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RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2013
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS  
Obligations and Funded Status
Obligations and Funded Status
 
 
December 31,
 
 
2013
 
2012
Change in benefit obligations
 
 
 
 
Benefit obligations at beginning of year
 
$
1,033,725

 
$
991,979

Service cost
 
23,188

 
21,538

Interest cost
 
37,225

 
41,584

Plan participants' contributions
 
221

 
334

Plan amendments
 
1,623

 
(3,681
)
Actuarial (gain) loss
 
(91,851
)
 
70,015

Benefits paid
 
(59,296
)
 
(86,722
)
Settlement/curtailment
 
(1,390
)
 
(3,946
)
Currency translation
 
(2,003
)
 
2,624

Benefit obligations at end of year
 
941,442

 
1,033,725

 
 
 
 
 
Change in plan assets
 
 
 
 
Fair value of plan assets at beginning of year
 
813,897

 
749,456

Actual return on plan assets
 
101,044

 
83,156

Employer contributions
 
85,456

 
68,029

Plan participants' contributions
 
221

 
334

Benefits paid
 
(57,644
)
 
(85,238
)
Settlement
 
(1,390
)
 
(3,798
)
Currency translation
 
(1,589
)
 
1,958

Fair value of plan assets at end of year
 
939,995

 
813,897

 
 
 
 
 
Funded status at end of year
 
(1,447
)
 
(219,828
)
Unrecognized actuarial net loss
 
258,781

 
422,042

Unrecognized prior service cost
 
(2,547
)
 
(4,101
)
Unrecognized transition assets, net
 
26

 
26

Net amount recognized
 
$
254,813

 
$
198,139
Amounts Recognized in Consolidated Balance Sheets
Amounts Recognized in Consolidated Balance Sheets
 
 
December 31,
 
 
2013
 
2012
Prepaid pensions
 
$
36,116

 
$
—

Accrued pension liability, current
 
(10,564
)
 
(3,639
)
Accrued pension liability, long-term
 
(26,999
)
 
(216,189
)
Accumulated other comprehensive loss, excluding tax effects
 
256,260

 
417,967

Net amount recognized in the balance sheets
 
$
254,813

 
$
198,139
Components of Pension Cost for Defined Benefit Plans
Components of Pension Cost for Defined Benefit Plans
 
 
Year Ended December 31,
 
 
2013
 
2012
 
2011
Service cost
 
$
23,188

 
$
21,538

 
$
17,331

Interest cost
 
37,225

 
41,584

 
44,161

Expected return on plan assets
 
(61,244
)
 
(58,754
)
 
(57,405
)
Amortization of prior service cost
 
(613
)
 
(90
)
 
(62
)
Amortization of net loss
 
30,929

 
31,085

 
21,816

Settlement/curtailment loss
 
423

 
895

 
529

Pension cost for defined benefit plans
 
$
29,908

 
$
36,258

 
$
26,370
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
 
 
December 31,
 
 
2013
 
2012
U.S. pension plans
 
 
 
 
Projected benefit obligation
 
$
37,355

 
$
956,837

Accumulated benefit obligation
 
33,416

 
905,541

Fair value of plan assets
 
10,028

 
755,491

Non-U.S. pension plans
 
 
 
 
Projected benefit obligation
 
$
49,990

 
$
76,884

Accumulated benefit obligation
 
42,593

 
70,492

Fair value of plan assets
 
39,753

 
58,403
Benefits expected to be paid for the U.S. Plans
Benefit Payments for Plans
Benefits expected to be paid for the U.S. plans are as follows:
Estimated Payments
 
2014
$
61,755

2015
53,992

2016
61,654

2017
59,570

2018
58,422

2019 through 2023
307,094
Weighted average assumptions used to measure the benefit obligation for the Company's significant defined benefit plans
Assumptions
Weighted average assumptions used to measure the benefit obligation for the Company's significant defined benefit plans as of December 31, 2013 and 2012 were as follows:
 
 
December 31,
 
 
2013
 
2012
Discount rate
 
4.7
%
 
3.8
%
Rate of increase in compensation
 
4.2
%
 
4.0
%
Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans
Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans for each of the three years ended December 31, 2013 were as follows:
 
 
December 31,
 
 
2013
 
2012
 
2011
Discount rate
 
3.8
%
 
4.2
%
 
5.3
%
Rate of increase in compensation
 
4.1
%
 
4.0
%
 
4.0
%
Expected return on plan assets
 
7.4
%
 
7.7
%
 
7.9
%
Pension plans' assets by level within the fair value hierarchy
The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2013:
 
 
Pension Plans' Assets at Fair Value as of December 31, 2013
 
 
Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Common trusts and 103-12 investments (1)
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
4,686

 
$
—

 
$
4,686

Common trusts and 103-12 investments
 
—

 
902,746

 
—

 
902,746

Private equity funds (2)
 
—

 
—

 
32,563

 
32,563

Total assets at fair value
 
$
—

 
$
907,432

 
$
32,563

 
$
939,995

The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2012:
 
 
Pension Plans' Assets at Fair Value as of December 31, 2012
 
 
Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Corporate stock (3)
 
$
107,763

 
$
—

 
$
—

 
$
107,763

Cash and cash equivalents
 
5,170

 
—

 
—

 
5,170

Corporate and other obligations (4)
 
—

 
412

 
—

 
412

Common trusts and 103-12 investments (1)
 
—

 
673,469

 
—

 
673,469

Private equity funds (2)
 
—

 
—

 
27,083

 
27,083

Total assets at fair value
 
$
112,933

 
$
673,881

 
$
27,083

 
$
813,897

_______________________________________________________________________________
(1)
Common trusts and 103-12 investments are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes, and money markets. Trusts are valued at the net asset value ("NAV") as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.
(2)
Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.
(3)
This investment category includes publicly traded equity investments directly held by the plans. Investments are valued at the unadjusted quoted close prices reported on the reporting date.
(4)
This investment category is composed of publicly traded bonds and asset backed securities which are valued at the quoted closing market prices on the reporting date.

Summary of changes in the fair value of the Level 3 pension plans' assets
The table below sets forth a summary of changes in the fair value of the Level 3 pension plans' assets for the year ended December 31, 2013:
 
 
Private
Equity
Funds
Balance at the beginning of year
 
$
27,083

Purchases, sales, issuances and settlements
 
2,186

Realized and unrealized gains
 
3,294

Balance at the end of year
 
$
32,563

The amount of total gains during the period attributable to the change in unrealized gains relating to Level 3 net assets still held at the reporting date
 
$
3,035