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Pensions and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Pensions and Other Postretirement Benefit Plans [Abstract]  
Schedule of Plan Benefit Obligations

The following table sets forth the plan benefit obligations:

    As of December 31, 2013   As of December 31, 2012
(in thousands)   Pension
plans		   Other postretirement benefits   Pension
plans		   Other postretirement benefits
                 
Benefit obligation, beginning of year   $218,538     $84,368     $405,880     $79,009  
 Service cost   3,662     875     3,486     1,071  
 Interest cost   8,852     3,080     12,180     3,691  
 Plan participants' contributions   331     -     344     -  
 Actuarial loss/(gain)   (17,461 )   (13,396 )   49,582     6,343  
 Benefits paid   (5,999 )   (5,773 )   (14,909 )   (5,778 )
 Settlements and curtailments   (2,950 )   -     (249,709 )   -  
 Plan Amendments and Other   613     (7,974 )   571     -  
 Foreign currency changes   (1,252 )   (72 )   11,113     32  
Benefit obligation, end of year   $204,334     $61,108     $218,538     $84,368  
                         
Accumulated benefit obligation   $190,561     $-     $202,917     $-  
                         
Weighted average assumptions used to                        
determine benefit obligations, end of year:                        
 Discount rate - U.S. plan   5.22 %   4.68 %   4.28 %   3.93 %
 Discount rate - non-U.S. plans   4.50 %   4.75 %   4.09 %   4.00 %
 Compensation increase - U.S. plan   -     -     -     3.00 %
 Compensation increase - non-U.S. plans   3.39 %   3.00 %   3.26 %   3.00 %
Schedule of Plan Assets

The following sets forth information about plan assets:

                 
    As of December 31, 2013   As of December 31, 2012
(in thousands)   Pension
plans		   Other postretirement benefits   Pension
plans		   Other postretirement benefits
                 
Fair value of plan assets, beginning of year   $173,434     $-     $304,658     $-  
 Actual return on plan assets, net of expenses   (2,292 )   -     19,493     -  
 Employer contributions   6,777     4,438     110,172     4,961  
 Plan participants' contributions   331     1,335     344     817  
 Benefits paid   (5,999 )   (5,773 )   (14,909 )   (5,778 )
 Settlements   (1,650 )   -     (249,709 )   -  
 Foreign currency changes   (2,211 )   -     3,385     -  
Fair value of plan assets, end of year   $168,390     $-     $173,434     $-  
Schedule of Funded Status of Plans

The funded status of the plans was as follows:

    As of December 31, 2013   As of December 31, 2012
(in thousands)   Pension
plans		   Other postretirement benefits   Pension
plans		   Other postretirement benefits
                 
Fair value of plan assets     $168,390       $-       $173,434       $-  
Benefit obligation     204,334       61,108       218,538       84,368  
Funded status     (35,944 )     ($61,108 )     ($45,104 )     ($84,368 )
                                 
Accrued benefit cost, end of year     (35,944 )     ($61,108 )     ($45,104 )     ($84,368 )
                                 
Amounts recognized in the statement of financial position consist of the following:                                
Noncurrent asset     $7,358       $-       7,034       $-  
Current liability     (2,321 )     (5,056 )     (2,318 )     (5,547 )
Noncurrent liability     (40,981 )     (56,052 )     (49,820 )     (78,821 )
Net amount recognized     ($35,944 )     ($61,108 )     ($45,104 )     ($84,368 )
                                 
Amounts recognized in accumulated other comprehensive income consist of:                                
Net actuarial loss     $73,908       $41,175       $84,784       $57,966  
Prior service cost/(credit)     866       (44,364 )     405       (40,329 )
Transition obligation     -               70       -  
Net amount recognized     $74,774       ($3,189 )     $85,259       $17,637  
Schedule of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit plan cost for the years ended December 31, 2013, 2012 and 2011, was as follows:

  Pension plans   Other postretirement benefits  
(in thousands) 2013   2012   2011   2013   2012   2011  
                         
Components of net periodic benefit cost:                        
Service cost $3,662   $3,486   $3,117   $875   $1,071   $931  
Interest cost 8,852   12,180   19,958   3,080   3,691   3,869  
Other adjustments -   -   -   -   -   945  
Expected return on assets (8,677 ) (11,799 ) (15,858 ) -   -   -  
Amortization of prior service cost/(credit) 35   35   37   (3,940 ) (3,666 ) (3,666 )
Amortization of transition obligation 70   79   83   -   -   -  
Amortization of net actuarial loss 3,117   4,223   5,672   3,395   3,215   3,022  
Settlement 502   119,986   327   -   -   -  
Curtailment (gain)/loss (1,143 ) -   -   -   -   -  
Special / contractual termination benefits -   -   233   -   -   -  
Net periodic benefit cost $6,418   $128,190   $13,569   $3,410   $4,311   $5,101  
                         
Weighted average assumptions used to
determine net cost:		                        
Discount rate - U.S. plan 4.28 % 4.82 % 5.59 % 3.93 % 4.86 % 5.55 %
Discount rate - non-U.S. plan 4.09 % 4.48 % 5.29 % 4.00 % 4.20 % -  
Expected return on plan assets - U.S. plan 4.61 % 4.82 % 5.80 % -   -   -  
Expected return on plan assets - non-U.S. plans 5.53 % 6.26 % 6.80 % -   -   -  
Rate of compensation increase - U.S. plan -   -   -   3.00 % 3.00 % 3.00 %
Rate of compensation increase - non-U.S. plans 3.26 % 3.19 % 3.47 % 3.00 % 3.00 % -  
Health care cost trend rate (U.S. and non-U.S. plans):                        
Initial rate -   -   -   -   -   -  
Ultimate rate -   -   -   -   -   -  
Years to ultimate -   -   -   -   -   -  
Schedule of Other Changes Recognized in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income during 2013 were as follows:

         
        Other
    Pension   postretirement
(in thousands)   plan   benefits
             
Settlements/curtailments   ($46 )   $-  
Asset/liabilty loss (gain)   (6,492 )   (21,370 )
Amortization of actuarial (loss)   (3,117 )   (3,395 )
Amortization of prior service (cost)/credit   (35 )   3,940  
Amortization of transition (obligation)   (70 )   -  
Currency impact   (726 )   (285 )
Total recognized in other comprehensive income   ($10,486 )   ($21,110 )
             
Total recognized in net periodic benefit cost and other comprehensive income   ($4,068 )   ($17,700 )
Schedule of Amounts That Will Be Amortized from Accumulated Other Comprehensive Income

The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2014 are as follows:

    Total
  Total postretirement
(in thousands) pension benefits
Actuarial loss $2,456   $2,908  
Prior service cost/(benefit) 55   (4,488 )
Total $2,511   ($1,580 )
Schedule of Fair Value of Plan Assets

The following tables present plan assets as of December 31, 2013 and 2012, using the fair-value hierarchy, which has three levels based on the reliability of inputs used, as described in Note 15:

    Total fair   Quoted prices   Significant other   Significant 
    value at   in active markets   observable inputs   unobservable inputs
(in thousands)   December 31, 2013   (Level 1)   (Level 2)   (Level 3)
Common stocks   $33,685   $33,685     $          -     $        -
Debt securities    122,699    -    122,699    -
Insurance contracts    2,875    -    -    2,875
Limited partnerships    7,034    -    -    7,034
Hedge funds    392    -    -    392
Cash and short-term investments    1,705    1,705    -    -
Total plan assets   $168,390   $35,390   $122,699   $10,301
    Total fair   Quoted prices   Significant other   Significant
    value at   in active markets   observable inputs   unobservable inputs
(in thousands)   December 31, 2012   (Level 1)   (Level 2)   (Level 3)
Common stocks     $46,625       $46,625       $-     $-
Debt securities     114,136       -       114,136     -
Insurance contracts     2,542       -       -     2,542
Limited partnerships     7,556       -       -     7,556
Hedge funds     536       -       -     536
Cash and short-term investments     2,039       2,039       -     -
Total plan assets     $173,434       $48,664       $114,136     $10,634
Reconciliation of Level 3 Assets

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2013 and 2012:

(in thousands)   December  31, 2012   Net realized 
gains/(losses)		   Net
unrealized gains/(losses)		   Net purchases, issuances
and settlements		   Net transfers (out of)
Level 3		   December 31, 2013
Insurance contracts     $2,542       $-       $41       $292       $-       $2,875  
Limited partnerships     7,556       94       533       (1,149 )     -       7,034  
Hedge funds     536       -       15       (159 )     -       392  
Total     $10,634       $94       $589       ($1,016 )     $-       $10,301  

 

(in thousands)   December 31, 2011   Net realized 
gains/(losses)		   Net unrealized gains/(losses)   Net purchases, issuances and settlements   Net transfers (out of)
Level 3		   December 31, 2012
Insurance contracts     $2,361       $-       $39       $142       $-        $2,542  
Limited partnerships     8,676       -       521       (1,641 )     -       7,556  
Hedge funds     557       -       32       (53 )     -       536  
Total     $11,594       $-       $592       ($1,552 )     $-       $10,634  
Schedule of Asset Allocation

The asset allocation for the Company's U.S. and non-U.S. pension plans for 2013 and 2012, and the target allocation for 2014, by asset category, are as follows:

 

                         
    United States Plan   Non-U.S. Plans
    Target   Percentage of plan assets   Target   Percentage of plan assets
    Allocation   at plan measurement date   Allocation   at plan measurement date
Asset category   2014   2013   2012   2014   2013   2012
                         
Equity securities    -   5%   5%   36%   36%   50%
Debt securities   100%   88%   88%   56%   57%   43%
Real estate    -   5%   4%   5%   4%   3%
Other (1)    -   2%   3%   3%   3%   4%
    100%   100%   100%   100%   100%   100%

 

(1) Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.
Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets and for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

At the end of 2013 and 2012, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows:

  Plans with projected benefit obligation
   in excess of plan assets
(in thousands) 2013 2012
Projected benefit obligation $123,749 $183,765
Accumulated benefit obligation 120,287 169,396
Fair value of plan assets 80,447 131,626
     
     
  Plans with accumulated benefit obligation
   in excess of plan assets
(in thousands) 2013 2012
Projected benefit obligation $123,749 $136,329
Accumulated benefit obligation 120,287 132,396
Fair value of plan assets 80,447 86,835
Schedule of Expected Cash Flows

Information about expected cash flows for the pension and other benefit obligations are as follows:

(in thousands) Pension plans Other postretirement benefits
Expected employer contributions in the next fiscal year $4,068 $5,773
     
Expected benefit payments    
2014 $5,910 $5,056
2015 6,148 4,826
2016 6,585 4,639
2017 7,054 4,476
2018 7,663 4,325
2019-2022 47,269 20,088