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RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2014

RETIREMENT AND DEFERRED COMPENSATION PLANS

Change in the projected benefit obligation, plan assets at fair value and funded status

		Domestic Plans						Foreign Plans
		2014			2013			2014			2013
Change in benefit obligation:
Benefit obligation at beginning of year		$	129,448		$	136,321		$	84,660		$	80,610
Service cost			8,042			8,539			4,186			3,901
Interest cost			5,928			4,992			2,711			2,676
Business acquired			—			—			—			—
Curtailment/Settlement			—			—			—			(1,342	)
Actuarial (gain) loss			33,058			(14,260	)		14,765			(1,752	)
Benefits paid			(4,975	)		(6,144	)		(3,111	)		(2,952	)
Foreign currency translation adjustment			—			—			(12,051	)		3,519
Benefit obligation at end of year		$	171,501		$	129,448		$	91,160		$	84,660
​	​	​	​	​	​	​	​	​	​	​	​	​	​

		Domestic Plans						Foreign Plans
		2014			2013			2014			2013
Change in plan assets:
Fair value of plan assets at beginning of year		$	100,567		$	84,587		$	54,075		$	47,876
Actual return on plan assets			5,431			12,063			2,875			1,742
Employer contribution			10,071			10,061			8,016			5,419
Business acquired			—			—			—			—
Benefits paid			(4,975	)		(6,144	)		(3,111	)		(2,952	)
Foreign currency translation adjustment			—			—			(6,461	)		1,990
Fair value of plan assets at end of year		$	111,094		$	100,567		$	55,394		$	54,075
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Funded status at end of year		$	(60,407	)	$	(28,881	)	$	(35,766	)	$	(30,585	)

Schedule of funded status amounts recognized in the Consolidated Balance Sheet

		Domestic Plans						Foreign Plans
		2014			2013			2014			2013
Current liabilities		$	(471	)	$	(809	)	$	—		$	—
Non-current liabilities			(59,936	)		(28,072	)		(35,766	)		(30,585	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
		$	(60,407	)	$	(28,881	)	$	(35,766	)	$	(30,585	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​

Schedule of amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive loss

		Domestic Plans						Foreign Plans
		2014			2013			2014			2013
Net actuarial loss		$	64,272		$	32,930		$	36,219		$	24,844
Net prior service cost			—			—			3,471			3,784
Tax effects			(24,102	)		(12,349	)		(12,762	)		(9,116	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
		$	40,170		$	20,581		$	26,928		$	19,512
​	​	​	​	​	​	​	​	​	​	​	​	​	​

Schedule of changes in benefit obligations and plan assets recognized in other comprehensive income

		Domestic Plans			Foreign Plans
Current year actuarial loss		$	(34,211	)	$	(12,589	)
Amortization of net loss			2,869			1,214
Amortization of prior service cost			—			313
​	​	​	​	​	​	​	​
		$	(31,342	)	$	(11,062	)
​	​	​	​	​	​	​	​

Schedule of amounts in accumulated other comprehensive loss expected to be recognized as components of periodic benefit cost in 2015

		Domestic Plans			Foreign Plans
Amortization of net loss		$	5,536		$	1,826
Amortization of prior service cost			—			279
​	​	​	​	​	​	​	​
		$	5,536		$	2,105
​	​	​	​	​	​	​	​

Components of net periodic benefit cost

		Domestic Plans
		2014			2013			2012
Service cost		$	8,042		$	8,539		$	7,217
Interest cost			5,928			4,992			4,913
Expected return on plan assets			(6,585	)		(5,775	)		(5,604	)
Amortization of net loss			2,869			5,103			3,854
Amortization of prior service cost			—			3			4
Net periodic benefit cost		$	10,254		$	12,862		$	10,384
​	​	​	​	​	​	​	​	​	​	​
Curtailment			—			—			—
Total Net periodic benefit cost		$	10,254		$	12,862		$	10,384
​	​	​	​	​	​	​	​	​	​	​

		Foreign Plans
		2014			2013			2012
Service cost		$	4,186		$	3,901		$	2,244
Interest cost			2,711			2,676			2,658
Expected return on plan assets			(1,979	)		(1,821	)		(1,538	)
Amortization of net loss			1,214			1,416			475
Amortization of prior service cost			313			373			361
Net periodic benefit cost		$	6,445		$	6,545		$	4,200
​	​	​	​	​	​	​	​	​	​	​
Curtailment			—			1			—
Total Net periodic benefit cost		$	6,445		$	6,546		$	4,200
​	​	​	​	​	​	​	​	​	​	​

Schedule of projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets

		Domestic Plans						Foreign Plans
		2014			2013			2014			2013
Projected benefit obligation		$	171,501		$	129,448		$	87,759		$	77,475
Accumulated benefit obligation			153,778			114,592			67,317			60,707
Fair value of plan assets			111,094			100,567			51,993			47,753

Schedule of PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets

		Domestic Plans						Foreign Plans
		2014			2013			2014			2013
Projected benefit obligation		$	171,501		$	129,448		$	87,759		$	81,158
Accumulated benefit obligation			153,778			114,592			67,317			63,527
Fair value of plan assets			111,094			100,567			51,993			50,573

Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost

		Domestic Plans									Foreign Plans
		2014			2013			2012			2014			2013			2012
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate			3.83%			4.75%			3.80%			1.90%			3.24%			3.19%
Rate of compensation increase			4.00%			4.00%			4.00%			3.00%			3.00%			3.00%
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate			4.75%			3.80%			4.40%			3.24%			3.19%			5.10%
Expected long-term return on plan assets			7.00%			7.00%			7.00%			3.79%			3.79%			3.83%
Rate of compensation increase			4.00%			4.00%			4.00%			3.00%			3.00%			3.00%

Schedule of domestic and foreign pension plan weighted-average asset allocations by asset category

		Domestic Plans Assets at December 31,						Foreign Plans Assets at December 31,
		2014			2013			2014			2013
Equity securities			47%			49%			5%			5%
Fixed income securities			27%			24%			1%			4%
Corporate debt securities			—			—			12%			12%
Infrastructure			8%			8%			—			—
Hedge funds			15%			10%			—			—
Money market			3%			9%			2%			1%
Investment Funds			—			—			80%			78%
Total			100%			100%			100%			100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​

Summary of fair value of pension plan assets

		Domestic Fair Value Measurement at December 31, 2014												Foreign Fair Value Measurement at December 31, 2014
(In Thousands $)		Total			(Level 1)			(Level 2)			(Level 3)			Total			(Level 1)			(Level 2)			(Level 3)
Cash and Short Term Securities (a)		$	3,190		$	3,190		$	—		$	—		$	1,289		$	1,289		$	—		$	—
USD			—			3,190			—			—			—			—			—			—
EUR			—			—			—			—			—			1,289			—			—
Equity Securities (a)		$	52,840		$	52,840			—			—		$	2,625		$	2,625			—			—
US Large Cap Equities			—			29,381			—			—			—			—			—			—
US Small Cap Equities			—			8,493			—			—			—			—			—			—
International Equities			—			14,966			—			—			—			2,625			—			—
Fixed Income (a)		$	29,762		$	19,713			10,049			—		$	574		$	574			—			—
Corporate debts securities			—			—			—			—		$	6,758		$	6,758			—			—
Euro Corporate Bonds (a)			—			—			—			—			—			6,758			—			—
Hedge Fund (b &c)		$	16,371			—			16,099		$	272			—			—			—			—
Investment Funds			—			—			—			—		$	44,148		$	14,643		$	29,505			—
Mutual Funds in Equities (a)			—			—			—			—			—			2,687			—			—
Mutual Funds in Bonds (a)			—			—			—			—			—			11,386			—			—
Mutual Funds Diversified (a &b)			—			—			—			—			—			570			29,505			—
Infrastructure (c)		$	8,931			—			—		$	8,931			—			—			—			—
Total Investments		$	111,094		$	75,743		$	26,148		$	9,203		$	55,394		$	25,889		$	29,505		$	—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

		Domestic Fair Value Measurement at December 31, 2013												Foreign Fair Value Measurement at December 31, 2013
(In Thousands $)		Total			(Level 1)			(Level 2)			(Level 3)			Total			(Level 1)			(Level 2)			(Level 3)
Cash and Short Term Securities (a)		$	9,070		$	9,070		$	—		$	—		$	757		$	757		$	—		$	—
USD			—			9,070			—			—			—			—			—			—
EUR			—			—			—			—			—			757			—			—
Equity Securities (a)		$	49,261		$	49,261			—			—		$	2,547		$	2,547			—			—
US Large Cap Equities			—			20,159			—			—			—			—			—			—
US Small Cap Equities			—			14,521			—			—			—			—			—			—
International Equities			—			14,581			—			—			—			2,547			—			—
Core Fixed Income (a)		$	23,918		$	23,918			—			—			1,950			1,950			—			—
Corporate debts securities			—			—			—			—		$	6,560		$	6,560			—			—
Euro Corporate Bonds (a)			—			—			—			—			—			6,560			—			—
Hedge Fund (c)		$	9,731			—			—		$	9,731			—			—			—			—
Investment Funds			—			—			—			—		$	42,261		$	15,501		$	26,760			—
Mutual Funds in Equities (a)			—			—			—			—			—			3,628			—			—
Mutual Funds in Bonds (a)			—			—			—			—			—			10,040			—			—
Mutual Funds Diversified (a &b)			—			—			—			—			—			1,833			26,760			—
Infrastructure (c)		$	8,587			—			—		$	8,587			—			—			—			—
Total Investments		$	100,567		$	82,249		$	—		$	18,318		$	54,075		$	27,315		$	26,760		$	—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

(a)	Based on third party quotation from financial institution.
(b)	Based on observable market transactions.
(c)	Based on a quarterly statement prepared by the fund manager that reflects contributions, distributions and realized/unrealized gains and losses.

Summary of changes in fair value of pension plan investments classified as Level 3

			Infrastructure Fund			Hedge Fund
	Balance, 12/31/12		$	8,015		$	8,575
	Return on assets held			725			1,156
	Admin fees and other			(153	)		—
​	​	​	​	​	​	​	​	​
	Balance, 12/31/13		$	8,587		$	9,731
​	​	​	​	​	​	​	​	​
	Purchases, sales and settlements, net			—			(9,387	)
	Return on assets held			476			(72	)
	Admin fees and other			(132	)		—
​	​	​	​	​	​	​	​	​
	Balance, 12/31/14		$	8,931		$	272
​	​	​	​	​	​	​	​	​

Schedule of estimated benefit payments relating to defined benefit plans over the next ten years

		Domestic Plans			Foreign Plans
2015		$	6,777		$	1,951
2016			8,275			1,877
2017			8,925			2,470
2018			9,436			2,921
2019			9,617			4,569
2020 – 2024			62,132			22,853

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Tabular disclosure of the major categories of plan assets of pension plans, including the fair value of each major category of plan assets and the level within the fair value hierarchy in which the fair value measurements fall.

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Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets.

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Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation.

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Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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