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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2013
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] |
Employee Benefit Plans | 15. Employee Benefit Plans The Company offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The Company’s expense relating to defined contribution plans was $30,792, $29,760, and $25,169 for the years ended December 31, 2013, 2012, and 2011, respectively. The Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its subsidiaries. The plans’ benefits are generally based on years of service and employee compensation. The Company also provides to certain management employees, through non-qualified plans, supplemental retirement benefits in excess of qualified plan limits imposed by federal tax law. In July 2013, the Company announced that, after December 31, 2013, the U.S. qualified and non-qualified defined benefit plans will be closed to new employees. All pension-eligible employees as of December 31, 2013 will continue to earn a pension benefit through December 31, 2023 as long as they remain employed by an operating company participating in the plan. The Company also announced that effective, January 1, 2024, the plan would be frozen to any future benefit accruals. Consequently, the net funded status of the U.S. qualified defined benefit plan increased $124,848 in 2013 relative to the prior year due to a reduction in expected future obligations and increased returns on plan assets. The Company also maintains post retirement benefit plans which cover approximately 1,188 participants, approximately 1,160 of whom are eligible for medical benefits. These plans are effectively closed to new entrants. The post-retirement benefit obligation amounts at December 31, 2013 and 2012 include amounts totaling $2,941 and $3,173, respectively, that are recorded in discontinued operations. The supplemental and post retirement benefit plans are supported by the general assets of the Company. Obligations and Funded Status The following tables summarize the balance sheet impact, including the benefit obligations, assets, and funded status associated with the Company's significant defined benefit and other postretirement plans at December 31, 2013 and 2012.
| Qualified Defined Benefits |  | Non-Qualified Supplemental Benefits |  | Post-Retirement Benefits
| U.S. Plan |  | Non-U.S. Plans |  |
| 2013 |  | 2012 |  | 2013 |  | 2012 |  | 2013 |  | 2012 |  | 2013 |  | 2012
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 603,905 |  |  | $ | 526,760 |  |  | $ | 284,798 |  |  | $ | 185,010 |  |  | $ | 180,408 |  |  | $ | 169,903 |  |  | $ | 14,571 |  |  | $ | 15,353 |
Benefits earned during the year | 17,123 |  |  | 14,406 |  |  | 6,043 |  |  | 5,712 |  |  | 5,634 |  |  | 5,304 |  |  | 234 |  |  | 248 |
Interest cost | 24,801 |  |  | 25,136 |  |  | 9,081 |  |  | 10,044 |  |  | 6,741 |  |  | 7,916 |  |  | 523 |  |  | 593 |
Plan participants' contributions | — |  |  | — |  |  | 1,583 |  |  | 2,134 |  |  | — |  |  | — |  |  | 448 |  |  | 632 |
Benefits paid | (35,266 | ) |  | (38,297 | ) |  | (11,237 | ) |  | (7,065 | ) |  | (20,686 | ) |  | (19,434 | ) |  | (1,163 | ) |  | (1,531 | )
Actuarial (gain) loss | (76,605 | ) |  | 75,900 |  |  | 6,501 |  |  | 25,552 |  |  | (34,831 | ) |  | 9,579 |  |  | (618 | ) |  | 1,326 |
Business acquisitions | — |  |  | — |  |  | — |  |  | 61,395 |  |  | — |  |  | — |  |  | 65 |  |  | — |
Amendments | 1,913 |  |  | — |  |  | — |  |  | — |  |  | 3,004 |  |  | 7,140 |  |  | — |  |  | — |
Settlement and curtailment gains | (16,818 | ) |  | — |  |  | (3,036 | ) |  | (6,776 | ) |  | (7,228 | ) |  | — |  |  | — |  |  | (2,050 | )
Currency translation and other | 499 |  |  | — |  |  | 5,551 |  |  | 8,792 |  |  | 14 |  |  | — |  |  | 76 |  |  | — |
Benefit obligation at end of year | 519,552 |  |  | 603,905 |  |  | 299,284 |  |  | 284,798 |  |  | 133,056 |  |  | 180,408 |  |  | 14,136 |  |  | 14,571 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 554,648 |  |  | 515,191 |  |  | 181,416 |  |  | 121,807 |  |  | — |  |  | — |  |  | — |  |  | — |
Actual return on plan assets | 66,761 |  |  | 59,754 |  |  | 17,356 |  |  | 16,023 |  |  | — |  |  | — |  |  | — |  |  | — |
Company contributions | 9,000 |  |  | 18,000 |  |  | 11,359 |  |  | 10,243 |  |  | 20,686 |  |  | 19,434 |  |  | 715 |  |  | 2,949 |
Plan participants' contributions | — |  |  | — |  |  | 1,583 |  |  | 2,134 |  |  | — |  |  | — |  |  | 448 |  |  | 632 |
Benefits paid | (35,266 | ) |  | (38,297 | ) |  | (11,237 | ) |  | (7,065 | ) |  | (20,686 | ) |  | (19,434 | ) |  | (1,163 | ) |  | (1,531 | )
Business acquisitions | — |  |  | — |  |  | — |  |  | 38,939 |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements and curtailments | — |  |  | — |  |  | — |  |  | (6,776 | ) |  | — |  |  | — |  |  | — |  |  | (2,050 | )
Currency translation | — |  |  | — |  |  | 3,204 |  |  | 6,111 |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value of plan assets at end of year | 595,143 |  |  | 554,648 |  |  | 203,681 |  |  | 181,416 |  |  | — |  |  | — |  |  | — |  |  | — |
Funded status | $ | 75,591 |  |  | $ | (49,257 | ) |  | $ | (95,603 | ) |  | $ | (103,382 | ) |  | $ | (133,056 | ) |  | $ | (180,408 | ) |  | $ | (14,136 | ) |  | $ | (14,571 | )
Amounts recognized in the balance sheets consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets and Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets and deferred charges | $ | 75,591 |  |  | $ | — |  |  | $ | 2,976 |  |  | $ | 2,749 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Accrued compensation and employee benefits | — |  |  | — |  |  | (1,970 | ) |  | (3,190 | ) |  | (10,161 | ) |  | (19,701 | ) |  | (971 | ) |  | (953 | )
Other liabilities (deferred compensation) | — |  |  | (49,257 | ) |  | (96,609 | ) |  | (102,941 | ) |  | (122,895 | ) |  | (160,707 | ) |  | (13,165 | ) |  | (13,618 | )
Total Assets and Liabilities | $ | 75,591 |  |  | $ | (49,257 | ) |  | $ | (95,603 | ) |  | $ | (103,382 | ) |  | $ | (133,056 | ) |  | $ | (180,408 | ) |  | $ | (14,136 | ) |  | $ | (14,571 | )
Accumulated Other Comprehensive Loss (Earnings): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial losses (gains) | $ | 86,108 |  |  | $ | 223,753 |  |  | $ | 38,596 |  |  | $ | 41,125 |  |  | $ | (12,520 | ) |  | $ | 22,296 |  |  | $ | 799 |  |  | $ | 996 |
Prior service cost (credit) | 4,471 |  |  | 3,771 |  |  | 1,146 |  |  | 1,260 |  |  | 38,646 |  |  | 46,567 |  |  | (1,024 | ) |  | (1,506 | )
Net asset at transition, other | — |  |  | — |  |  | (48 | ) |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |
Deferred taxes | (31,703 | ) |  | (79,634 | ) |  | (9,965 | ) |  | (10,761 | ) |  | (9,145 | ) |  | (24,103 | ) |  | 20 |  |  | 119 |
Total Accumulated Other Comprehensive Loss (Earnings), net of tax | 58,876 |  |  | 147,890 |  |  | 29,729 |  |  | 31,627 |  |  | 16,981 |  |  | 44,760 |  |  | (205 | ) |  | (391 | )
Net amount recognized at December 31, | $ | 134,467 |  |  | $ | 98,633 |  |  | $ | (65,874 | ) |  | $ | (71,755 | ) |  | $ | (116,075 | ) |  | $ | (135,648 | ) |  | $ | (14,341 | ) |  | $ | (14,962 | )
Accumulated benefit obligations | $ | 482,181 |  |  | $ | 541,394 |  |  | $ | 280,763 |  |  | $ | 264,736 |  |  | $ | 93,153 |  |  | $ | 138,593 |  |  |  |  |  |  |
The Company’s net unfunded status at December 31, 2013 includes an asset of $75,591 relating to the U.S. Dover Corporate Pension Plan and a net liability of $95,603 relating to the Company’s significant international plans, some in locations where it is not economically advantageous to pre-fund the plans due to local regulations. The majority of the international obligations relate to defined pension plans operated by the Company’s businesses in Germany, the United Kingdom, and Switzerland. The accumulated benefit obligation for all defined benefit pension plans was $856,097 and $944,723 at December 31, 2013 and 2012, respectively. Pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2013 and 2012:
| 2013 |  | 2012
Projected benefit obligation (PBO) | $ | 369,289 |  |  | $ | 425,080 |
Accumulated benefit obligation (ABO) | 336,095 |  |  | 367,736 |
Fair value of plan assets | 137,654 |  |  | 140,514 |
Net Periodic Benefit Cost Components of the net periodic benefit cost were as follows: Defined Benefit Plans
| Qualified Defined Benefits |  | Non-Qualified Supplemental Benefits
| U.S. Plan |  | Non-U.S. Plans |
| 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011
Service cost | $ | 17,123 |  |  | $ | 14,406 |  |  | $ | 14,167 |  |  | $ | 6,043 |  |  | $ | 5,712 |  |  | $ | 3,278 |  |  | $ | 5,634 |  |  | $ | 5,304 |  |  | $ | 4,064 |
Interest cost | 24,801 |  |  | 25,136 |  |  | 27,237 |  |  | 9,081 |  |  | 10,044 |  |  | 9,019 |  |  | 6,741 |  |  | 7,916 |  |  | 7,841 |
Expected return on plan assets | (40,194 | ) |  | (38,978 | ) |  | (38,472 | ) |  | (9,608 | ) |  | (8,765 | ) |  | (8,148 | ) |  | — |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost | 1,026 |  |  | 1,048 |  |  | 1,304 |  |  | 114 |  |  | 117 |  |  | 122 |  |  | 8,110 |  |  | 7,425 |  |  | 7,266 |
Recognized actuarial loss | 17,654 |  |  | 13,515 |  |  | 8,335 |  |  | 1,492 |  |  | 579 |  |  | 254 |  |  | (16 | ) |  | 138 |  |  | — |
Transition obligation | — |  |  | — |  |  | — |  |  | (14 | ) |  | (47 | ) |  | (44 | ) |  | — |  |  | — |  |  | — |
Settlement & curtailment (gain) loss | 187 |  |  | — |  |  | 1,180 |  |  | 697 |  |  | 1,449 |  |  | 2,030 |  |  | (4,411 | ) |  | — |  |  | — |
Other | 501 |  |  | — |  |  | 123 |  |  | 5 |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | — |
Total net periodic benefit cost | $ | 21,098 |  |  | $ | 15,127 |  |  | $ | 13,874 |  |  | $ | 7,810 |  |  | $ | 9,089 |  |  | $ | 6,511 |  |  | $ | 16,071 |  |  | $ | 20,783 |  |  | $ | 19,171 |
Post-Retirement Benefits
| 2013 |  | 2012 |  | 2011
Service cost | $ | 234 |  |  | $ | 248 |  |  | $ | 206 |
Interest cost | 523 |  |  | 593 |  |  | 723 |
Amortization of: |  |  |  |  |
Prior service credit | (416 | ) |  | (416 | ) |  | (409 | )
Recognized actuarial gain | 134 |  |  | (19 | ) |  | (241 | )
Settlement & curtailment gain | — |  |  | (1,493 | ) |  | (137 | )
Other | 77 |  |  | — |  |  | 256 |
Total net periodic benefit cost | $ | 552 |  |  | $ | (1,087 | ) |  | $ | 398 |
Amounts expected to be amortized from Accumulated Other Comprehensive Earnings (Loss) into net periodic benefit cost during 2014 are as follows:
| Qualified Defined Benefits |  | Non-Qualified Supplemental Benefits |  | Post-Retirement Benefits
| U.S. Plan |  | Non-U.S. Plans |
Amortization of: |  |  |  |  |  |  |
Prior service cost (credit) | $ | 1,083 |  |  | $ | 114 |  |  | $ | 7,741 |  |  | $ | (409 | )
Recognized actuarial loss (gain) | 8,289 |  |  | 1,130 |  |  | (574 | ) |  | 56 |
Transition obligation | — |  |  | 4 |  |  | — |  |  | — |
Total | $ | 9,372 |  |  | $ | 1,248 |  |  | $ | 7,167 |  |  | $ | (353 | )
Assumptions The Company determines actuarial assumptions on an annual basis. The weighted-average assumptions used in determining the benefit obligations were as follows:
| Qualified Defined Benefits |  | Non-Qualified Supplemental Benefits |  | Post-Retirement Benefits
| U.S. Plan |  | Non-U.S. Plans |  |
| 2013 |  | 2012 |  | 2013 |  | 2012 |  | 2013 |  | 2012 |  | 2013 |  | 2012
Discount rate | 4.90 | % |  | 4.05 | % |  | 3.53 | % |  | 3.31 | % |  | 4.77 | % |  | 4.00 | % |  | 4.45 | % |  | 3.65 | %
Average wage increase | 4.00 | % |  | 4.00 | % |  | 2.86 | % |  | 2.74 | % |  | 4.50 | % |  | 4.50 | % |  | na |  | na
Ultimate medical trend rate | na |  | na |  | na |  | na |  | na |  | na |  | 5.00 | % |  | 5.00 | %
The weighted average assumptions used in determining the net periodic cost were as follows:
| Qualified Defined Benefits |  | Non- Qualified Supplemental Benefits |  | Post-Retirement Benefits
| U.S. Plan |  | Non-U.S. Plans |
| 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011
Discount rate | 4.05 | % |  | 4.85 | % |  | 5.50 | % |  | 3.31 | % |  | 4.62 | % |  | 5.04 | % |  | 4.02 | % |  | 4.77 | % |  | 5.50 | % |  | 3.65 | % |  | 3.65 | % |  | 5.10 | %
Average wage increase | 4.00 | % |  | 4.00 | % |  | 4.50 | % |  | 2.74 | % |  | 3.14 | % |  | 3.73 | % |  | 4.50 | % |  | 4.50 | % |  | 4.50 | % |  | na |  | na |  | na
Expected return on plan assets | 7.75 | % |  | 7.75 | % |  | 7.75 | % |  | 5.32 | % |  | 5.90 | % |  | 6.45 | % |  | na |  | na |  | na |  | na |  | na |  | na
The Company’s discount rate assumption is determined by developing a yield curve based on high quality corporate bonds with maturities matching the plans’ expected benefit payment streams. The plans’ expected cash flows are then discounted by the resulting year-by-year spot rates. For post-retirement benefit measurement purposes, an 8.5% annual rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rates) was assumed for 2014. The rate was assumed to decrease gradually to 5.0% by the year 2027 and remain at that level thereafter. The health care cost trend rate assumption can have an effect on the amounts reported. For example, increasing (decreasing) the assumed health care cost trend rates by one percentage point in each year would increase (decrease) the accumulated post-retirement benefit obligation as of December 31, 2013 by $381 and $(363), respectively, and would have a negligible impact on the net post-retirement benefit cost for 2013. Plan Assets The primary financial objective of the plans is to secure participant retirement benefits. Accordingly, the key objective in the plans’ financial management is to promote stability and, to the extent appropriate, growth in the funded status. Related and supporting financial objectives are established in conjunction with a review of current and projected plan financial requirements. As it relates to the funded defined benefit pension plans, the Company’s funding policy is consistent with the funding requirements of the Employment Retirement Income Security Act (“ERISA”) and applicable international laws. The Company is responsible for overseeing the management of the investments of the plans’ assets and otherwise ensuring that the plans’ investment programs are in compliance with ERISA, other relevant legislation, and related plan documents. Where relevant, the Company has retained professional investment managers to manage the plans’ assets and implement the investment process. The investment managers, in implementing their investment processes, have the authority and responsibility to select appropriate investments in the asset classes specified by the terms of their applicable prospectus or investment manager agreements with the plans. The assets of the plans are invested to achieve an appropriate return for the plans consistent with a prudent level of risk. The asset return objective is to achieve, as a minimum over time, the passively managed return earned by market index funds, weighted in the proportions outlined by the asset class exposures identified in the plans’ strategic allocation. The expected return on assets assumption used for pension expense is developed through analysis of historical market returns, statistical analysis, current market conditions, and the past experience of plan asset investments. Overall, it is projected that the investment of plan assets within Dover’s U.S. defined benefit plan will achieve a 7.75% net return over time from the asset allocation strategy. The Company’s actual and target weighted-average asset allocation for our U.S. Corporate Pension Plan was as follows:
| 2013 |  | 2012 |  | Current Target
Equity securities | 64 | % |  | 57 | % |  | 58 | %
Fixed income | 29 | % |  | 36 | % |  | 35 | %
Real estate and other | 7 | % |  | 7 | % |  | 7 | %
Total | 100 | % |  | 100 | % |  | 100 | %
While the non-U.S. investment policies are different for each country, the long-term objectives are generally the same as for the U.S. pension assets. The Company's non-U.S. plans were expected to achieve rates of return on invested assets of 5.32% in 2013, 5.90% in 2012, and 6.45% in 2011. The fair values of both U.S. and non-U.S. pension plan assets by asset category within the ASC 820 hierarchy (as defined in Note 11. Financial Instruments) are as follows at December 31, 2013 and 2012:
| U.S. Plan
| December 31, 2013 |  | December 31, 2012
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. companies | $ | 180,038 |  |  | $ | — |  |  | $ | — |  |  | $ | 180,038 |  |  | $ | 153,939 |  |  | $ | — |  |  | $ | — |  |  | $ | 153,939 |
Non-U.S. companies | 5,526 |  |  | — |  |  | — |  |  | 5,526 |  |  | 6,478 |  |  | — |  |  | — |  |  | 6,478 |
Fixed income investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | — |  |  | 53,924 |  |  | — |  |  | 53,924 |  |  | — |  |  | 59,293 |  |  | — |  |  | 59,293 |
Private placements | — |  |  | 3,374 |  |  | — |  |  | 3,374 |  |  | — |  |  | 7,238 |  |  | — |  |  | 7,238 |
Government securities | 25,035 |  |  | 87,107 |  |  | — |  |  | 112,142 |  |  | 19,888 |  |  | 112,716 |  |  | — |  |  | 132,604 |
Common stock funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | 59,387 |  |  | — |  |  | — |  |  | 59,387 |  |  | 45,376 |  |  | — |  |  | — |  |  | 45,376 |
Collective trusts | — |  |  | 138,236 |  |  | — |  |  | 138,236 |  |  | — |  |  | 109,002 |  |  | — |  |  | 109,002 |
Real estate funds (1) | — |  |  | 33,749 |  |  | — |  |  | 33,749 |  |  | — |  |  | 29,401 |  |  | — |  |  | 29,401 |
Cash and equivalents | 8,767 |  |  | — |  |  | — |  |  | 8,767 |  |  | 11,317 |  |  | — |  |  | — |  |  | 11,317 |
| $ | 278,753 |  |  | $ | 316,390 |  |  | $ | — |  |  | $ | 595,143 |  |  | $ | 236,998 |  |  | $ | 317,650 |  |  | $ | — |  |  | $ | 554,648 |
(1) Previously, the Company classified the real estate funds held by the U.S. defined benefit plan as a Level 3 investment due to certain redemption restrictions; however, in 2013 the Company determined that the U.S. plan has the ability to redeem these investments in the near-term, which would allow for classification as a Level 2 investment. The prior year has been reclassified to conform to this presentation.
| Non-U.S. Plans
| December 31, 2013 |  | December 31, 2012
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stocks | $ | 35,010 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,010 |  |  | $ | 31,268 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,268 |
Fixed income investments | — |  |  | 75,574 |  |  | — |  |  | 75,574 |  |  | — |  |  | 57,049 |  |  | — |  |  | 57,049 |
Common stock funds | — |  |  | 66,285 |  |  | — |  |  | 66,285 |  |  | — |  |  | 75,729 |  |  | — |  |  | 75,729 |
Real estate funds | — |  |  | — |  |  | 14,937 |  |  | 14,937 |  |  | — |  |  | — |  |  | 10,116 |  |  | 10,116 |
Cash and equivalents | 6,785 |  |  | — |  |  | — |  |  | 6,785 |  |  | 3,380 |  |  | — |  |  | — |  |  | 3,380 |
Other | — |  |  | 5,090 |  |  | — |  |  | 5,090 |  |  | — |  |  | 2,418 |  |  | 1,456 |  |  | 3,874 |
| $ | 41,795 |  |  | $ | 146,949 |  |  | $ | 14,937 |  |  | $ | 203,681 |  |  | $ | 34,648 |  |  | $ | 135,196 |  |  | $ | 11,572 |  |  | $ | 181,416 |
Common stocks represent investments in domestic and foreign equities which are publicly traded on active exchanges and are valued based on quoted market prices. Fixed income investments include U.S. treasury bonds and notes, which are valued based on quoted market prices, as well as investments in other government and municipal securities and corporate bonds, which are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Common stock funds consist of mutual funds and collective trusts. Mutual funds are valued by obtaining quoted prices from nationally recognized securities exchanges. Collective trusts are valued using Net Asset Value (the “NAV”) as of the last business day of the year. The NAV is based on the underlying value of the assets owned by the fund minus its liabilities, and then divided by the number of shares outstanding. The value of the underlying assets is based on quoted prices in active markets. The real estate funds are valued on an annual basis using third-party appraisals, with adjustments estimated on a quarterly basis using discounted cash flow models which consider such inputs as revenue and expense growth rates, terminal capitalization rates, and discount rates. The Company believes this is an appropriate methodology to obtain the fair value of these assets. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2012 and 2013 due to the following:
| Real estate funds |  | Other |  | Total
Balance at December 31, 2011 | $ | 7,053 |  |  | $ | 4,561 |  |  | $ | 11,614 |
Actual return on plan assets: |  |  |  |  |
Relating to assets sold during the period | — |  |  | (52 | ) |  | (52 | )
Relating to assets still held at December 31, 2011 | 359 |  |  | — |  |  | 359 |
Business acquisitions | 3,103 |  |  | 1,456 |  |  | 4,559 |
Purchases | — |  |  | — |  |  | — |
Sales | (399 | ) |  | (4,509 | ) |  | (4,908 | )
Balance at December 31, 2012 | 10,116 |  |  | 1,456 |  |  | 11,572 |
Actual return on plan assets: |  |  |  |  |
Relating to assets sold during the period | — |  |  | — |  |  | — |
Relating to assets still held at December 31, 2012 | 2,958 |  |  | — |  |  | 2,958 |
Business acquisitions | — |  |  | — |  |  | — |
Purchases | 1,863 |  |  | — |  |  | 1,863 |
Sales | — |  |  | (1,456 | ) |  | (1,456 | )
Balance at December 31, 2013 | $ | 14,937 |  |  | $ | — |  |  | $ | 14,937 |
There were no significant transfers between Level 1 and Level 2 investments during 2013 or 2012. Future Estimates Benefit Payments Estimated future benefit payments to retirees, which reflect expected future service, are as follows:
| Qualified Defined Benefits |  | Non-Qualified Supplemental Benefits |  | Post-Retirement Benefits
| U.S. Plan |  | Non-U.S. Plans |
2014 | $ | 35,913 |  |  | $ | 8,280 |  |  | $ | 10,398 |  |  | $ | 971 |
2015 | 36,139 |  |  | 8,429 |  |  | 7,485 |  |  | 987 |
2016 | 38,034 |  |  | 8,702 |  |  | 7,817 |  |  | 975 |
2017 | 39,106 |  |  | 9,111 |  |  | 7,656 |  |  | 1,002 |
2018 | 40,510 |  |  | 9,755 |  |  | 7,172 |  |  | 1,048 |
2019 - 2023 | 218,612 |  |  | 56,962 |  |  | 38,393 |  |  | 5,331 |
Contributions In 2014, the Company expects to contribute approximately $8.9 million to its non-U.S. plans and none to its U.S. plans. Additionally, in 2014, the Company expects to fund benefit payments of approximately $10.4 million to plan participants of its unfunded, non-qualified, supplemental benefit plans. Multiemployer Pension Plans The Company, through its subsidiaries, participates in a few multiemployer pension plans covering approximately 100 employees working under U.S. collective bargaining agreements. None of these plans are considered individually significant to the Company. Contributions to multiemployer plans totaled less than $2.0 million in each of the last three years.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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