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Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items] |
Retirement Plan amounts recorded on consolidated balance sheets | The following table summarizes amounts recorded on the consolidated balance sheets associated with these various retirement benefit plans:
|  | December 31, |
|  | 2013 |  |  | 2012 |
Included in "Other Assets": |  |  |  |  |  |
U.S. pension plans |  | $ | 15,708 |  |  | $ | - |
Non-U.S. pension plans |  |  | 257 |  |  |  | 143 |
Total included in other assets |  | $ | 15,965 |  |  | $ | 143 |
Included in "Accrued Payroll": |  |  |  |  |  |  |  |
U.S. pension plans |  | $ | (51 | ) |  | $ | (83 | )
Non-U.S. pension plans |  |  | (7,644 | ) |  |  | (6,997 | )
U.S. other postretirement plans |  |  | (638 | ) |  |  | (637 | )
Total included in accrued payroll |  | $ | (8,333 | ) |  | $ | (7,717 | )
Accrued pension and other postretirement costs: |  |  |  |  |  |  |  |
U.S. pension plans |  | $ | (35,397 | ) |  | $ | (89,116 | )
Non-U.S. pension plans |  |  | (224,280 | ) |  |  | (229,014 | )
U.S. other postretirement plans |  |  | (6,703 | ) |  |  | (7,520 | )
Non-U.S. other postretirement plans |  |  | (7,504 | ) |  |  | (6,964 | )
Other retirement obligations |  |  | (14,017 | ) |  |  | (12,347 | )
Total accrued pension and other postretirement costs |  | $ | (287,901 | ) |  | $ | (344,961 | )
Accumulated other comprehensive loss: |  |  |  |  |  |  |  |
U.S. pension plans |  | $ | 84,384 |  |  | $ | 146,525 |
Non-U.S. pension plans |  |  | 61,652 |  |  |  | 71,459 |
U.S. other postretirement plans |  |  | (5,782 | ) |  |  | (5,937 | )
Non-U.S. other postretirement plans |  |  | 1,246 |  |  |  | 805 |
Total accumulated other comprehensive loss* |  | $ | 141,500 |  |  | $ | 212,852 |
* - Amounts included in accumulated other comprehensive loss are presented in this table pre-tax.
Reconciliation of benefit obligation, plan assets, and funded status | Note 11 – Pensions and Other Postretirement Benefits (continued) The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to U.S. and non-U.S. pension plans:
|  | December 31, 2013 |  |  | December 31, 2012 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 355,065 |  |  | $ | 282,448 |  |  | $ | 322,527 |  |  | $ | 243,966 |
Service cost |  |  | - |  |  |  | 3,499 |  |  |  | - |  |  |  | 3,247 |
Interest cost |  |  | 13,882 |  |  |  | 8,150 |  |  |  | 15,699 |  |  |  | 9,374 |
Plan amendments |  |  | - |  |  |  | 23 |  |  |  | - |  |  |  | 67 |
Actuarial (gains) losses |  |  | (34,703 | ) |  |  | (5,134 | ) |  |  | 35,467 |  |  |  | 29,957 |
Benefits paid |  |  | (18,871 | ) |  |  | (13,980 | ) |  |  | (18,628 | ) |  |  | (11,456 | )
Currency translation |  |  | - |  |  |  | 5,520 |  |  |  | - |  |  |  | 7,293 |
Benefit obligation at end of year |  | $ | 315,373 |  |  | $ | 280,526 |  |  | $ | 355,065 |  |  | $ | 282,448 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of year |  | $ | 265,866 |  |  | $ | 46,580 |  |  | $ | 239,045 |  |  |  | 35,544 |
Actual return on plan assets |  |  | 31,018 |  |  |  | 2,482 |  |  |  | 27,763 |  |  |  | 2,795 |
Company contributions |  |  | 17,620 |  |  |  | 14,781 |  |  |  | 17,686 |  |  |  | 17,905 |
Benefits paid |  |  | (18,871 | ) |  |  | (13,980 | ) |  |  | (18,628 | ) |  |  | (11,456 | )
Currency translation |  |  | - |  |  |  | (1,004 | ) |  |  | - |  |  |  | 1,792 |
Fair value of plan assets at end of year |  | $ | 295,633 |  |  | $ | 48,859 |  |  | $ | 265,866 |  |  | $ | 46,580 |
Funded status at end of year |  | $ | (19,740 | ) |  | $ | (231,667 | ) |  | $ | (89,199 | ) |  | $ | (235,868 | )
The following table sets forth a reconciliation of the benefit obligation, plan assets, and accrued benefit cost related to U.S. and non-U.S. non-pension defined benefit postretirement plans:
|  | December 31, 2013 |  |  | December 31, 2012 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 8,157 |  |  | $ | 6,964 |  |  | $ | 10,924 |  |  | $ | 5,972 |
Service cost |  |  | 111 |  |  |  | 299 |  |  |  | 106 |  |  |  | 253 |
Interest cost |  |  | 314 |  |  |  | 257 |  |  |  | 366 |  |  |  | 286 |
Plan amendments |  |  | - |  |  |  | - |  |  |  | (3,297 | ) |  |  | - |
Actuarial (gains) losses |  |  | (639 | ) |  |  | 398 |  |  |  | 660 |  |  |  | 1,022 |
Benefits paid |  |  | (602 | ) |  |  | (740 | ) |  |  | (602 | ) |  |  | (704 | )
Currency translation |  |  | - |  |  |  | 326 |  |  |  | - |  |  |  | 135 |
Benefit obligation at end of year |  | $ | 7,341 |  |  | $ | 7,504 |  |  | $ | 8,157 |  |  | $ | 6,964 |
Fair value of plan assets at end of year |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Funded status at end of year |  | $ | (7,341 | ) |  | $ | (7,504 | ) |  | $ | (8,157 | ) |  | $ | (6,964 | )
Amounts recognized in consolidated balance sheet | Amounts recognized in the consolidated balance sheet consist of the following:
|  | December 31, 2013 |  |  | December 31, 2012 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Other assets |  | $ | 15,708 |  |  | $ | 257 |  |  | $ | - |  |  | $ | 143 |
Accrued benefit liability - currrent |  |  | (51 | ) |  |  | (7,644 | ) |  |  | (83 | ) |  |  | (6,997 | )
Accrued benefit liability - non-current |  |  | (35,397 | ) |  |  | (224,280 | ) |  |  | (89,116 | ) |  |  | (229,014 | )
Accumulated other comprehensive loss |  |  | 84,384 |  |  |  | 61,652 |  |  |  | 146,525 |  |  |  | 71,459 |
|  | $ | 64,644 |  |  | $ | (170,015 | ) |  | $ | 57,326 |  |  | $ | (164,409 | )
Amounts recognized in the consolidated balance sheet consist of the following:
|  | December 31, 2013 |  |  | December 31, 2012 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Accrued benefit liability - current |  | $ | (638 | ) |  | $ | - |  |  | $ | (637 | ) |  | $ | - |
Accrued benefit liability - non-current |  |  | (6,703 | ) |  |  | (7,504 | ) |  |  | (7,520 | ) |  |  | (6,964 | )
Accumulated other comprehensive income |  |  | (5,782 | ) |  |  | 1,246 |  |  |  | (5,937 | ) |  |  | 805 |
|  | $ | (13,123 | ) |  | $ | (6,258 | ) |  | $ | (14,094 | ) |  | $ | (6,159 | )
Components of actuarial items | Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following:
|  | December 31, 2013 |  |  | December 31, 2012 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Unrecognized net actuarial loss |  | $ | 83,161 |  |  | $ | 61,652 |  |  | $ | 144,324 |  |  | $ | 71,459 |
Unamortized prior service cost |  |  | 1,223 |  |  |  | - |  |  |  | 2,201 |  |  |  | - |
|  | $ | 84,384 |  |  | $ | 61,652 |  |  | $ | 146,525 |  |  | $ | 71,459 |
Note 11 – Pensions and Other Postretirement Benefits (continued) Actuarial items consist of the following:
|  | December 31, 2013 |  |  | December 31, 2012 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Unrecognized net actuarial gain |  | $ | (2,301 | ) |  | $ | 1,246 |  |  | $ | (1,657 | ) |  | $ | 805 |
Unamortized prior service (credit) cost |  |  | (3,481 | ) |  |  | - |  |  |  | (4,280 | ) |  |  | - |
|  | $ | (5,782 | ) |  | $ | 1,246 |  |  | $ | (5,937 | ) |  | $ | 805 |
Projected and accumulated benefit obligations | The following table sets forth additional information regarding the projected and accumulated benefit obligations:
|  | December 31, 2013 |  |  | December 31, 2012 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Accumulated benefit obligation, all plans |  | $ | 315,373 |  |  | $ | 260,558 |  |  | $ | 355,065 |  |  | $ | 261,557 |
Plans for which the accumulated benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligation exceeds plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 35,448 |  |  | $ | 251,569 |  |  | $ | 355,065 |  |  | $ | 255,772 |
Accumulated benefit obligation |  |  | 35,448 |  |  |  | 238,419 |  |  |  | 355,065 |  |  |  | 240,816 |
Fair value of plan assets |  |  | - |  |  |  | 21,356 |  |  |  | 265,866 |  |  |  | 20,436 |
Components of the net periodic benefit costs | The following table sets forth the components of net periodic pension cost:
|  | Years ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost net of employee contributions |  | $ | - |  |  | $ | 3,499 |  |  | $ | - |  |  | $ | 3,247 |  |  | $ | - |  |  | $ | 3,197 |
Interest cost |  |  | 13,882 |  |  |  | 8,150 |  |  |  | 15,699 |  |  |  | 9,374 |  |  |  | 16,332 |  |  |  | 10,366 |
Expected return on plan assets |  |  | (19,124 | ) |  |  | (2,084 | ) |  |  | (18,972 | ) |  |  | (1,667 | ) |  |  | (19,082 | ) |  |  | (1,651 | )
Amortization of actuarial losses |  |  | 14,566 |  |  |  | 3,407 |  |  |  | 12,960 |  |  |  | 1,681 |  |  |  | 9,006 |  |  |  | 993 |
Amortization of prior service cost |  |  | 978 |  |  |  | (12 | ) |  |  | 2,200 |  |  |  | 60 |  |  |  | 2,361 |  |  |  | 531 |
Curtailment and settlement losses (gains) |  |  | - |  |  |  | 959 |  |  |  | - |  |  |  | - |  |  |  | 148 |  |  |  | - |
Net periodic benefit cost |  | $ | 10,302 |  |  | $ | 13,919 |  |  | $ | 11,887 |  |  | $ | 12,695 |  |  | $ | 8,765 |  |  | $ | 13,436 |
The following table sets forth the components of net periodic benefit cost:
|  | Years ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost |  | $ | 111 |  |  | $ | 299 |  |  | $ | 106 |  |  | $ | 253 |  |  | $ | 77 |  |  | $ | 275 |
Interest cost |  |  | 314 |  |  |  | 257 |  |  |  | 366 |  |  |  | 286 |  |  |  | 547 |  |  |  | 282 |
Amortization of actuarial gains |  |  | 4 |  |  |  | 8 |  |  |  | (76 | ) |  |  | - |  |  |  | (315 | ) |  |  | - |
Amortization of prior service credit |  |  | (798 | ) |  |  | - |  |  |  | (798 | ) |  |  | - |  |  |  | (431 | ) |  |  | - |
Amortization of transition obligation |  |  | - |  |  |  | - |  |  |  | 32 |  |  |  | - |  |  |  | 47 |  |  |  | - |
Net periodic benefit cost |  | $ | (369 | ) |  | $ | 564 |  |  | $ | (370 | ) |  | $ | 539 |  |  | $ | (75 | ) |  | $ | 557 |
Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years:
|  | 2013 |  |  | 2012 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Discount rate |  |  | 5.00 | % |  |  | 3.11 | % |  |  | 4.00 | % |  |  | 3.04 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 1.99 | % |  |  | 0.00 | % |  |  | 1.48 | %
The following weighted average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2013 and 2012:
|  | Years ended December 31, |
|  | 2013 |  |  | 2012 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Discount rate |  |  | 4.00 | % |  |  | 3.04 | % |  |  | 5.00 | % |  |  | 3.96 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 1.48 | % |  |  | 0.00 | % |  |  | 2.31 | %
Expected return on plan assets |  |  | 7.25 | % |  |  | 4.44 | % |  |  | 8.00 | % |  |  | 4.47 | %
The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years:
|  | 2013 |  |  | 2012 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Discount rate |  |  | 5.00 | % |  |  | 3.44 | % |  |  | 4.00 | % |  |  | 3.80 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 3.19 | % |  |  | 0.00 | % |  |  | 3.20 | %
The following weighted average assumptions were used to determine the net periodic benefit costs for the years ended December 31, 2013 and 2012:
|  | Years ended December 31, |
|  | 2013 |  |  | 2012 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Discount rate |  |  | 4.00 | % |  |  | 3.80 | % |  |  | 5.00 | % |  |  | 5.09 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 3.20 | % |  |  | 0.00 | % |  |  | 3.22 | %
Estimated future benefit payments | Note 11 – Pensions and Other Postretirement Benefits (continued) Estimated future benefit payments are as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
2014 |  | $ | 19,128 |  |  | $ | 14,249 |
2015 |  |  | 19,451 |  |  |  | 14,082 |
2016 |  |  | 19,780 |  |  |  | 14,501 |
2017 |  |  | 26,378 |  |  |  | 16,769 |
2018 |  |  | 21,926 |  |  |  | 15,292 |
2019-2023 |  |  | 109,815 |  |  |  | 90,491 |
Note 11 – Pensions and Other Postretirement Benefits (continued) Estimated future benefit payments are as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
2014 |  | $ | 638 |  |  | $ | 420 |
2015 |  |  | 720 |  |  |  | 267 |
2016 |  |  | 704 |  |  |  | 329 |
2017 |  |  | 693 |  |  |  | 453 |
2018 |  |  | 678 |  |  |  | 551 |
2019-2023 |  |  | 2,940 |  |  |  | 3,650 |

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