Pensions (Tables)

12 Months Ended

Dec. 31, 2013

U.S. Plans

Reconciliation of changes in the plans' benefit obligation, fair value of assets and funded status

(Dollars in thousands)	2013			2012

Change in Projected Benefit Obligations
Projected benefit obligations at January 1	$	116,620		$	106,127
Service cost	1,165			1,059
Interest cost	4,423			4,796
Actuarial (gain) loss	(14,471		)	12,083
Benefits paid	(5,428		)	(3,343		)
Settlement	—			(4,102		)
Projected benefit obligations at December 31	102,309			116,620

Change in Plan Assets
Fair value of plan assets at January 1	88,184			82,970
Actual return on plan assets	14,186			10,577
Employer contributions	2,842			2,082
Benefits paid	(5,428		)	(3,343		)
Settlement	—			(4,102		)
Fair value of plan assets at December 31	99,784			88,184
Funded status at December 31	$	(2,525	)	$	(28,436	)

Schedule of amounts recognized in the Balance Sheets

(Dollars in thousands)	2013			2012

Amounts recognized in the Balance Sheets:
Noncurrent asset	$	2,470		$	—
Current liability — Accrued benefit cost	(82		)	(82		)
Noncurrent liability — Accrued benefit cost	(4,913		)	(28,354		)
Net amount recognized	$	(2,525	)	$	(28,436	)

Schedule of amounts recognized in accumulated other comprehensive income

(Dollars in thousands)	2013		2012
Accumulated prior service cost	$	89	$	164
Accumulated net actuarial loss	20,752		46,267
Net amount recognized, before tax effect	$	20,841	$	46,431

Schedule of assumptions used to determine benefit obligations

Weighted average actuarial assumptions at December 31:	2013		2012
Discount rate	4.88	%	3.92	%
Rate of increase in compensation levels	3.50	%	4.00	%

Schedule of fair values of pension plans assets

	Fair Value Measurements at December 31, 2013
			Quoted
			Prices in
			Active
			Markets for		Significant		Significant
			Identical		Observable		Unobservable
(Dollars in thousands)			Assets		Inputs		Inputs
Asset Category	Total		(Level 1)		(Level 2)		(Level 3)
Cash and Cash Equivalents	$	2,010	$	174	$	1,836	$	—
Equity Securities
Large Cap (a)	21,139		21,139		—		—
Small/Mid Cap (b)	13,446		13,446		—		—
Equities Blend (c)	715		715		—		—
International Equity (d)	9,532		9,532		—		—
Emerging Markets (e)	6.402		6,402		—		—
Fixed Income Securities
Corporate Bonds (f)	23,563		16,489		7,074		—
Government Bonds (g)	11,490		10,820		670		—
Mortgage/Asset Backed (h)	6,140		—		6,140
Miscellaneous
Commodities (i)	3,383		3,383
Real Estate (j)	1,964		1,964
Total	$	99,784	$	84,064	$	15,720	$	—

(a) This category consists of growth and value strategies investing primarily in the common stock of large capitalization companies located in the United States. Growth oriented strategies seek companies within the Russell 1000 Growth Universe with above average earnings, growth, and revenue expectations. Value oriented strategies seek companies within the Russell 1000 Value Universe that are undervalued relative to their intrinsic value. These strategies are benchmarked against the Russell 1000 Growth and Value Indices, respectively.

(b) This category consists of growth and value strategies investing primarily in the common stock of mid and small capitalization companies located in the United States that are either undervalued relative to their intrinsic value or have above average growth and revenue expectations. These strategies are benchmarked to the Russell 2500 Growth and Value Indices, respectively.

(c) This category invests in the common stock of primarily U.S. companies across the capitalization spectrum (Large, Mid, and Small Cap) that are undervalued relative to their intrinsic value or represent growth opportunities. This strategy is benchmarked to the Russell 3000 Index.

(d) This category consists of international equity securities represented by 21 major MSCI indices from Europe, Australia and Southeast Asia. This strategy is benchmarked to the MSCI EAFE Index.

(e) This category invests in all types of capitalization companies operating in global emerging markets outside the United States. The strategy targets broad diversification across various economic sectors in 21 emerging economies. This category is benchmarked to the MSCI Emerging Markets Index.

(f) This category invests primarily in investment grade corporate securities. This category is benchmarked to the Barclays Aggregate Bond Index.

(g) This category includes securities and mutual funds which invest in a diversified portfolio of longer duration bonds. The funds typically invest primarily in U.S. investment grade securities. The portfolio has an average duration that normally varies within two years (plus or minus) of the benchmark. This category is benchmarked to the Barclays Capital Long-Term Government/Credit Index.

(h) This category invests primarily in mortgage-backed securities which covers the mortgage backed securities component of the Barclays US Aggregate Bond Index. This category is benchmarked against the Barclays Mortgage-Backed Securities Index.

(i) This fund invests in assets of commodity linked derivative instruments and fixed income securities. The fund is benchmarked against the Dow Jones-UBS Commodity Index Total Return.

(j) This fund normally invests at least 80% of its assets in equity related securities of real estate companies and other real estate securities. Under normal circumstances, the fund invests in at least three different countries and at least 40% of the total assets are in foreign securities. This strategy is benchmarked to the Lipper Global Real Estate Funds Average.

	Fair Value Measurements at December 31, 2012
			Quoted
			Prices in
			Active
			Markets for		Significant		Significant
			Identical		Observable		Unobservable
(Dollars in thousands)			Assets		Inputs		Inputs
Asset Category	Total		(Level 1)		(Level 2)		(Level 3)
Cash and Cash Equivalents	$	1,585	$	1,585	$	—	$	—
Equity Securities
All Cap (a)	9,126		9,126		—		—
Large Cap (b)	20,820		20,820		—		—
Small Cap Mutual Fund (c)	6,252		—		6,252		—
Microcap Mutual Fund (d)	5,852		5,852		—		—
International Mutual Fund (e)	15,884		15,884		—		—
Fixed Income Securities
Long Duration Mutual Fund (f)	24,370		24,370		—		—
Emerging Markets Debt Mutual Fund (g)	4,295		4,295		—		—
Total	$	88,184	$	81,932	$	6,252	$	—

(a) This category invests in the common stock of primarily U.S. companies across the capitalization spectrum (Large, Mid, and Small Cap) that are undervalued relative to their intrinsic value. The strategy is benchmarked to the Russell 3000 Value Index.

(b) This category consists of Growth and Value strategies investing primarily in the common stock of large capitalization companies located in the United States. Growth oriented strategies seek companies within the Russell 1000 Growth Universe with above average earnings, growth, and revenue expectations. Value oriented strategies seek companies within the Russell 1000 Value Universe that are undervalued relative to their intrinsic value. These strategies are benchmarked to the Russell 1000 Growth and Value Indices respectively.

(c) This category invests primarily in small capitalization U.S. companies that are either undervalued relative to their intrinsic value or that have above average earnings growth and revenue expectations. The smaller cap orientation of the strategy requires the investment manager to be cognizant of liquidity and capital restraints, which are monitored by the investment team on an ongoing basis. This strategy is benchmarked to the Russell 2000 Index.

(d) This category invests primarily in micro-capitalization U.S. companies that are undervalued relative to their intrinsic value. The smaller cap orientation of the strategy requires the investment managers to be cognizant of liquidity and capital restraints, which are monitored by the investment team on an ongoing basis. This strategy is benchmarked to the Russell Micro Cap Value Index.

(e) This category invests in all types of capitalization companies operating in both developed and emerging markets outside the United States. The strategy targets broad diversification across various economic sectors and seeks to achieve lower overall portfolio volatility by investing with complimentary active managers with varying risk characteristics. Total combined exposure to emerging markets typically ranges from 10% to 20%, with a maximum restriction of 40%. This category is benchmarked to the MSCI EAFE Index and the MSCI All Country World Index ex U.S.

(f) This category invests in a diversified portfolio of longer duration bonds. The fund typically invests primarily in U.S. investment grade securities, but does have the ability to invest up to 10% in high yield (minimum credit rating of B), and up to 30% in non-U.S. denominated securities. The portfolio has an average duration that normally varies within two years (plus or minus) of the benchmark. This category is benchmarked to the Barclays Capital Long-Term Government/Credit Index.

(g) This category invests primarily in local currency denominated government debt securities of countries within the Emerging Markets. The strategy is broadly diversified by country and will invest in locally denominated corporate securities. This strategy is benchmarked to the JP Morgan GBI-EM Global Diversified Index.

Schedule of the projected benefit obligations, accumulated benefit obligations, and the fair value of plan assets

	Projected Benefit Obligation Exceeds the Fair Value of Plan’s Assets				Accumulated Benefit Obligation Exceeds the Fair Value of Plan’s Asset
(Dollars in thousands)	2013		2012		2013		2012
Projected benefit obligation	$	53,699	$	116,620	$	53,699	$	116,620
Accumulated benefit obligation	$	50,188	$	111,625	$	50,188	$	111,625
Fair value of plan assets	$	48,704	$	88,184	$	48,704	$	88,184

Schedule of expected cash flows for pension plans

	Pension Benefits
Year	(Thousands)

Employer contributions
2014	$	1,526

Benefit Payments
2014	$	5,869
2015	6,929
2016	6,960
2017	6,261
2018	6,770
2019 – 2023	36,676

Schedule of components of net periodic pension costs

	Year Ended December 31
(Dollars in thousands)	2013			2012			2011
Service cost	$	1,165		$	1,059		$	1,022
Interest cost	4,423			4,796			4,942
Expected return on assets	(6,660		)	(6,166		)	(6,669		)
Prior service cost	74			74			75
Net amortization	3,519			3,430			1,728
Settlement	—			1,369			—
Net periodic pension cost	$	2,521		$	4,562		$	1,098

Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

	Year Ended December 31
(Dollars in thousands)	2013			2012
Current year actuarial (gain) loss	$	(21,997	)	$	7,672
Amortization of actuarial loss	(3,519		)	(3,430		)
Amortization of prior service cost	(74		)	(74		)
Settlement	—			(1,369		)
Total recognized in other comprehensive income (loss)	$	(25,590	)	$	2,799
Total recognized in net periodic pension cost and other comprehensive income (loss)	$	(23,069	)	$	7,361

Schedule of estimated amounts that will be amortized from accumulated other comprehensive income into net periodic pension cost

(Dollars in thousands)
Prior service cost	$	74
Net actuarial loss	950
Total at December 31	$	1,024

Schedule of assumptions used in the measurement of net periodic pension cost

	2013		2012		2011
Weighted average actuarial assumptions at December 31:
Discount rate	3.92	%	4.67	%	5.26	%
Expected annual return on plan assets	7.75	%	7.75	%	8.00	%
Rate of increase in compensation levels	4.00	%	4.00	%	4.00	%

European Plans

Pensions

Reconciliation of changes in the plans' benefit obligation, fair value of assets and funded status

(Dollars in thousands)	2013			2012

Change in Projected Benefit Obligations
Projected benefit obligations at January 1	$	42,417		$	33,469
Service cost	314			148
Interest cost	1,511			1,640
Employee contributions	103			119
Actuarial loss	1,178			5,203
Benefits paid	(1,550		)	(1,254		)
Settlement	(1,249		)	—
Other	(1,689		)	1,689
Foreign currency exchange rate changes	1,332			1,403
Projected benefit obligations at December 31	42,367			42,417

Change in Plan Assets
Fair value of plan assets at January 1	28,177			24,414
Actual return on plan assets	1,395			2,053
Employer contributions	1,875			1,831
Employee contributions	103			119
Benefits paid	(1,550		)	(1,254		)
Settlement	(1,249		)	—
Foreign currency exchange rate changes	835			1,014
Fair value of plan assets at December 31	29,586			28,177
Funded Status at December 31	$	(12,781	)	$	(14,240	)

Schedule of amounts recognized in the Balance Sheets

(Dollars in thousands)	2013			2012

Amounts Recognized in the Balance Sheets:
Noncurrent asset	$	603		$	1,013
Current liability — Accrued benefit cost	(561		)	(590		)
Noncurrent liability — Accrued benefit cost	(12,823		)	(14,663		)
Net amount recognized	$	(12,781	)	$	(14,240	)

Schedule of amounts recognized in accumulated other comprehensive income

(Dollars in thousands)	2013		2012
Accumulated net actuarial loss	$	7,022	$	6,167
Net amount recognized, before tax effect	$	7,022	$	6,167

Schedule of assumptions used to determine benefit obligations

	2013		2012
Weighted average actuarial assumptions at December 31:
Discount rate	3.92	%	3.95	%
Rate of increase in compensation levels	3.50	%	3.50	%

Schedule of fair values of pension plans assets

	Fair Value Measurements at December 31, 2013
			Quoted
			Prices in
			Active
			Markets for		Significant		Significant
			Identical		Observable		Unobservable
(Dollars in thousands)			Assets		Inputs		Inputs
Asset Category	Total		(Level 1)		(Level 2)		(Level 3)
Cash and Cash Equivalents	$	542	$	542	$	—	$	—
Equity Securities
M&G PP Discretionary Fund (a)	4,498		4,498		—		—
Global Equity 60-40 Index (b)	5,667		5,667		—		—
Fixed Income Securities
Delta Lloyd Fixed Income (c)	4,207		—		—		4,207
Corporate Bonds (d)	4,779		4,779		—		—
Government Bonds (e)	6,384		6,384		—		—
Real Estate (f)	2,034		2,034		—		—
Insurance Reserves (g)	1,475		—		—		1,475
Total	$	29,586	$	23,904	$	—	$	5,682

	Fair Value Measurements at December 31, 2012
			Quoted
			Prices in
			Active
			Markets for		Significant		Significant
			Identical		Observable		Unobservable
(Dollars in thousands)			Assets		Inputs		Inputs
Asset Category	Total		(Level 1)		(Level 2)		(Level 3)
Cash and Cash Equivalents	$	993	$	993	$	—	$	—
Equity Securities
M&G PP Discretionary Fund (a)	2,103		2,103		—		—
Global Equity 60-40 Index (b)	4,604		4,604		—		—
Fixed Income Securities
Delta Lloyd Fixed Income (c)	4,058		—		—		4,058
Corporate Bonds (d)	10,067		10,067		—		—
Government Bonds (e)	3,061		3,061		—		—
Real Estate (f)	1,825		1,825		—		—
Insurance Reserves (g)	1,466		—		—		1,466
Total	$	28,177	$	22,653	$	—	$	5,524

(a) This fund invests in a mix of UK and overseas equity shares, bonds, property and cash. The fund is actively managed against its benchmark of the CAPS Balanced Pooled Fund Median. A prudent approach of diversification by both location and investment type is employed by the fund and both active stock selection and asset allocation are used to add value.

(b) This index fund invests 60% in the UK Equity Index Fund and 40% in overseas index funds. The overseas portion has a target allocation of 14% in North American funds, 14% in European funds (not including the UK), 7% in Japanese funds, and 5% in Pacific Basin funds (not including Japan).

(d) This category invests in the M&G PP Discretionary Fund, the AAA Fixed interest - Over 15 Year Fund, and the M&G PP Long Dates Corporate Bond Fund. These funds, respectively, invest primarily in investment grade corporate bonds, as well as other debt instruments, including higher yielding corporate bonds, government debt, convertible and preferred stocks, money market instruments and equities; and in long-dated sterling denominated AAA-rated corporate bonds, as well as smaller holdings in gilts - both providing a fixed rate of interest.

(e) This category invests mainly in long term gilts through the M&G PP Super Long Index Linked Fund and the M&G PP Discretionary Fund.

(f) This category invests in the M&G UK Property Fund. The fund invests directly in commercial properties in the UK and is actively managed against its performance benchmark of the BNY Mellon CAPS Pooled Fund Property Median. The fund is well diversified investing in the retail, office, and industrial sectors of the market. A small portion of this category is also held in the M&G PP Discretionary Fund.

(g) This category invests in individual insurance policies in the name of the individual plan members.

Schedule of changes in fair value measurements using significant unobservable inputs

(Dollars in thousands)	Delta Lloyd Fixed Income			Insurance Reserves

Balance at January 1, 2012	$	4,514		$	1,246
Purchases	—			194
Sales/Maturities	(502		)	(4		)
Foreign currency translation	46			30
Balance at December 31, 2012	4,058			1,466
Purchases	814			160
Sales/Maturities	(837		)	(211		)
Foreign currency translation	172			60
Balance at December 31, 2013	$	4,207		$	1,475