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Employee Benefit Plans | 9 Months Ended
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Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Components of net periodic benefit cost were as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
| (In thousands)
Pension Benefits |  |  |  |  |  |  |
Company-administered plans: |  |  |  |  |  |  |
Service cost | $ | 3,297 |  |  | 3,994 |  |  | $ | 9,892 |  |  | 12,002 |
Interest cost | 25,280 |  |  | 22,418 |  |  | 75,990 |  |  | 67,153 |
Expected return on plan assets | (28,900 | ) |  | (26,498 | ) |  | (86,916 | ) |  | (79,335 | )
Amortization of: |  |  |  |  |  |  |
Net actuarial loss | 5,900 |  |  | 8,782 |  |  | 17,714 |  |  | 26,347 |
Prior service credit | (445 | ) |  | (454 | ) |  | (1,340 | ) |  | (1,363 | )
| 5,132 |  |  | 8,242 |  |  | 15,340 |  |  | 24,804 |
Union-administered plans | 3,475 |  |  | 3,388 |  |  | 7,744 |  |  | 7,418 |
Net periodic benefit cost | $ | 8,607 |  |  | 11,630 |  |  | $ | 23,084 |  |  | 32,222 |
Company-administered plans: |  |  |  |  |  |  |
U.S. | $ | 5,389 |  |  | 8,424 |  |  | $ | 16,190 |  |  | 25,317 |
Non-U.S. | (257 | ) |  | (182 | ) |  | (850 | ) |  | (513 | )
| 5,132 |  |  | 8,242 |  |  | 15,340 |  |  | 24,804 |
Union-administered plans | 3,475 |  |  | 3,388 |  |  | 7,744 |  |  | 7,418 |
| $ | 8,607 |  |  | 11,630 |  |  | $ | 23,084 |  |  | 32,222 |
Postretirement Benefits |  |  |  |  |  |  |
Company-administered plans: |  |  |  |  |  |  |
Service cost | $ | 112 |  |  | 245 |  |  | $ | 336 |  |  | 738 |
Interest cost | 356 |  |  | 392 |  |  | 1,069 |  |  | 1,179 |
Amortization of: |  |  |  |  |  |  |
Net actuarial credit | (181 | ) |  | (4 | ) |  | (544 | ) |  | (11 | )
Prior service credit | (616 | ) |  | (58 | ) |  | (1,844 | ) |  | (173 | )
Net periodic benefit cost | $ | (329 | ) |  | 575 |  |  | $ | (983 | ) |  | 1,733 |
Company-administered plans: |  |  |  |  |  |  |
U.S. | $ | (460 | ) |  | 402 |  |  | $ | (1,379 | ) |  | 1,210 |
Non-U.S. | 131 |  |  | 173 |  |  | 396 |  |  | 523 |
| $ | (329 | ) |  | 575 |  |  | $ | (983 | ) |  | 1,733 |
During the nine months ended September 30, 2014, we contributed $69.5 million to our pension plans. All of the contributions to the U.S. plan for 2014 were made as of September 30, 2014. In 2014, we expect total contributions to our pension plans to be approximately $75 million. During the three and nine months ended September 30, 2014 and 2013, we recorded estimated pension settlement charges of $1.3 million ($0.8 million after tax) and $1.3 million ($0.8 million after tax), respectively, for the exit of two U.S. multi-employer pension plans withdrawal liabilities in 2014 and one plan in 2013. These charges were recorded within “Selling, general, and administrative expenses” in our Consolidated Condensed Statement of Earnings and is included in the Union-administered plans expense. Pension Subsequent Event We have recently taken steps to reduce the size and potential future volatility of our U.S. defined benefit pension plan obligation. In October 2014, we offered approximately 11,000 former employees a one-time option to receive a lump sum distribution of their benefits by the end of 2014. These employees have deferred vested benefits of approximately $370 million representing 20% of our U.S. pension plan obligations. No additional funding of the pension plan is required for this transaction as all distributions will be made out of existing plan assets. The Plan's funded status is expected to remain materially unchanged as a result of this offer. We also expect to record a one-time lump sum pension charge in the fourth quarter as a result of the partial settlement of our pension plan liability. The amount of the settlement charge will be based on the proportionate amount of unrecognized U.S. actuarial net losses equal to the settled percentage of our pension benefit obligation. The ultimate amount of the charge will depend on the acceptance rate of the offer. As of September 30, 2014, the U.S. unrecognized actuarial loss was approximately $600 million before tax.

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