Postretirement Plans (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
General Discussion of Pension and Other Postretirement Benefits [Abstract] |
|
Components Of Net Periodic Benefit Cost |
The components of net periodic benefit cost were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Pension | | Other Postretirement Benefits | Years ended December 31, | 2013 |
| | 2012 |
| | 2011 |
| | 2013 |
| | 2012 |
| | 2011 |
| Service cost |
| $1,886 |
| |
| $1,649 |
| |
| $1,406 |
| |
| $148 |
| |
| $146 |
| |
| $221 |
| Interest cost | 2,906 |
| | 3,005 |
| | 3,116 |
| | 263 |
| | 313 |
| | 484 |
| Expected return on plan assets | (3,874 | ) | | (3,831 | ) | | (3,741 | ) | | (6 | ) | | (7 | ) | | (6 | ) | Amortization of prior service costs | 196 |
| | 225 |
| | 244 |
| | (180 | ) | | (197 | ) | | (96 | ) | Recognized net actuarial loss | 2,231 |
| | 1,937 |
| | 1,254 |
| | 95 |
| | 119 |
| | 178 |
| Settlement and curtailment loss | 104 |
| | 25 |
| | 64 |
| |
|
| | (1 | ) | | 3 |
| Net periodic benefit cost |
| $3,449 |
| |
| $3,010 |
| |
| $2,343 |
| |
| $320 |
| |
| $373 |
| |
| $784 |
| | | | | | | | | | | | | Net periodic benefit cost included in Earnings from operations |
| $3,036 |
| |
| $2,407 |
| |
| $1,648 |
| |
| $353 |
| |
| $543 |
| |
| $692 |
|
|
Schedule Of Changes In The Benefit Obligation, Plan Assets And Funded Status Of Pensions And OPB |
The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2013 and 2012. Benefit obligation balances presented below reflect the PBO for our pension plans, and accumulated postretirement benefit obligations (APBO) for our OPB plans. | | | | | | | | | | | | | | | | | | Pension | | Other Postretirement Benefits | | 2013 |
| | 2012 |
| | 2013 |
| | 2012 |
| Change in benefit obligation | | | | | | | | Beginning balance |
| $75,895 |
| |
| $67,651 |
| |
| $7,981 |
| |
| $7,997 |
| Service cost | 1,886 |
| | 1,649 |
| | 148 |
| | 146 |
| Interest cost | 2,906 |
| | 3,005 |
| | 263 |
| | 313 |
| Plan participants’ contributions | 8 |
| | 9 |
| |
| |
| Amendments | 111 |
| | 13 |
| | 4 |
| | 12 |
| Actuarial (gain)/loss | (9,205 | ) | | 6,378 |
| | (905 | ) | | (53 | ) | Settlement/curtailment/other | (81 | ) | | (76 | ) | | (57 | ) | | (1 | ) | Gross benefits paid | (2,874 | ) | | (2,744 | ) | | (451 | ) | | (474 | ) | Subsidies | | | | | 32 |
| | 37 |
| Exchange rate adjustment | (21 | ) | | 10 |
| | (7 | ) | | 4 |
| Ending balance |
| $68,625 |
| |
| $75,895 |
| |
| $7,008 |
| |
| $7,981 |
| Change in plan assets | | | | | | | | Beginning balance at fair value |
| $56,178 |
| |
| $51,051 |
| |
| $110 |
| |
| $102 |
| Actual return on plan assets | 3,316 |
| | 6,300 |
| | 23 |
| | 1 |
| Company contribution | 1,542 |
| | 1,550 |
| | 14 |
| | 15 |
| Plan participants’ contributions | 8 |
| | 9 |
| | 3 |
| | 3 |
| Settlement/curtailment/other | (103 | ) | | (71 | ) | | 11 |
| | 10 |
| Benefits paid | (2,792 | ) | | (2,669 | ) | | (21 | ) | | (21 | ) | Exchange rate adjustment | (18 | ) | | 8 |
| |
| |
| Ending balance at fair value |
| $58,131 |
| |
| $56,178 |
| |
| $140 |
| |
| $110 |
| Amounts recognized in statement of financial position at December 31 consist of: | | | | | | | | Other assets |
| $60 |
| |
| $5 |
| | | | | Other accrued liabilities | (80 | ) | | (71 | ) | |
| ($340 | ) | |
| ($343 | ) | Accrued retiree health care |
| |
| | (6,528 | ) | | (7,528 | ) | Accrued pension plan liability, net | (10,474 | ) | | (19,651 | ) | | | | | Net amount recognized |
| ($10,494 | ) | |
| ($19,717 | ) | |
| ($6,868 | ) | |
| ($7,871 | ) |
|
Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss |
Amounts recognized in Accumulated other comprehensive loss at December 31 were as follows: | | | | | | | | | | | | | | | | | | Pension | | Other Postretirement Benefits | | 2013 |
| | 2012 |
| | 2013 |
| | 2012 |
| Net actuarial loss |
| $15,460 |
| |
| $26,387 |
| |
| $561 |
| |
| $1,651 |
| Prior service costs/(credits) | 788 |
| | 904 |
| | (614 | ) | | (799 | ) | Total recognized in Accumulated other comprehensive loss |
| $16,248 |
| |
| $27,291 |
| |
| ($53 | ) | |
| $852 |
|
|
Schedule Of Estimated Amount That Will Be Amortized From Accumulated Other Comprehensive Loss Into Net Periodic Benefit Cost |
The estimated amount that will be amortized from Accumulated other comprehensive loss into net periodic benefit cost during the year ended December 31, 2014 is as follows: | | | | | | | | | | Pension |
| | Other Postretirement Benefits |
| Recognized net actuarial loss |
| $1,032 |
| |
| $7 |
| Amortization of prior service costs/(credits) | 178 |
| | (141 | ) | Total |
| $1,210 |
| |
| ($134 | ) |
|
Schedule Of Key Information For All Plans With ABO In Excess Of Plan Assets |
Key information for our plans with ABO in excess of plan assets as of December 31 is as follows: | | | | | | | | | | 2013 |
| | 2012 |
| Projected benefit obligation |
| $63,445 |
| |
| $75,851 |
| Accumulated benefit obligation | 58,334 |
| | 69,272 |
| Fair value of plan assets | 52,905 |
| | 56,129 |
|
|
Schedule Of Assumptions Used To Calculate The Benefit Obligation and Net Periodic Benefit Costs |
The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year. | | | | | | | | | | December 31, | 2013 |
| | 2012 |
| | 2011 |
| Discount rate: | | | | | | Pension | 4.80 | % | | 3.80 | % | | 4.40 | % | Other postretirement benefits | 4.20 | % | | 3.30 | % | | 4.00 | % | Expected return on plan assets | 7.50 | % | | 7.50 | % | | 7.75 | % | Rate of compensation increase | 4.00 | % | | 4.00 | % | | 3.90 | % |
|
Schedule Of Assumed Health Care Cost Trend Rates |
Assumed health care cost trend rates were as follows: | | | | | | | | | | December 31, | 2013 |
| | 2012 |
| | 2011 |
| Health care cost trend rate assumed next year | 7.00 | % | | 7.50 | % | | 7.50 | % | Ultimate trend rate | 5.00 | % | | 5.00 | % | | 5.00 | % | Year that trend reached ultimate rate | 2018 |
| | 2018 |
| | 2018 |
|
|
Schedule Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates |
A one-percentage-point change in assumed health care cost trend rates would have the following effect: | | | | | | | | | | Increase |
| | Decrease |
| Effect on total of service and interest cost |
| $57 |
| |
| ($47 | ) | Effect on postretirement benefit obligation | 681 |
| | (575 | ) |
|
Schedule of actual allocations for pension assets and target allocations by asset class [Table Text Block] |
The actual and target allocations by asset class for the pension assets at December 31 were as follows: | | | | | | | | | | | | | | Actual Allocations | | Target Allocations | Asset Class | 2013 |
| | 2012 |
| | 2013 |
| | 2012 |
| Fixed income | 49 | % | | 49 | % | | 47 | % | | 47 | % | Global equity | 29 |
| | 29 |
| | 26 |
| | 26 |
| Private equity | 5 |
| | 5 |
| | 6 |
| | 6 |
| Real estate and real assets | 8 |
| | 8 |
| | 11 |
| | 11 |
| Global strategies | 4 |
| | 4 |
| | 4 |
| | 4 |
| Hedge funds | 5 |
| | 5 |
| | 6 |
| | 6 |
| Total | 100 | % | | 100 | % | | 100 | % | | 100 | % |
|
Schedule of Allocation of Plan Assets |
The following table presents our plan assets using the fair value hierarchy as of December 31, 2013 and 2012. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | December 31, 2012 | | Total |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| Level 1 |
| Level 2 |
| Level 3 |
| Fixed income securities: | | | | | | | | | Corporate |
| $15,262 |
|
|
| $15,238 |
|
| $24 |
|
| $14,363 |
|
|
| $14,360 |
|
| $3 |
| U.S. government and agencies | 4,537 |
|
| 4,537 |
|
| 4,921 |
|
| 4,921 |
|
| Mortgage backed and asset backed | 1,040 |
|
| 491 |
| 549 |
| 752 |
|
| 191 |
| 561 |
| Municipal | 1,722 |
|
|
| 1,722 |
|
|
| 1,770 |
| | 1,770 |
|
| Sovereign | 1,018 |
|
|
| 1,018 |
|
|
| 1,045 |
| | 1,045 |
| | Common/collective/pooled funds | 2,538 |
|
| $16 |
| 2,522 |
|
|
| 2,346 |
|
| $17 |
| 2,329 |
| | Other (1) | 484 |
|
|
| 229 |
| 255 |
| 220 |
| 1 |
| 219 |
|
| Derivatives: | | | | | | | | | Assets | 55 |
|
| 55 |
|
| 36 |
| 1 |
| 35 |
|
| Liabilities | (10 | ) |
| (10 | ) |
| (23 | ) |
| (23 | ) |
| Cash equivalents and other short-term investments | 801 |
|
|
| 801 |
|
| 2,687 |
| 2,224 |
| 463 |
|
| Currency overlay derivatives: | | | | | | | | | Assets | 2 |
|
| 2 |
|
| 56 |
|
| 56 |
|
| Liabilities | (3 | ) |
| (3 | ) |
| (55 | ) |
| (55 | ) |
| Equity securities: | | | | | | | | | U.S. common and preferred stock | 6,919 |
| 6,919 |
|
|
| 6,144 |
| 6,144 |
|
|
| Non-U.S. common and preferred stock | 7,722 |
| 7,721 |
|
|
| 1 |
| 7,421 |
| 7,421 |
|
|
|
| Common/collective/pooled funds | 3,239 |
| 564 |
| 2,675 |
|
| 2,294 |
| 344 |
| 1,950 |
|
| Derivatives: | | | | | | | | | Assets | 4 |
|
|
| 4 |
|
| 19 |
|
| 19 |
|
| Liabilities | (6 | ) |
|
| (6 | ) |
| (9 | ) |
|
| (9 | ) |
| Private equity (1) | 2,968 |
| 10 |
|
| 2,958 |
| 2,942 |
| 26 |
|
| 2,916 |
| Real estate and real assets: | | | | | | | | | Real estate | 2,865 |
| 425 |
| 16 |
| 2,424 |
| 2,765 |
| 623 |
| 14 |
| 2,128 |
| Real assets | 1,506 |
| 336 |
| 464 |
| 706 |
| 1,327 |
| 286 |
| 377 |
| 664 |
| Derivatives: | | | | | | | | | Assets | 1 |
|
| 1 |
|
|
| 1 |
|
|
| 1 |
|
|
| Liabilities | (1 | ) |
| (1 | ) |
|
| (2 | ) |
|
| (2 | ) |
|
| Global strategies | 2,355 |
|
| 2,355 |
|
|
| 2,147 |
|
|
| 2,147 |
|
|
| Hedge funds | 2,776 |
|
| 1,667 |
| 1,109 |
| 2,736 |
|
| 1,263 |
| 1,473 |
| Total |
| $57,794 |
|
| $15,991 |
|
| $33,777 |
|
| $8,026 |
|
| $55,903 |
|
| $17,087 |
|
| $31,071 |
|
| $7,745 |
| | | | | | | | | | Cash |
| $87 |
| | | |
| $94 |
| | | | Receivables | 458 |
| | | | 388 |
| | | | Payables | (208 | ) | | | | (207 | ) | | | | Total |
| $58,131 |
| | | |
| $56,178 |
| | | |
| | (1) | Certain private funds with a fixed income strategy were reclassified from private equity to other fixed income on January 1, 2013 |
|
Reconciliation Of Level 3 Assets |
The following tables present a reconciliation of Level 3 assets held during the year ended December 31, 2013 and 2012. Transfers into and out of Level 3 are reported at the beginning-of-year values. | | | | | | | | | | | | | | | | | | | | | | January 1, 2013 Balance |
| | Net Realized and Unrealized Gains |
| | Net Purchases, Issuances and Settlements |
| | Net Transfers Into/(Out of) Level 3 |
| | December 31, 2013 Balance |
| Fixed income securities: | | | | | | | | | | Corporate |
| $3 |
| |
|
| |
| $16 |
| |
| $5 |
| |
| $24 |
| Mortgage backed and asset backed | 561 |
| |
|
| | (11 | ) | | (1 | ) | | 549 |
| Other (1) | 245 |
| |
| $37 |
| | (27 | ) | |
|
| | 255 |
| Equity securities: | | | | | | | | |
|
| Non-U.S. common and preferred stock |
| |
|
| |
| | 1 |
| | 1 |
| Private equity (1) | 2,671 |
| | 536 |
| | (249 | ) | |
|
| | 2,958 |
| Real estate and real assets: | | | | | | | | | | Real estate | 2,128 |
| | 232 |
| | 64 |
| |
|
| | 2,424 |
| Real assets | 664 |
| | 78 |
| | (36 | ) | |
|
| | 706 |
| Hedge funds | 1,473 |
| | 183 |
| | (627 | ) | | 80 |
| | 1,109 |
| Total |
| $7,745 |
| |
| $1,066 |
| |
| ($870 | ) | |
| $85 |
| |
| $8,026 |
|
| | (1) | Certain private funds with a fixed income strategy were reclassified from private equity to other fixed income on January 1, 2013. |
| | | | | | | | | | | | | | | | | | | | | | January 1, 2012 Balance |
| | Net Realized and Unrealized Gains/(Losses) |
| | Net Purchases, Issuances and Settlements |
| | Net Transfers Into/(Out of) Level 3 |
| | December 31, 2012 Balance |
| Fixed income securities: | | | | | | | | | | Corporate |
| $11 |
| |
| ($12 | ) | |
| $11 |
| |
| ($7 | ) | |
| $3 |
| Mortgage backed and asset backed | 11 |
| | 41 |
| | 151 |
| | 358 |
| | 561 |
| Municipal | 3 |
| | | |
|
| | (3 | ) | |
|
| Private equity | 2,859 |
| | 208 |
| | (151 | ) | | | | 2,916 |
| Real estate and real assets: | | | | | | | | | | Real estate | 1,820 |
| | 133 |
| | 175 |
| | | | 2,128 |
| Real assets | 547 |
| | 45 |
| | 72 |
| | | | 664 |
| Global strategies | 75 |
| |
|
| | | | (75 | ) | |
|
| Hedge funds | 2,451 |
| | 104 |
| | 52 |
| | (1,134 | ) | | 1,473 |
| Total |
| $7,777 |
| |
| $519 |
| |
| $310 |
| |
| ($861 | ) | |
| $7,745 |
|
|
Schedule Of Estimated Future Benefit Payments |
The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only. | | | | | | | | | | | | | | | | | | | | | | | | | Year(s) | 2014 |
| | 2015 |
| | 2016 |
| | 2017 |
| | 2018 |
| | 2019-2023 |
| Pensions |
| $3,173 |
| |
| $3,346 |
| |
| $3,522 |
| |
| $3,696 |
| |
| $3,865 |
| |
| $21,112 |
| Other postretirement benefits: | | | | | | | | | | | | Gross benefits paid | 478 |
| | 507 |
| | 539 |
| | 567 |
| | 614 |
| | 3,250 |
| Subsidies | (39 | ) | | (41 | ) | | (41 | ) | | (42 | ) | | (43 | ) | | (215 | ) | Net other postretirement benefits |
| $439 |
| |
| $466 |
| |
| $498 |
| |
| $525 |
| |
| $571 |
| |
| $3,035 |
|
|