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Pensions and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
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, 2014 As of December 31, 2013
(in thousands) Pension plans Other
postretirement
benefits		   Pension plans   Other
postretirement
benefits
                 
Benefit obligation, beginning of year   $204,334     $61,108     $218,538     $84,368 
 Service cost   3,269     314     3,662     875 
 Interest cost   9,505     2,741     8,852     3,080 
 Plan participants' contributions   323     -     331     - 
 Actuarial loss/(gain)   30,943     5,926     (17,461 )    (13,396) 
 Benefits paid   (6,205 )   (5,010 )   (5,999)     (5,773) 
 Settlements and curtailments   (17,936 )   -     (2,950)     - 
 Plan amendments and other   -     -     613     (7,974) 
 Foreign currency changes   (11,123 )   (92 )   (1,252 )    (72) 
Benefit obligation, end of year   $213,110     $64,987     $204,334     $61,108 
                        
Accumulated benefit obligation   $199,622     $-     $190,561     $- 
                        
Weighted average assumptions used to                       
determine benefit obligations, end of year:                       
 Discount rate - U.S. plan   4.18 %   3.90 %   5.22 %   4.68%
 Discount rate - non-U.S. plans   3.58 %   3.85 %   4.50 %   4.75%
 Compensation increase - U.S. plan   -     -     -     - 
 Compensation increase - non-U.S. plans   3.23 %   3.00 %   3.39 %   3.00%
                        
Schedule of Plan Assets

The following sets forth information about plan assets:

                 
  As of December 31, 2014 As of December 31, 2013
(in thousands) Pension plans Other
postretirement
benefits		   Pension plans   Other
postretirement
benefits
       
Fair value of plan assets, beginning of year   $168,390     $-     $173,434     $- 
 Actual return on plan assets, net of expenses   29,638     -     (2,292)     - 
 Employer contributions   15,768     3,606     6,777     4,438 
 Plan participants' contributions   323     1,404     331     1,335 
 Benefits paid   (6,205 )   (5,010 )   (5,999)     (5,773) 
 Settlements   (16,945 )   -     (1,650)     - 
 Foreign currency changes   (7,770 )   -     (2,211)     - 
Fair value of plan assets, end of year   $183,199     $-     $168,390     $- 
 
Schedule of Funded Status of Plans

The funded status of the plans was as follows:

    As of December 31, 2014   As of December 31, 2013
(in thousands)   Pension plans   Other
postretirement
benefits		   Pension plans   Other
postretirement
benefits
                     
Fair value of plan assets   $183,199     $-     $168,390     $-
Benefit obligation   213,110     64,987     204,334     61,108
Funded status   $(29,911 )   $(64,987 )   $(35,944 )   $(61,108 )
                     
Accrued benefit cost, end of year   $(29,911 )   $(64,987 )   $(35,944 )   $(61,108 )
                     
Amounts recognized in the consolidated balance sheet consist of the following:                    
Noncurrent asset   $10,097     $-     7,358     $-
Current liability   (2,141 )   (4,750 )   (2,321 )   (5,056 )
Noncurrent liability   (37,867 )   (60,237 )   (40,981 )   (56,052 )
Net amount recognized   $(29,911 )   $(64,987 )   $(35,944 )   $(61,108 )
                     
Amounts recognized in accumulated other comprehensive income consist of:                    
Net actuarial loss   $71,623     $44,195     $73,908     $41,175
Prior service cost/(credit)   753     (39,875 )   866     (44,364 )
Transition obligation   -     -     -     - 
Net amount recognized   $72,376     $ 4,320     $74,774     $(3,189 )

 

The composition of the net pension plan funded status as of December 31, 2014 was as follows:



  Non-U.S.  
(in thousands) U.S. plan     plans   Total  
Pension plans with pension assets $ (105 ) $ 5,139   $ 5,034  
Pension plans without pension assets   (8,441 )   (26,504 )
(34,945 )
Total $ (8,546 ) $ (21,365 ) $ (29,911 )





Schedule of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit plan cost for the years ended December 31, 2014, 2013 and 2012, was as follows:

    Pension plans     Other postretirement benefits
(in thousands)   2014       2013       2012       2014       2013       2012  
                                               
Components of net periodic benefit cost:                                              
Service cost   $3,269       $3,662       $3,486       $314       $875       $1,071 
Interest cost   9,505       8,852       12,180       2,741       3,080       3,691 
Expected return on assets   (9,577 )     (8,677)       (11,799)       -       -       - 
Amortization of prior service cost/(credit)   53       35       35       (4,488 )     (3,940)       (3,666) 
Amortization of transition obligation   -       70       79       -       -       - 
Amortization of net actuarial loss   2,421       3,117       4,223       2,908       3,395       3,215 
Settlement   8,331       502       119,986       -       -       - 
Curtailment (gain)/loss   (942 )     (1,143)       -       -       -       - 
Net periodic benefit cost   $13,060       $6,418       $128,190       $1,475       $3,410       $4,311 
                                               
Weighted average assumptions used to determine net cost:                                              
Discount rate - U.S. plan   5.22 %     4.28 %     4.82 %     4.68 %     3.93 %     4.86%
Discount rate - non-U.S. plan   4.50 %     4.09 %     4.48 %     4.75 %     4.00 %     4.20%
Expected return on plan assets - U.S. plan   5.40 %     4.61 %     4.82 %     -       -       - 
Expected return on plan assets - non-U.S. plans   5.65 %     5.53 %     6.26 %     -       -       - 
Rate of compensation increase - U.S. plan   -       -       -       -
    3.00 %     3.00%
Rate of compensation increase - non-U.S. plans   3.39 %     3.26 %     3.19 %     3.00 %     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 (Gains)/Losses Recognized in Other Comprehensive Income

(Gains)/losses in plan assets and benefit obligations recognized in other comprehensive income during 2014 were as follows:

 
      Other
  Pension postretirement
(in thousands) plan benefits
       
Settlements/curtailments $(8,377 ) $-
Asset/liabilty loss (gain) 10,881   5,926
Amortization of actuarial (loss) (2,421 ) (2,908)
Amortization of prior service (cost)/credit (53 ) 4,489
Amortization of transition (obligation) -   -
Currency impact (2,428 ) 2
(Gain)/loss in other comprehensive income $(2,398 ) $7,509
       
Total recognized in net periodic benefit cost and other comprehensive income $10,662   $8,984
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 2015 are as follows:

        Total  
  Total     postretirement  
(in thousands) pension     benefits  
Actuarial loss $2,678     $3,338  
Prior service cost/(benefit) 50     (4,488 )
Total $2,728     $(1,150 )
Schedule of Fair Value of Plan Assets



  Total fair value at


Total fair value at



  December 31, 2013


December 31, 2013

(in thousands)
  as originally reported
Revision  
as revised

Common stocks and equity funds
$ 33,685
$ 12,675  
$ 46,360

Debt securities
  122,699
(13,369 )
109,330

Insurance contracts
  2,875
-  
2,875

Limited partnerships
  7,034
-  
7,034

Hedge funds
  392
-  
392

Cash and short-term investments
  1,705
694  
2,399

Total plan assets
$ 168,390
$ -  
$ 168,390



    Total fair   Quoted prices   Significant other   Significant
    value at   in active markets   observable inputs   unobservable inputs
(in thousands) December 31, 2014 (Level 1) (Level 2) (Level 3)
Common stocks and equity funds
  
$34,624     $803     $33,821     $- 
Debt securities     136,984       -       136,984       - 
Insurance contracts     2,133       -       -       2,133 
Limited partnerships     6,522       -       -       6,522 
Hedge funds     364       -       -       364 
Cash and short-term investments     2,572       2,572       -       - 
Total plan assets  
$183,199     $3,375     $170,805     $9,019 

 

 

    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 and equity funds     $46,360       $983       $45,377       $- 
Debt securities     109,330       -       109,330       - 
Insurance contracts     2,875       -       -       2,875 
Limited partnerships     7,034       -       -       7,034 
Hedge funds     392       -       -       392 
Cash and short-term investments     2,399       2,399       -       - 
Total plan assets     $168,390       $3,382       $154,707       $10,301 
                 
Reconciliation of Level 3 Assets

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2014 and 2013:

(in thousands) December
31, 2013		   Net realized 
gains/(losses)		   Net
unrealized
gains/(losses)		   Net
purchases, issuances
and
settlements		   Net transfers
(out of)
Level 3		   December
31, 2014
Insurance contracts     $2,875       $-       $49       $(791 )     $-       $2,133 
Limited partnerships     7,034       44       613       (1,169 )     -       6,522 
Hedge funds     392       -       3       (31 )     -       364 
Total     $10,301       $44       $655       $(1,991 )     $-       $9,019 

 

(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 
Schedule of Asset Allocation

The asset allocation for the Company's U.S. and non-U.S. pension plans for 2014 and 2013, and the target allocation for 2015, 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     2015     2014     2013     2015     2014     2013
                                     
Equity securities       -         3 %       5 %       34 %       32 %       36 %
Debt securities       100 %       91 %       88 %       57 %       59 %       57 %
Real estate       -         5 %       5 %       6 %       4 %       4 %
Other (1)       -         1 %       2 %       3 %       5 %       3 %
        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 2014 and 2013, 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)  
2014  
2013 
Projected benefit obligation     $126,029       $123,749 
Accumulated benefit obligation     122,855       120,287 
Fair value of plan assets     86,021       80,447 
                 
                 
    Plans with accumulated benefit obligation
     in excess of plan assets
(in thousands)     2014       2013 
Projected benefit obligation     $126,029       $123,749 
Accumulated benefit obligation     122,855       120,287 
Fair value of plan assets     86,021       80,447 
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		 $3,143     $5,010
         
Expected benefit payments        
2015 $6,286     $4,750
2016 6,562     4,574
2017 7,030     4,443
2018 7,488     4,307
2019 7,704     4,163
2020-2024 47,270     19,731