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Pension And Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Summary Of Benefit Obligations, Fair Value Of Plan Assets And Funded Status
A summary of benefit obligations, fair value of plan assets and funded status is as follows:
 
 
Pension Benefits
 
Postretirement
Benefits
(in thousands) December 31,
 
2013

 
2012

 
2013

 
2012

Change in benefit obligation:
 
 
 
 
 
 
 
 
Beginning of year
 
$
906,264

 
$
786,592

 
$
12,620

 
$
12,562

Service cost
 
6,383

 
13,503

 
90

 
107

Interest cost
 
36,845

 
37,653

 
372

 
497

Plan participants’ contributions
 
1,291

 
1,324

 
—

 
—

Amendments
 
264

 
3

 
—

 
—

Actuarial (gain) loss
 
(24,402
)
 
104,539

 
(864
)
 
670

Settlement
 
—

 
(466
)
 
—

 
—

Benefits paid
 
(36,788
)
 
(35,561
)
 
(1,226
)
 
(1,226
)
Foreign currency exchange impact
 
7,509

 
15,513

 
(25
)
 
10

Acquisition/divestitures/curtailment
 
37,681

 
(16,223
)
 
—

 
—

Adjustment for expenses/tax contained in service cost
 
(698
)
 
(613
)
 
—

 
—

Benefit obligation at end of year
 
$
934,349

 
$
906,264

 
$
10,967

 
$
12,620

Change in plan assets:
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
$
735,580

 
$
678,250

 
 
 
 
Actual return on plan assets
 
108,016

 
73,981

 
 
 
 
Foreign currency exchange impact
 
4,235

 
14,877

 
 
 
 
Employer contributions
 
14,703

 
4,278

 
 
 
 
Administrative expenses paid
 
(1,218
)
 
(1,103
)
 
 
 
 
Acquisitions
 
44,873

 
—

 
 
 
 
Plan participants’ contributions
 
1,291

 
1,324

 
 
 
 
Settlement
 
—

 
(466
)
 
 
 
 
Benefits paid
 
(36,788
)
 
(35,561
)
 
 
 
 
Fair value of plan assets at end of year
 
$
870,692

 
$
735,580

 
$
—

 
$
—

Funded status
 
$
(63,657
)
 
$
(170,684
)
 
$
(10,967
)
 
$
(12,620
)
Schedule Of Amounts Recognized In Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
Pension Benefits
 
Postretirement Benefits
(in thousands) December 31,
 
2013

 
2012

 
2013

 
2012

Other assets
 
$
78,688

 
$
52,304

 
$
—

 
$
—

Current liabilities
 
(1,024
)
 
(817
)
 
(1,155
)
 
(1,188
)
Accrued pension and postretirement benefits
 
(141,321
)
 
(222,171
)
 
(9,812
)
 
(11,432
)
Funded status
 
$
(63,657
)
 
$
(170,684
)
 
$
(10,967
)
 
$
(12,620
)
Schedule Of Amounts Recognized In Accumulated Other Comprehensive (Income) Loss
Amounts recognized in accumulated other comprehensive loss (income) consist of:
 
 
Pension Benefits
 
Postretirement Benefits
(in thousands) December 31,
 
2013

 
2012

 
2013

 
2012

Net actuarial loss (gain)
 
$
177,177

 
$
290,417

 
$
(1,531
)
 
$
(707
)
Prior service cost (credit)
 
973

 
141

 
(891
)
 
(1,127
)
Transition asset
 
—

 
(2
)
 
—

 
—

 
 
$
178,150

 
$
290,556

 
$
(2,422
)
 
$
(1,834
)
Schedule Of Accumulated And Projected Benefit Obligations
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the U.S. and Non-U.S. plans, are as follows:
 
 
Pension Obligations/Assets
 
 
U.S.
 
Non-U.S.
 
Total
(in millions) December 31,
 
2013

 
2012

 
2013

 
2012

 
2013

 
2012

Projected benefit obligation
 
$
470.8

 
$
506.5

 
$
463.5

 
$
399.8

 
$
934.3

 
$
906.3

Accumulated benefit obligation
 
470.8

 
506.3

 
450.8

 
370.0

 
921.6

 
876.3

Fair value of plan assets
 
409.1

 
357.9

 
462.0

 
377.7

 
871.1

 
735.6
Schedule Of Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows:
 
 
Pension Benefits
(in thousands) December 31,
 
2013

 
2012

Projected benefit obligation
 
$
729,759

 
$
705,007

Accumulated benefit obligation
 
717,549

 
683,019

Fair value of plan assets
 
587,426

 
482,019
Components Of Net Periodic Cost
Components of Net Periodic Benefit Cost are as follows:
 
 
Pension Benefits
 
Postretirement
Benefits
(in thousands) December 31,
 
2013

 
2012

 
2011

 
2013

 
2012

 
2011

Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
6,383

 
$
13,503

 
$
11,710

 
$
90

 
$
108

 
$
121

Interest cost
 
36,845

 
37,653

 
38,163

 
372

 
498

 
588

Expected return on plan assets
 
(52,225
)
 
(51,437
)
 
(50,620
)
 
—

 
—

 
—

Amortization of prior service cost
 
23

 
402

 
421

 
(236
)
 
(236
)
 
(236
)
Amortization of net loss (gain)
 
13,861

 
19,403

 
6,733

 
(46
)
 
(139
)
 
(110
)
Recognized curtailment loss
 
(288
)
 
460

 
—

 
—

 
—

 
—

Settlement costs
 
—

 
(125
)
 
—

 
—

 


 
—

Special termination benefits
 
—

 
—

 
—

 
—

 
—

 
—

Net periodic benefit cost
 
$
4,599

 
$
19,859

 
$
6,407

 
$
180

 
$
231

 
363
Schedule Of Weighted Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Cost
The weighted average assumptions used to determine benefit obligations are as follows:
 
 
Pension Benefits
 
Postretirement Benefits
December 31,
 
2013

 
2012

 
2011

 
2013

 
2012

 
2011

U.S. Plans:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
4.90
%
 
4.20
%
 
5.00
%
 
3.90
%
 
3.20
%
 
4.25
%
Rate of compensation increase
 
3.50
%
 
3.50
%
 
3.50
%
 
 
 
 
 
 
Non-U.S. Plans:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
4.05
%
 
3.93
%
 
4.56
%
 
 
 
 
 
 
Rate of compensation increase
 
2.56
%
 
3.14
%
 
3.89
%
 
 
 
 
 
 
The weighted-average assumptions used to determine net periodic benefit cost are as follows:
 
 
Pension Benefits
 
Postretirement Benefits
December 31,
 
2013

 
2012

 
2011

 
2013

 
2012

 
2011

U.S. Plans:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
4.20
%
 
5.00
%
 
5.80
%
 
3.20
%
 
4.25
%
 
4.25
%
Expected rate of return on plan assets
 
7.75
%
 
8.25
%
 
8.25
%
 
 
 
 
 
 
Rate of compensation increase
 
3.50
%
 
3.50
%
 
3.50
%
 
 
 
 
 
 
Non-U.S. Plans:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
3.93
%
 
4.56
%
 
5.40
%
 
 
 
 
 
 
Expected rate of return on plan assets
 
7.01
%
 
7.00
%
 
7.01
%
 
 
 
 
 
 
Rate of compensation increase
 
3.14
%
 
3.89
%
 
3.74
%
 
 
 
 
 
 
Schedule Of Assumed Health Care Cost Trend
The assumed health care cost trend rates are as follows:
December 31,
 
2013

 
2012

Health care cost trend rate assumed for next year
 
7.00
%
 
7.50
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
 
4.75
%
 
4.75
%
Year that the rate reaches the ultimate trend rate
 
2019

 
2019
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 effects:
(in thousands)
 
One
Percentage
Point
Increase

 
One
Percentage
Point
(Decrease)

Effect on total of service and interest cost components
 
$
28

 
$
(25
)
Effect on postretirement benefit obligation
 
$
572

 
$
(529
)
Schedule Of Pension Plan Target Allocations And Weighted-Average Asset Allocations
The Company’s pension plan target allocations and weighted-average asset allocations by asset category are as follows:
 
 
 
 
Actual Allocation
Asset Category December 31,
 
Target
Allocation
 
2013

 
2012

Equity securities
 
35%-75% 
 
55
%
 
49
%
Fixed income securities
 
20%-50% 
 
28
%
 
37
%
Alternative assets/Other
 
0%-20% 
 
14
%
 
13
%
Money market
 
0%-10% 
 
3
%
 
1
%
Schedule Of Fair Value Of Company Pension Plan Assets
The fair value of the Company’s pension plan assets at December 31, 2013, by asset category are as follows:
(in thousands)
 
Active
Markets
for
Identical
Assets
Level 1

 
Other
Observable
Inputs
Level 2

 
Unobservable
Inputs
Level 3

 
Total
Fair Value

Cash and Money Markets
 
$
19,425

 
$
—

 
$
—

 
$
19,425

Common Stocks
 
 
 
 
 
 
 
 
Actively Managed U.S. Equities
 
142,595

 
—

 
—

 
142,595

Fixed Income Bonds and Notes
 
—

 
26,449

 
—

 
26,449

Commingled and Mutual Funds
 
 
 
 
 
 
 
 
U.S. Equity Funds
 
—

 
103,606

 
—

 
103,606

Non-U.S. Equity Funds
 
—

 
220,794

 
—

 
220,794

U.S. Fixed Income, Government and Corporate
 
—

 
32,720

 
—

 
32,720

U.S. Tactical Allocation Balanced Fund
 
—

 
15,845

 
—

 
15,845

Non-U.S. Fixed Income, Government and Corporate
 
—

 
141,407

 
—

 
141,407

International Balanced Funds
 
—

 
54,724

 
—

 
54,724

Alternative Investments
 
 
 
 
 
 
 
 
Hedge Funds
 
—

 
72,053

 
—

 
72,053

International Property Funds
 
—

 
38,449

 
—

 
38,449

Commodities Funds
 
—

 
1,639

 
—

 
1,639

Annuity Contract
 
—

 
986

 
—

 
986

Total Fair Value
 
$
162,020

 
$
708,672

 
$
—

 
$
870,692
Changes In The Fair Value Of The Pension Plans' Assets
The fair value of the Company’s pension plan assets at December 31, 2012, by asset category are as follows:
(in thousands)
 
Active
Markets
for
Identical
Assets
Level 1

 
Other
Observable
Inputs
Level 2

 
Unobservable
Inputs
Level 3

 
Total
Fair Value

Cash and Money Markets
 
$
8,130

 
$
—

 
$
—

 
$
8,130

Common Stocks
 
 
 
 
 
 
 
 
Actively Managed U.S. Equities
 
105,841

 
—

 
—

 
105,841

Fixed Income Bonds and Notes
 
—

 
26,875

 
—

 
26,875

Commingled and Mutual Funds
 
 
 
 
 
 
 
 
U.S. Equity Funds
 
—

 
80,171

 
—

 
80,171

Non-U.S. Equity Funds
 
—

 
178,841

 
—

 
178,841

U.S. Fixed Income, Government and Corporate
 
—

 
43,182

 
—

 
43,182

U.S. Tactical Allocation Balanced Fund
 
—

 
18,997

 
—

 
18,997

Non-U.S. Fixed Income, Government and Corporate
 
—

 
181,073

 
—

 
181,073

International Balanced Funds
 
—

 
8,836

 
—

 
8,836

Alternative Investments
 
 
 
 
 
 
 
 
Hedge Funds
 
—

 
73,430

 
—

 
73,430

International Property Funds
 
—

 
9,445

 
—

 
9,445

Annuity Contract
 
—

 
759

 
—

 
759

Total Fair Value
 
$
113,971

 
$
621,609

 
$
—

 
$
735,580
Summary Of Pension Plan Assets Valued Using Net Asset Value (NAV) Or Its Equivalent
The following table sets forth a summary of pension plan assets valued using Net Asset Value (NAV) or its equivalent as of December 31, 2013:
( dollars in thousands)
 
Fair
Value*

 
Redemption
Frequency
 
Unfunded
Commitment
 
Other
Redemption
Restrictions
 
Redemption Notice Period
Archstone Offshore Fund, Ltd(a)
 
$
35,590

 
12 Months
 
None
 
None
 
90 days written
Evanston Capital Management(a)
 
$
29,032

 
12 Months
 
None
 
None
 
60 days written
Strategic Value Fund(b)
 
$
7,430

 
12 Months
 
None
 
None
 
90 days written
U.S. Equity Funds(c)
 
$
103,606

 
immediate
 
None
 
None
 
None
Non-U.S. Equity Funds(d)
 
$
220,794

 
immediate
 
None
 
None
 
None
Non-U.S. Fixed Income, Government and Corporate(e)
 
$
141,407

 
immediate
 
None
 
None
 
None
International Property Funds(f)
 
$
38,449

 
immediate
 
None
 
None
 
None
International Balanced Funds(g)
 
$
54,724

 
immediate
 
None
 
None
 
None
U.S. Government and Corporate Fixed Income(h)
 
$
32,720

 
immediate
 
None
 
None
 
None
U.S. Tactical Allocation Balanced Fund(i)
 
$
15,845

 
immediate
 
None
 
None
 
None
Commodities & Metals Fund (j)
 
$
1,639

 
immediate
 
None
 
None
 
None
* The fair values of the investments have been estimated using the net asset value of the investment

(a)
These funds are alternative assets which seeks to outperform equities while maintaining a lower risk profile than equities.
(b)
This fund is an alternative investment that invests in distressed debt instruments seeking price appreciation.
(c)
These funds invest in U.S. equity securities and seeks to meet or exceed relative benchmarks.
(d)
These funds invest in equity securities outside the U.S. and seek to meet or exceed relative benchmarks.
(e)
These funds invest in Corporate and Governments fixed income securities outside the U.S. and seek to meet or exceed relative benchmarks.
(f)
These funds invest in real property outside the U.S.
(g)
These funds invest in a pre defined mix of non-U.S. equity and non-U.S. fixed income securities and seek to meet or exceed the performance of a passive/local benchmark of similar mixes.
(h)
These funds invest in U.S. fixed income securities, corporate, government and agency, and seek to outperform the Barclays Capital Aggregate Index.
(i)
These funds invest in a blend of equities, fixed income, cash and property in the U.S. and seek to outperform a similarly weighted index.
(j)
These funds invest in various commodities and precious metals


The following table sets forth a summary of pension plan assets valued using Net Asset Value (NAV) or its equivalent as of December 31, 2012:
( dollars in thousands)
 
Fair
Value*

 
Redemption
Frequency
 
Unfunded
Commitment
 
Other
Redemption
Restrictions
 
Redemption Notice Period
Archstone Offshore Fund, Ltd(a)
 
$
30,605

 
12 Months
 
None
 
None
 
90 days written
Evanston Capital Management(a)
 
$
25,587

 
12 Months
 
None
 
None
 
65 days written
Strategic Value Fund(b)
 
$
17,238

 
12 Months
 
None
 
None
 
90 days written
U.S. Equity Funds(c)
 
$
80,171

 
immediate
 
None
 
None
 
None
Non-U.S. Equity Funds(d)
 
$
178,841

 
immediate
 
None
 
None
 
None
Non-U.S. Fixed Income, Government and Corporate(e)
 
$
181,073

 
immediate
 
None
 
None
 
None
International Property Funds(f)
 
$
9,445

 
immediate
 
None
 
None
 
None
International Balanced Funds(g)
 
$
8,836

 
immediate
 
None
 
None
 
None
U.S. Government and Corporate Fixed Income(h)
 
$
43,182

 
immediate
 
None
 
None
 
None
U.S. Tactical Allocation Balanced Fund(i)
 
$
18,997

 
immediate
 
None
 
None
 
None
* The fair values of the investments have been estimated using the net asset value of the investment
(a)
These funds are alternative assets which seeks to outperform equities while maintaining a lower risk profile than equities.
(b)
This fund is an alternative investment that invests in distressed debt instruments seeking price appreciation.
(c)
These funds invest in U.S. equity securities and seeks to meet or exceed relative benchmarks.
(d)
These funds invest in equity securities outside the U.S. and seek to meet or exceed relative benchmarks.
(e)
These funds invest in Corporate and Governments fixed income securities outside the U.S. and seek to meet or exceed relative benchmarks.
(f)
These funds invest in real property outside the U.S.
(g)
These funds invest in a pre defined mix of non-U.S. equity and non-U.S. fixed income securities and seek to meet or exceed the performance of a passive/local benchmark of similar mixes.
(h)
These funds invest in U.S. fixed income securities, corporate, government and agency, and seek to outperform the Barclays Capital Aggregate Index.
(i)
These funds invest in a blend of equities, fixed income, cash and property in the U.S. and seek to outperform a similarly weighted index.
Summary Of Estimated Future Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Estimated future payments (in thousands)
 
Pension
Benefits

 
Postretirement
Benefits

2014
 
$
40,386

 
$
1,177

2015
 
41,619

 
1,174

2016
 
43,188

 
1,168

2017
 
45,281

 
1,185

2018
 
46,848

 
1,182

2019-2023
 
262,218

 
4,843

Total payments
 
$
479,540

 
$
10,729