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Retirement Benefits | 12 Months Ended
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Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract] |
Retirement Benefits | Retirement Benefits The Company sponsors several qualified and nonqualified pension plans and other postretirement plans for its employees. The Company uses a measurement date of December 31 for its defined benefit pension plans and post retirement medical plans. The Company employs the measurement date provisions of ASC 715, Compensation-Retirement Benefits, which require the measurement date of plan assets and liabilities to coincide with the sponsor’s year end. During 2016, the Company offered a voluntary lump-sum pension payment opportunity to certain terminated vested U.S. pension plan participants. Total lump-sum payments of $11.0 million were made for those participants electing to receive lump sums using pension plan assets. The Company recognized pretax settlement losses of $3.5 million in the fourth quarter of 2016 for those plans where the settlement payment exceeded the sum of the plans' service and interest costs. The following table provides a reconciliation of the changes in the benefit obligations and fair value of plan assets over the two-year period ended December 31, 2016, and a statement of the funded status at December 31 for both years.
| Pension Benefits |  | Other Benefits
| 2016 |  | 2015 |  | 2016 |  | 2015
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  |  |  |
| (In thousands)
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1 | $ | 98,476 |  |  | $ | 58,063 |  |  | $ | 102,312 |  |  | $ | 69,488 |  |  | $ | 20,400 |  |  | $ | 22,855 |
Service cost | 1,016 |  |  | 1,627 |  |  | 1,279 |  |  | 1,506 |  |  | 601 |  |  | 673 |
Interest cost | 3,043 |  |  | 1,429 |  |  | 3,770 |  |  | 1,734 |  |  | 811 |  |  | 833 |
Plan amendments | — |  |  | — |  |  | 113 |  |  | — |  |  | — |  |  | — |
Benefits paid | (3,140 | ) |  | (2,023 | ) |  | (3,985 | ) |  | (2,448 | ) |  | (718 | ) |  | (622 | )
Actuarial loss (gain) | 1,987 |  |  | 6,844 |  |  | (5,013 | ) |  | (6,909 | ) |  | (1,990 | ) |  | (2,966 | )
Currency translation | — |  |  | (6,988 | ) |  | — |  |  | (5,308 | ) |  | 52 |  |  | (373 | )
Settlements | (11,126 | ) |  | (819 | ) |  | — |  |  | — |  |  | — |  |  | — |
Acquisition/Divestiture | — |  |  | 29,491 |  |  | — |  |  | — |  |  | 5,480 |  |  | — |
Other | — |  |  | 140 |  |  | — |  |  | — |  |  | — |  |  | — |
Obligation at December 31 | $ | 90,256 |  |  | $ | 87,764 |  |  | $ | 98,476 |  |  | $ | 58,063 |  |  | $ | 24,636 |  |  | $ | 20,400 |
CHANGE IN PLAN ASSETS |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 77,575 |  |  | $ | 20,645 |  |  | $ | 79,687 |  |  | $ | 22,152 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 6,740 |  |  | 2,470 |  |  | (2,587 | ) |  | 205 |  |  | — |  |  | — |
Employer contributions | 3,639 |  |  | 1,974 |  |  | 4,460 |  |  | 1,837 |  |  | 718 |  |  | 622 |
Benefits paid | (3,140 | ) |  | (2,023 | ) |  | (3,985 | ) |  | (2,448 | ) |  | (718 | ) |  | (622 | )
Currency translation | — |  |  | (4,108 | ) |  | — |  |  | (1,101 | ) |  | — |  |  | — |
Settlements | (11,126 | ) |  | (819 | ) |  | — |  |  | — |  |  | — |  |  | — |
Acquisition/Divestiture | — |  |  | 14,307 |  |  | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | 140 |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value of plan assets at December 31 | $ | 73,688 |  |  | $ | 32,586 |  |  | $ | 77,575 |  |  | $ | 20,645 |  |  | $ | — |  |  | $ | — |
Funded status at December 31 | $ | (16,568 | ) |  | $ | (55,178 | ) |  | $ | (20,901 | ) |  | $ | (37,418 | ) |  | $ | (24,636 | ) |  | $ | (20,400 | )
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Current liabilities | $ | (729 | ) |  | $ | (1,005 | ) |  | $ | (743 | ) |  | $ | (875 | ) |  | $ | (1,044 | ) |  | $ | (911 | )
Other noncurrent liabilities | (15,839 | ) |  | (54,173 | ) |  | (20,158 | ) |  | (36,543 | ) |  | (23,592 | ) |  | (19,489 | )
Net liability at December 31 | $ | (16,568 | ) |  | $ | (55,178 | ) |  | $ | (20,901 | ) |  | $ | (37,418 | ) |  | $ | (24,636 | ) |  | $ | (20,400 | )
The accumulated benefit obligation (“ABO”) for all defined benefit pension plans was $176.7 million and $150.4 million at December 31, 2016 and 2015, respectively. The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2016 and 2015 were as follows:
| U.S. Plans |  | Non-U.S. Plans
| 2016 |  | 2015 |  | 2016 |  | 2015
Discount rate | 3.91 | % |  | 4.12 | % |  | 1.76 | % |  | 2.99 | %
Rate of compensation increase | 4.00 | % |  | 4.00 | % |  | 2.29 | % |  | 2.98 | %
The pretax amounts recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of December 31, 2016 and 2015 were as follows:
| Pension Benefits |  | Other Benefits
| 2016 |  | 2015 |  | 2016 |  | 2015
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S |  |  |  |
| (In thousands)
Prior service cost (credit) | $ | 110 |  |  | $ | (77 | ) |  | $ | 135 |  |  | $ | (38 | ) |  | $ | (849 | ) |  | $ | (1,215 | )
Net loss | 27,860 |  |  | (17,643 | ) |  | 33,461 |  |  | 15,330 |  |  | (3,852 | ) |  | (2,197 | )
Total | $ | 27,970 |  |  | $ | (17,720 | ) |  | $ | 33,596 |  |  | $ | 15,292 |  |  | $ | (4,701 | ) |  | $ | (3,412 | )
The amounts in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet as of December 31, 2016, that are expected to be recognized as components of net periodic benefit cost during 2017 are as follows:
| U.S. Pension Benefit Plans |  | Non-U.S. Pension Benefit Plans |  | Other Benefit Plans |  | Total
| (In thousands)
Prior service cost (credit) | $ | 24 |  |  | $ | 9 |  |  | $ | (366 | ) |  | $ | (333 | )
Net loss | 2,542 |  |  | 1,493 |  |  | (427 | ) |  | 3,608 |
Total | $ | 2,566 |  |  | $ | 1,502 |  |  | $ | (793 | ) |  | $ | 3,275 |
The components of, and the weighted average assumptions used to determine, the net periodic benefit cost for the plans in 2016, 2015 and 2014 are as follows:
| Pension Benefits
| 2016 |  | 2015 |  | 2014
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
| (In thousands)
Service cost | $ | 1,016 |  |  | $ | 1,627 |  |  | $ | 1,279 |  |  | $ | 1,506 |  |  | $ | 1,162 |  |  | $ | 1,331 |
Interest cost | 3,043 |  |  | 1,429 |  |  | 3,770 |  |  | 1,734 |  |  | 4,037 |  |  | 2,345 |
Expected return on plan assets | (4,777 | ) |  | (993 | ) |  | (4,910 | ) |  | (1,114 | ) |  | (5,430 | ) |  | (1,297 | )
Settlement loss recognized | 3,339 |  |  | 215 |  |  | — |  |  | — |  |  | — |  |  | — |
Net amortization | 3,226 |  |  | 1,008 |  |  | 3,422 |  |  | 1,931 |  |  | 2,187 |  |  | 1,400 |
Net periodic benefit cost | $ | 5,847 |  |  | $ | 3,286 |  |  | $ | 3,561 |  |  | $ | 4,057 |  |  | $ | 1,956 |  |  | $ | 3,779 |
| Other Benefits
| 2016 |  | 2015 |  | 2014
| (In thousands)
Service cost | $ | 601 |  |  | $ | 673 |  |  | $ | 714 |
Interest cost | 811 |  |  | 833 |  |  | 932 |
Net amortization | (705 | ) |  | (414 | ) |  | (474 | )
Net periodic benefit cost | $ | 707 |  |  | $ | 1,092 |  |  | $ | 1,172 |
| U.S. Plans |  | Non-U.S. Plans
| 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Discount rate | 4.12 | % |  | 3.78 | % |  | 4.61 | % |  | 2.99 | % |  | 2.66 | % |  | 4.03 | %
Expected return on plan assets | 6.50 | % |  | 6.50 | % |  | 7.00 | % |  | 4.58 | % |  | 5.19 | % |  | 5.83 | %
Rate of compensation increase | 4.00 | % |  | 4.00 | % |  | 4.00 | % |  | 2.98 | % |  | 3.00 | % |  | 3.14 | %
The pretax change recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet in 2016 is as follows:
| Pension Benefits |  | Other Benefits
| U.S. |  | Non-U.S. |  |
| (In thousands)
Net gain (loss) in current year | $ | (23 | ) |  | $ | (5,367 | ) |  | $ | 1,990 |
Prior service cost | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 24 |  |  | (15 | ) |  | (366 | )
Amortization of net loss (gain) | 6,541 |  |  | 1,239 |  |  | (340 | )
Exchange rate effect on amounts in OCI | — |  |  | 1,468 |  |  | 5 |
Total | $ | 6,542 |  |  | $ | (2,675 | ) |  | $ | 1,289 |
The discount rates for our plans are derived by matching the plan’s cash flows to a yield curve that provides the equivalent yields on zero-coupon bonds for each maturity. The discount rate selected is the rate that produces the same present value of cash flows. In selecting the expected rate of return on plan assets, the Company considers the historical returns and expected returns on plan assets. The expected returns are evaluated using asset return class, variance and correlation assumptions based on the plan’s target asset allocation and current market conditions. Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation or the market value of assets are amortized over the average remaining service period of active participants. Costs of defined contribution plans were $10.1 million, $10.3 million and $9.1 million for 2016, 2015 and 2014, respectively. The Company, through its subsidiaries, participates in certain multi-employer pension plans covering approximately 381 participants under U.S. collective bargaining agreements. None of these plans are considered individually significant to the Company as contributions to these plans totaled $1.3 million, $1.0 million, and $1.0 million for 2016, 2015 and 2014, respectively. For measurement purposes, a 6.58% weighted average annual rate of increase in the per capita cost of covered health care benefits was assumed for 2016. The rate was assumed to decrease gradually each year to a rate of 4.50% for 2037, and remain at that level thereafter. Assumed health care cost trend rates have an effect on the amounts reported for the health care plans. A 1% increase in the assumed health care cost trend rates would increase the service and interest cost components of the net periodic benefit cost by $0.2 million and the health care component of the accumulated postretirement benefit obligation by $2.1 million. A 1% decrease in the assumed health care cost trend rate would decrease the service and interest cost components of the net periodic benefit cost by $0.1 million and the health care component of the accumulated postretirement benefit obligation by $1.8 million. Plan Assets The Company’s pension plan weighted average asset allocations at December 31, 2016 and 2015, by asset category, were as follows:
| U.S. Plans |  | Non-U.S. Plans
| 2016 |  | 2015 |  | 2016 |  | 2015
Equity securities | 44 | % |  | 49 | % |  | 24 | % |  | 36 | %
Fixed income securities | 43 | % |  | 49 | % |  | 26 | % |  | 44 | %
Cash/Commingled Funds/Other (1) | 13 | % |  | 2 | % |  | 50 | % |  | 20 | %
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2016 and 2015 is summarized as follows:
| Basis of Fair Value Measurement
| Outstanding Balances |  | Level 1 |  | Level 2 |  | Level 3
As of December 31, 2016 | (In thousands)
Equity |  |  |  |  |  |  |
U.S. Large Cap | $ | 15,345 |  |  | $ | 15,345 |  |  | $ | — |  |  | $ | — |
U.S. Small / Mid Cap | 8,920 |  |  | 7,111 |  |  | 1,809 |  |  | — |
International | 16,282 |  |  | 10,647 |  |  | 5,635 |  |  | — |
Fixed Income |  |  |  |  |  |  |
U.S. Intermediate | 10,014 |  |  | 9,943 |  |  | 71 |  |  | — |
U.S. Short Duration | 10,160 |  |  | 10,160 |  |  | — |  |  | — |
U.S. High Yield | 9,343 |  |  | 7,924 |  |  | 1,419 |  |  | — |
International | 10,310 |  |  | 3,627 |  |  | 6,683 |  |  | — |
Other Commingled Funds (1) | 14,180 |  |  | — |  |  | — |  |  | 14,180 |
Cash and Equivalents | 10,382 |  |  | 9,660 |  |  | 722 |  |  | — |
Other | 1,338 |  |  | — |  |  | 1,338 |  |  | — |
| $ | 106,274 |  |  | $ | 74,417 |  |  | $ | 17,677 |  |  | $ | 14,180 |
(1) Other commingled funds represent pooled institutional investments in non-U.S. plans.
| Basis of Fair Value Measurement
| Outstanding Balances |  | Level 1 |  | Level 2 |  | Level 3
As of December 31, 2015 | (In thousands)
Equity |  |  |  |  |  |  |
U.S. Large Cap | $ | 23,465 |  |  | $ | 23,465 |  |  | $ | — |  |  | $ | — |
U.S. Small / Mid Cap | 10,184 |  |  | 7,482 |  |  | 2,702 |  |  | — |
International | 11,986 |  |  | 7,786 |  |  | 4,200 |  |  | — |
Fixed Income |  |  |  |  |  |  |
U.S. Intermediate | 15,000 |  |  | 15,000 |  |  | — |  |  | — |
U.S. Short Duration | 8,935 |  |  | 8,935 |  |  | — |  |  | — |
U.S. High Yield | 7,758 |  |  | 6,922 |  |  | 836 |  |  | — |
International | 15,249 |  |  | 7,241 |  |  | 8,008 |  |  | — |
Cash and Equivalents | 1,829 |  |  | 1,829 |  |  | — |  |  | — |
Other | 3,836 |  |  | — |  |  | 3,836 |  |  | — |
| $ | 98,242 |  |  | $ | 78,660 |  |  | $ | 19,582 |  |  | $ | — |
Equities that are valued using quoted prices are valued at the published market prices. Equities in a common collective trust or a registered investment company that are valued using significant other observable inputs are valued at the net asset value (“NAV”) provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund minus its liabilities. Fixed income securities that are valued using significant other observable inputs are valued at prices obtained from independent financial service industry-recognized vendors. Investment Policies and Strategies The investment objective of the plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn the highest possible total rate of return consistent with the plan’s tolerance for risk. The general asset allocation guidelines for plan assets are that “equities” will constitute from 40% to 60% of the market value of total fund assets with a target of 44%, and “fixed income” obligations, including cash, will constitute from 40% to 60% with a target of 56%. The term “equities” includes common stock, convertible bonds and convertible stock. The term “fixed income” includes preferred stock and/or contractual payments with a specific maturity date. The Company strives to maintain asset allocations within the designated ranges by conducting periodic reviews of fund allocations and plan liquidity needs, and rebalancing the portfolio accordingly. Diversification of assets is employed to ensure that adverse performance of one security or security class does not have an undue detrimental impact on the portfolio as a whole. Diversification is interpreted to include diversification by type, characteristic and number of investments, as well as by investment style of designated investment fund managers. No restrictions are placed on the selection of individual investments by the investment fund managers. The total fund performance and the performance of the investment fund managers is reviewed on a regular basis, using appointed professional independent advisors. As of December 31, 2016 and 2015, there were no shares of the Company’s stock held in plan assets. Cash Flows The Company expects to contribute approximately $5.8 million to its defined benefit plans and $0.1 million to its other postretirement benefit plans in 2017. The Company also expects to contribute approximately $10.0 million to its defined contribution plan and $8.4 million to its 401(k) savings plan in 2017. Estimated Future Benefit Payments The future estimated benefit payments for the next five years and the five years thereafter are as follows: 2017 — $14.4 million; 2018 — $10.6 million; 2019 — $10.3 million; 2020 — $10.8 million; 2021 — $10.6 million; 2022 to 2026 — $52.1 million.

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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 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450702-114947 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=65897934&loc=d3e2410-114920 Reference 3: 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 Reference 4: 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=49170846&loc=d3e28014-114942 Reference 5: 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=66047640&loc=d3e39622-114963 + Details
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