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Benefit Plans and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2013
Pension Benefits
 
Defined Benefit Plan Disclosure  
Change in benefit obligation, fair value of plan assets and funded status of defined benefit pension plans

 

 

 

December 31,

 

 

 

2013

 

2012

 

Change in projected benefit obligation:

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

565,358

 

$

488,609

 

Service cost

 

10,454

 

9,175

 

Interest cost

 

20,899

 

22,021

 

Acquisitions

 

16,371

 

 

Plan amendments

 

5,639

 

271

 

Actuarial (gain) loss

 

(33,700

)

66,617

 

Foreign exchange translation

 

2,609

 

4,604

 

Benefits paid

 

(27,560

)

(25,939

)

Projected benefit obligation at end of year

 

560,070

 

565,358

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets at beginning of year

 

334,423

 

295,054

 

Actual return on plan assets

 

50,694

 

38,022

 

Employer contributions

 

23,338

 

21,830

 

Acquisitions

 

12,266

 

 

Foreign exchange translation

 

(623

)

1,982

 

Benefits paid

 

(27,560

)

(22,465

)

Fair value of plan assets at end of year

 

392,538

 

334,423

 

 

 

 

 

 

 

Funded status

 

$

(167,532

)

$

(230,935

)

Schedule of components of net pension expense

 

 

 

Year Ended December 31,

 

 

 

2013

 

2012

 

2011

 

Components of net pension expense:

 

 

 

 

 

 

 

Service cost

 

$

8,502

 

$

7,714

 

$

7,073

 

Interest cost

 

20,899

 

22,021

 

22,684

 

Expected return on plan assets

 

(24,828

)

(24,951

)

(25,226

)

Net amortization of actuarial losses

 

25,500

 

20,454

 

14,528

 

 

 

 

 

 

 

 

 

Net pension expense

 

$

30,073

 

$

25,238

 

$

19,059

 

Schedule of defined benefit plan weighted average assumptions used in calculating benefit obligation and net periodic benefit cost

 

 

 

Weighted-average assumptions used to determine
benefit obligations at December 31,

 

 

 

Pension Benefits

 

Other Benefits

 

 

 

2013

 

2012

 

2013

 

2012

 

Discount rate:

 

 

 

 

 

 

 

 

 

U.S. plans

 

4.60

%

3.75

%

4.15

%

3.45

%

International plans

 

4.09

%

3.97

%

n/a

 

n/a

 

Rate of compensation increase:

 

 

 

 

 

 

 

 

 

U.S. plans

 

3.00

%

3.00

%

n/a

 

n/a

 

International plans

 

2.95

%

2.57

%

n/a

 

n/a

 

 

 

 

Weighted-average assumptions used to determine net periodic
benefit cost for years ended December 31,

 

 

 

Pension Benefits

 

Other Benefits

 

 

 

2013

 

2012

 

2011

 

2013

 

2012

 

2011

 

Discount rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. plans

 

3.75

%

4.45

%

5.20

%

3.45

%

4.25

%

4.85

%

International plans

 

3.97

%

4.97

%

5.26

%

n/a

 

n/a

 

n/a

 

Expected long-term return on assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. plans

 

8.00

%

8.00

%

8.25

%

n/a

 

n/a

 

n/a

 

International plans

 

5.50

%

5.66

%

6.30

%

n/a

 

n/a

 

n/a

 

Rate of compensation increase:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. plans

 

3.00

%

3.00

%

3.00

%

n/a

 

n/a

 

n/a

 

International plans

 

2.57

%

2.83

%

2.97

%

n/a

 

n/a

 

n/a

 

Fair values of company's pension plan assets by asset category

 

 

 

Fair Value Measurements at December 31, 2013

 

Asset Category

 

Total

 

Quoted Prices in Active
Markets for Identical

Assets (Level 1)

 

Significant
Observable
Inputs
(Level 2)

 

Significant
Unobservable Inputs
(Level 3)

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

U.S. equities — large cap

 

$

122,127

 

$

93,053

 

$

29,074

 

$

 

U.S. equities — small/mid cap and other

 

24,738

 

1,617

 

23,121

 

 

International equities — growth

 

51,756

 

51,756

 

 

 

International equities — other

 

56,347

 

8,131

 

48,216

 

 

 

 

254,968

 

154,557

 

100,411

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

U.S. fixed income securities — intermediate term

 

62,182

 

62,182

 

 

 

U.S. fixed income securities — high yield

 

24,451

 

320

 

24,131

 

 

International fixed income securities — other

 

39,738

 

 

 

39,738

 

 

 

 

126,371

 

62,502

 

63,869

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

11,199

 

11,199

 

 

 

Total

 

$

392,538

 

$

228,258

 

$

164,280

 

$

 

 

 

 

 

Fair Value Measurements at December 31, 2012

 

Asset Category

 

Total

 

Quoted Prices in Active
Markets for Identical

Assets (Level 1)

 

Significant
Observable
Inputs
(Level 2)

 

Significant
Unobservable Inputs
(Level 3)

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

U.S. equities — large cap

 

$

93,047

 

$

71,668

 

$

21,379

 

$

 

U.S. equities — small/mid cap and other

 

25,159

 

 

25,159

 

 

International equities — growth

 

42,057

 

42,057

 

 

 

International equities — other

 

47,972

 

5,276

 

42,696

 

 

 

 

208,235

 

119,001

 

89,234

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

U.S. fixed income securities — intermediate term

 

59,983

 

59,983

 

 

 

U.S. fixed income securities — high yield

 

22,409

 

 

22,409

 

 

International fixed income securities — other

 

40,923

 

 

40,923

 

 

 

 

123,315

 

59,983

 

63,332

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

2,873

 

2,873

 

 

 

Total

 

$

334,423

 

$

181,857

 

$

152,566

 

$

 

Benefit payments related to the pension plans, including amounts to be paid out of company assets and reflecting future expected service

 

2014

 

$

25,374

 

2015

 

26,233

 

2016

 

27,468

 

2017

 

28,387

 

2018

 

29,782

 

2019-2023

 

165,818

 

Other Postretirement Benefits
 
Defined Benefit Plan Disclosure  
Change in benefit obligation of postretirement plans

 

 

 

December 31,

 

 

 

2013

 

2012

 

Change in benefit obligation:

 

 

 

 

 

Benefit obligation at beginning of year

 

$

15,713

 

$

16,698

 

Service cost

 

160

 

179

 

Interest cost

 

511

 

677

 

Paid benefits and expenses

 

(1,080

)

(1,141

)

Actuarial gain

 

(3,374

)

(700

)

 

 

 

 

 

 

Benefit obligation at end of year

 

$

11,930

 

$

15,713

 

Schedule of components of net pension expense

 

 

 

Year ended December 31,

 

 

 

2013

 

2012

 

2011

 

Components of net post-retirement benefit cost:

 

 

 

 

 

 

 

Service cost

 

$

160

 

$

179

 

$

198

 

Interest cost

 

511

 

677

 

843

 

Amortization of transition obligation

 

 

62

 

62

 

Net amortization of actuarial losses

 

773

 

965

 

1,291

 

 

 

 

 

 

 

 

 

Net post-retirement benefit cost

 

$

1,444

 

$

1,883

 

$

2,394