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RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2014
General Discussion of Pension and Other Postretirement Benefits [Abstract] |
Obligations and Funded Status | Obligations and Funded Status
|  | December 31,
|  | 2014 |  | 2013
Change in benefit obligations |  |  |  |
Benefit obligations at beginning of year |  | $ | 941,442 |  |  | $ | 1,033,725 |
Service cost |  | 19,062 |  |  | 23,188 |
Interest cost |  | 42,485 |  |  | 37,225 |
Plan participants' contributions |  | 215 |  |  | 221 |
Plan amendments |  | 45 |  |  | 1,623 |
Actuarial loss (gain) |  | 117,881 |  |  | (91,851 | )
Benefits paid |  | (60,582 | ) |  | (59,296 | )
Settlements/curtailments |  | (7,172 | ) |  | (1,390 | )
Currency translation |  | (7,905 | ) |  | (2,003 | )
Benefit obligations at end of year |  | 1,045,471 |  |  | 941,442 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year |  | 939,995 |  |  | 813,897 |
Actual return on plan assets |  | 108,060 |  |  | 101,044 |
Employer contributions |  | 27,550 |  |  | 85,456 |
Plan participants' contributions |  | 215 |  |  | 221 |
Benefits paid |  | (59,196 | ) |  | (57,644 | )
Settlement |  | — |  |  | (1,390 | )
Currency translation |  | (5,687 | ) |  | (1,589 | )
Fair value of plan assets at end of year |  | 1,010,937 |  |  | 939,995 |
Funded status at end of year |  | (34,534 | ) |  | (1,447 | )
Unrecognized actuarial net loss |  | 316,296 |  |  | 258,781 |
Unrecognized prior service cost |  | (1,930 | ) |  | (2,547 | )
Unrecognized transition assets, net |  | 45 |  |  | 26 |
Net amount recognized |  | $ | 279,877 |  |  | $ | 254,813 |
Amounts Recognized in Consolidated Balance Sheets | Amounts Recognized in Consolidated Balance Sheets
|  | December 31,
|  | 2014 |  | 2013
Prepaid pensions |  | $ | 1,240 |  |  | $ | 36,116 |
Accrued pension liability, current |  | (2,971 | ) |  | (10,564 | )
Accrued pension liability, long-term |  | (32,803 | ) |  | (26,999 | )
Accumulated other comprehensive loss, excluding tax effects |  | 314,411 |  |  | 256,260 |
Net amount recognized in the balance sheets |  | $ | 279,877 |  |  | $ | 254,813 |
Components of Pension Cost for Defined Benefit Plans | Components of Pension Cost for Defined Benefit Plans
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
Service cost |  | $ | 19,062 |  |  | $ | 23,188 |  |  | $ | 21,538 |
Interest cost |  | 42,485 |  |  | 37,225 |  |  | 41,584 |
Expected return on plan assets |  | (67,953 | ) |  | (61,244 | ) |  | (58,754 | )
Amortization of prior service cost |  | (616 | ) |  | (613 | ) |  | (90 | )
Amortization of net loss |  | 17,644 |  |  | 30,929 |  |  | 31,085 |
Settlement/curtailment loss |  | 1,773 |  |  | 423 |  |  | 895 |
Pension cost for defined benefit plans |  | $ | 12,395 |  |  | $ | 29,908 |  |  | $ | 36,258 |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
|  | December 31,
|  | 2014 |  | 2013
U.S. pension plans |  |  |  |
Projected benefit obligation |  | $ | 34,066 |  |  | $ | 37,355 |
Accumulated benefit obligation |  | 30,202 |  |  | 33,416 |
Fair value of plan assets |  | 11,638 |  |  | 10,028 |
Non-U.S. pension plans |  |  |  |
Projected benefit obligation |  | $ | 5,573 |  |  | $ | 7,587 |
Accumulated benefit obligation |  | 3,372 |  |  | 3,804 |
Benefits expected to be paid for the U.S. Plans | Benefit Payments for Plans Benefits expected to be paid for the U.S. plans are as follows:
Estimated Payments |
2015 | $ | 65,434 |
2016 | 72,631 |
2017 | 65,459 |
2018 | 63,777 |
2019 | 64,457 |
2020 through 2024 | 317,919 |
Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans | Assumptions Weighted average assumptions used to measure the benefit obligation for the Company's significant defined benefit plans as of December 31, 2014 and 2013 were as follows:
|  | December 31,
|  | 2014 |  | 2013
Discount Rate |  | 4.1 | % |  | 4.7 | %
Rate of increase in compensation |  | 2.8 | % |  | 4.2 | %
Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans for each of the three years ended December 31, 2014 were as follows:
|  | December 31,
|  | 2014 |  | 2013 |  | 2012
Discount rate |  | 4.7 | % |  | 3.8 | % |  | 4.2 | %
Rate of increase in compensation |  | 4.1 | % |  | 4.1 | % |  | 4.0 | %
Expected return on plan assets |  | 7.3 | % |  | 7.4 | % |  | 7.7 | %
Pension plans' assets by level within the fair value hierarchy | The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2014:
|  | Pension Plans' Assets at Fair Value as of December 31, 2014
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash and cash equivalents |  | $ | 4,873 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,873 |
Fixed income securities (1) |  |  |  |  |  |  |  |
U.S. government bonds |  | 27,305 |  |  | — |  |  | — |  |  | 27,305 |
Corporate debt and other obligations |  | — |  |  | 212,326 |  |  | — |  |  | 212,326 |
Common trusts and 103-12 investments (2) |  |  |  |  |  |  |  |
Cash and cash equivalents |  | — |  |  | 7,499 |  |  | — |  |  | 7,499 |
Common trusts and 103-12 investments |  | — |  |  | 720,919 |  |  | — |  |  | 720,919 |
Private equity funds (3) |  | — |  |  | — |  |  | 38,015 |  |  | 38,015 |
Total assets at fair value |  | $ | 32,178 |  |  | $ | 940,744 |  |  | $ | 38,015 |  |  | $ | 1,010,937 |
The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2013:
|  | Pension Plans' Assets at Fair Value as of December 31, 2013
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Common trusts and 103-12 investments (2) |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 4,686 |  |  | $ | — |  |  | $ | 4,686 |
Common trusts and 103-12 investments |  | — |  |  | 902,746 |  |  | — |  |  | 902,746 |
Private equity funds (3) |  | — |  |  | — |  |  | 32,563 |  |  | 32,563 |
Total assets at fair value |  | $ | — |  |  | $ | 907,432 |  |  | $ | 32,563 |  |  | $ | 939,995 |
_______________________________________________________________________________
(1) | Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded.
(2) | Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes, and money markets. Trusts are valued at the net asset value ("NAV") as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.
(3) | Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.
Summary of changes in the fair value of the Level 3 pension plans' assets | The table below sets forth a summary of changes in the fair value of the Level 3 pension plans' assets for the year ended December 31, 2014:
|  | Private Equity Funds
Balance at the beginning of year |  | $ | 32,563 |
Purchases, sales, issuances and settlements |  | (283 | )
Realized and unrealized gains |  | 5,735 |
Balance at the end of year |  | $ | 38,015 |
The amount of total gains during the period attributable to the change in unrealized gains relating to Level 3 net assets still held at the reporting date |  | $ | 4,887 |

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