XML 77 R56.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Fair Value Measurement (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis | The following tables set forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2015 and 2014 (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)
Assets: |  |  |  |  |  |  |
Investments under executive deferred compensation plan (a) | $ | 21,631 |  |  | $ | 21,631 |  |  | $ | — |  |  | $ | — |
Private equity securities (b) | $ | 2,626 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 2,595 |
Pension assets (c) | $ | 690,787 |  |  | $ | 500,996 |  |  | $ | 106,664 |  |  | $ | 83,127 |
Postretirement assets (c) | $ | 3,292 |  |  | $ | — |  |  | $ | 3,292 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Obligations under executive deferred compensation plan (a) | $ | 21,631 |  |  | $ | 21,631 |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts (d) | $ | 250 |  |  | $ | — |  |  | $ | 250 |  |  | $ | — |
| 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)
Assets: |  |  |  |  |  |  |
Investments under executive deferred compensation plan (a) | $ | 22,168 |  |  | $ | 22,168 |  |  | $ | — |  |  | $ | — |
Private equity securities (b) | $ | 1,806 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 1,785 |
Foreign currency forward contracts (d) | $ | 631 |  |  | $ | — |  |  | $ | 631 |  |  | $ | — |
Pension assets (c) | $ | 607,694 |  |  | $ | 513,871 |  |  | $ | 13,083 |  |  | $ | 80,740 |
Postretirement assets (c) | $ | 4,439 |  |  | $ | — |  |  | $ | 4,439 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Obligations under executive deferred compensation plan (a) | $ | 22,168 |  |  | $ | 22,168 |  |  | $ | — |  |  | $ | — |
(a) | We maintain an EDCP that was adopted in 2001 and subsequently amended. The purpose of the EDCP is to provide current tax planning opportunities as well as supplemental funds upon the retirement or death of certain of our employees. The EDCP is intended to aid in attracting and retaining employees of exceptional ability by providing them with these benefits. We also maintain a Benefit Protection Trust (the “Trust”) that was created to provide a source of funds to assist in meeting the obligations of the EDCP, subject to the claims of our creditors in the event of our insolvency. Assets of the Trust are consolidated in accordance with authoritative guidance. The assets of the Trust consist primarily of mutual fund investments (which are accounted for as trading securities and are marked-to-market on a monthly basis through the consolidated statements of income) and cash and cash equivalents. As such, these assets and obligations are classified within Level 1.
(b) | Primarily consists of private equity securities classified as available-for-sale and are reported in Investments in the consolidated balance sheets. The changes in fair value are reported in Other income (expenses), net, in our consolidated statements of income. Holdings in private equity securities are typically valued using the net asset valuations provided by the underlying private investment companies and as such are classified within Level 3.
(c) | See Note 15 “Pension Plans and Other Postretirement Benefits” for further information about fair value measurements of our pension and postretirement plan assets, including the reconciliations of the plans’ Level 3 assets.
(d) | As a result of our global operating and financing activities, we are exposed to market risks from changes in foreign currency exchange rates, which may adversely affect our operating results and financial position. When deemed appropriate, we minimize our risks from foreign currency exchange rate fluctuations through the use of foreign currency forward contracts. Unless otherwise noted, these derivative financial instruments are not designated as hedging instruments under ASC 815, Derivatives and Hedging. The foreign currency forward contracts are valued using broker quotations or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are classified within Level 2.
The following table presents the fair value reconciliation of private equity securities Level 3 assets measured at fair value on a recurring basis for the periods indicated (in thousands):
| Year Ended December 31,
| 2015 |  | 2014
Beginning balance | $ | 1,785 |  |  | $ | 750 |
Total unrealized gains included in earnings relating to assets still held at the reporting date | 810 |  |  | 35 |
Purchases | — |  |  | 1,000 |
Ending balance | $ | 2,595 |  |  | $ | 1,785 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration