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Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2014
Changes in Benefit Obligations and Plan Assets as Well as Funded Status of Retirement Plans | The changes in benefit obligations and plan assets as well as the funded status of our retirement plans at December 31 were as follows:
| Pension Benefits |  | Other Postretirement Benefits
| 2014 |  | 2013 |  | 2014 |  | 2013
| (Dollars in thousands)
Change in benefit obligation |  |  |  |  |  |  |
Obligation at beginning of year | $ | 635,243 |  |  | $ | 672,372 |  |  | $ | 36,505 |  |  | $ | 49,177 |
Service cost | 13,529 |  |  | 15,834 |  |  | 535 |  |  | 682 |
Interest cost | 29,757 |  |  | 26,791 |  |  | 1,661 |  |  | 1,605 |
Actuarial losses (gains) | 104,374 |  |  | (54,746 | ) |  | 1,438 |  |  | (10,352 | )
Liabilities assumed in acquisition | 11,080 |  |  | — |  |  | — |  |  | — |
Plan amendments | — |  |  | 1,521 |  |  | (722 | ) |  | (1,790 | )
Benefits paid | (30,079 | ) |  | (29,071 | ) |  | (2,893 | ) |  | (3,714 | )
Participants’ contributions | — |  |  | — |  |  | 904 |  |  | 897 |
Foreign currency exchange rate changes | (7,734 | ) |  | 2,542 |  |  | — |  |  | — |
Obligation at end of year | 756,170 |  |  | 635,243 |  |  | 37,428 |  |  | 36,505 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 691,063 |  |  | 633,261 |  |  | — |  |  | — |
Actual return on plan assets | 83,120 |  |  | 85,809 |  |  | — |  |  | — |
Assets assumed in acquisition | 9,631 |  |  | — |  |  | — |  |  | — |
Employer contributions | 1,244 |  |  | 1,064 |  |  | 1,989 |  |  | 2,817 |
Participants’ contributions | — |  |  | — |  |  | 904 |  |  | 897 |
Benefits paid | (30,079 | ) |  | (29,071 | ) |  | (2,893 | ) |  | (3,714 | )
Fair value of plan assets at end of year | 754,979 |  |  | 691,063 |  |  | — |  |  | — |
Funded status | $ | (1,191 | ) |  | $ | 55,820 |  |  | $ | (37,428 | ) |  | $ | (36,505 | )
| Pension Benefits |  | Other Postretirement Benefits
| 2014 |  | 2013 |  | 2014 |  | 2013
| (Dollars in thousands)
Amounts recognized in the consolidated balance sheets |  |  |  |  |  |  |
Non-current assets | $ | 76,199 |  |  | $ | 116,888 |  |  | $ | — |  |  | $ | — |
Current liabilities | (1,298 | ) |  | (1,241 | ) |  | (3,094 | ) |  | (3,291 | )
Non-current liabilities | (76,092 | ) |  | (59,827 | ) |  | (34,334 | ) |  | (33,214 | )
Net amount recognized | $ | (1,191 | ) |  | $ | 55,820 |  |  | $ | (37,428 | ) |  | $ | (36,505 | )
Amounts recognized in accumulated other comprehensive loss (income) |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 152,480 |  |  | $ | 75,539 |  |  | $ | (3,357 | ) |  | $ | (5,124 | )
Prior service cost (credit) | 2,391 |  |  | 3,578 |  |  | (12,534 | ) |  | (14,682 | )
Net amount recognized | $ | 154,871 |  |  | $ | 79,117 |  |  | $ | (15,891 | ) |  | $ | (19,806 | )
Items to be Recognized in 2015 as Component of Net Periodic Cost |
| Pension Benefits |  | Other Postretirement Benefits
| (Dollars in thousands)
Items to be recognized in 2015 as a component of net periodic cost |  |  |
Net actuarial loss (gain) | $ | 7,354 |  |  | $ | (254 | )
Prior service cost (credit) | 1,028 |  |  | (2,942 | )
Net periodic cost (credit) to be recorded in 2015 | $ | 8,382 |  |  | $ | (3,196 | )
Benefits Expected to Be Paid from Pension and Other Postretirement Benefit Plans, Which Reflect Future Years of Services and Medicare Subsidy Expected to Be Received | The benefits expected to be paid from our pension and other postretirement benefit plans, which reflect future years of service, are as follows (dollars in thousands):
| Pension Benefits |  | Other Postretirement Benefits
2015 | $ | 32,484 |  |  | $ | 3,094 |
2016 | 33,858 |  |  | 2,872 |
2017 | 35,548 |  |  | 2,737 |
2018 | 37,011 |  |  | 2,660 |
2019 | 38,447 |  |  | 2,605 |
2020 — 2024 | 213,313 |  |  | 12,218 |
| $ | 390,661 |  |  | $ | 26,186 |
Components of Net Periodic Benefit Cost | The components of the net periodic benefit cost for each of the years ended December 31 were as follows:
| Pension Benefits |  | Other Postretirement Benefits
| 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012
| (Dollars in thousands)
Service cost | $ | 13,529 |  |  | $ | 15,834 |  |  | $ | 14,788 |  |  | $ | 535 |  |  | $ | 682 |  |  | $ | 830 |
Interest cost | 29,757 |  |  | 26,791 |  |  | 27,363 |  |  | 1,661 |  |  | 1,605 |  |  | 2,051 |
Expected return on plan assets | (57,550 | ) |  | (52,480 | ) |  | (46,967 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 1,187 |  |  | 1,786 |  |  | 1,797 |  |  | (2,871 | ) |  | (2,684 | ) |  | (2,616 | )
Amortization of actuarial losses (gains) | 774 |  |  | 12,556 |  |  | 12,168 |  |  | (328 | ) |  | (234 | ) |  | 12 |
Net curtailment gain | — |  |  | — |  |  | (706 | ) |  | — |  |  | — |  |  | — |
Net periodic benefit (credit) cost | $ | (12,303 | ) |  | $ | 4,487 |  |  | $ | 8,443 |  |  | $ | (1,003 | ) |  | $ | (631 | ) |  | $ | 277 |
Effect of a One Percentage Point Change in Assumed Health Care Cost Trend Rates | A one percentage point change in the assumed health care cost trend rates would have the following effects:
| 1-Percentage Point Increase |  | 1-Percentage Point Decrease
| (Dollars in thousands)
Effect on service and interest cost | $ | 73 |  |  | $ | (65 | )
Effect on postretirement benefit obligation | 963 |  |  | (864 | )
Multiemployer Pension Plans | Further information on these multiemployer plans for the years ended December 31, 2014, 2013 and 2012 is as follows:
Pension Fund |  | EIN/Pension Plan Number |  | Pension Protection Act Zone Status |  | FIP / RP Status Pending / Implemented |  | Contributions |  | Surcharge Imposed
2014 |  | 2013 |  | 2014 |  | 2013 |  | 2012 |
|  |  |  |  |  |  |  |  |  | (Dollars in thousands) |  |
Central States, Southeast & Southwest Areas Pension Fund (1) |  | 36-6044243/001 |  | Red |  | Red |  | Implemented |  | $ | 1,806 |  |  | $ | 1,752 |  |  | $ | 1,834 |  |  | No
United Food & Commercial Workers — Local 1 Pension Fund (2) |  | 16-6144007/001 |  | Red |  | Red |  | Implemented |  | 136 |  |  | 123 |  |  | 120 |  |  | No
All Other |  |  |  |  |  |  |  |  |  | 4,340 |  |  | 4,287 |  |  | 4,444 |  |  |
Total Contributions |  |  |  |  |  |  |  |  |  | $ | 6,282 |  |  | $ | 6,162 |  |  | $ | 6,398 |  |  |
______________________
(1) | The applicable collective bargaining agreements related to this pension fund expire between January 31, 2015 and December 31, 2016.
(2) | The collective bargaining agreement related to this pension fund expires on February 15, 2015.
Weighted Average Asset Allocation for Pension Plans and Target Allocation | The weighted average asset allocation for our pension plans at December 31, 2014 and 2013 and target allocation for 2014 was as follows:
| Target Allocation |  | Actual Allocation
| 2014 |  | 2013
Equity securities—U.S. | 49 | % |  | 47 | % |  | 48 | %
Equity securities—International | 9 | % |  | 10 | % |  | 10 | %
Debt securities | 42 | % |  | 42 | % |  | 41 | %
Cash and cash equivalents | — |  |  | 1 | % |  | 1 | %
| 100 | % |  | 100 | % |  | 100 | %
Fair Value of Plan Assets by Asset Category | The fair value of our plan assets by asset category consisted of the following at December 31:
| 2014 |  | 2013
| (Dollars in thousands)
Equity securities—U.S. | $ | 358,067 |  |  | $ | 330,506 |
Equity securities—International | 74,999 |  |  | 69,811 |
Debt securities | 317,562 |  |  | 286,422 |
Cash and cash equivalents | 4,351 |  |  | 4,324 |
| $ | 754,979 |  |  | $ | 691,063 |
Benefit Obligation |
Weighted Average Actuarial Assumptions | Our principal domestic pension and other postretirement benefit plans used the following weighted average actuarial assumptions to determine the benefit obligations at December 31:
| 2014 |  | 2013
Discount rate | 4.1 | % |  | 4.9 | %
Expected return on plan assets | 8.5 | % |  | 8.5 | %
Rate of compensation increase | 3.0 | % |  | 3.0 | %
Health care cost trend rate: |  |  |
Assumed for next year | 6.7 | % |  | 7.2 | %
Ultimate rate | 5.0 | % |  | 4.9 | %
Year that the ultimate rate is reached | 2058 |  |  | 2055 |
Benefit Costs |
Weighted Average Actuarial Assumptions | Our principal domestic pension and other postretirement benefit plans used the following weighted average actuarial assumptions to determine net periodic benefit cost for the years ended December 31:
| 2014 |  | 2013 |  | 2012
Discount rate | 4.9 | % |  | 4.1 | % |  | 4.6 | %
Expected return on plan assets | 8.5 | % |  | 8.5 | % |  | 8.5 | %
Rate of compensation increase | 3.0 | % |  | 3.1 | % |  | 3.1 | %
Health care cost trend rate | 7.2 | % |  | 7.2 | % |  | 7.8 | %

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