Pension and other Post-Employment Benefit Plans

3 Months Ended

Mar. 31, 2014

Pension and Other Postretirement Benefit Expense [Abstract]

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS

NOTE 7: PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS

The Company sponsors defined benefit pension plans covering employees in Canada and certain countries in Europe, and many of its current and former employees in the U.S. The U.S. pension plan was frozen effective January 1, 2007. The Company also sponsors various other post-employment benefit plans covering certain current and former employees.

The components of net periodic benefit cost for these plans are as follows:

	Three Months Ended March 31,
Post-Employment Benefit Plan Cost	2014			2013			2014			2013
(Amounts in thousands)	Pension Benefits						Other Benefits
Service cost	$	1,075		$	1,318		$	48		$	93
Interest cost	2,812			2,699			283			425
Expected return on plan assets	(3,781		)	(3,890		)	—			—
Amortization of net actuarial losses	1,499			1,992			187			355
Amortization of prior service cost	—			—			(360		)	—
Total net periodic benefit cost	$	1,605		$	2,119		$	158		$	873

In August 2013, the Company amended the larger of its two U.S. post-retirement medical benefit plan and changed the method of providing benefits under that plan to a Health Reimbursement Account for retirees over age 65. The amendment was effective January 1, 2014. This plan amendment resulted in a $11.6 million reduction in the unfunded accumulated benefit obligation included in employee benefit obligations and accrued expenses, a reduction of $7.4 million in accumulated other comprehensive loss, and a $4.2 million reduction in deferred income tax liabilities in the third quarter of 2013. This plan amendment is expected to reduce the Company's expense for this plan by approximately $2.1 million in 2014 compared to the expense recognized in 2013.