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Pension Plans and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2015
Financial Assets Accounted for at Fair Value on Recurring Basis | The following table sets forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2014 (in thousands):
| December 31, 2014 |  | Quoted Prices in Active Markets for Identical Items (Level 1) |  | Quoted Prices in Active Markets for Similar Items (Level 2) |  | Unobservable Inputs (Level 3)
Pension Assets: |  |  |  |  |  |  |
Domestic Equity(a) | $ | 169,581 |  |  | $ | 169,581 |  |  | $ | — |  |  | $ | — |
International Equity(b) | 85,007 |  |  | 85,007 |  |  | — |  |  | — |
Fixed Income(c) | 268,911 |  |  | 255,828 |  |  | 13,083 |  |  | — |
Absolute Return(d) | 80,740 |  |  | — |  |  | — |  |  | 80,740 |
Cash | 3,455 |  |  | 3,455 |  |  | — |  |  | — |
Total Pension Assets | $ | 607,694 |  |  | $ | 513,871 |  |  | $ | 13,083 |  |  | $ | 80,740 |
Postretirement Assets: |  |  |  |  |  |  |
Fixed Income(c) | $ | 4,439 |  |  | $ | — |  |  | $ | 4,439 |  |  | $ | — |
(a) | Consists primarily of U.S. stock funds that track or are actively managed and measured against the S&P 500 index.
(b) | Consists primarily of international equity funds which invest in common stocks and other securities whose value is based on an international equity index or an underlying equity security or basket of equity securities.
(c) | Consists primarily of debt obligations issued by governments, corporations, municipalities and other borrowers. Also includes insurance policies.
(d) | Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below.
The following table sets forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2015 (in thousands):
| December 31, 2015 |  | Quoted Prices in Active Markets for Identical Items (Level 1) |  | Quoted Prices in Active Markets for Similar Items (Level 2) |  | Unobservable Inputs (Level 3)
Pension Assets: |  |  |  |  |  |  |
Domestic Equity(a) | $ | 168,945 |  |  | $ | 166,612 |  |  | $ | 2,333 |  |  | $ | — |
International Equity(b) | 143,976 |  |  | 87,311 |  |  | 56,665 |  |  | — |
Fixed Income(c) | 287,809 |  |  | 240,143 |  |  | 47,666 |  |  | — |
Absolute Return(d) | 83,127 |  |  | — |  |  | — |  |  | 83,127 |
Cash | 6,930 |  |  | 6,930 |  |  | — |  |  | — |
Total Pension Assets | $ | 690,787 |  |  | $ | 500,996 |  |  | $ | 106,664 |  |  | $ | 83,127 |
Postretirement Assets: |  |  |  |  |  |  |
Fixed Income(c) | $ | 3,292 |  |  | $ | — |  |  | $ | 3,292 |  |  | $ | — |
(a) | Consists primarily of U.S. stock funds that track or are actively managed and measured against the S&P 500 index.
(b) | Consists primarily of international equity funds which invest in common stocks and other securities whose value is based on an international equity index or an underlying equity security or basket of equity securities.
(c) | Consists primarily of debt obligations issued by governments, corporations, municipalities and other borrowers. Also includes insurance policies.
(d) | Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below.
Changes in Fair Value of Plans Level 3 Assets | The table below sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2015 (in thousands):
Absolute Return: | Year Ended December 31, 2015
Beginning Balance | $ | 80,740 |
Transfers in due to acquisition | 103,237 |
Purchases | 5,641 |
Sales | (103,035 | )
Total losses relating to assets sold during the period(a) | (610 | )
Total unrealized losses relating to assets still held at the reporting date(a) | (2,846 | )
Ending Balance | $ | 83,127 |
(a) | These losses are recognized in the consolidated balance sheets and are included as changes in plan assets in the tables above.
The table below sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2014 (in thousands):
Absolute Return: | Year Ended December 31, 2014
Beginning Balance | $ | 123,599 |
Purchases | 50,506 |
Sales | (96,397 | )
Total losses relating to assets sold during the period(a) | (158 | )
Total unrealized gains relating to assets still held at the reporting date(a) | 3,190 |
Ending Balance | $ | 80,740 |
(a) | These (losses) gains are recognized in the consolidated balance sheets and are included as changes in plan assets in the tables above.
Schedule of Allocation of Plan Assets | The weighted-average target allocations as of the measurement date are as follows:
| Target Allocation
Equity securities | 44 | %
Fixed income | 43 | %
Absolute return | 12 | %
Other | 1 | %
Current Forecast of Benefit Payments, which Reflect Expected Future Service | The current forecast of benefit payments, which reflects expected future service and excludes plans associated with businesses that were divested in the first quarter of 2016, amounts to (in millions):
| U.S. Pension Plans |  | Foreign Pension Plans |  | Other Postretirement Benefits
2016 | $ | 40.3 |  |  | $ | 13.9 |  |  | $ | 4.8 |
2017 | $ | 41.4 |  |  | $ | 14.7 |  |  | $ | 4.7 |
2018 | $ | 42.8 |  |  | $ | 14.6 |  |  | $ | 4.5 |
2019 | $ | 43.8 |  |  | $ | 14.5 |  |  | $ | 4.3 |
2020 | $ | 44.8 |  |  | $ | 15.1 |  |  | $ | 4.1 |
2021-2025 | $ | 230.9 |  |  | $ | 83.5 |  |  | $ | 18.8 |
Total Pension Benefits |
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Plans | The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our defined benefit pension plans (in thousands):
| Year Ended December 31, 2015 |  | Year Ended December 31, 2014
| U.S. Pension Plans |  | Foreign Pension Plans |  | U.S. Pension Plans |  | Foreign Pension Plans
Change in benefit obligations: |  |  |  |  |  |  |
Benefit obligation at January 1 | $ | 729,652 |  |  | $ | 53,112 |  |  | $ | 629,337 |  |  | $ | 49,245 |
Service cost | 1,233 |  |  | 6,034 |  |  | 7,029 |  |  | 1,746 |
Interest cost | 31,231 |  |  | 9,875 |  |  | 30,491 |  |  | 1,571 |
Plan amendments | — |  |  | 870 |  |  | — |  |  | — |
Actuarial (gain) loss | (55,851 | ) |  | (42,977 | ) |  | 130,887 |  |  | 10,341 |
Benefits paid | (38,300 | ) |  | (16,118 | ) |  | (37,866 | ) |  | (3,913 | )
Acquisitions | 39,125 |  |  | 416,150 |  |  | — |  |  | — |
Divestitures(a) | — |  |  | — |  |  | (30,226 | ) |  | — |
Reclass to liabilities held for sale | — |  |  | (26,608 | ) |  | — |  |  | — |
Employee contributions | — |  |  | 478 |  |  | — |  |  | 283 |
Foreign exchange gain | — |  |  | (26,708 | ) |  | — |  |  | (6,161 | )
Settlements/curtailments | — |  |  | (582 | ) |  | — |  |  | — |
Other | — |  |  | 331 |  |  | — |  |  | — |
Benefit obligation at December 31 | $ | 707,090 |  |  | $ | 373,857 |  |  | $ | 729,652 |  |  | $ | 53,112 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 598,250 |  |  | $ | 9,444 |  |  | $ | 605,604 |  |  | $ | 10,941 |
Actual return on plan assets | (16,789 | ) |  | 140 |  |  | 53,696 |  |  | 499 |
Employer contributions | 1,606 |  |  | 16,392 |  |  | 7,042 |  |  | 2,940 |
Benefits paid | (38,300 | ) |  | (16,118 | ) |  | (37,866 | ) |  | (3,913 | )
Acquisitions | 29,314 |  |  | 109,875 |  |  | — |  |  | — |
Divestitures(a) | — |  |  | — |  |  | (30,226 | ) |  | — |
Employee contributions | — |  |  | 478 |  |  | — |  |  | 283 |
Foreign exchange loss | — |  |  | (3,237 | ) |  | — |  |  | (1,306 | )
Settlements/curtailments | — |  |  | (582 | ) |  | — |  |  | — |
Other | — |  |  | 314 |  |  | — |  |  | — |
Fair value of plan assets at December 31 | $ | 574,081 |  |  | $ | 116,706 |  |  | $ | 598,250 |  |  | $ | 9,444 |
Funded status at December 31 | $ | (133,009 | ) |  | $ | (257,151 | ) |  | $ | (131,402 | ) |  | $ | (43,668 | )
(a) | Reduction in benefit obligations and plan assets in 2014 is in connection with the sale of our antioxidant, ibuprofen and propofol businesses and assets which closed on September 1, 2014. See Note 3 “Divestitures” for additional information about this transaction.
| December 31, 2015 |  | December 31, 2014
| U.S. Pension Plans |  | Foreign Pension Plans |  | U.S. Pension Plans |  | Foreign Pension Plans
Amounts recognized in consolidated balance sheets: |  |  |  |  |  |  |
Current liabilities (accrued expenses) | $ | (1,110 | ) |  | $ | (7,498 | ) |  | $ | (3,219 | ) |  | $ | (1,316 | )
Noncurrent liabilities (pension benefits) | (131,899 | ) |  | (249,653 | ) |  | (128,183 | ) |  | (42,352 | )
Net pension liability | $ | (133,009 | ) |  | $ | (257,151 | ) |  | $ | (131,402 | ) |  | $ | (43,668 | )
Amounts recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |
Prior service benefit | $ | (211 | ) |  | $ | (1,052 | ) |  | $ | (286 | ) |  | $ | (321 | )
Net amount recognized | $ | (211 | ) |  | $ | (1,052 | ) |  | $ | (286 | ) |  | $ | (321 | )
Weighted-average assumptions used to determine benefit obligations at December 31: |  |  |  |  |  |  |
Discount rate | 4.67 | % |  | 2.89 | % |  | 4.19 | % |  | 1.85 | %
Rate of compensation increase | — | % |  | 3.17 | % |  | — | % |  | 3.40 | %
Components of Pension Benefits Expense | The components of pension benefits cost (credit) are as follows (in thousands):
| Year Ended |  | Year Ended |  | Year Ended
| December 31, 2015 |  | December 31, 2014 |  | December 31, 2013
| U.S. Pension Plans |  | Foreign Pension Plans |  | U.S. Pension Plans |  | Foreign Pension Plans |  | U.S. Pension Plans |  | Foreign Pension Plans
Service cost | $ | 1,233 |  |  | $ | 6,034 |  |  | $ | 7,029 |  |  | $ | 1,746 |  |  | $ | 12,177 |  |  | $ | 1,785 |
Interest cost | 31,231 |  |  | 9,875 |  |  | 30,491 |  |  | 1,571 |  |  | 28,406 |  |  | 1,477 |
Expected return on assets | (41,635 | ) |  | (6,507 | ) |  | (39,714 | ) |  | (427 | ) |  | (38,975 | ) |  | (417 | )
Actuarial loss (gain) | 2,577 |  |  | (35,813 | ) |  | 116,705 |  |  | 10,270 |  |  | (130,297 | ) |  | (2,619 | )
Amortization of prior service benefit | 75 |  |  | 43 |  |  | (727 | ) |  | 50 |  |  | (741 | ) |  | 52 |
Total net pension benefits (credit) cost | $ | (6,519 | ) |  | $ | (26,368 | ) |  | $ | 113,784 |  |  | $ | 13,210 |  |  | $ | (129,430 | ) |  | $ | 278 |
Weighted-average assumption percentages: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 4.18 | % |  | 2.34 | % |  | 5.14 | % |  | 3.41 | % |  | 4.10 | % |  | 3.12 | %
Expected return on plan assets | 6.85 | % |  | 5.63 | % |  | 6.91 | % |  | 4.00 | % |  | 7.25 | % |  | 4.35 | %
Rate of compensation increase | — | % |  | 3.16 | % |  | 3.50 | % |  | 3.16 | % |  | 3.50 | % |  | 3.36 | %
Estimated Amounts to Be Amortized from Accumulated Other Comprehensive Income | The estimated amounts to be amortized from accumulated other comprehensive loss into net periodic pension costs during 2016 are as follows (in thousands):
| U.S. Pension Plans |  | Foreign Pension Plans
Amortization of prior service benefit | $ | 75 |  |  | $ | 853 |
Other Postretirement Benefits |
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Plans | The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our postretirement benefit plans (in thousands):
| Year Ended December 31,
| 2015 |  | 2014
| Other Postretirement Benefits |  | Other Postretirement Benefits
Change in benefit obligations: |  |  |
Benefit obligation at January 1 | $ | 64,500 |  |  | $ | 62,832 |
Service cost | 137 |  |  | 216 |
Interest cost | 2,573 |  |  | 3,040 |
Actuarial (gain) loss | (5,682 | ) |  | 3,741 |
Benefits paid | (5,042 | ) |  | (5,329 | )
Acquisitions | 2,607 |  |  | — |
Settlements/curtailments(a) | (2,594 | ) |  | — |
Benefit obligation at December 31 | $ | 56,499 |  |  | $ | 64,500 |
Change in plan assets: |  |  |
Fair value of plan assets at January 1 | $ | 4,439 |  |  | $ | 5,620 |
Actual return on plan assets | 280 |  |  | 214 |
Employer contributions | 3,615 |  |  | 3,934 |
Benefits paid | (5,042 | ) |  | (5,329 | )
Fair value of plan assets at December 31 | $ | 3,292 |  |  | $ | 4,439 |
Funded status at December 31 | $ | (53,207 | ) |  | $ | (60,061 | )
(a) | 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.
| December 31,
| 2015 |  | 2014
| Other Postretirement Benefits |  | Other Postretirement Benefits
Amounts recognized in consolidated balance sheets: |  |  |
Current liabilities (accrued expenses) | $ | (3,560 | ) |  | $ | (3,637 | )
Noncurrent liabilities (postretirement benefits) | (49,647 | ) |  | (56,424 | )
Net postretirement liability | $ | (53,207 | ) |  | $ | (60,061 | )
Amounts recognized in accumulated other comprehensive (loss) income: |  |  |
Prior service benefit | $ | 239 |  |  | $ | 334 |
Net amount recognized | $ | 239 |  |  | $ | 334 |
Weighted-average assumptions used to determine benefit obligations at December 31: |  |  |
Discount rate | 4.59 | % |  | 4.15 | %
Rate of compensation increase | 3.50 | % |  | 3.50 | %
Components of Pension Benefits Expense | The components of postretirement benefits cost (credit) are as follows (in thousands):
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
| Other Postretirement Benefits |  | Other Postretirement Benefits |  | Other Postretirement Benefits
Service cost | $ | 137 |  |  | $ | 216 |  |  | $ | 309 |
Interest cost | 2,573 |  |  | 3,040 |  |  | 2,764 |
Expected return on assets | (244 | ) |  | (342 | ) |  | (413 | )
Actuarial (gain) loss | (5,707 | ) |  | 3,868 |  |  | (6,120 | )
Amortization of prior service benefit | (95 | ) |  | (95 | ) |  | (95 | )
Settlements/curtailments | (2,594 | ) |  | — |  |  | — |
Total net postretirement benefits (credit) cost | $ | (5,930 | ) |  | $ | 6,687 |  |  | $ | (3,555 | )
Weighted-average assumption percentages: |  |  |  |  |
Discount rate | 4.15 | % |  | 5.03 | % |  | 4.00 | %
Expected return on plan assets | 7.00 | % |  | 7.00 | % |  | 7.00 | %
Rate of compensation increase | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Estimated Amounts to Be Amortized from Accumulated Other Comprehensive Income | The estimated amounts to be amortized from accumulated other comprehensive loss into net periodic postretirement costs during 2016 are as follows (in thousands):
| Other Postretirement Benefits
Amortization of prior service benefit | $ | (95 | )

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