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Pensions and Other Postretirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2013
Pensions and Other Postretirement Benefit Plans [Abstract] |
Schedule of Plan Benefit Obligations | The following table sets forth the plan benefit obligations:
|  | As of December 31, 2013 |  | As of December 31, 2012
(in thousands) |  | Pension plans |  | Other postretirement benefits |  | Pension plans |  | Other postretirement benefits
Benefit obligation, beginning of year |  | $218,538 |  |  | $84,368 |  |  | $405,880 |  |  | $79,009 |
Service cost |  | 3,662 |  |  | 875 |  |  | 3,486 |  |  | 1,071 |
Interest cost |  | 8,852 |  |  | 3,080 |  |  | 12,180 |  |  | 3,691 |
Plan participants' contributions |  | 331 |  |  | - |  |  | 344 |  |  | - |
Actuarial loss/(gain) |  | (17,461 | ) |  | (13,396 | ) |  | 49,582 |  |  | 6,343 |
Benefits paid |  | (5,999 | ) |  | (5,773 | ) |  | (14,909 | ) |  | (5,778 | )
Settlements and curtailments |  | (2,950 | ) |  | - |  |  | (249,709 | ) |  | - |
Plan Amendments and Other |  | 613 |  |  | (7,974 | ) |  | 571 |  |  | - |
Foreign currency changes |  | (1,252 | ) |  | (72 | ) |  | 11,113 |  |  | 32 |
Benefit obligation, end of year |  | $204,334 |  |  | $61,108 |  |  | $218,538 |  |  | $84,368 |
Accumulated benefit obligation |  | $190,561 |  |  | $- |  |  | $202,917 |  |  | $- |
Weighted average assumptions used to |  |  |  |  |  |  |  |  |  |  |  |
determine benefit obligations, end of year: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate - U.S. plan |  | 5.22 | % |  | 4.68 | % |  | 4.28 | % |  | 3.93 | %
Discount rate - non-U.S. plans |  | 4.50 | % |  | 4.75 | % |  | 4.09 | % |  | 4.00 | %
Compensation increase - U.S. plan |  | - |  |  | - |  |  | - |  |  | 3.00 | %
Compensation increase - non-U.S. plans |  | 3.39 | % |  | 3.00 | % |  | 3.26 | % |  | 3.00 | %
Schedule of Plan Assets | The following sets forth information about plan assets:
|  | As of December 31, 2013 |  | As of December 31, 2012
(in thousands) |  | Pension plans |  | Other postretirement benefits |  | Pension plans |  | Other postretirement benefits
Fair value of plan assets, beginning of year |  | $173,434 |  |  | $- |  |  | $304,658 |  |  | $- |
Actual return on plan assets, net of expenses |  | (2,292 | ) |  | - |  |  | 19,493 |  |  | - |
Employer contributions |  | 6,777 |  |  | 4,438 |  |  | 110,172 |  |  | 4,961 |
Plan participants' contributions |  | 331 |  |  | 1,335 |  |  | 344 |  |  | 817 |
Benefits paid |  | (5,999 | ) |  | (5,773 | ) |  | (14,909 | ) |  | (5,778 | )
Settlements |  | (1,650 | ) |  | - |  |  | (249,709 | ) |  | - |
Foreign currency changes |  | (2,211 | ) |  | - |  |  | 3,385 |  |  | - |
Fair value of plan assets, end of year |  | $168,390 |  |  | $- |  |  | $173,434 |  |  | $- |
Schedule of Funded Status of Plans | The funded status of the plans was as follows:
|  | As of December 31, 2013 |  | As of December 31, 2012
(in thousands) |  | Pension plans |  | Other postretirement benefits |  | Pension plans |  | Other postretirement benefits
Fair value of plan assets |  |  | $168,390 |  |  |  | $- |  |  |  | $173,434 |  |  |  | $- |
Benefit obligation |  |  | 204,334 |  |  |  | 61,108 |  |  |  | 218,538 |  |  |  | 84,368 |
Funded status |  |  | (35,944 | ) |  |  | ($61,108 | ) |  |  | ($45,104 | ) |  |  | ($84,368 | )
Accrued benefit cost, end of year |  |  | (35,944 | ) |  |  | ($61,108 | ) |  |  | ($45,104 | ) |  |  | ($84,368 | )
Amounts recognized in the statement of financial position consist of the following: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent asset |  |  | $7,358 |  |  |  | $- |  |  |  | 7,034 |  |  |  | $- |
Current liability |  |  | (2,321 | ) |  |  | (5,056 | ) |  |  | (2,318 | ) |  |  | (5,547 | )
Noncurrent liability |  |  | (40,981 | ) |  |  | (56,052 | ) |  |  | (49,820 | ) |  |  | (78,821 | )
Net amount recognized |  |  | ($35,944 | ) |  |  | ($61,108 | ) |  |  | ($45,104 | ) |  |  | ($84,368 | )
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  |  | $73,908 |  |  |  | $41,175 |  |  |  | $84,784 |  |  |  | $57,966 |
Prior service cost/(credit) |  |  | 866 |  |  |  | (44,364 | ) |  |  | 405 |  |  |  | (40,329 | )
Transition obligation |  |  | - |  |  |  |  |  |  |  | 70 |  |  |  | - |
Net amount recognized |  |  | $74,774 |  |  |  | ($3,189 | ) |  |  | $85,259 |  |  |  | $17,637 |
Schedule of Net Periodic Benefit Plan Cost | The composition of the net periodic benefit plan cost for the years ended December 31, 2013, 2012 and 2011, was as follows:
| Pension plans |  | Other postretirement benefits |
(in thousands) | 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011 |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $3,662 |  | $3,486 |  | $3,117 |  | $875 |  | $1,071 |  | $931 |
Interest cost | 8,852 |  | 12,180 |  | 19,958 |  | 3,080 |  | 3,691 |  | 3,869 |
Other adjustments | - |  | - |  | - |  | - |  | - |  | 945 |
Expected return on assets | (8,677 | ) | (11,799 | ) | (15,858 | ) | - |  | - |  | - |
Amortization of prior service cost/(credit) | 35 |  | 35 |  | 37 |  | (3,940 | ) | (3,666 | ) | (3,666 | )
Amortization of transition obligation | 70 |  | 79 |  | 83 |  | - |  | - |  | - |
Amortization of net actuarial loss | 3,117 |  | 4,223 |  | 5,672 |  | 3,395 |  | 3,215 |  | 3,022 |
Settlement | 502 |  | 119,986 |  | 327 |  | - |  | - |  | - |
Curtailment (gain)/loss | (1,143 | ) | - |  | - |  | - |  | - |  | - |
Special / contractual termination benefits | - |  | - |  | 233 |  | - |  | - |  | - |
Net periodic benefit cost | $6,418 |  | $128,190 |  | $13,569 |  | $3,410 |  | $4,311 |  | $5,101 |
Weighted average assumptions used to determine net cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate - U.S. plan | 4.28 | % | 4.82 | % | 5.59 | % | 3.93 | % | 4.86 | % | 5.55 | %
Discount rate - non-U.S. plan | 4.09 | % | 4.48 | % | 5.29 | % | 4.00 | % | 4.20 | % | - |
Expected return on plan assets - U.S. plan | 4.61 | % | 4.82 | % | 5.80 | % | - |  | - |  | - |
Expected return on plan assets - non-U.S. plans | 5.53 | % | 6.26 | % | 6.80 | % | - |  | - |  | - |
Rate of compensation increase - U.S. plan | - |  | - |  | - |  | 3.00 | % | 3.00 | % | 3.00 | %
Rate of compensation increase - non-U.S. plans | 3.26 | % | 3.19 | % | 3.47 | % | 3.00 | % | 3.00 | % | - |
Health care cost trend rate (U.S. and non-U.S. plans): |  |  |  |  |  |  |  |  |  |  |  |
Initial rate | - |  | - |  | - |  | - |  | - |  | - |
Ultimate rate | - |  | - |  | - |  | - |  | - |  | - |
Years to ultimate | - |  | - |  | - |  | - |  | - |  | - |
Schedule of Other Changes Recognized in Other Comprehensive Income | Other changes in plan assets and benefit obligations recognized in other comprehensive income during 2013 were as follows:
|  |  |  | Other
|  | Pension |  | postretirement
(in thousands) |  | plan |  | benefits
Settlements/curtailments |  | ($46 | ) |  | $- |
Asset/liabilty loss (gain) |  | (6,492 | ) |  | (21,370 | )
Amortization of actuarial (loss) |  | (3,117 | ) |  | (3,395 | )
Amortization of prior service (cost)/credit |  | (35 | ) |  | 3,940 |
Amortization of transition (obligation) |  | (70 | ) |  | - |
Currency impact |  | (726 | ) |  | (285 | )
Total recognized in other comprehensive income |  | ($10,486 | ) |  | ($21,110 | )
Total recognized in net periodic benefit cost and other comprehensive income |  | ($4,068 | ) |  | ($17,700 | )
Schedule of Amounts That Will Be Amortized from Accumulated Other Comprehensive Income | The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2014 are as follows:
|  | Total
| Total | postretirement
(in thousands) | pension | benefits
Actuarial loss | $2,456 |  | $2,908 |
Prior service cost/(benefit) | 55 |  | (4,488 | )
Total | $2,511 |  | ($1,580 | )
Schedule of Fair Value of Plan Assets | The following tables present plan assets as of December 31, 2013 and 2012, using the fair-value hierarchy, which has three levels based on the reliability of inputs used, as described in Note 15:
|  | Total fair |  | Quoted prices |  | Significant other |  | Significant
|  | value at |  | in active markets |  | observable inputs |  | unobservable inputs
(in thousands) |  | December 31, 2013 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Common stocks |  | $33,685 |  | $33,685 |  |  | $ - |  |  | $ -
Debt securities |  | 122,699 |  | - |  | 122,699 |  | -
Insurance contracts |  | 2,875 |  | - |  | - |  | 2,875
Limited partnerships |  | 7,034 |  | - |  | - |  | 7,034
Hedge funds |  | 392 |  | - |  | - |  | 392
Cash and short-term investments |  | 1,705 |  | 1,705 |  | - |  | -
Total plan assets |  | $168,390 |  | $35,390 |  | $122,699 |  | $10,301
|  | Total fair |  | Quoted prices |  | Significant other |  | Significant
|  | value at |  | in active markets |  | observable inputs |  | unobservable inputs
(in thousands) |  | December 31, 2012 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Common stocks |  |  | $46,625 |  |  |  | $46,625 |  |  |  | $- |  |  | $-
Debt securities |  |  | 114,136 |  |  |  | - |  |  |  | 114,136 |  |  | -
Insurance contracts |  |  | 2,542 |  |  |  | - |  |  |  | - |  |  | 2,542
Limited partnerships |  |  | 7,556 |  |  |  | - |  |  |  | - |  |  | 7,556
Hedge funds |  |  | 536 |  |  |  | - |  |  |  | - |  |  | 536
Cash and short-term investments |  |  | 2,039 |  |  |  | 2,039 |  |  |  | - |  |  | -
Total plan assets |  |  | $173,434 |  |  |  | $48,664 |  |  |  | $114,136 |  |  | $10,634
Reconciliation of Level 3 Assets | The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2013 and 2012:
(in thousands) |  | December 31, 2012 |  | Net realized gains/(losses) |  | Net unrealized gains/(losses) |  | Net purchases, issuances and settlements |  | Net transfers (out of) Level 3 |  | December 31, 2013
Insurance contracts |  |  | $2,542 |  |  |  | $- |  |  |  | $41 |  |  |  | $292 |  |  |  | $- |  |  |  | $2,875 |
Limited partnerships |  |  | 7,556 |  |  |  | 94 |  |  |  | 533 |  |  |  | (1,149 | ) |  |  | - |  |  |  | 7,034 |
Hedge funds |  |  | 536 |  |  |  | - |  |  |  | 15 |  |  |  | (159 | ) |  |  | - |  |  |  | 392 |
Total |  |  | $10,634 |  |  |  | $94 |  |  |  | $589 |  |  |  | ($1,016 | ) |  |  | $- |  |  |  | $10,301 |
(in thousands) |  | December 31, 2011 |  | Net realized gains/(losses) |  | Net unrealized gains/(losses) |  | Net purchases, issuances and settlements |  | Net transfers (out of) Level 3 |  | December 31, 2012
Insurance contracts |  |  | $2,361 |  |  |  | $- |  |  |  | $39 |  |  |  | $142 |  |  |  | $- |  |  |  | $2,542 |
Limited partnerships |  |  | 8,676 |  |  |  | - |  |  |  | 521 |  |  |  | (1,641 | ) |  |  | - |  |  |  | 7,556 |
Hedge funds |  |  | 557 |  |  |  | - |  |  |  | 32 |  |  |  | (53 | ) |  |  | - |  |  |  | 536 |
Total |  |  | $11,594 |  |  |  | $- |  |  |  | $592 |  |  |  | ($1,552 | ) |  |  | $- |  |  |  | $10,634 |
Schedule of Asset Allocation | The asset allocation for the Company's U.S. and non-U.S. pension plans for 2013 and 2012, and the target allocation for 2014, by asset category, are as follows:
|  | United States Plan |  | Non-U.S. Plans
|  | Target |  | Percentage of plan assets |  | Target |  | Percentage of plan assets
|  | Allocation |  | at plan measurement date |  | Allocation |  | at plan measurement date
Asset category |  | 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012
Equity securities |  | - |  | 5% |  | 5% |  | 36% |  | 36% |  | 50%
Debt securities |  | 100% |  | 88% |  | 88% |  | 56% |  | 57% |  | 43%
Real estate |  | - |  | 5% |  | 4% |  | 5% |  | 4% |  | 3%
Other (1) |  | - |  | 2% |  | 3% |  | 3% |  | 3% |  | 4%
|  | 100% |  | 100% |  | 100% |  | 100% |  | 100% |  | 100%
(1) Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.
Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets and for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | At the end of 2013 and 2012, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows:
| Plans with projected benefit obligation
| in excess of plan assets
(in thousands) | 2013 | 2012
Projected benefit obligation | $123,749 | $183,765
Accumulated benefit obligation | 120,287 | 169,396
Fair value of plan assets | 80,447 | 131,626
| Plans with accumulated benefit obligation
| in excess of plan assets
(in thousands) | 2013 | 2012
Projected benefit obligation | $123,749 | $136,329
Accumulated benefit obligation | 120,287 | 132,396
Fair value of plan assets | 80,447 | 86,835
Schedule of Expected Cash Flows | Information about expected cash flows for the pension and other benefit obligations are as follows:
(in thousands) | Pension plans | Other postretirement benefits
Expected employer contributions in the next fiscal year | $4,068 | $5,773
Expected benefit payments |  |
2014 | $5,910 | $5,056
2015 | 6,148 | 4,826
2016 | 6,585 | 4,639
2017 | 7,054 | 4,476
2018 | 7,663 | 4,325
2019-2022 | 47,269 | 20,088

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