Subsequent Event Subsequent Event

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On April 1, 2014, the Company offered a voluntary one-time lump sum payment option to certain former U.S. employees who were vested defined benefit plan participants and not currently receiving monthly payments from the Company's domestic defined benefit pension plan ("domestic pension plan"). The election period for this voluntary offer ended in the second quarter of 2014. Approximately 62% of eligible participants elected to receive a lump sum payout resulting in$10.3 million being paid out of domestic pension plan assets in July 2014. This payout required a re-measurement of the domestic pension plan and a partial plan settlement which will result in a non-cash pre-tax loss of $4.9 million in net periodic pension benefit expense in the third quarter of 2014, with an offset to accumulated other comprehensive loss in shareholder’s equity, net of tax. The non-cash charge is required to accelerate the recognition of a portion of the previously unrecognized actuarial losses in the domestic pension plan.