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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The following tables set forth the change in benefit obligation, change in plan assets, funded status, consolidated balance sheet presentation and net periodic benefit cost for the Company’s defined benefit pension plans and other benefits at and for the years ended December 31:
 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2013
 
2012
Change in benefit obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
673,711

 
$
636,210

 
$
15,727

 
$
17,022

Service cost
11,616

 
11,446

 

 

Interest cost
27,597

 
31,831

 
628

 
814

Actuarial (gain) loss
(72,187
)
 
96,043

 
(1,991
)
 
(414
)
Plan participant contributions

 

 
65

 
79

Medicare retiree drug subsidy reimbursements

 

 
215

 
166

Benefits paid
(26,185
)
 
(23,909
)
 
(1,559
)
 
(1,940
)
Curtailments
(45,858
)
 

 

 

Settlements
(138,482
)
 
(77,910
)
 

 

Special termination benefits
38,733

 

 

 

Benefit obligation at end of year
$
468,945

 
$
673,711

 
$
13,085

 
$
15,727

 
 
 
 
 
 
 
 
Change in plan assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
473,097

 
$
485,489

 
$

 
$

Actual return on plan assets
34,560

 
58,560

 

 

Employer contributions
3,570

 
15,711

 
1,494

 
1,861

Plan participant contributions

 

 
65

 
79

Benefits paid
(26,185
)
 
(23,909
)
 
(1,559
)
 
(1,940
)
Settlements
(138,482
)
 
(62,754
)
 

 

Fair value of plan assets at end of year (1)
$
346,560

 
$
473,097

 
$

 
$

 
 
 
 
 
 
 
 
Funded status
$
(122,385
)
 
$
(200,614
)
 
$
(13,085
)
 
$
(15,727
)
 
 
 
 
 
 
 
 
Amounts recognized in balance sheets
 
 
 
 
 
 
 
Noncurrent assets
$
80

 
$

 
$

 
$

Current liabilities
4,456

 
2,931

 
1,482

 
1,574

Noncurrent liabilities (2)
118,010

 
197,683

 
11,604

 
14,153

Accumulated other comprehensive loss:
 
 
 
 
 
 
 
Unrecognized net actuarial loss (3)
(77,987
)
 
(238,144
)
 
(2,570
)
 
(4,982
)
Unrecognized prior service cost (benefit) (3)
80

 
(1,679
)
 
446

 
933

Net amount recognized
$
44,479

 
$
(39,209
)
 
$
10,962

 
$
11,678

 
 
 
 
 
 
 
 
Change in accumulated other comprehensive loss
 
 
 
 
 
 
Balance at beginning of year
$
(239,823
)
 
$
(215,647
)
 
$
(4,049
)
 
$
(4,434
)
Prior service (credit) cost recognized during the year
(313
)
 
258

 
(488
)
 
(517
)
Net actuarial losses recognized during the year
14,469

 
16,777

 
423

 
488

Net actuarial gains (losses) occurring during the year
71,075

 
(63,118
)
 
1,991

 
414

Prior service cost recognized due to curtailment
2,075







Net actuarial losses recognized due to curtailment
54,455







Settlements
20,156

 
21,907

 

 

Balance at end of year
$
(77,906
)
 
$
(239,823
)
 
$
(2,123
)
 
$
(4,049
)

(1) Reflects anticipated distributions of $15,817 to be paid in 2014 related to the Company's voluntary early retirement program.
(2)
Included in the consolidated balance sheets in pensions and other benefits and other post-retirement benefits are international plans.
(3)
Represents amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost.
Schedule of Net Benefit Costs
 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Components of net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
Service cost
$
11,616

 
$
11,446

 
$
10,854

 
$

 
$

 
$

Interest cost
27,597

 
31,831

 
31,491

 
628

 
814

 
930

Expected return on plan assets
(35,746
)
 
(40,821
)
 
(40,735
)
 

 

 

Amortization of prior service cost (1)
(313
)
 
258

 
259

 
(488
)
 
(517
)
 
(517
)
Recognized net actuarial loss
14,469

 
16,777

 
9,497

 
423

 
488

 
389

Curtailment loss
10,672

 

 

 

 

 

Settlement loss
20,156

 
21,907

 

 

 

 

Special termination benefits
38,733

 

 

 

 

 

Net periodic benefit cost
$
87,184

 
$
41,398

 
$
11,366

 
$
563

 
$
785

 
$
802


(1)
The annual amortization of prior service cost is determined as the increase in projected benefit obligation due to the plan change divided by the average remaining service period of participating employees expected to receive benefits under the plan.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table represents information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31:
 
2013
 
2012
Projected benefit obligation
$
455,009

 
$
673,711

Accumulated benefit obligation
454,681

 
605,424

Fair value of plan assets
332,543

 
473,097

Schedule of Assumptions Used
The following table represents the weighted-average assumptions used to determine benefit obligations at December 31:
 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2013
 
2012
Discount rate
5.09
%
 
4.21
%
 
5.09
%
 
4.21
%
Rate of compensation increase
N/A

 
3.25
%
 
N/A

 
N/A


The following table represents the weighted-average assumptions used to determine periodic benefit cost at December 31:
 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2013
 
2012
Discount rate
4.21
%
 
5.04
%
 
4.21
%
 
5.04
%
Expected long-term return on plan assets
8.05
%
 
8.25
%
 
N/A

 
N/A

Rate of compensation increase
3.25
%
 
3.25
%
 
N/A

 
N/A

Schedule of Health Care Cost Trend Rates
The following table represents assumed healthcare cost trend rates at December 31:
 
2013
 
2012
Healthcare cost trend rate assumed for next year
7.5
%
 
8.0
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
5.0
%
 
4.2
%
Year that rate reaches ultimate trend rate
2019

 
2099

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage-point change in assumed healthcare cost trend rates would have the following effects:
 
One-Percentage-Point Increase
 
One-Percentage-Point Decrease
Effect on total of service and interest cost
$
38

 
$
(35
)
Effect on post-retirement benefit obligation
678

 
(624
)
Schedule of Allocation of Plan Assets
The following table summarizes the Company’s target mix for these asset classes in 2014, which are readjusted at least quarterly within a defined range, and the Company’s actual pension plan asset allocation as of December 31, 2013 and 2012:
 
 
Target Allocation
Percentage
 
Actual Allocation Percentage
 
 
2014
 
2013
 
2012
Equity securities
 
45%
 
41%
 
44%
Debt securities
 
40%
 
33%
 
39%
Real estate
 
5%
 
8%
 
5%
Other
 
10%
 
18%
 
12%
Total
 
100%
 
100%
 
100%
The following table summarizes the fair value of the Company’s plan assets as of December 31, 2013:
 
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Cash and other
 
$
20,884

 
$
20,884

 
$

 
$

Mutual funds:
 
 
 
 
 
 
 
 
U.S. mid growth
 
13,477

 
13,477

 

 

Equity securities:
 
 
 
 
 
 
 
 
U.S. mid cap value
 
12,325

 
12,325

 

 

U.S. small cap core
 
15,368

 
15,368

 

 

International developed markets
 
30,327

 
30,327

 

 

Fixed income securities:
 
 
 
 
 
 
 
 
U.S. corporate bonds
 
37,414

 

 
37,414

 

International corporate bonds
 
850

 

 
850

 

U.S. government
 
3,358

 

 
3,358

 

Other fixed income
 
893

 

 
893

 

Emerging markets
 
14,335

 

 
14,335

 

Common collective trusts:
 
 
 
 
 
 
 
 
Real estate (a)
 
29,162

 

 

 
29,162

Other (b)
 
139,720

 

 
139,720

 

Alternative investments:
 
 
 
 
 
 
 
 
Multi-strategy hedge funds (c)
 
22,637

 

 

 
22,637

Private equity funds (d)
 
21,627

 

 

 
21,627

Fair value of plan assets at end of year, prior to reduction for anticipated distributions
 
$
362,377

 
$
92,381

 
$
196,570

 
$
73,426

Anticipated distributions to be paid in 2014
 
$
(15,817
)
 
 
 
 
 
 
Fair value of plan assets at end of year
 
$
346,560

 
 
 
 
 
 

The following table summarizes the fair value of the Company’s plan assets as of December 31, 2012:
 
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Cash and other
 
$
2,940

 
$
2,940

 
$

 
$

Mutual funds:
 
 
 
 
 
 
 
 
U.S. mid growth
 
18,898

 
18,898

 

 

Equity securities:
 
 
 
 
 
 
 
 
U.S. mid cap value
 
17,106

 
17,106

 

 

U.S. small cap core
 
22,142

 
22,142

 

 

International developed markets
 
47,900

 
47,900

 

 

Fixed income securities:
 
 
 
 
 
 
 
 
U.S. corporate bonds
 
64,835

 

 
64,835

 

International corporate bonds
 
1,873

 

 
1,873

 

U.S. government
 
2,010

 

 
2,010

 

Other fixed income
 
624

 

 
624

 

Emerging markets
 
23,292

 

 
23,292

 

Common collective trusts:
 
 
 
 
 
 
 
 
Real estate (a)
 
25,162

 

 

 
25,162

Other (b)
 
194,594

 

 
194,594

 

Alternative investments:
 
 
 
 
 
 
 
 
Multi-strategy hedge funds (c)
 
28,377

 

 

 
28,377

Private equity funds (d)
 
23,344

 

 

 
23,344

Fair value of plan assets at end of year
 
$
473,097

 
$
108,986

 
$
287,228

 
$
76,883


(a)
Real estate common collective trust The objective of the real estate common collective trust (CCT) is to achieve long-term returns through investments in a broadly diversified portfolio of improved properties with stabilized occupancies. As of December 31, 2013, investments in this CCT include approximately 45 percent office, 23 percent residential, 18 percent retail and 14 percent industrial, cash and other. As of December 31, 2012 investments in this CCT include approximately 43 percent office, 21 percent residential, 17 percent retail and 19 percent industrial, cash and other. Investments in the real estate CCT can be redeemed once per quarter subject to available cash, with a 45-day notice.

(b)
Other common collective trusts At December 31, 2013, approximately 54 percent of the other CCTs are invested in fixed income securities including approximately 29 percent in mortgage-backed securities, 42 percent in corporate bonds and 29 percent in U.S. Treasury and other. Approximately 46 percent of the other CCTs at December 31, 2013 are invested in Russell 1000 Fund large cap index funds. At December 31, 2012, approximately 60 percent of the other CCTs are invested in fixed-income securities including approximately 27 percent in mortgage-backed securities, 42 percent in corporate bonds and 31 percent in U.S. Treasury and other. Approximately 40 percent of the other CCTs at December 31, 2012 are invested in Russell 1000 Fund large cap index funds. Investments in fixed-income securities can be redeemed daily.

(c)
Multi-strategy hedge funds The objective of the multi-strategy hedge funds is to diversify risks and reduce volatility. At December 31, 2013 and 2012, investments in this class include approximately 35 percent long/short equity in both years, 45 percent and 40 percent arbitrage and event investments, respectively, and 20 percent and 25 percent in directional trading, fixed income and other, respectively. Investments in the multi-strategy hedge fund can be redeemed semi-annually with a 95-day notice.

(d)
Private equity funds The objective of the private equity funds is to achieve long-term returns through investments in a diversified portfolio of private equity limited partnerships that offer a variety of investment strategies, targeting low volatility and low correlation to traditional asset classes. As of December 31, 2013 and 2012, investments in these private equity funds include approximately 50 percent, in both years, in buyout private equity funds that usually invest in mature companies with established business plans, 25 percent in both years, in special situations private equity and debt funds that focus on niche investment strategies and 25 percent in both years, in venture private equity funds that invest in early development or expansion of business. Investments in the private equity fund can be redeemed only with written consent from the general partner, which may or may not be granted. At December 31, 2013 and 2012, the Company had unfunded commitments of underlying funds of $5,529 in both years.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following table summarizes the changes in fair value of level 3 assets for the years ended December 31:
 
 
2013
 
2012
Balance, January 1
 
$
76,883

 
$
66,598

Acquisitions
 

 
6,088

Dispositions
 
(12,850
)
 
(2,479
)
Realized and unrealized gain, net
 
9,393

 
6,676

Balance, December 31
 
$
73,426

 
$
76,883

Schedule of Amounts Expected To Be Recognized in Other Comprehensive Income (Loss)
The following table represents the amortization amounts expected to be recognized during 2014:
 
Pension Benefits
 
Other Benefits
Amount of net prior service credit
$
(156
)
 
$
(226
)
Amount of net loss
$
3,131

 
$
202

Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, are expected to be paid:
 
Pension Benefits
 
Other Benefits
 
Other Benefits
after Medicare
Part D Subsidy
2014
$
28,253

 
$
1,695

 
$
1,519

2015
27,439

 
1,632

 
1,461

2016
27,613

 
1,574

 
1,410

2017
27,838

 
1,512

 
1,356

2018
28,238

 
1,433

 
1,286

2019-2023
146,370

 
5,905

 
5,311

Schedule of Defined Contribution Plan, Employer Matching Contribution
The following table represents the Company's basic match percentage on participant qualified contributions up to a percentage of their compensation:
 
Employees hired prior
to July 1, 2003
 
Employees hired on
or after July 1, 2003
Effective January 1, 2011 - December 31, 2011
25% of first 6%
 
55% of first 6%
Effective January 1, 2012 - December 31, 2013
30% of first 6%
 
60% of first 6%