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Retirement Plans | 12 Months Ended
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Dec. 31, 2014
Retirement Plans [Abstract] |
Retirement Plans | 14 Retirement Plans U.S. employees are eligible to participate in the Waters Employee Investment Plan, a 401(k) defined contribution plan, immediately upon hire. Employees may contribute from 1% to 6 0% of eligible pay on a pre-tax basis and the Company makes matching contributions of 100% for contributions up to 6% of eligible pay. Employees are 100% vested in employee and Company matching contributions. For the years ended December 31, 2014, 2013 and 2012, the Company's matching contributions amounted to $13 million, $13 million and $12 million, respectively. The Company maintains two defined benefit plans in the U.S. for which the pay credit accruals have been frozen, the Waters Retirement Plan and the Waters Retirement Restoration Plan (collectively, the “U.S. Pension Plans”). The Company also sponsors other employee benefit plans in the U.S., including a retiree healthcare plan, which provides reimbursement for medical expenses and is contributory. There are various employee benefit plans outside the United States (both defined benefit and defined contribution plans). Certain non-U.S. defined benefit plans (“Non-U.S. Pension Plans”) are included in the disclosures below, which are required under the accounting standards for retirement benefits. T he Company made one-time contributions totaling $21 million to certain of these Non-U.S. P ension P lans during 2014. The Company contributed $11 million, $12 million and $11 million in the years ended December 31, 2014, 2013 and 2012, respectively, to the non-U.S. plans (primarily defined contribution plans) which are currently outside of the scope of the required disclosures. The eligibility and vesting of non-U.S. plans are generally consistent with local laws and regulations. The net periodic pension cost is made up of several components that reflect different aspects of the Company's financial arrangements as well as the cost of benefits earned by employees. These components are determined using the projected unit credit actua rial cost method and are based on certain actuarial assumptions. The Company's accounting policy is to reflect in the projected benefit obligation all benefit changes to which the Company is committed as of the current valuation date; use a market-related value of assets to determine pension expense; amortize increases in prior service costs on a straight-line basis over the expected future service of active participants as of the date such costs are first recognized; and amortize cumulative actuarial gains and losses in excess of 10% of the larger of the market-related value of plan assets and the projected benefit obligation over the expected future service of active participants. Summary data for the U.S. Pension Plans, U.S. retiree healthcare plan and N on-U.S. Pension P lans are presented in the following tables, using the measurement dates of December 31, 2014 and 2013, respectively. The reconciliation of the projected benefit obligations at December 31, 2014 and 2013 is as follows (in thousands):
|  |  |  |  | 2014 |  | 2013
|  |  |  |  | U.S. |  | U.S. Retiree |  | Non-U.S. |  | U.S. |  | U.S. Retiree |  | Non-U.S.
|  |  |  |  | Pension |  | Healthcare |  | Pension |  | Pension |  | Healthcare |  | Pension
|  |  |  |  | Plans |  | Plan |  | Plans |  | Plans |  | Plan |  | Plans
Projected benefit obligation, January 1 |  | $ | 134,593 |  | $ | 11,020 |  | $ | 69,116 |  | $ | 145,047 |  | $ | 10,788 |  | $ | 64,857
| Service cost |  |  | - |  |  | 1,623 |  |  | 5,171 |  |  | - |  |  | 1,733 |  |  | 5,079
| Interest cost |  |  | 6,417 |  |  | 463 |  |  | 2,195 |  |  | 5,505 |  |  | 333 |  |  | 1,966
| Actuarial losses (gains) |  |  | 18,270 |  |  | 1,253 |  |  | 17,967 |  |  | (13,328) |  |  | (1,292) |  |  | (925)
| Benefits paid |  |  | (3,587) |  |  | (847) |  |  | (1,195) |  |  | (2,631) |  |  | (542) |  |  | (1,743)
| Plan amendments |  |  | - |  |  | - |  |  | 796 |  |  | - |  |  | - |  |  | 232
| Plan settlements |  |  | - |  |  | - |  |  | (2,766) |  |  | - |  |  | - |  |  | -
| Other plans |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 227
| Currency impact |  |  | - |  |  | - |  |  | (9,278) |  |  | - |  |  | - |  |  | (577)
Projected benefit obligation, December 31 |  | $ | 155,693 |  | $ | 13,512 |  | $ | 82,006 |  | $ | 134,593 |  | $ | 11,020 |  | $ | 69,116
The accumulated benefit obligations at December 31, 2014 and 2013 are as follows (in thousands):
|  |  |  | 2014 |  | 2013
|  |  |  | U.S. |  | U.S. Retiree |  | Non-U.S. |  | U.S. |  | U.S. Retiree |  | Non-U.S.
|  |  |  | Pension |  | Healthcare |  | Pension |  | Pension |  | Healthcare |  | Pension
|  |  |  | Plans |  | Plan |  | Plans |  | Plans |  | Plan |  | Plans
Accumulated benefit obligation |  | $ | 155,693 |  |  | ** |  | $ | 69,664 |  | $ | 134,592 |  |  | ** |  | $ | 58,471
** | Not applicable.
The reconciliation of the fair value of the plan assets at December 31, 2014 and 2013 is as follows (in thousands):
|  |  |  |  | 2014 |  | 2013
|  |  |  |  | U.S. |  | U.S. Retiree |  | Non-U.S. |  | U.S. |  | U.S. Retiree |  | Non-U.S.
|  |  |  |  | Pension |  | Healthcare |  | Pension |  | Pension |  | Healthcare |  | Pension
|  |  |  |  | Plans |  | Plan |  | Plans |  | Plans |  | Plan |  | Plans
Fair value of plan assets, January 1 |  | $ | 128,516 |  | $ | 6,616 |  | $ | 40,820 |  | $ | 106,572 |  | $ | 5,357 |  | $ | 35,859
| Actual return on plan assets |  |  | 7,366 |  |  | 533 |  |  | 4,170 |  |  | 19,755 |  |  | 693 |  |  | 1,948
| Company contributions |  |  | 3,592 |  |  | 392 |  |  | 24,216 |  |  | 4,820 |  |  | 290 |  |  | 4,104
| Employee contributions |  |  | - |  |  | 832 |  |  | 592 |  |  | - |  |  | 818 |  |  | 612
| Plan settlements |  |  | - |  |  | - |  |  | (2,766) |  |  | - |  |  | - |  |  | -
| Benefits paid |  |  | (3,587) |  |  | (847) |  |  | (1,195) |  |  | (2,631) |  |  | (542) |  |  | (1,743)
| Currency impact |  |  | - |  |  | - |  |  | (6,269) |  |  | - |  |  | - |  |  | 40
Fair value of plan assets, December 31 |  | $ | 135,887 |  | $ | 7,526 |  | $ | 59,568 |  | $ | 128,516 |  | $ | 6,616 |  | $ | 40,820
The summary of the funded status of the plans at December 31, 2014 and 2013 is as follows (in thousands):
|  |  |  | 2014 |  | 2013
|  |  |  | U.S. |  | U.S. Retiree |  | Non-U.S. |  | U.S. |  | U.S. Retiree |  | Non-U.S.
|  |  |  | Pension |  | Healthcare |  | Pension |  | Pension |  | Healthcare |  | Pension
|  |  |  | Plans |  | Plan |  | Plans |  | Plans |  | Plan |  | Plans
Projected benefit obligation |  | $ | (155,693) |  | $ | (13,512) |  | $ | (82,006) |  | $ | (134,593) |  | $ | (11,020) |  | $ | (69,116)
Fair value of plan assets |  |  | 135,887 |  |  | 7,526 |  |  | 59,568 |  |  | 128,516 |  |  | 6,616 |  |  | 40,820
Projected benefit obligation in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| excess of fair value of plan assets |  | $ | (19,806) |  | $ | (5,986) |  | $ | (22,438) |  | $ | (6,077) |  | $ | (4,404) |  | $ | (28,296)
The summary of the amounts recognized in the consolidated balance sheets for the plans at December 31, 2014 and 2013 is as follows (in thousands):
|  |  |  | 2014 |  | 2013
|  |  |  | U.S. |  | U.S. Retiree |  | Non-U.S. |  | U.S. |  | U.S. Retiree |  | Non-U.S.
|  |  |  | Pension |  | Healthcare |  | Pension |  | Pension |  | Healthcare |  | Pension
|  |  |  | Plans |  | Plan |  | Plans |  | Plans |  | Plan |  | Plans
Long-term assets |  | $ | - |  | $ | - |  | $ | 838 |  | $ | - |  | $ | - |  | $ | 1,370
Current liabilities |  |  | (193) |  |  | (351) |  |  | - |  |  | - |  |  | (262) |  |  | (193)
Long-term liabilities |  |  | (19,613) |  |  | (5,635) |  |  | (23,276) |  |  | (6,077) |  |  | (4,142) |  |  | (29,473)
Net amount recognized at December 31 |  | $ | (19,806) |  | $ | (5,986) |  | $ | (22,438) |  | $ | (6,077) |  | $ | (4,404) |  | $ | (28,296)
The summary of the components of net periodic pension costs for the plans for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands):
|  |  |  | 2014 |  | 2013 |  | 2012
|  |  |  | U.S. |  | U.S. Retiree |  | Non-U.S. |  | U.S. |  | U.S. Retiree |  | Non-U.S. |  | U.S. |  | U.S. Retiree |  | Non-U.S.
|  |  |  | Pension |  | Healthcare |  | Pension |  | Pension |  | Healthcare |  | Pension |  | Pension |  | Healthcare |  | Pension
|  |  |  | Plans |  | Plan |  | Plans |  | Plans |  | Plan |  | Plans |  | Plans |  | Plan |  | Plans
Service cost |  | $ | - |  | $ | 791 |  | $ | 4,579 |  | $ | - |  | $ | 915 |  | $ | 4,467 |  | $ | 9 |  | $ | 720 |  | $ | 3,752
Interest cost |  |  | 6,417 |  |  | 463 |  |  | 2,195 |  |  | 5,505 |  |  | 333 |  |  | 1,966 |  |  | 5,806 |  |  | 350 |  |  | 1,988
Expected return on plan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| assets |  |  | (9,060) |  |  | (435) |  |  | (1,520) |  |  | (8,034) |  |  | (355) |  |  | (901) |  |  | (7,619) |  |  | (287) |  |  | (838)
Settlement loss |  |  | - |  |  | - |  |  | 557 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Net amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Prior service credit |  |  | - |  |  | (51) |  |  | (176) |  |  | - |  |  | (54) |  |  | (216) |  |  | - |  |  | (54) |  |  | (267)
| Net actuarial loss (gain) |  |  | 2,216 |  |  | (35) |  |  | 375 |  |  | 3,432 |  |  | - |  |  | 516 |  |  | 3,009 |  |  | - |  |  | 367
Net periodic pension (benefit) cost |  | $ | (427) |  | $ | 733 |  | $ | 6,010 |  | $ | 903 |  | $ | 839 |  | $ | 5,832 |  | $ | 1,205 |  | $ | 729 |  | $ | 5,002
The summary of the changes in plan assets and benefit obligations recognized in other comprehensive (loss) i ncome for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands):
|  |  |  | 2014 |  | 2013 |  | 2012
|  |  |  | U.S. |  | U.S. Retiree |  | Non-U.S. |  | U.S. |  | U.S. Retiree |  | Non-U.S. |  | U.S. |  | U.S. Retiree |  | Non-U.S.
|  |  |  | Pension |  | Healthcare |  | Pension |  | Pension |  | Healthcare |  | Pension |  | Pension |  | Healthcare |  | Pension
|  |  |  | Plans |  | Plan |  | Plans |  | Plans |  | Plan |  | Plans |  | Plans |  | Plan |  | Plans
Prior service cost |  | $ | - |  | $ | - |  | $ | (796) |  | $ | - |  | $ | - |  | $ | (232) |  | $ | - |  | $ | - |  | $ | -
Net (loss) gain arising |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| during the year |  |  | (19,965) |  |  | (1,155) |  |  | (15,168) |  |  | 25,048 |  |  | 1,629 |  |  | 1,940 |  |  | (2,042) |  |  | (96) |  |  | (5,622)
Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Prior service credit |  |  | - |  |  | (51) |  |  | (176) |  |  | - |  |  | (54) |  |  | (216) |  |  | - |  |  | (54) |  |  | (267)
| Net loss (gain) |  |  | 2,216 |  |  | (35) |  |  | 932 |  |  | 3,432 |  |  | - |  |  | 516 |  |  | 3,009 |  |  | - |  |  | 367
Other Plans |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (5,970)
Currency impact |  |  | - |  |  | - |  |  | 2,287 |  |  | - |  |  | - |  |  | (497) |  |  | - |  |  | - |  |  | (424)
Total recognized in other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| comprehensive (loss) income |  | $ | (17,749) |  | $ | (1,241) |  | $ | (12,921) |  | $ | 28,480 |  | $ | 1,575 |  | $ | 1,511 |  | $ | 967 |  | $ | (150) |  | $ | (11,916)
The summary of the amounts included in accumulated other comprehensive (loss) income in stockholders' equity for the plans at December 31, 2014 and 2013 is as follows (in thousands):
|  |  |  | 2014 |  | 2013
|  |  |  | U.S. |  | U.S. Retiree |  | Non-U.S. |  | U.S. |  | U.S. Retiree |  | Non-U.S.
|  |  |  | Pension |  | Healthcare |  | Pension |  | Pension |  | Healthcare |  | Pension
|  |  |  | Plans |  | Plan |  | Plans |  | Plans |  | Plan |  | Plans
Net actuarial (loss) gain |  | $ | (45,749) |  | $ | 44 |  | $ | (23,327) |  | $ | (27,999) |  | $ | 1,233 |  | $ | (11,190)
Prior service credit |  |  | - |  |  | - |  |  | 719 |  |  | - |  |  | 52 |  |  | 1,933
Total |  | $ | (45,749) |  | $ | 44 |  | $ | (22,608) |  | $ | (27,999) |  | $ | 1,285 |  | $ | (9,257)
The summary of the amounts included in accumulated other comprehensive (loss) income expected to be included in next year's net periodic benefit cost for the plans at December 31, 2014 is as follows (in thousands):
|  | 2014
|  | U.S. |  | U.S. Retiree |  | Non-U.S.
|  | Pension |  | Healthcare |  | Pension
|  | Plans |  | Plan |  | Plans
Net actuarial loss |  | $ | (2,717) |  | $ | - |  | $ | (1,091)
Prior service credit |  |  | - |  |  | - |  |  | 121
Total |  | $ | (2,717) |  | $ | - |  | $ | (970)
The plans' investment asset mix is as follow s at December 31, 2014 and 2013:
|  |  |  | 2014 |  | 2013
|  |  |  | U.S. |  | U.S. Retiree |  | Non-U.S. |  | U.S. |  | U.S. Retiree |  | Non-U.S.
|  |  |  | Pension |  | Healthcare |  | Pension |  | Pension |  | Healthcare |  | Pension
|  |  |  | Plans |  | Plan |  | Plans |  | Plans |  | Plan |  | Plans
Equity securities |  | 75% |  | 68% |  | 4% |  | 75% |  | 59% |  | 0%
Debt securities |  | 24% |  | 30% |  | 12% |  | 24% |  | 25% |  | 0%
Cash and cash equivalents |  | 1% |  | 2% |  | 19% |  | 1% |  | 16% |  | 16%
Insurance contracts and other |  | 0% |  | 0% |  | 65% |  | 0% |  | 0% |  | 84%
Total |  | 100% |  | 100% |  | 100% |  | 100% |  | 100% |  | 100%
The plans' investment policies include the following asset allocation guidelines:
|  | U.S. Pension and U.S. Retiree |  | Non-U.S.
|  | Healthcare Plans |  | Pension Plans
|  | Policy Target |  | Range |  | Policy Target
Equity securities |  | 60% |  | 40% | - | 80% |  | 5%
Debt securities |  | 25% |  | 20% | - | 60% |  | 10%
Cash and cash equivalents |  | 5% |  | 0% | - | 20% |  | 20%
Insurance contracts and other |  | 10% |  | 0% | - | 20% |  | 65%
The asset allocation policy for the U.S. Pension Plans and U.S. retiree healthcare plan was developed in consideration of the following long-term investment objectives: achieving a return on assets consistent with the investment policy, achieving portfolio returns which exceed the average return for similarly invested funds and maximizing portfolio returns with at least a return of 2.5% above the one-year constant maturity Treasury bond yield over reasonable measurement periods and based on reasonable market cycles. Within the equity portfolio of the U.S. retirement plans, investments are diversified among market capitalization and investment strategy. The Company targets a 20% allocation of its U.S. retirement plans' equity portfolio to be invested in financial markets outside of the United States. The Company does not invest in its own stock within the U.S. retirement plans' assets. The fair value of the Company's retirement plan assets are as follows at December 31, 2014 (in thousands):
|  |  |  |  |  |  |  | Quoted Prices |  |  |  |  |  |
|  |  |  |  |  |  |  | in Active |  | Significant |  |  |
|  |  |  |  |  |  |  | Markets |  | Other |  | Significant
|  |  |  |  | Total at |  | for Identical |  | Observable |  | Unobservable
|  |  |  |  | December 31, |  | Assets |  | Inputs |  | Inputs
|  |  |  |  | 2014 |  | (Level 1) |  | (Level 2) |  | (Level 3)
U.S. Pension Plans: |  |  |  |  |  |  |  |  |  |  |  |
| Mutual funds(a) |  | $ | 124,405 |  | $ | 124,405 |  | $ | - |  | $ | -
| Common stocks(b) |  |  | 3,438 |  |  | 3,438 |  |  | - |  |  | -
| Cash equivalents(c) |  |  | 710 |  |  | - |  |  | 710 |  |  | -
| Hedge funds(d) |  |  | 7,334 |  |  | - |  |  | - |  |  | 7,334
|  | Total U.S. Pension Plans |  |  | 135,887 |  |  | 127,843 |  |  | 710 |  |  | 7,334
U.S. Retiree Healthcare Plan: |  |  |  |  |  |  |  |  |  |  |  |
| Mutual funds(e) |  |  | 7,371 |  |  | 7,371 |  |  | - |  |  | -
| Cash equivalents(c) |  |  | 155 |  |  | - |  |  | 155 |  |  | -
|  | Total U.S. Retiree Healthcare Plan |  |  | 7,526 |  |  | 7,371 |  |  | 155 |  |  | -
Non-U.S. Pension Plans: |  |  |  |  |  |  |  |  |  |  |  |
| Cash equivalents(c) |  |  | 11,367 |  |  | 11,367 |  |  | - |  |  | -
| Mutual funds(f) |  |  | 9,258 |  |  | 9,258 |  |  | - |  |  | -
| Bank and insurance investment contracts(g) |  |  | 38,943 |  |  | - |  |  | - |  |  | 38,943
|  | Total Non-U.S. Pension Plans |  |  | 59,568 |  |  | 20,625 |  |  | - |  |  | 38,943
|  |  | Total fair value of retirement plan assets |  | $ | 202,981 |  | $ | 155,839 |  | $ | 865 |  | $ | 46,277
The fair value of the Company's retirement plan assets are as follows at December 31, 2013 (in thousands):
|  |  |  |  |  |  |  | Quoted Prices |  |  |  |  |  |
|  |  |  |  |  |  |  | in Active |  | Significant |  |  |
|  |  |  |  |  |  |  | Markets |  | Other |  | Significant
|  |  |  |  | Total at |  | for Identical |  | Observable |  | Unobservable
|  |  |  |  | December 31, |  | Assets |  | Inputs |  | Inputs
|  |  |  |  | 2013 |  | (Level 1) |  | (Level 2) |  | (Level 3)
U.S. Pension Plans: |  |  |  |  |  |  |  |  |  |  |  |
| Mutual funds(h) |  | $ | 117,718 |  | $ | 117,718 |  | $ | - |  | $ | -
| Common stocks(b) |  |  | 3,123 |  |  | 3,123 |  |  | - |  |  | -
| Cash equivalents(c) |  |  | 650 |  |  | - |  |  | 650 |  |  | -
| Hedge funds(d) |  |  | 7,025 |  |  | - |  |  | - |  |  | 7,025
|  | Total U.S. Pension Plans |  |  | 128,516 |  |  | 120,841 |  |  | 650 |  |  | 7,025
U.S. Retiree Healthcare Plan: |  |  |  |  |  |  |  |  |  |  |  |
| Mutual funds(i) |  |  | 5,589 |  |  | 5,589 |  |  | - |  |  | -
| Cash equivalents(c) |  |  | 1,027 |  |  | - |  |  | 1,027 |  |  | -
|  | Total U.S. Retiree Healthcare Plan |  |  | 6,616 |  |  | 5,589 |  |  | 1,027 |  |  | -
Non-U.S. Pension Plans: |  |  |  |  |  |  |  |  |  |  |  |
| Cash equivalents(c) |  |  | 6,400 |  |  | 6,400 |  |  | - |  |  | -
| Bank and insurance investment contracts(g) |  |  | 34,420 |  |  | - |  |  | - |  |  | 34,420
|  | Total Non-U.S. Pension Plans |  |  | 40,820 |  |  | 6,400 |  |  | - |  |  | 34,420
|  |  | Total fair value of retirement plan assets |  | $ | 175,952 |  | $ | 132,830 |  | $ | 1,677 |  | $ | 41,445
The mutual fund balance in the U.S. Pension Plans are invested in the following categories: 43% in the common stock of large-cap U.S. companies, 31% in the common stock of international growth companies, and 26% in fixed income bonds issued by U.S. companies and by the U.S. government and its agencies. Represents primarily amounts invested in common stock of technology, healthcare, financial, energy and consumer staples and discretionary U.S. companies. Primarily represents money market funds held with various financial institutions. Hedge fund invests in both short and long term U.S. common stocks. Management of the hedge funds has the ability to shift investments from value to growth strategies, from large to small capitalization stocks and from a net long position to a net short position. The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 52% in the common stock of large-cap U.S. companies, 20% in the common stock of international growth companies and 28% in fixed income bonds of U.S. companies and U.S. government. The mutual fund balance in the Non-U.S. Pension Plans is invested in the following categories: 74% in international bonds and 26% in the common stock of international companies. Amount represents bank and insurance guaranteed investment contracts. The mutual fund balance in the U.S. Pension Plans are invested in the following categories: 41% in the common stock of large-cap U.S. companies, 33% in the common stock of international growth companies, and 26% in fixed income bonds issued by U.S. companies and by the U.S. government and its agencies. The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 58% in the common stock of large-cap U.S. companies, 12% in the common stock of international growth companies and 30% in fixed income bonds of U.S. companies and U.S. government. The following table summarizes the changes in fair value of the Level 3 retirement plan assets for the years ended December 31, 2014 and 2013 (in thousands):
|  |  |  |  |  |  |  |  |  | Insurance
|  |  |  |  |  |  |  |  |  | Guaranteed
|  |  |  |  |  |  | Hedge |  | Investment
|  |  |  | Total |  | Funds |  | Contracts
Fair value of assets, December 31, 2012 |  | $ | 35,963 |  | $ | 6,266 |  | $ | 29,697
| Net purchases (sales) and appreciation (depreciation) |  |  | 5,482 |  |  | 759 |  |  | 4,723
Fair value of assets, December 31, 2013 |  |  | 41,445 |  |  | 7,025 |  |  | 34,420
| Net purchases (sales) and appreciation (depreciation) |  |  | 4,832 |  |  | 309 |  |  | 4,523
Fair value of assets, December 31, 2014 |  | $ | 46,277 |  | $ | 7,334 |  | $ | 38,943
The weighted-average assumptions used to determine the benefit obligation in the consolidated balance sheets at December 31, 2014, 2013 and 2012 are as follows:
|  |  | 2014 |  | 2013 |  | 2012
|  |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Discount rate |  | 3.92% |  | 1.98% |  | 4.82% |  | 3.29% |  | 3.90% |  | 3.10%
Increases in compensation levels |  | ** |  | 2.58% |  | ** |  | 2.54% |  | ** |  | 2.59%
** Not applicable
The weighted-average assumptions used to determine the net periodic pension cost at December 31, 2014, 2013 and 2012 are as follows:
|  |  | 2014 |  | 2013 |  | 2012
|  |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Discount rate |  | 4.64% |  | 3.25% |  | 3.61% |  | 3.10% |  | 4.26% |  | 3.29%
Return on plan assets |  | 6.95% |  | 2.84% |  | 6.94% |  | 2.40% |  | 7.12% |  | 1.88%
Increases in compensation levels |  | ** |  | 2.58% |  | ** |  | 2.59% |  | ** |  | 2.91%
** Not applicable
To develop the expected long-term rate of return on assets assumption, the Company considered historical returns and future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio and historical expenses paid by the plan. A one-quarter percentage point increase in the assumed long-term rate of return on assets would decrease the Company's net periodic benefit cost for the Waters Retirement Plan by less than $1 million. A one-quarter percentage point increase in the discount rate would decrease the Company's net periodic benefit cost for the Waters Retirement Plan by less than $1 million. During fiscal year 2015, the Company expects to contribute a total of approximately $4 million to $11 million to the Company's defined benefit plans. Estimated future benefit payments as of December 31, 2014 are as follows (in thousands):
|  | U.S. Pension and |  | Non-U.S. |  |
|  | Retiree Healthcare |  | Pension |  |
|  | Plans |  | Plans |  | Total
2015 |  | $ | 7,878 |  | $ | 1,057 |  | $ | 8,935
2016 |  |  | 7,833 |  |  | 1,132 |  |  | 8,965
2017 |  |  | 8,165 |  |  | 2,334 |  |  | 10,499
2018 |  |  | 8,810 |  |  | 2,045 |  |  | 10,855
2019 |  |  | 9,879 |  |  | 1,763 |  |  | 11,642
2020 - 2024 |  |  | 58,524 |  |  | 15,363 |  |  | 73,887

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414718&loc=d3e28014-114942 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35742057&loc=SL14450702-114947 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414199&loc=d3e39622-114963 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 + Details
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