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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2013
Retirement Plans [Abstract] |
Funded status of defined benefit plan | Although the Company intends for these defined contribution plans to be the primary retirement benefit for most employees, the Company also has several defined benefit plans. The funded status of the defined benefit plans was as follows at December 31:
(in thousands) |  | 2013 |  |  | 2012 |
Benefit obligation at beginning of year |  | $ | 76,957 |  |  | $ | 67,211 |
Service cost |  |  | 3,260 |  |  |  | 2,583 |
Interest cost |  |  | 2,557 |  |  |  | 2,659 |
Foreign currency exchange rate changes |  |  | (703 | ) |  |  | 799 |
Benefits paid |  |  | (5,194 | ) |  |  | (3,045 | )
Actuarial (gain) loss |  |  | (4,295 | ) |  |  | 6,750 |
Benefit obligation at end of year |  |  | 72,582 |  |  |  | 76,957 |
Plan assets at beginning of year |  |  | 35,141 |  |  |  | 30,969 |
Company contributions |  |  | 5,701 |  |  |  | 4,075 |
Foreign currency exchange rate changes |  |  | (539 | ) |  |  | 973 |
Benefits paid |  |  | (5,258 | ) |  |  | (3,045 | )
Actual gain on plan assets |  |  | 2,077 |  |  |  | 2,169 |
Plan assets at end of year |  |  | 37,122 |  |  |  | 35,141 |
Funded status |  | $ | (35,460 | ) |  | $ | (41,816 | )
Accumulated benefit obligation |  | $ | 68,391 |  |  | $ | 70,230 |
Amount recognized in the consolidated balance sheet | Amounts recognized in the Consolidated Balance Sheets at December 31:
(in thousands) |  | 2013 |  |  | 2012 |
Accrued employee and retiree benefits |  | $ | (40,350 | ) |  | $ | (52,825 | )
Prepaid expenses and other current assets |  |  | 4,890 |  |  |  | 11,009 |
Net liability |  | $ | (35,460 | ) |  | $ | (41,816 | )
Components of annual benefit cost | Components of annual benefit cost:
(in thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |
Service cost |  | $ | 3,260 |  |  | $ | 2,583 |  |  | $ | 2,419 |
Interest cost |  |  | 2,557 |  |  |  | 2,659 |  |  |  | 2,778 |
Expected return on plan assets |  |  | (1,689 | ) |  |  | (1,428 | ) |  |  | (1,520 | )
Amortization of prior service cost |  |  | 172 |  |  |  | 1,971 |  |  |  | 3,112 |
Recognized actuarial loss |  |  | 3,203 |  |  |  | 799 |  |  |  | 1,388 |
Settlement expense |  |  | 1,177 |  |  |  | – |  |  |  | – |
Defined benefit expense |  | $ | 8,680 |  |  | $ | 6,584 |  |  | $ | 8,177 |
Summary of weighted average assumptions | Weighted-average liability assumptions as of December 31:
|  | 2013 |  |  | 2012 |
Discount rate |  |  | 3.91 | % |  |  | 3.27 | %
Expected return on plan assets |  |  | 5.12 | % |  |  | 4.76 | %
Rate of compensation increase |  |  | 4.59 | % |  |  | 4.01 | %
Weighted-average cost assumptions for the year ended December 31:
|  | 2013 |  |  | 2012 |
Discount rate |  |  | 3.27 | % |  |  | 4.27 | %
Expected return on plan assets |  |  | 4.76 | % |  |  | 5.00 | %
Rate of compensation increase |  |  | 4.01 | % |  |  | 4.11 | %
Amounts recognized in accumulated other comprehensive income | Amounts at December 31 in accumulated other comprehensive income were as follows:
(in thousands) |  | 2013 |  |  | 2012 |
Prior service cost |  | $ | 1,182 |  |  | $ | 1,362 |
Unrecognized net actuarial loss |  |  | 7,944 |  |  |  | 17,031 |
Pension adjustments recognized in accumulated other comprehensive income | The pension adjustments, net of tax, recognized in OCI, were as follows:
(in thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |
Net actuarial gain (loss) arising during the period |  | $ | 3,180 |  |  | $ | (3,947 | ) |  | $ | 885 |
Amortization of actuarial loss, included in defined benefit expense |  |  | 2,006 |  |  |  | 526 |  |  |  | 866 |
Amortization of prior service cost, included in defined benefit expense |  |  | 108 |  |  |  | 1,205 |  |  |  | 1,901 |
Pension adjustment, net of tax |  | $ | 5,294 |  |  | $ | (2,216 | ) |  | $ | 3,652 |
Pension plan assets by asset category | The following table presents the Company’s pension plan assets by asset category as of December 31, 2013 and 2012:
| Fair Value as of December 31, |  | Fair Value Measurements at December 31, 2013 Using Fair Value Hierarchy |  | Fair Value as of December 31, |  | Fair Value Measurements at December 31, 2012 Using Fair Value Hierarchy |
(in thousands) | 2013 |  | Level 1 |  | Level 2 |  | Level 3 |  | 2012 |  | Level 1 |  | Level 2 |  | Level 3 |
Equity Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 6,143 |  |  | $ | 6,143 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,253 |  |  | $ | 5,253 |  |  | $ | — |  |  | $ | — |
International |  |  | 7,294 |  |  |  | — |  |  |  | 7,294 |  |  |  | — |  |  |  | 5,412 |  |  |  | — |  |  |  | 5,412 |  |  |  | — |
International Fixed Income Funds |  |  | 23,162 |  |  |  | 1,186 |  |  |  | 21,976 |  |  |  | — |  |  |  | 24,369 |  |  |  | 1,364 |  |  |  | 23,005 |  |  |  | — |
Other investments |  |  | 523 |  |  |  | 40 |  |  |  | 483 |  |  |  | — |  |  |  | 107 |  |  |  | 34 |  |  |  | 73 |  |  |  | — |
Total assets at fair value |  | $ | 37,122 |  |  | $ | 7,369 |  |  | $ | 29,753 |  |  | $ | — |  |  | $ | 35,141 |  |  | $ | 6,651 |  |  | $ | 28,490 |  |  | $ | — |

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- Definition Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e2417-114920 + Details
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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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