Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2013

Compensation And Retirement Disclosure [Abstract]

Reconciliation of Projected Benefit Obligations, Plan Assets, the Funded Status of the Plans and the Amounts Recognized in the Consolidated Balance Sheets

The following provides a reconciliation of projected benefit obligations, plan assets, the funded status of the plans and the amounts recognized in the consolidated balance sheets for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years.


	U.S. Pension Benefits^(a)						Foreign Pension Benefits						Other Postretirement Benefits
		2013			2012			2013			2012			2013			2012
Change in projected benefit obligations:
Projected benefit obligations at January 1	$	197,057		$	174,814		$	59,210		$	50,698		$	22,806		$	22,348
Service cost		4,424			3,943			0			0			943			804
Interest cost		8,070			8,514			2,551			2,506			926			919
Plan amendments		681			(42	)		0			0			0			0
Foreign currency exchange rate changes		0			0			1,154			2,434			0			0
Actuarial (gain) loss		(20,806	)		17,289			(823	)		5,239			(3,949	)		(623	)
Participant contributions		0			0			0			0			423			428
Benefits paid from plan assets		(7,812	)		(7,425	)		(1,262	)		(1,667	)		0			0
Benefits paid by the Corporation		(8	)		(36	)		0			0			(1,020	)		(1,070	)
Projected benefit obligations at December 31	$	181,606		$	197,057		$	60,830		$	59,210		$	20,129		$	22,806
Change in plan assets:
Fair value of plan assets at January 1	$	140,218		$	133,403		$	41,875		$	36,436		$	0		$	0
Actual return on plan assets		26,679			14,240			5,061			3,586			0			0
Foreign currency exchange rate changes		0			0			1,098			1,734			0			0
Corporate contributions		5,008			36			1,764			1,786			597			642
Participant contributions		0			0			0			0			423			428
Gross benefits paid		(7,820	)		(7,461	)		(1,262	)		(1,667	)		(1,020	)		(1,070	)
Fair value of plan assets at December 31	$	164,085		$	140,218		$	48,536		$	41,875		$	0		$	0
Funded status of the plans:
Fair value of plan assets	$	164,085		$	140,218		$	48,536		$	41,875		$	0		$	0
Less benefit obligations		181,606			197,057			60,830			59,210			20,129			22,806
Funded status at December 31	$	(17,521	)	$	(56,839	)	$	(12,294	)	$	(17,335	)	$	(20,129	)	$	(22,806	)

(a) Includes the nonqualified defined benefit pension plan.
	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
		2013			2012			2013			2012			2013			2012
Amounts recognized in the balance sheets:
Employee benefit obligations:
Accrued payrolls and employee benefits (current)	$	(51	)	$	(25	)	$	0		$	(152	)	$	(752	)	$	(738	)
Employee benefit obligations (noncurrent)		(17,470	)		(56,814	)		(12,294	)		(17,183	)		(19,377	)		(22,068	)
	$	(17,521	)	$	(56,839	)	$	(12,294	)	$	(17,335	)	$	(20,129	)	$	(22,806	)
Accumulated other comprehensive loss (pre-tax):
Net actuarial loss	$	39,562		$	84,825		$	24,386		$	28,155		$	2,213		$	6,403
Prior service cost		2,154			2,113			0			0			142			227
Total (pre-tax)	$	41,716		$	86,938		$	24,386		$	28,155		$	2,355		$	6,630

Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Year

Amounts included in accumulated other comprehensive loss as of December 31, 2013 expected to be recognized in net periodic pension and other postretirement costs in 2014 include:


	U.S. Pension Benefits	Foreign Pension Benefits	Other Postretirement Benefits
Net actuarial loss	$ 4,156	$ 602	$ 17
Prior service cost	826	0	19
	$ 4,982	$ 602	$ 36

Summary of Target Asset Allocations and Major Asset Categories

The following summarizes target asset allocations (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes.

U.S. Pension Benefits

Foreign Pension Benefits

Target
Allocation

Percentage of Plan
Assets

Target
Allocation

Percentage of Plan
Assets

Dec. 31, 2013

2013

2012

Dec. 31, 2013

2013

2012

Equity Securities

65%

66%

44%

46%

44%

Fixed-Income Securities

15%

19%

18%

35%

31%

34%

Alternative Investments

15%

12%

21%

23%

22%

Other (primarily cash and cash equivalents)

Asset Categories Based on the Nature and Risks of the Plans Assets

Asset categories based on the nature and risks of the U.S. Pension Benefit Plan’s assets as of December 31, 2013 are summarized below.


	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Capital goods	$	1,751	$	0	$	0	$	1,751
Chemicals		2,203		0		0		2,203
Commercial property		1,747		0		0		1,747
Commercial services		1,052		0		0		1,052
Common collective trust funds		0		37,495		0		37,495
Electronics		1,371		0		0		1,371
Engineering & construction		1,096		0		0		1,096
Food processing		3,339		0		0		3,339
Health care		1,216		0		0		1,216
Limited partnerships – public equity		9,125		0		0		9,125
Manufacturing		2,653		0		0		2,653
Oil & gas		2,342		0		0		2,342
Retail		1,006		0		0		1,006
Technology		1,855		0		0		1,855
Other (represents 10 business sectors)		6,300		0		0		6,300
International
Bank & financial services		1,808		0		0		1,808
Common collective trust funds		0		7,024		0		7,024
Engineering & construction		1,187		0		0		1,187
Oil & gas		1,969		0		0		1,969
Real estate		1,440		0		0		1,440
Technology		1,366		0		0		1,366
Other (represents 9 business sectors)		3,756		0		0		3,756
Total Equity Securities		48,582		44,519		0		93,101
Fixed-Income Securities:
Commingled funds		0		17,159		0		17,159
Preferred (represents 4 business sectors)		5,851		0		0		5,851
Other (represents 7 business sectors)		0		3,849		0		3,849
Total Fixed-Income Securities		5,851		21,008		0		26,859
Alternative Investments:
Managed funds ^(a)		0		0		32,433		32,433
Hedge and absolute return funds		0		0		8,389		8,389
Total Alternative Investments		0		0		40,822		40,822
Other (primarily cash and cash equivalents):
Mutual funds		64		0		0		64
Commingled funds		0		1,065		0		1,065
Other ^(b)		2,174		0		0		2,174
Total Other		2,238		1,065		0		3,303
	$	56,671	$	66,592	$	40,822	$	164,085

(a)

Includes approximately 43% in equity and equity-like asset securities, 50% in alternative investments (real assets, commodities and resources, absolute return funds) and 7% in fixed income securities and cash and cash equivalents.

(b)

Includes accrued receivables and pending broker settlements.

Asset categories based on the nature and risks of the U.S. Pension Benefit Plan’s assets as of December 31, 2012 are summarized below.


	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Capital goods	$	1,269	$	0	$	0	$	1,269
Chemicals		1,864		0		0		1,864
Commercial property		1,919		0		0		1,919
Commercial services		1,192		0		0		1,192
Common collective trust funds		0		30,451		0		30,451
Electronics		1,208		0		0		1,208
Engineering & construction		794		0		0		794
Food processing		3,549		0		0		3,549
Health care		830		0		0		830
Limited partnerships – public equity		7,251		0		0		7,251
Manufacturing		1,868		0		0		1,868
Oil & gas		3,322		0		0		3,322
Retail		870		0		0		870
Technology		879		0		0		879
Other (represents 11 business sectors)		5,196		0		0		5,196
International
Bank & financial services		1,255		0		0		1,255
Common collective trust funds		0		5,916		0		5,916
Energy		763		0		0		763
Real estate		1,929		0		0		1,929
Technology		1,004		0		0		1,004
Other (represents 10 business sectors)		3,751		0		0		3,751
Total Equity Securities		40,713		36,367		0		77,080
Fixed-Income Securities:
Commingled funds		0		14,482		0		14,482
Preferred (represents 3 business sectors)		5,755		0		0		5,755
Other (represents 1 business sector)		684		0		0		684
Total Fixed-Income Securities		6,439		14,482		0		20,921
Alternative Investments:
Managed funds ^(a)		0		0		30,064		30,064
Hedge and absolute return funds		0		0		6,490		6,490
Total Alternative Investments		0		0		36,554		36,554
Other (primarily cash and cash equivalents):
Mutual funds		2,944		0		0		2,944
Commingled funds		0		696		0		696
Other ^(b)		2,023		0		0		2,023
Total Other		4,967		696		0		5,663
	$	52,119	$	51,545	$	36,554	$	140,218

(a)

Includes approximately 57% in equity and equity-like asset securities, 32% in alternative investments (real assets, commodities and resources, absolute return funds), 10% in fixed income securities and 1% in cash and cash equivalents.

(b)

Includes accrued receivables and pending broker settlements.

Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2013 are summarized below.


	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
Commingled Funds (U.K.)	$	4,043	$	0	$	0	$	4,043
Commingled Funds (International)		18,086		0		0		18,086
Total Equity Securities		22,129		0		0		22,129
Fixed-Income Securities:
Commingled Funds (U.K.)		15,211		0		0		15,211
Alternative Investments:
Hedge and Absolute Return Funds		0		0		11,041		11,041
Cash and cash equivalents		155		0		0		155
	$	37,495	$	0	$	11,041	$	48,536

Asset categories based on the nature and risks of the Foreign Pension Benefit Plan’s assets as of December 31, 2012 are summarized below.


	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
Commingled Funds (U.K.)	$	3,277	$	0	$	0	$	3,277
Commingled Funds (International)		15,140		0		0		15,140
Total Equity Securities		18,417		0		0		18,417
Fixed-Income Securities:
Commingled Funds (U.K.)		14,341		0		0		14,341
Alternative Investments:
Hedge and Absolute Return Funds		0		0		9,031		9,031
Cash and cash equivalents		86		0		0		86
	$	32,844	$	0	$	9,031	$	41,875

Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans

The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2013.


	Alternative Investments
	U.S. Pension Benefits			Foreign Pension Benefits
Fair value as of January 1, 2013	$ 6,490	$	30,064	$	9,031
Acquisitions	2,225		0		1,100
Withdrawals	(1,320)		(2,070)		0
Realized gain	563		451		0
Change in net unrealized gain	431		3,988		644
Other, primarily impact from changes in foreign currency exchange rates	0		0		266
Fair value as of December 31, 2013	$ 8,389	$	32,433	$	11,041

The table below sets forth a summary of changes in the fair value of the Level 3 plan assets for U.S. and foreign pension plans for the year ended December 31, 2012.


	Alternative Investments
	U.S. Pension Benefits				Foreign Pension Benefits
Fair value as of January 1, 2012	$	5,940	$	29,280	$	3,324
Acquisitions		0		0		5,191
Withdrawals		0		(1,919)		(87	)
Change in net unrealized gain		550		2,703		333
Other, primarily impact from changes in foreign currency exchange rates		0		0		270
Fair value as of December 31, 2012	$	6,490	$	30,064	$	9,031

Net Periodic Pension and Other Postretirement Benefit Costs

Net periodic pension and other postretirement benefit costs include the following components for the year ended December 31:


	U.S. Pension Benefits									Foreign Pension Benefits									Other Postretirement Benefits
	2013			2012			2011			2013			2012			2011			2013		2012		2011
Service cost	$	4,424		$	3,943		$	3,115		$	0		$	0		$	0		$	943	$	804	$	643
Interest cost		8,070			8,514			8,867			2,551			2,506			2,589			926		919		1,020
Expected return on plan assets		(9,368	)		(9,556	)		(9,658	)		(2,485	)		(2,101	)		(2,311	)		0		0		0
Amortization of prior service cost		640			668			656			0			0			0			85		85		86
Amortization of actuarial loss		7,146			6,087			4,236			687			598			496			241		71		256
Net cost	$	10,912		$	9,656		$	7,216		$	753		$	1,003		$	774		$	2,195	$	1,879	$	2,005

Assumptions Regarding Benefit Obligations

The following assumptions were used to determine the benefit obligations as of December 31:


	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2013			2012			2013			2012			2013			2012
Discount rate		5.00	%		4.25	%		4.50	%		4.50	%		5.00	%		4.25	%
Weighted-average rate of increases in compensation		4.00	%		4.00	%		n/a			n/a			n/a			n/a

Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs

The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the year ended December 31:


	U.S. Pension Benefits							Foreign Pension Benefits									Other Postretirement Benefits
	2013			2012			2011	2013			2012			2011			2013			2012			2011
Discount rate		4.25	%		5.00	%	5.75%		4.50	%		4.90	%		5.40	%		4.25	%		5.00	%		5.75	%
Expected long-term rate of return on plan assets		8.00	%		8.00	%	8.00%		6.09	%		5.61	%		6.39	%		n/a			n/a			n/a
Weighted-average rate of increases in compensation		4.00	%		4.00	%	4.00%		n/a			n/a			n/a			n/a			n/a			n/a

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

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