,960 | ) | | | (8,102 | ) | | | (6,661 | ) | | | | | | | | | | | |
Employee contributions | | - | | | | - | | | | (385 | ) | | | (442 | ) | | | | | | | | | | | |
Plan curtailments and amendments | | - | | | | - | | | | 473 | | | | 34 | | | | | | | | | | | | |
Benefits paid | | 5,083 | | | | 3,586 | | | | 7,616 | | | | 6,554 | | | | | | | | | | | | |
Expenses and premiums paid | | - | | | | - | | | | - | | | | 360 | | | | | | | | | | | | |
Acquisition | | - | | | | - | | | | (39,381 | ) | | | - | | | | | | | | | | | | |
Actuarial (loss) gain | | (5,743 | ) | | | 3,942 | | | | (23,335 | ) | | | (7,860 | ) | | | | | | | | | | | |
Effect of currency rate changes | | - | | | | - | | | | 16,958 | | | | 2,626 | | | | | | | | | | | | |
Obligation at end of year | $ | (50,154 | ) | | $ | (47,090 | ) | | $ | (219,225 | ) | | $ | (170,931 | ) | | | | | | | | | | | |
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Change in plan assets | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value of plan assets at beginning of year | $ | 42,980 | | | $ | 42,403 | | | $ | 156,705 | | | $ | 144,089 | | | | | | | | | | | | |
Actual return on plan assets | | 3,606 | | | | 4,163 | | | | 17,363 | | | | 17,273 | | | | | | | | | | | | |
Employer contributions | | - | | | | - | | | | 6,036 | | | | 4,810 | | | | | | | | | | | | |
Employee contributions | | - | | | | - | | | | 385 | | | | 442 | | | | | | | | | | | | |
Benefits paid | | (5,083 | ) | | | (3,586 | ) | | | (7,616 | ) | | | (6,554 | ) | | | | | | | | | | | |
Expenses and premiums paid | | - | | | | - | | | | - | | | | (360 | ) | | | | | | | | | | | |
Acquisition | | - | | | | - | | | | 23,444 | | | | - | | | | | | | | | | | | |
Effect of currency rate changes | | - | | | | - | | | | (14,063 | ) | | | (2,995 | ) | | | | | | | | | | | |
Fair value of plan assets at end of year | $ | 41,503 | | | $ | 42,980 | | | $ | 182,254 | | | $ | 156,705 | | | | | | | | | | | | |
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Funded status | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value of plan assets | $ | 41,503 | | | $ | 42,980 | | | $ | 182,254 | | | $ | 156,705 | | | | | | | | | | | | |
Benefit obligations | | (50,154 | ) | | | (47,090 | ) | | | (219,225 | ) | | | (170,931 | ) | | | | | | | | | | | |
Funded status | $ | (8,651 | ) | | $ | (4,110 | ) | | $ | (36,971 | ) | | $ | (14,226 | ) | | | | | | | | | | | |
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Amounts recognized in the statement of financial position consist of: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Noncurrent assets | $ | - | | | $ | - | | | $ | 2,424 | | | $ | 3,554 | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | (398 | ) | | | (44 | ) | | | | | | | | | | | |
Noncurrent liabilities | | (8,651 | ) | | | (4,110 | ) | | | (38,997 | ) | | | (17,736 | ) | | | | | | | | | | | |
Net amount recognized | $ | (8,651 | ) | | $ | (4,110 | ) | | $ | (36,971 | ) | | $ | (14,226 | ) | | | | | | | | | | | |
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Amounts recognized in accumulated other comprehensive income (loss) consist of: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Noncurrent assets | $ | - | | | $ | - | | | $ | (449 | ) | | $ | (647 | ) | | | | | | | | | | | |
Current liabilities | | (13 | ) | | | (36 | ) | | | (157 | ) | | | (223 | ) | | | | | | | | | | | |
Noncurrent liabilities | | (24,665 | ) | | | (22,249 | ) | | | (49,180 | ) | | | (40,359 | ) | | | | | | | | | | | |
Net amount recognized | $ | (24,678 | ) | | $ | (22,285 | ) | | $ | (49,786 | ) | | $ | (41,229 | ) | | | | | | | | | | | |
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The aggregate accumulated benefit obligation for the U.S. pension plans was $49.3 million and $46.3 million as of December 31, 2014 and 2013, respectively. The aggregate accumulated benefit obligation for the international pension plans was $138.4 million and $108.2 million as of December 31, 2014 and 2013, respectively. |
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| U.S. | | | International | | | | | | | | | | | | |
In thousands | 2014 | | | 2013 | | | 2014 | | | 2013 | | | | | | | | | | | | |
Information for pension plans with accumulated benefit obligations in | | | | | | | | | | | | | | | | | | | | | | | | | | |
excess of Plan assets: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Projected benefit obligation | $ | (50,154 | ) | | $ | (47,090 | ) | | $ | (143,121 | ) | | $ | (117,717 | ) | | | | | | | | | | | |
Accumulated benefit obligation | | (49,303 | ) | | | (46,316 | ) | | | (138,443 | ) | | | (108,182 | ) | | | | | | | | | | | |
Fair value of plan assets | | 41,503 | | | | 42,980 | | | | 104,232 | | | | 100,798 | | | | | | | | | | | | |
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Information for pension plans with projected benefit obligations in | | | | | | | | | | | | | | | | | | | | | | | | | | |
excess of plan assets: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Projected benefit obligation | $ | (50,154 | ) | | $ | (47,090 | ) | | $ | (151,920 | ) | | $ | (126,998 | ) | | | | | | | | | | | |
Fair value of plan assets | | 41,503 | | | | 42,980 | | | | 112,526 | | | | 109,219 | | | | | | | | | | | | |
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Components of Net Periodic Benefit Costs |
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| | U.S. | | | International | | | |
In thousands | | 2014 | | | 2013 | | | 2012 | | | 2014 | | | 2013 | | | 2012 | | | |
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Service cost | | $ | 334 | | | $ | 432 | | | $ | 379 | | | $ | 2,138 | | | $ | 2,035 | | | $ | 2,006 | | | |
Interest cost | | | 2,070 | | | | 1,960 | | | | 2,113 | | | | 8,102 | | | | 6,661 | | | | 7,114 | | | |
Expected return on plan assets | | | (2,476 | ) | | | (2,977 | ) | | | (3,095 | ) | | | (9,646 | ) | | | (8,418 | ) | | | (8,132 | ) | | |
Amortization of initial net obligation and prior service cost | | | 23 | | | | 62 | | | | 62 | | | | 248 | | | | 270 | | | | 322 | | | |
Amortization of net loss | | | 2,197 | | | | 3,180 | | | | 2,968 | | | | 2,768 | | | | 3,107 | | | | 2,412 | | | |
Settlement and curtailment losses recognized | | | - | | | | - | | | | - | | | | (390 | ) | | | 168 | | | | 1,149 | | | |
Net periodic benefit cost | | $ | 2,148 | | | $ | 2,657 | | | $ | 2,427 | | | $ | 3,220 | | | $ | 3,823 | | | $ | 4,871 | | | |
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Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income during 2014 are as follows: |
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In thousands | | U.S. | | | International | | | | | | | | | | | | | | | | | | | |
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Net (loss) gain arising during the year | | $ | (4,613 | ) | | $ | (15,098 | ) | | | | | | | | | | | | | | | | | | |
Effect of exchange rates | | | - | | | | 3,918 | | | | | | | | | | | | | | | | | | | |
Amortization, settlement, or curtailment recognition of net transition obligation | | | - | | | | 168 | | | | | | | | | | | | | | | | | | | |
Amortization or curtailment recognition of prior service cost | | | 23 | | | | (313 | ) | | | | | | | | | | | | | | | | | | |
Amortization or settlement recognition of net loss | | | 2,197 | | | | 2,768 | | | | | | | | | | | | | | | | | | | |
Total recognized in other comprehensive (loss) income | | $ | (2,393 | ) | | $ | (8,557 | ) | | | | | | | | | | | | | | | | | | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | | $ | (4,541 | ) | | $ | (11,777 | ) | | | | | | | | | | | | | | | | | | |
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The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. |
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| | U.S. | | | International | | | |
| | 2014 | | | 2013 | | | 2012 | | | 2014 | | | 2013 | | | 2012 | | | |
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Discount rate | | | 3.95 | % | | | 4.7 | % | | | 3.9 | % | | | 3.48 | % | | | 4.43 | % | | | 4.3 | % | | |
Expected return on plan assets | | | 5.7 | % | | | 6.2 | % | | | 7.5 | % | | | 5.79 | % | | | 6.07 | % | | | 6.09 | % | | |
Rate of compensation increase | | | 3 | % | | | 3 | % | | | 3 | % | | | 3.1 | % | | | 3.59 | % | | | 3.1 | % | | |
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The discount rate is based on settling the pension obligation with high grade, high yield corporate bonds, and the rate of compensation increase is based on actual experience. The expected return on plan assets is based on historical performance as well as expected future rates of return on plan assets considering the current investment portfolio mix and the long-term investment strategy. |
As of December 31, 2014 the following table represents the amounts included in other comprehensive loss that are expected to be recognized as components of periodic benefit costs in 2015. |
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In thousands | | U.S. | | | International | | | | | | | | | | | | | | | | | | | |
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Net transition obiligation | | $ | - | | | $ | 159 | | | | | | | | | | | | | | | | | | | |
Prior service cost | | | 3 | | | | 61 | | | | | | | | | | | | | | | | | | | |
Net actuarial loss | | | 1,062 | | | | 2,519 | | | | | | | | | | | | | | | | | | | |
| | $ | 1,065 | | | $ | 2,739 | | | | | | | | | | | | | | | | | | | |
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Pension Plan Assets |
The Company has established formal investment policies for the assets associated with our pension plans. Objectives include maximizing long-term return at acceptable risk levels and diversifying among asset classes. Asset allocation targets are based on periodic asset liability study results which help determine the appropriate investment strategies. The investment policies permit variances from the targets within certain parameters. The plan assets consist primarily of equity security funds, debt security funds, and temporary cash and cash equivalent investments. The assets held in these funds are generally passively managed and are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. Generally, all plan assets are considered Level 2 based on the fair value valuation hierarchy (See Note 17 “Fair Value Measurement” included herein). Plan assets by asset category at December 31, 2014 and 2013 are as follows: |
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| | U.S. | | | International | | | | | | | | | | | |
In thousands | | 2014 | | | 2013 | | | 2014 | | | 2013 | | | | | | | | | | | |
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Pension Plan Assets | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity security funds | | $ | 20,696 | | | $ | 21,562 | | | $ | 99,715 | | | $ | 84,699 | | | | | | | | | | | |
Debt security funds and other | | | 20,034 | | | | 20,749 | | | | 78,510 | | | | 66,238 | | | | | | | | | | | |
Cash and cash equivalents | | | 773 | | | | 669 | | | | 4,029 | | | | 5,768 | | | | | | | | | | | |
Fair value of plan assets | | $ | 41,503 | | | $ | 42,980 | | | $ | 182,254 | | | $ | 156,705 | | | | | | | | | | | |
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The U.S., Canadian and German pension plans have a target asset allocation of 50% equity securities and 50% debt securities. The United Kingdom plan has a target asset allocation of 62.5% equity securities and 37.5% debt securities. Investment policies are determined by the respective Plan’s Pension Committee and set forth in its Investment Policy. Rebalancing of the asset allocation occurs on a quarterly basis. |
Cash Flows |
The Company’s funding methods are based on governmental requirements and differ from those methods used to recognize pension expense. The Company expects to contribute $6.1 million to the international plans and does not expect to make a contribution to the U.S. plans during 2015. |
Benefit payments expected to be paid to plan participants are as follows: |
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In thousands | | U.S. | | | International | | | | | | | | | | | | | | | | | | | |
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Year ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | |
2015 | | $ | 3,382 | | | $ | 7,825 | | | | | | | | | | | | | | | | | | | |
2016 | | | 3,377 | | | | 7,582 | | | | | | | | | | | | | | | | | | | |
2017 | | | 3,457 | | | | 8,028 | | | | | | | | | | | | | | | | | | | |
2018 | | | 3,409 | | | | 8,197 | | | | | | | | | | | | | | | | | | | |
2019 | | | 3,460 | | | | 8,451 | | | | | | | | | | | | | | | | | | | |
2020 through 2024 | | | 16,602 | | | | 45,604 | | | | | | | | | | | | | | | | | | | |
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Post Retirement Benefit Plans |
In addition to providing pension benefits, the Company has provided certain unfunded postretirement health care and life insurance benefits for a portion of North American employees. The Company is not obligated to pay health care and life insurance benefits to individuals who had retired prior to 1990. |
The Company uses a December 31 measurement date for all post retirement plans. The following tables provide information regarding the Company’s post retirement benefit plans summarized by U.S. and international components. |
Obligations and Funded Status |
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| U.S. | | | International | | | | | | | | | | | | |
In thousands | 2014 | | | 2013 | | | 2014 | | | 2013 | | | | | | | | | | | | |
Change in projected benefit obligation | | | | | | | | | | | | | | | | | | | | | | | | | | |
Obligation at beginning of year | $ | (25,860 | ) | | $ | (33,807 | ) | | $ | (3,871 | ) | | $ | (4,296 | ) | | | | | | | | | | | |
Service cost | | (29 | ) | | | (47 | ) | | | (47 | ) | | | (48 | ) | | | | | | | | | | | |
Interest cost | | (1,155 | ) | | | (1,113 | ) | | | (173 | ) | | | (172 | ) | | | | | | | | | | | |
Benefits paid | | 978 | | | | 2,641 | | | | 66 | | | | 220 | | | | | | | | | | | | |
Actuarial (loss) gain | | (5,806 | ) | | | 6,466 | | | | (238 | ) | | | 153 | | | | | | | | | | | | |
Effect of currency rate changes | | - | | | | - | | | | 358 | | | | 272 | | | | | | | | | | | | |
Obligation at end of year | $ | (31,872 | ) | | $ | (25,860 | ) | | $ | (3,905 | ) | | $ | (3,871 | ) | | | | | | | | | | | |
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Change in plan assets | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value of plan assets at beginning of year | $ | - | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | |
Employer contributions | | 978 | | | | 1,158 | | | | 162 | | | | 220 | | | | | | | | | | | | |
Benefits paid | | (978 | ) | | | (1,158 | ) | | | (162 | ) | | | (220 | ) | | | | | | | | | | | |
Fair value of plan assets at end of year | $ | - | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | |
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Funded status | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value of plan assets | $ | - | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | |
Benefit obilgations | | (31,872 | ) | | | (25,860 | ) | | | (3,905 | ) | | | (3,871 | ) | | | | | | | | | | | |
Funded status | $ | (31,872 | ) | | $ | (25,860 | ) | | $ | (3,905 | ) | | $ | (3,871 | ) | | | | | | | | | | | |
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| U.S. | | | International | | | | | | | | | | | | |
In thousands | 2014 | | | 2013 | | | 2014 | | | 2013 | | | | | | | | | | | | |
Amounts recognized in the statement of financial position consist of: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | $ | (1,305 | ) | | $ | (1,357 | ) | | $ | (212 | ) | | $ | (217 | ) | | | | | | | | | | | |
Noncurrent liabilities | | (30,567 | ) | | | (24,503 | ) | | | (3,693 | ) | | | (3,654 | ) | | | | | | | | | | | |
Net amount recognized | $ | (31,872 | ) | | $ | (25,860 | ) | | $ | (3,905 | ) | | $ | (3,871 | ) | | | | | | | | | | | |
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Amounts recognized in accumulated other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | |
consist of: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Initial net obligation | $ | - | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | |
Prior service credit | | 8,993 | | | | 11,722 | | | | 32 | | | | 44 | | | | | | | | | | | | |
Net actuarial (loss) gain | | (26,096 | ) | | | (21,619 | ) | | | 422 | | | | 761 | | | | | | | | | | | | |
Net amount recognized | $ | (17,103 | ) | | $ | (9,897 | ) | | $ | 454 | | | $ | 805 | | | | | | | | | | | | |
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Components of Net Periodic Benefit Cost |
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| | U.S. | | | International | | | |
In thousands | | 2014 | | | 2013 | | | 2012 | | | 2014 | | | 2013 | | | 2012 | | | |
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Service cost | | $ | 29 | | | $ | 47 | | | $ | 24 | | | $ | 47 | | | $ | 48 | | | $ | 45 | | | |
Interest cost | | | 1,155 | | | | 1,113 | | | | 1,387 | | | | 173 | | | | 172 | | | | 201 | | | |
Amortization of initial net obligation and prior service cost | | | (2,730 | ) | | | (2,689 | ) | | | (2,608 | ) | | | (8 | ) | | | (211 | ) | | | (240 | ) | | |
Amortization of net loss (gain) | | | 1,330 | | | | 1,634 | | | | 1,790 | | | | (141 | ) | | | (93 | ) | | | (90 | ) | | |
Net periodic benefit (credit) cost | | $ | (216 | ) | | $ | 105 | | | $ | 593 | | | $ | 71 | | | $ | (84 | ) | | $ | (84 | ) | | |
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Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income during 2014 are as follows: |
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In thousands | | U.S. | | | International | | | | | | | | | | | | | | | | | | | |
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Net loss arising during the year | | $ | (5,806 | ) | | $ | (149 | ) | | | | | | | | | | | | | | | | | | |
Effect of exchange rates | | | - | | | | (53 | ) | | | | | | | | | | | | | | | | | | |
Amortization or curtailment recognition of prior service cost | | | (2,730 | ) | | | (96 | ) | | | | | | | | | | | | | | | | | | |
Amortization or settlement recognition of net loss (gain) | | | 1,330 | | | | (53 | ) | | | | | | | | | | | | | | | | | | |
Total recognized in other comprehensive income (loss) | | $ | (7,206 | ) | | $ | (351 | ) | | | | | | | | | | | | | | | | | | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | | $ | (6,990 | ) | | $ | (422 | ) | | | | | | | | | | | | | | | | | | |
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The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. The discount rate is based on settling the pension obligation with high grade, high yield corporate bonds. |
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| | U.S. | | | International | | | |
| | 2014 | | | 2013 | | | 2012 | | | 2014 | | | 2013 | | | 2012 | | | |
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Discount rate | | | 3.95 | % | | | 4.7 | % | | | 3.9 | % | | | 3.96 | % | | | 4.6 | % | | | 4.3 | % | | |
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As of December 31, 2014 the following table represents the amounts included in other comprehensive loss that are expected to be recognized as components of periodic benefit costs in 2015. |
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In thousands | | U.S. | | | International | | | | | | | | | | | | | | | | | | | |
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Prior service cost | | | (2,294 | ) | | | (8 | ) | | | | | | | | | | | | | | | | | | |
Net actuarial loss (gain) | | | 1,355 | | | | (33 | ) | | | | | | | | | | | | | | | | | | |
| | $ | (939 | ) | | $ | (41 | ) | | | | | | | | | | | | | | | | | | |
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The assumed health care cost trend rate for the U.S. plans grades from an initial rate of 6.80% to an ultimate rate of 4.5% by 2027 and for international plans from 6.91% to 4.54% by 2027. A 1% increase in the assumed health care cost trend rate will increase the service and interest cost components of the expense recognized for the U.S. and international postretirement plans by approximately $145,000 and $16,000, respectively, for 2014, and increase the accumulated postretirement benefit obligation by approximately $4.7 million and $276,000, respectively. A 1% decrease in the assumed health care cost trend rate will decrease the service and interest cost components of the expense recognized for the U.S. and international postretirement plans by approximately $124,000 and $14,000, respectively, for 2014, and decrease the accumulated postretirement benefit obligation by approximately $3.9 million and $247,000, respectively. |
Cash Flows |
Benefit payments expected to be paid to plan participants are as follows: |
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In thousands | | U.S. | | | International | | | | | | | | | | | | | | | | | | | |
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Year ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | |
2015 | | $ | 1,305 | | | $ | 212 | | | | | | | | | | | | | | | | | | | |
2016 | | | 1,378 | | | | 217 | | | | | | | | | | | | | | | | | | | |
2017 | | | 1,406 | | | | 216 | | | | | | | | | | | | | | | | | | | |
2018 | | | 1,504 | | | | 226 | | | | | | | | | | | | | | | | | | | |
2019 | | | 1,596 | | | | 241 | | | | | | | | | | | | | | | | | | | |
2020 through 2024 | | | 9,247 | | | | 1,405 | | | | | | | | | | | | | | | | | | | |
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Defined Contribution Plans |
The Company also participates in certain defined contribution plans and multiemployer pension plans. Costs recognized under these plans are summarized as follows: |
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| | For the year ended | | | | | | | | | | | | | | | |
| | December 31, | | | | | | | | | | | | | | | |
In thousands | | 2014 | | | 2013 | | | 2012 | | | | | | | | | | | | | | | |
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Multi-employer pension and health & welfare plans | | $ | 2,405 | | | $ | 2,678 | | | $ | 2,122 | | | | | | | | | | | | | | | |
401(k) savings and other defined contribution plans | | | 19,925 | | | | 17,291 | | | | 14,394 | | | | | | | | | | | | | | | |
Total | | $ | 22,330 | | | $ | 19,969 | | | $ | 16,516 | | | | | | | | | | | | | | | |
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The 401(k) savings plan is a participant directed defined contribution plan that holds shares of the Company’s stock as one of the investment options. At December 31, 2014 and 2013, the plan held on behalf of its participants about 670,322 shares with a market value of $58.2 million, and 713,200 shares with a market value of $53.0 million, respectively. |
Additionally, the Company has stock option based benefit and other plans further described in Note 12. |
The Company contributes to several multiemployer defined benefit pension plans under collective bargaining agreements that cover certain of its union-represented employees. The risks of participating in such plans are different from the risks of single-employer plans. Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. If the Company ceases to have an obligation to contribute to the multiemployer plan in which it had been a contributing employer, it may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of the Company’s participation in the plan prior to the cessation of its obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability. |
The Company’s participation in multiemployer plans for the year ended December 31, 2014 is outlined in the table below. For plans that are not individually significant to the Company, the total amount of contributions is presented in the aggregate. |
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| | | | | Pension Protection | | | | Contributions by | | | | | Expiration | |
| | | | | Act Zone Status (b) | | FIP/ | | the Company | | | | | Dates of | |
| | | | | | | | | RP Status | | | | | | | | | | | | | | Surcharge | | Collective | |
| | | | | | | | | Pending/ | | | | | | | | | | | | | | Imposed | | Bargaining | |
| Pension Fund | | EIN/PN (a) | | 2012 | | 2011 | | Implemented (c) | | 2014 | | | 2013 | | | 2012 | | | (d) | | Agreements | |
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| Idaho Operating Engineers- | | EIN # 91 - 6075538 | | Green | | Green | | No | | $ | 1,745 | | -1 | $ | 2,154 | | -1 | $ | 1,803 | | -1 | No | | 6/30/15 | |
| Employers Pension Trust Fund | | Plan #001 | | | | | | | | | | | | | | | | | | | | | | | |
| Automobile Mechanics' Local No 701 Union and | | EIN # 36 - 6042061 | | Red | | Red | | Yes (2) | | $ | 660 | | | $ | 524 | | | $ | 310 | | | Yes (3) | | 12/11/17 | |
| Industry Pension Plan | | Plan #001 | | | | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | Other Plans | | $ | - | | | $ | - | | | $ | 9 | | | | | | |
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| | | | | | | | | Total Contributions | | $ | 2,405 | | | $ | 2,678 | | | $ | 2,122 | | | | | | |
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-1 | The Company’s contribution represents more than 5% of the total contributions to the plan. | | | | | | | | | | | | | | | | | | | | | | | | | |
-2 | The Pension Fund’s board adopted a Rehabilitation Plan on September 30, 2012, increasing the weekly pension fund contribution rates by $75 with corresponding decreases to the weekly welfare fund contribution rates. | | | | | | | | | | | | | | | | | | | | | | | | | |
-3 | Critical status triggered a 5% surcharge on employer contributions effective June 2012. Effective January 1, 2013, this surcharge increases to 10% and remains in effect until the Company’s union adopts the Rehabilitation Plan. | | | | | | | | | | | | | | | | | | | | | | | | | |
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(a) | The “EIN / PN” column provides the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service. | | | | | | | | | | | | | | | | | | | | | | | | | |
(b) | The most recent Pension Protection Act Zone Status available for 2012 and 2011 is for plan years that ended in 2012 and 2011, respectively. The zone status is based on information provided to the Company and other participating employers by each plan and is certified by the plan’s actuary. A plan in the “red” zone has been determined to be in “critical status”, based on criteria established under the Internal Revenue Code (“Code”), and is generally less than 65% funded. A plan in the “yellow” zone has been determined to be in “endangered status”, based on criteria established under the Code, and is generally less than 80% funded. A plan in the “green” zone has been determined to be neither in “critical status” nor in “endangered status”, and is generally at least 80% funded. | | | | | | | | | | | | | | | | | | | | | | | | | |
(c) | The “FIP/RP Status Pending/Implemented” column indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the “yellow” zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the “red” zone, is pending or has been implemented as of the end of the plan year that ended in 2014. | | | | | | | | | | | | | | | | | | | | | | | | | |
(d) | The “Surcharge Imposed” column indicates whether the Company’s contribution rate for 2014 included an amount in addition the contribution rate specified in the applicable collective bargaining agreement, as imposed by a plan in “critical status”, in accordance with the requirements of the Code. | | | | | | | | | | | | | | | | | | | | | | | | | |