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Pension Plans and Other Postretirement Benefits (Tables) | 9 Months Ended
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Sep. 30, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Domestic and Foreign Pension and Postretirement Defined Benefit Plans | The components of pension and postretirement benefits cost (credit) for the three-month and nine-month periods ended September 30, 2015 and 2014 are shown in the table below. The 2015 period includes results of the plans we acquired in the Rockwood acquisition.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
Pension Benefits Cost (Credit): |  |  |  |  |  |  |
Service cost | $ | 1,874 |  |  | $ | 2,678 |  |  | $ | 5,544 |  |  | $ | 8,245 |
Interest cost | 10,180 |  |  | 8,006 |  |  | 30,360 |  |  | 24,303 |
Expected return on assets | (11,834 | ) |  | (10,027 | ) |  | (35,367 | ) |  | (30,404 | )
Actuarial loss (gain)(a) | — |  |  | 2,786 |  |  | (51 | ) |  | 18,218 |
Amortization of prior service benefit | 30 |  |  | (119 | ) |  | 89 |  |  | (530 | )
Total net pension benefits cost | $ | 250 |  |  | $ | 3,324 |  |  | $ | 575 |  |  | $ | 19,832 |
Postretirement Benefits Cost (Credit): |  |  |  |  |  |  |
Service cost | $ | 36 |  |  | $ | 54 |  |  | $ | 107 |  |  | $ | 162 |
Interest cost | 643 |  |  | 760 |  |  | 1,930 |  |  | 2,280 |
Expected return on assets | (66 | ) |  | (85 | ) |  | (178 | ) |  | (256 | )
Amortization of prior service benefit | (24 | ) |  | (24 | ) |  | (72 | ) |  | (72 | )
Settlements/curtailments(b) | — |  |  | — |  |  | (2,594 | ) |  | — |
Total net postretirement benefits cost (credit) | $ | 589 |  |  | $ | 705 |  |  | $ | (807 | ) |  | $ | 2,114 |
Total net pension and postretirement benefits cost (credit) | $ | 839 |  |  | $ | 4,029 |  |  | $ | (232 | ) |  | $ | 21,946 |
(a) | In connection with a realignment of our operating segments effective January 1, 2014, in the fourth quarter of 2013 we initiated a workforce reduction plan which resulted in a reduction of approximately 230 employees worldwide. This workforce reduction triggered a net curtailment gain of approximately $0.8 million in the first quarter of 2014 for our U.S. defined benefit plan which covers non-represented employees and our supplemental executive retirement plan (“SERP”). In connection with the curtailment, we were required to remeasure the related assets and obligations for these two plans. As of the January 31, 2014 remeasurement date, the weighted-average discount rate for all of our domestic pension plans was 4.97% compared to 5.14% at December 31, 2013. Taking into account the discount rate reduction and actual return on plan assets through January 31, 2014, we recorded a mark-to-market actuarial loss (net of the curtailment gain) of $15.4 million in the first quarter of 2014 related to these two plans.
In connection with the sale of our antioxidant, ibuprofen and propofol businesses and assets to SI Group, Inc. which closed on September 1, 2014, in the third quarter of 2014 we were required to remeasure the assets and obligations of one of our U.S. defined benefit plans for represented employees, which was part of the disposed group. As of the September 1, 2014 remeasurement date, the weighted-average discount rate for all of our domestic pension plans was 4.94% compared to 5.14% at December 31, 2013. Taking into account the discount rate reduction and actual return on plan assets through September 1, 2014, as well as changes to mortality assumptions, we recorded a mark-to-market actuarial loss of $2.8 million in the third quarter of 2014 related to this plan.
(b) | We assumed responsibility for one domestic OPEB plan in connection with the acquisition of Rockwood which covered a small number of active employees and retirees. This plan was terminated in the first quarter of 2015 and provisions were made for the affected employees and retirees to receive benefits under an existing plan. A gain of $2.6 million was recognized in the first quarter of 2015 related to the termination of this plan.
Rockwood Holdings, Inc. | Pension Plan |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Domestic and Foreign Pension and Postretirement Defined Benefit Plans | The following table sets forth the benefit obligations, plan assets, funded status and weighted-average assumption percentages for the defined benefit pension plans acquired in the Rockwood acquisition, as of the Acquisition Closing Date (in thousands):
| U.S. |  | Foreign
Benefit obligation | $ | 39,125 |  |  | $ | 416,150 |
Fair value of plan assets | 29,314 |  |  | 109,875 |
Funded status | $ | (9,811 | ) |  | $ | (306,275 | )
Weighted-average assumption percentages: |  |  |
Discount rate | 4.09 | % |  | 2.35 | %
Expected return on plan assets | 6.03 | % |  | 5.78 | %
Rate of compensation increase | — | % |  | 3.15 | %
Schedule of Expected Benefit Payments | The current forecast of benefit payments related to the defined benefit pension plans acquired in the Rockwood acquisition, which reflect expected future service, amounts to (in millions):
| U.S. |  | Foreign
Remainder of 2015 | $ | 0.6 |  |  | $ | 3.9 |
2016 | $ | 1.6 |  |  | $ | 16.4 |
2017 | $ | 1.7 |  |  | $ | 16.0 |
2018 | $ | 1.9 |  |  | $ | 16.8 |
2019 | $ | 2.0 |  |  | $ | 16.9 |
2020-2024 | $ | 11.1 |  |  | $ | 89.8 |

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