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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