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Pension and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2013
Compensation And Retirement Disclosure [Abstract] |
Change in Benefit Obligation | The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans.
|  | Pension Benefits |  |  | Other Benefits |
Years Ended December 31, |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
|  | (In thousands) |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | (263,876 | ) |  | $ | (240,002 | ) |  | $ | (51,772 | ) |  | $ | (49,118 | )
Service cost |  |  | (5,554 | ) |  |  | (5,423 | ) |  |  | (125 | ) |  |  | (116 | )
Interest cost |  |  | (9,310 | ) |  |  | (10,510 | ) |  |  | (1,910 | ) |  |  | (2,077 | )
Participant contributions |  |  | (105 | ) |  |  | (146 | ) |  |  | (11 | ) |  |  | (11 | )
Plan amendments |  |  | (56 | ) |  |  | — |  |  |  | — |  |  |  | — |
Actuarial gain (loss) |  |  | 8,147 |  |  |  | (21,785 | ) |  |  | 2,096 |  |  |  | (1,950 | )
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (204 | )
Foreign currency exchange rate changes |  |  | (1,826 | ) |  |  | (2,542 | ) |  |  | 2,681 |  |  |  | (886 | )
Benefits paid |  |  | 14,157 |  |  |  | 16,532 |  |  |  | 2,427 |  |  |  | 2,590 |
Benefit obligation, end of year |  | $ | (258,423 | ) |  | $ | (263,876 | ) |  | $ | (46,614 | ) |  | $ | (51,772 | )
Change in Plan Assets |
|  | Pension Benefits |  |  | Other Benefits |
Years Ended December 31, |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
|  | (In thousands) |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 173,154 |  |  | $ | 160,806 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  | 29,416 |  |  |  | 16,449 |  |  |  | — |  |  |  | — |
Employer contributions |  |  | 10,035 |  |  |  | 10,448 |  |  |  | 2,416 |  |  |  | 2,579 |
Plan participant contributions |  |  | 105 |  |  |  | 146 |  |  |  | 11 |  |  |  | 11 |
Foreign currency exchange rate changes |  |  | (186 | ) |  |  | 1,837 |  |  |  | — |  |  |  | — |
Benefits paid |  |  | (14,157 | ) |  |  | (16,532 | ) |  |  | (2,427 | ) |  |  | (2,590 | )
Fair value of plan assets, end of year |  | $ | 198,367 |  |  | $ | 173,154 |  |  | $ | — |  |  | $ | — |
Funded status, end of year |  | $ | (60,056 | ) |  | $ | (90,722 | ) |  | $ | (46,614 | ) |  | $ | (51,772 | )
Amounts Recognized in Balance Sheets |
Amounts recongized in the balance sheets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid benefit cost |  | $ | 5,797 |  |  | $ | 8,728 |  |  | $ | — |  |  | $ | — |
Accrued benefit liability (current) |  |  | (3,878 | ) |  |  | (3,900 | ) |  |  | (2,665 | ) |  |  | (3,002 | )
Accrued benefit liability (noncurrent) |  |  | (61,975 | ) |  |  | (95,550 | ) |  |  | (43,949 | ) |  |  | (48,770 | )
Net funded status |  | $ | (60,056 | ) |  | $ | (90,722 | ) |  | $ | (46,614 | ) |  | $ | (51,772 | )
Components of Net Periodic Benefit Costs | The following table provides the components of net periodic benefit costs for the plans.
|  | Pension Benefits |  |  | Other Benefits |
Years Ended December 31, |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
|  | (In thousands) |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 5,554 |  |  | $ | 5,423 |  |  | $ | 5,863 |  |  | $ | 125 |  |  | $ | 116 |  |  | $ | 92 |
Interest cost |  |  | 9,310 |  |  |  | 10,510 |  |  |  | 11,687 |  |  |  | 1,910 |  |  |  | 2,077 |  |  |  | 2,199 |
Expected return on plan assets |  |  | (11,066 | ) |  |  | (11,112 | ) |  |  | (11,170 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service credit |  |  | (54 | ) |  |  | (55 | ) |  |  | (63 | ) |  |  | (108 | ) |  |  | (111 | ) |  |  | (116 | )
Net loss recognition |  |  | 6,388 |  |  |  | 5,974 |  |  |  | 6,030 |  |  |  | 932 |  |  |  | 842 |  |  |  | 386 |
Net periodic benefit cost |  | $ | 10,132 |  |  | $ | 10,740 |  |  | $ | 12,347 |  |  | $ | 2,859 |  |  | $ | 2,924 |  |  | $ | 2,561 |
Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts | The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts.
|  | Pension Benefits |  |  | Other Benefits |
Years Ended December 31, |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Weighted average assumptions for benefit obligations at year end: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.1 | % |  |  | 3.7 | % |  |  | 4.4 | % |  |  | 4.3 | %
Salary increase |  |  | 3.9 | % |  |  | 3.9 | % |  |  | N/A |  |  |  | N/A |
Weighted average assumptions for net periodic cost for the year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.7 | % |  |  | 4.5 | % |  |  | 4.3 | % |  |  | 4.3 | %
Salary increase |  |  | 3.9 | % |  |  | 3.9 | % |  |  | N/A |  |  |  | N/A |
Expected return on assets |  |  | 6.7 | % |  |  | 6.9 | % |  |  | N/A |  |  |  | N/A |
Assumed health care cost trend rates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health care cost trend rate assumed for next year |  |  | N/A |  |  |  | N/A |  |  |  | 7.3 | % |  |  | 7.6 | %
Rate that the cost trend rate gradually declines to |  |  | N/A |  |  |  | N/A |  |  |  | 5.0 | % |  |  | 5.0 | %
Year that the rate reaches the rate it is assumed to remain at |  |  | N/A |  |  |  | N/A |  |  |  | 2020 |  |  |  | 2020 |
Effect of One Percentage - Point Change in Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A one percentage-point change in the assumed health care cost trend rates would have the following effects on 2013 expense and year-end liabilities.
|  | 1% Increase |  |  | 1% Decrease |
|  | (In thousands) |
Effect on total of service and interest cost components |  | $ | 222 |  |  | $ | (183 | )
Effect on postretirement benefit obligation |  | $ | 5,101 |  |  | $ | (4,208 | )
Fair Values of Pension Plan Assets by Asset Category | The following table presents the fair values of the pension plan assets by asset category.
|  | December 31, 2013 |  |  | December 31, 2012 |
|  |  |  |  | Quoted Prices |  |  |  |  |  |  |  |  |  |  |  | Quoted Prices |  |  |  |  |  |  |
|  |  |  |  | in Active |  |  |  |  |  |  |  |  |  |  |  | in Active |  |  |  |  |  |  |
|  | Fair Market |  |  | Markets for |  |  | Significant |  |  | Significant |  |  | Fair Market |  |  | Markets for |  |  | Significant |  |  | Significant |
|  | Value at |  |  | Identical |  |  | Observable |  |  | Unobservable |  |  | Value at |  |  | Identical |  |  | Observable |  |  | Unobservable |
|  | December |  |  | Assets |  |  | Inputs |  |  | Inputs |  |  | December |  |  | Assets |  |  | Inputs |  |  | Inputs |
|  | 31, 2013 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | 31, 2012 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (In thousands) |  |  | (In thousands) |
Asset Category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large-cap fund |  | $ | 75,306 |  |  | $ | — |  |  | $ | 75,306 |  |  | $ | — |  |  | $ | 62,151 |  |  | $ | — |  |  | $ | 62,151 |  |  | $ | — |
Mid-cap fund |  |  | 13,511 |  |  |  | — |  |  |  | 13,511 |  |  |  | — |  |  |  | 11,581 |  |  |  | — |  |  |  | 11,581 |  |  |  | — |
Small-cap fund |  |  | 19,473 |  |  |  | — |  |  |  | 19,473 |  |  |  | — |  |  |  | 15,955 |  |  |  | — |  |  |  | 15,955 |  |  |  | — |
Debt securities(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government bond fund |  |  | 25,520 |  |  |  | — |  |  |  | 25,520 |  |  |  | — |  |  |  | 24,385 |  |  |  | — |  |  |  | 24,385 |  |  |  | — |
Corporate bond fund |  |  | 21,679 |  |  |  | — |  |  |  | 21,679 |  |  |  | — |  |  |  | 21,819 |  |  |  | — |  |  |  | 21,819 |  |  |  | — |
Fixed income fund(c) |  |  | 42,847 |  |  |  | — |  |  |  | 42,847 |  |  |  | — |  |  |  | 37,231 |  |  |  | — |  |  |  | 37,231 |  |  |  | — |
Cash & equivalents |  |  | 31 |  |  |  | 31 |  |  |  | — |  |  |  | — |  |  |  | 32 |  |  |  | 32 |  |  |  | — |  |  |  | — |
Total |  | $ | 198,367 |  |  | $ | 31 |  |  | $ | 198,336 |  |  | $ | — |  |  | $ | 173,154 |  |  | $ | 32 |  |  | $ | 173,122 |  |  | $ | — |
(a) | This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
(b) | This category includes investments in investment funds that invest in U.S. treasuries, other national, state and local government bonds, and corporate bonds of highly rated companies from diversified industries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
(c) | This category includes guaranteed insurance contracts.
Benefits Expected to be Paid in Subsequent Years from Our Pension and Other Postretirement as Well as Medicare Subsidy Receipts | Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans.
|  |  |  |  |  |  |  | Medicare |
|  | Pension |  |  | Other |  |  | Subsidy |
|  | Plans |  |  | Plans |  |  | Receipts |
|  | (In thousands) |
2014 |  | $ | 15,505 |  |  | $ | 2,823 |  |  | $ | 91 |
2015 |  |  | 15,752 |  |  |  | 2,840 |  |  |  | 85 |
2016 |  |  | 17,239 |  |  |  | 2,779 |  |  |  | 78 |
2017 |  |  | 17,273 |  |  |  | 2,701 |  |  |  | 71 |
2018 |  |  | 16,796 |  |  |  | 2,653 |  |  |  | 64 |
2019-2023 |  |  | 90,585 |  |  |  | 12,890 |  |  |  | 225 |
Total |  | $ | 173,150 |  |  | $ | 26,686 |  |  | $ | 614 |
Summary of Accumulated Other Comprehensive Loss, Changes in these Amounts and Expected Amortization of these Amounts as Components of Net Periodic Benefit Cost | The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2013, the changes in these amounts during the year ended December 31, 2013, and the expected amortization of these amounts as components of net periodic benefit cost for the year ended December 31, 2014 are as follows.
|  | Pension |  |  | Other |
|  | Benefits |  |  | Benefits |
|  | (In thousands) |
Components of accumulated other comprehensive loss: |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | 46,468 |  |  | $ | 9,622 |
Net prior service credit |  |  | (107 | ) |  |  | (259 | )
|  | $ | 46,361 |  |  | $ | 9,363 |
|  | Pension |  |  | Other |
|  | Benefits |  |  | Benefits |
|  | (In thousands) |
Changes in accumulated other comprehensive loss: |  |  |  |  |  |  |  |
Net actuarial loss, beginning of year |  | $ | 79,370 |  |  | $ | 13,116 |
Amortization cost |  |  | (6,388 | ) |  |  | (932 | )
Actuarial gain |  |  | (8,147 | ) |  |  | (2,096 | )
Asset gain |  |  | (18,350 | ) |  |  | — |
Currency impact |  |  | (17 | ) |  |  | (466 | )
Net actuarial loss, end of year |  | $ | 46,468 |  |  | $ | 9,622 |
Prior service credit, beginning of year |  | $ | (224 | ) |  | $ | (389 | )
Amortization credit |  |  | 54 |  |  |  | 108 |
Plan amendment |  |  | 56 |  |  |  | — |
Currency impact |  |  | 7 |  |  |  | 22 |
Prior service credit, end of year |  | $ | (107 | ) |  | $ | (259 | )
|  | Pension |  |  | Other |
|  | Benefits |  |  | Benefits |
|  | (In thousands) |
Expected 2014 amortization: |  |  |  |  |  |  |  |
Amortization of prior service credit |  | $ | (47 | ) |  | $ | (104 | )
Amortization of net loss |  |  | 4,166 |  |  |  | 606 |
|  | $ | 4,119 |  |  | $ | 502 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
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