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2333301 - Disclosure - RETIREMENT BENEFITS (Tables)
(http://www.cbi.com/role/RetirementBenefitsTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation and Retirement Disclosure [Abstract]
 
Components of Net Periodic Benefit Cost
The following tables present combined information for our defined benefit pension and other postretirement plans:
Components of Net Periodic Benefit Cost
 
Pension Plans
 
Other Postretirement Plans
 
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
 
$
9,337

 
$
10,611

 
$
9,113

 
$
704

 
$
791

 
$
1,037

Interest cost
 
23,078

 
23,242

 
33,530

 
1,361

 
1,545

 
2,279

Expected return on plan assets
 
(26,314
)
 
(28,341
)
 
(36,577
)
 

 

 

Amortization of prior service credits
 
(617
)
 
(620
)
 
(465
)
 

 

 

Recognized net actuarial losses (gains)
 
5,719

 
7,648

 
4,649

 
(3,361
)
 
(2,696
)
 
(863
)
Net periodic benefit cost (income)
 
$
11,203

 
$
12,540

 
$
10,250

 
$
(1,296
)
 
$
(360
)
 
$
2,453

 
 
Change in Benefit Obligation
Change in Projected Benefit Obligation
 
Pension Plans
 
Other Postretirement Plans
 
 
2016
 
2015
 
2016
 
2015
Projected benefit obligation at beginning of year
 
$
824,968

 
$
945,522

 
$
30,948

 
$
51,458

Service cost
 
9,337

 
10,611

 
704

 
791

Interest cost
 
23,078

 
23,242

 
1,361

 
1,545

Actuarial loss (gain) (1)
 
127,406

 
(45,456
)
 
2,702

 
(20,863
)
Plan participants’ contributions
 
2,850

 
2,828

 
502

 
452

Benefits paid
 
(36,955
)
 
(33,521
)
 
(2,810
)
 
(2,435
)
Currency translation (2)
 
(73,427
)
 
(78,258
)
 

 

Projected benefit obligation at end of year
 
$
877,257

 
$
824,968

 
$
33,407

 
$
30,948

 
 
Change in Plan Assets

Change in Plan Assets
 
Pension Plans
 
Other Postretirement Plans
 
 
2016
 
2015
 
2016
 
2015
Fair value of plan assets at beginning of year
 
$
707,088

 
$
783,219

 
$

 
$

Actual return on plan assets
 
78,360

 
1,211

 

 

Benefits paid
 
(36,955
)
 
(33,521
)
 
(2,810
)
 
(2,435
)
Employer contributions (3)
 
16,770

 
16,918

 
2,308

 
1,983

Plan participants’ contributions
 
2,850

 
2,828

 
502

 
452

Currency translation (2)
 
(65,009
)
 
(63,567
)
 

 

Fair value of plan assets at end of year
 
$
703,104

 
$
707,088

 
$

 
$

Funded status
 
$
(174,153
)
 
$
(117,880
)
 
$
(33,407
)
 
$
(30,948
)
Balance Sheet Position
 
Pension Plans
 
Other Postretirement Plans
 
 
2016
 
2015
 
2016
 
2015
Prepaid benefit cost within other non-current assets
 
$
2,798

 
$
13,581

 
$

 
$

Accrued benefit cost within other current liabilities
 
(2,687
)
 
(2,699
)
 
(2,476
)
 
(2,432
)
Accrued benefit cost within other non-current liabilities
 
(174,264
)
 
(128,762
)
 
(30,931
)
 
(28,516
)
Net funded status recognized
 
$
(174,153
)
 
$
(117,880
)
 
$
(33,407
)
 
$
(30,948
)
 
 
 
 
 
 
 
 
 
Unrecognized net prior service credits
 
$
(3,259
)
 
$
(3,975
)
 
$

 
$

Unrecognized net actuarial losses (gains)
 
200,334

 
144,680

 
(25,508
)
 
(31,571
)
Accumulated other comprehensive loss (income), before taxes (4)
 
$
197,075

 
$
140,705

 
$
(25,508
)
 
$
(31,571
)
(1) 
The actuarial pension plan loss for 2016 was primarily associated with a decrease in discount rate assumptions for our pension plans. The actuarial pension plan gain for 2015 was primarily associated with an increase in the discount rate assumptions for our pension plans. The actuarial other postretirement plan gain for 2015 was primarily associated with an increase in the discount rate assumptions and a decrease in the percent of retiring employees electing medical coverage for our other postretirement plan.
(2) 
The currency translation loss for 2016 and 2015 was primarily associated with the strengthening of the U.S. Dollar against the currencies associated with our international pension plans, primarily the Euro and British Pound.
(3) 
During 2017, we expect to contribute approximately $17,000 and $2,500 to our pension and other postretirement plans, respectively.
(4) 
During 2017, we expect to recognize approximately $(600) and $5,500 of previously unrecognized net prior service pension credits and net actuarial pension losses, respectively.
 
 
Defined Benefit Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
The following table includes summary information for those defined benefit plans with an accumulated benefit obligation in excess of plan assets:
 
 
December 31,
 
 
2016
 
2015
Projected benefit obligation
 
$
766,618

 
$
714,539

Accumulated benefit obligation
 
$
748,862

 
$
713,187

Fair value of plan assets
 
$
589,667

 
$
583,081

 
 
Weighted-Average Assumptions Used to Measure Defined Benefit Pension and Other Postretirement Plans
The following table presents the weighted-average assumptions used to measure our defined benefit pension and other postretirement plans:
 
 
Pension Plans
 
Other Postretirement Plans
 
 
2016
 
2015
 
2016
 
2015
Weighted-average assumptions used to determine benefit obligations at December 31,
 
 
 
 
 
 
 
 
Discount rate
 
2.11
%
 
2.95
%
 
4.15
%
 
4.47
%
Rate of compensation increase (1)
 
2.36
%
 
2.37
%
 
n/a

 
n/a

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31,
 
 
 
 
 
 
 
 
Discount rate
 
2.95
%
 
2.64
%
 
4.47
%
 
4.13
%
Expected long-term rate of return on plan assets (2)
 
3.87
%
 
3.81
%
 
n/a

 
n/a

Rate of compensation increase (1)
 
2.36
%
 
2.90
%
 
n/a

 
n/a

(1) 
The rate of compensation increase relates solely to the defined benefit plans that factor compensation increases into the valuation.
(2) 
The expected long-term rate of return on plan assets was derived using historical returns by asset category and expectations of future performance.
 
 
Expected Defined Benefit Pension and Other Postretirement Plan Payments
The following table includes the expected defined benefit and other postretirement plan payments for the next 10 years:
Year
 
Pension
Plans
 
Other
Postretirement
Plans
2017
 
$
37,783

 
$
2,476

2018
 
$
33,699

 
$
2,471

2019
 
$
33,859

 
$
2,446

2020
 
$
34,584

 
$
2,408

2021
 
$
35,245

 
$
2,337

2022-2026
 
$
183,871

 
$
10,820

 
 
Plan Assets at Fair Value by Investment Category and Valuation Hierarchy Level
The following tables present the fair value of our plan assets by investment category and valuation hierarchy level at December 31, 2016 and 2015:
 

December 31, 2016
 

Level 1

Level 2

Level 3

Total
Asset Category








Equity Securities:








Global Equities and Cash

$
3,310


$


$


$
3,310

International Funds (1)



155,560




155,560

Emerging Markets Growth Funds



17,342




17,342

U.S. Equity Funds


 
13,766

 

 
13,766

Fixed Income Securities:








International Government Bonds (2)


 
180,850

 

 
180,850

International Corporate Bonds (3)


 
110,626

 

 
110,626

International Mortgage Funds (4)
 

 
64,174

 

 
64,174

All Other Fixed Income Securities (5)
 

 
50,321

 

 
50,321

Other Investments:

 
 
 
 
 
 
 
Asset Allocation Funds (6)
 

 
107,155

 

 
107,155

Total Assets at Fair Value

$
3,310


$
699,794


$


$
703,104

 
 
December 31, 2015
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Category
 
 
 
 
 
 
 
 
Equity Securities:
 
 
 
 
 
 
 
 
Global Equities and Cash
 
$
2,278

 
$

 
$

 
$
2,278

International Funds (1)
 

 
167,695

 

 
167,695

U.S. Equity Funds
 

 
20,158

 

 
20,158

Emerging Markets Growth Funds
 

 
15,764

 

 
15,764

Fixed Income Securities:
 
 
 
 
 
 
 
 
International Government Bonds (2)
 

 
253,969

 

 
253,969

International Corporate Bonds (3)
 

 
96,262

 

 
96,262

International Mortgage Funds (4)
 

 
21,679

 

 
21,679

All Other Fixed Income Securities (5)
 

 
47,504

 

 
47,504

Other Investments:
 
 
 
 
 
 
 
 
Asset Allocation Funds (6)
 

 
81,779

 

 
81,779

Total Assets at Fair Value
 
$
2,278

 
$
704,810

 
$

 
$
707,088

The following provides descriptions for plan asset categories with significant balances in the tables above:
(1) 
Investments in various funds that track international indices.
(2) 
Investments in predominately EU government securities and U.K. Treasury securities with credit ratings primarily AAA.
(3) 
Investments in European and U.K. fixed interest securities with credit ratings of primarily BBB and above.
(4) 
Investments in international mortgage funds.
(5) 
Investments predominantly in various international fixed income obligations that are individually insignificant.
(6) 
Investments in fixed income securities, equities and alternative asset classes, including commodities and property assets.
 
 
Additional Information Regarding Significant Multi-Employer Pension Plans
The following table provides additional information regarding our significant multi-employer defined benefit pension plans, including the funding level of each plan (or zone status, as defined by the Pension Protection Act), whether actions to improve the funding level of the plan have been implemented, where required (a funding improvement plan (“FIP”) or rehabilitation plan (“RP”), and our contributions to each plan and total contributions for 2016, 2015 and 2014, among other disclosures:
 
 
EIN/Plan
Number
 
Plan Year End
 
Pension Protection
Act (% Funded) (1)
 
FIP/RP
Plan (1)
 
Total Company Contributions (2)
 
Expiration
Date of
Collective-
Bargaining
Agreement (3)
Pension Fund
 
 
2016
 
2015
 
2016
 
2015
 
2014
 
Boilermaker-Blacksmith National Pension Trust
 
48-6168020-001
 
12/31
 
65%-80%
 
65%-80%
 
Yes
 
$
35,235

 
$
32,918

 
$
33,105

 
Various
Plumbers and Pipefitters National Pension Fund
 
52-6152779-001
 
6/30
 
65%-80%
 
65%-80%
 
Yes
 
5,443

 
4,712

 
3,895

 
Various
Utah Pipe Trades Pension Trust Fund
 
51-6077569-001
 
12/31
 
>80%
 
>80%
 
No
 
4,321

 
5,522

 
664

 
07/19
Central Laborers’ Pension Fund
 
37-6052379-001
 
12/31
 
65%-80%
 
<65%
 
Yes
 
2,054

 
2,083

 
1,881

 
Various
Twin City Carpenters and Joiners Pension Fund
 
41-6043137-001
 
12/31
 
65%-80%
 
65%-80%
 
Yes
 
1,295

 
5,469

 
6,010

 
04/19
Twin City Ironworkers Pension Plan
 
41-6084127-001
 
12/31
 
>80%
 
>80%
 
No
 
731

 
2,102

 
2,791

 
04/19
Middle Tennessee Carpenters and Millwrights Pension Fund (4)
 
62-6101275-001
 
4/30
 
>80%
 
>80%
 
No
 

 
6,809

 
4,729

 
Various
Southern Ironworkers Pension Fund (4)
 
59-6227091-001
 
12/31
 
>80%
 
>80%
 
No
 

 
3,823

 
2,150

 
Various
Plumbers and Steamfitters Local 150 Pension Fund (4)
 
58-6116699-001
 
12/31
 
>80%
 
>80%
 
No
 

 
3,510

 
2,154

 
Various
Boilermakers’ National Pension Plan (Canada)
 
366708
 
12/31
 
N/A
 
N/A
 
N/A
 
6,709

 
8,645

 
10,795

 
04/19
All Other (5)
 
 
 
 
 
 
 
 
 
 
 
64,621

 
62,120

 
49,913

 
 
Total
 
 
 
 
 
 
 
 
 
 
 
$
120,409

 
$
137,713

 
$
118,087

 
 
(1) 
Pension Protection Act Zone Status and FIP/RP plans are applicable to our U.S.-registered plans only, as these terms are not defined within Canadian pension legislation. In the U.S., plans funded less than 65% are in the red zone, plans funded at least 65%, but less than 80% are in the yellow zone, and plans funded at least 80% are in the green zone. The requirement for FIP or RP plans in the U.S. is based on the funding level or zone status of the applicable plan.
(2) 
Our 2016 contributions as a percentage of total plan contributions were not available for any of our plans. For 2015 and 2014, our contributions to the Utah Pipe Trades Pension Trust Fund, the Twin City Carpenters and Joiners Pension Fund, the Twin City Ironworkers Pension Plan, the Southern Ironworkers Pension Fund, the Plumbers and Steamfitters Local 150 Pension Fund and the Boilermakers’ National Pension Plan (Canada) each exceeded 5% of total plan contributions. The level of our contributions to each plan noted above varies from period to period based upon the level of work being performed that is covered under the applicable collective-bargaining agreement.
(3) 
The expiration dates of our labor agreements associated with the plans noted as “Various” above vary based upon the duration of the applicable projects.
(4) 
The contributions in 2015 and 2014 were associated with plans that were included with our former Nuclear Operations, which were sold on December 31, 2015.
(5) 
Our remaining contributions are to various U.S. and Canadian plans, which are individually immaterial.