Pension and Postretirement Benefits

12 Months Ended

Dec. 31, 2013

Pension and Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

Note 16 – Pension and Other Postretirement Benefits

The following table shows the Company's plans' funded status reconciled with amounts reported in the consolidated balance sheet as of December 31, 2013 and December 31, 2012:

														Other
														Postretirement
	Pension Benefits													Benefits
	2013							2012					2013		2012
		Foreign		Domestic		Total		Foreign		Domestic		Total		Domestic		Domestic
Change in benefit obligation
Benefit obligation at beginning of year	$	81,280	$	70,407	$	151,687	$	61,581	$	66,226	$	127,807	$	7,317	$	7,202
Service cost		2,864		299		3,163		2,004		460		2,464		34		46
Interest cost		3,150		2,437		5,587		3,020		2,803		5,823		185		283
Employee contributions		111		0		111		101		0		101		0		0
Effect of plan amendments		(2,138)		0		(2,138)		0		0		0		0		0
Benefits paid		(1,853)		(4,516)		(6,369)		(1,973)		(4,668)		(6,641)		(566)		(728)
Plan expenses and premiums paid		(367)		(225)		(592)		(331)		(225)		(556)		0		0
Actuarial (gain) loss		(566)		(2,033)		(2,599)		14,874		5,811		20,685		(1,331)		514
Translation difference and other		3,264		0		3,264		2,004		0		2,004		0		0
Benefit obligation at end of year	$	85,745	$	66,369	$	152,114	$	81,280	$	70,407	$	151,687	$	5,639	$	7,317

Change in plan assets
Fair value of plan assets at beginning of
year	$	60,909	$	45,991	$	106,900	$	54,968	$	43,470	$	98,438	$	0	$	0
Actual return on plan assets		3,237		7,487		10,724		2,972		4,466		7,438		0		0
Employer contributions		3,947		1,913		5,860		3,842		2,948		6,790		566		728
Employee contributions		111		0		111		101		0		101		0		0
Benefits paid		(1,853)		(4,516)		(6,369)		(1,973)		(4,668)		(6,641)		(566)		(728)
Plan expenses and premiums paid		(367)		(225)		(592)		(331)		(225)		(556)		0		0
Translation difference		2,675		0		2,675		1,330		0		1,330		0		0
Fair value of plan assets at end of year	$	68,659	$	50,650	$	119,309	$	60,909	$	45,991	$	106,900	$	0	$	0
Net amount recognized	$	(17,086)	$	(15,719)	$	(32,805)	$	(20,371)	$	(24,416)	$	(44,787)	$	(5,639)	$	(7,317)
Amounts recognized in the balance sheet
consist of:
Current liabilities	$	(242)	$	(589)	$	(831)	$	(892)	$	(577)	$	(1,469)	$	(607)	$	(719)
Non-current liabilities		(16,844)		(15,130)		(31,974)		(19,479)		(23,839)		(43,318)		(5,032)		(6,598)
Net amount recognized	$	(17,086)	$	(15,719)	$	(32,805)	$	(20,371)	$	(24,416)	$	(44,787)	$	(5,639)	$	(7,317)
Amounts not yet reflected in net periodic
benefit costs and included in
accumulated other comprehensive
loss:
Prior service credit (cost)	$	2,105	$	(311)	$	1,794	$	(62)	$	(460)	$	(522)	$	0	$	0
Accumulated loss		(27,188)		(27,593)		(54,781)		(29,227)		(35,929)		(65,156)		(745)		(2,107)
Accumulated other comprehensive
loss (AOCI)		(25,083)		(27,904)		(52,987)		(29,289)		(36,389)		(65,678)		(745)		(2,107)
Cumulative employer contributions
in excess of net period benefit cost		7,997		12,185		20,182		8,918		11,973		20,891		(4,894)		(5,210)
Net amount recognized	$	(17,086)	$	(15,719)	$	(32,805)	$	(20,371)	$	(24,416)	$	(44,787)	$	(5,639)	$	(7,317)

The accumulated benefit obligation for all defined benefit pension plans was $150,374 ($66,369 Domestic and $84,005 Foreign) and $145,836 ($69,951 Domestic and $75,885 Foreign) at December 31, 2013 and December 31, 2012, respectively.

Information for pension plans with an accumulated benefit obligation in excess of plan assets:

	2013							2012
		Foreign		Domestic		Total		Foreign		Domestic		Total
Projected benefit obligation	$	85,745	$	66,369	$	152,114	$	81,280	$	70,407	$	151,687
Accumulated benefit obligation		84,005		66,369		150,374		75,885		69,951		145,836
Fair value of plan assets		68,659		50,650		119,309		60,909		45,991		106,900

Information for pension plans with a projected benefit obligation in excess of plan assets:

	2013							2012
		Foreign		Domestic		Total		Foreign		Domestic		Total
Projected benefit obligation	$	85,745	$	66,369	$	152,114	$	81,280	$	70,407	$	151,687
Fair value of plan assets		68,659		50,650		119,309		60,909		45,991		106,900

Components of net periodic benefit costs – pension plans:

	2013							2012
		Foreign		Domestic		Total		Foreign		Domestic		Total
Service cost	$	2,864	$	299	$	3,163	$	2,004	$	460	$	2,464
Interest cost		3,150		2,437		5,587		3,020		2,803		5,823
Expected return on plan assets		(2,245)		(3,664)		(5,909)		(1,995)		(3,481)		(5,476)
Actuarial loss amortization		1,486		2,481		3,967		590		2,057		2,647
Prior service cost amortization		30		148		178		30		82		112
Net periodic benefit cost	$	5,285	$	1,701	$	6,986	$	3,649	$	1,921	$	5,570

		2011
		Foreign		Domestic		Total
Service cost	$	1,890	$	400	$	2,290
Interest cost		3,037		3,145		6,182
Expected return on plan assets		(2,349)		(3,592)		(5,941)
Actuarial loss amortization		233		1,554		1,787
Prior service cost amortization		32		82		114
Net periodic benefit cost	$	2,843	$	1,589	$	4,432

Other changes recognized in other comprehensive income:

		2013							2012
			Foreign		Domestic		Total		Foreign		Domestic		Total
Net (gain) loss arising during the period		$	(1,558)	$	(5,856)	$	(7,414)	$	13,897	$	4,826	$	18,723
Effect of plan amendment			(2,138)		0		(2,138)		0		0		0
Recognition of amortization in net periodic
	benefit cost
	Prior service cost		(30)		(148)		(178)		(30)		(82)		(112)
	Actuarial loss		(1,486)		(2,481)		(3,967)		(590)		(2,057)		(2,647)
Effect of exchange rates on amounts included in
	AOCI		1,007		0		1,007		809		0		809
Total recognized in other comprehensive
	(income) loss		(4,205)		(8,485)		(12,690)		14,086		2,687		16,773
Total recognized in net periodic benefit cost and
	other comprehensive (income) loss	$	1,080	$	(6,784)	$	(5,704)	$	17,735	$	4,608	$	22,343

	2011
		Foreign		Domestic		Total
Net loss arising during period	$	5,164	$	7,593	$	12,757
Recognition of amortization in net periodic benefit cost
Prior service cost		(32)		(82)		(114)
Actuarial loss		(233)		(1,554)		(1,787)
Effect of exchange rates on amounts included in AOCI		(794)		0		(794)
Total recognized in other comprehensive loss		4,105		5,957		10,062
Total recognized in net periodic benefit cost and other
comprehensive loss	$	6,948	$	7,546	$	14,494

Components of net periodic benefit costs – other postretirement plan:

		2013		2012		2011
Interest cost	$	185	$	283	$	331
Service cost		34		46		16
Actuarial loss amortization		32		115		75
Net periodic benefit costs	$	251	$	444	$	422

Other changes recognized in other comprehensive income – other postretirement benefit plans:

			2013		2012		2011
Net (gain) loss arising during period		$	(1,331)	$	514	$	(167)
Amortization of actuarial loss in net periodic benefit costs			(32)		(115)		(75)
Total recognized in other comprehensive (income) loss			(1,363)		399		(242)
Total recognized in net periodic benefit cost and other
	comprehensive (income) loss	$	(1,112)	$	843	$	180

Estimated amounts that will be amortized from accumulated other comprehensive loss over the next fiscal year:

	Pension Plans							Other Postretirement
		Foreign		Domestic		Total		Benefits
Actuarial loss	$	1,351	$	1,819	$	3,170	$	24
Prior service (credit) cost		(154)		63		(91)		0
	$	1,197	$	1,882	$	3,079	$	24

Weighted-average assumptions used to determine benefit obligations at December 31, 2013 and December 31, 2012:

				Other Postretirement
	Pension Benefits			Benefits
		2013	2012		2013	2012
U.S. Plans:
Discount rate		4.48%	3.52%		4.05%	3.20%
Rate of compensation increase		3.63%	3.40%		N/A	N/A

Foreign Plans:
Discount rate		3.84%	3.94%		N/A	N/A
Rate of compensation increase		3.05%	3.60%		N/A	N/A

Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2013 and December 31, 2012:

				Other Postretirement
	Pension Benefits			Benefits
		2013	2012		2013	2012
U.S. Plans:
Discount rate		3.52%	4.41%		3.20%	4.15%
Expected long-term return on plan assets		8.25%	8.25%		N/A	N/A
Rate of compensation increase		3.40%	3.40%		N/A	N/A

Foreign Plans:
Discount rate		3.94%	4.99%		N/A	N/A
Expected long-term return on plan assets		3.57%	3.51%		N/A	N/A
Rate of compensation increase		3.60%	3.58%		N/A	N/A

The long-term rates of return on assets were selected from within the reasonable range of rates determined by (a) historical real returns for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. See Note 1 for further information.

Assumed health care cost trend rates at December 31, 2013 and December 31, 2012:

		2013	2012
Health care cost trend rate for next year		7.10%	7.30%
Rate to which the cost trend rate is assumed to decline (the
	ultimate trend rate)	4.50%	4.50%
Year that the rate reaches the ultimate trend rate		2027	2027

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:

		1% point		1% point
		Increase		Decrease
Effect on total service and interest cost	$	21	$	(18)
Effect on postretirement benefit obligations		456		(401)

Plan Assets and Fair Value

The Company's pension plan target asset allocation and the weighted-average asset allocations at December 31, 2013 and December 31, 2012 by asset category were as follows:

		Target	2013	2012
Asset Category
U.S. Plans
Equity securities		61%	66%	58%
Debt securities		32%	32%	40%
Other		7%	2%	2%
	Total	100%	100%	100%

Foreign Plans
Equity securities and other		18%	19%	17%
Debt securities		82%	81%	83%
	Total	100%	100%	100%

As of December 31, 2013 and December 31, 2012, “Other” consisted principally of cash and cash equivalents (approximately 2% of plan assets in each respective period).

The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy:

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and money market funds and are classified as Level 1 investments.

Registered Investment Companies

The shares of registered investment companies, which represent the net asset values of shares held by the Plan, are valued at quoted market prices in an exchange and active market and are classified as Level 1 investments.

Common Stock

Common stock is valued at quoted market prices in an exchange and active market and is classified as Level 1 investments.

Corporate Fixed Income Securities

Corporate fixed income securities are valued at quoted market prices in an exchange and active market and are classified as Level 1 investments.

U.S. and Foreign Government Fixed Income Securities

U.S. and foreign government securities are valued at quoted market prices in an exchange and active market and are classified as Level 1 investments.

Pooled Separate Accounts

Pooled separate accounts consist of insurance annuity contracts and are valued based on the reported unit value at year end. Units of the pooled separate accounts are not traded in an active exchange or market; however, valuation is based on the underlying investments of the units and are classified as Level 2 investments.

Diversified Equity Securities of Registered Investment Companies

Investments in diversified equity securities of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available in an exchange or active market; however, the fair value is determined based on the underlying investments in the fund as traded in an exchange and active market and are classified as Level 2 investments.

Fixed Income Securities of Registered Investment Companies

Investments in fixed income securities of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available in an exchange or active market; however, the fair value is determined based on the underlying investments in the fund as traded in an exchange and active market and are classified as Level 2 investments.

Insurance Contract

Investments in the foreign pension plan insurance contract are valued at reported cash surrender value of the contract at year end. Cash surrender value is determined based on unobservable inputs, which are contractually determined, regarding returns, fees, and the present value of the future cash flows of the contract. The contract is classified as a Level 3 investment.

Real Estate

The foreign pension plan's investment in real estate consists of an investment in a property fund. The fund's underlying investments consist of real property, which are valued using unobservable inputs. The property fund is classified as a Level 3 investment.

As of December 31, 2013 and December 31, 2012, the U.S. and foreign plans' investments measured at fair value on a recurring basis were as follows:

					Fair Value Measurements at December 31, 2013
			Fair Value as of		Using Fair Value Hierarchy
U.S. Pension Assets			December 31, 2013		Level 1		Level 2		Level 3
Cash and cash equivalents			$	825	$	825	$	0	$	0
Large capitalization common stock				14,801		14,801		0		0
Large capitalization registered investment companies				6,820		6,820		0		0
Small capitalization common stock				771		771		0		0
Small capitalization registered investment companies				2,384		2,384		0		0
International developed and emerging markets registered
	investment companies			5,895		5,895		0		0
International developed and emerging markets common stock				2,929		2,929		0		0
Fixed income corporate securities				10,144		10,144		0		0
Fixed income registered investment companies				4,486		4,486		0		0
U.S. and foreign government fixed income securities				192		192		0		0
Pooled separate accounts				1,403		0		1,403		0
	Total U.S. pension plan assets		$	50,650	$	49,247	$	1,403	$	0

Foreign Pension Assets
Cash and cash equivalents			$	5	$	5	$	0	$	0
Insurance contract (underlying notional investments in
	debt and equity securities)			57,175		0		0		57,175
Diversified equity securities - registered investment companies				6,597		0		6,597		0
Fixed income registered investment companies				4,448		0		4,448		0
Real estate registered investment companies				434		0		0		434
	Total foreign pension assets		$	68,659	$	5	$	11,045	$	57,609
		Total pension assets at fair value	$	119,309	$	49,252	$	12,448	$	57,609

					Fair Value Measurements at December 31, 2012
			Fair Value as of		Using Fair Value Hierarchy
U.S. Pension Assets			December 31, 2012		Level 1		Level 2		Level 3
Cash and cash equivalents			$	905	$	905	$	0	$	0
Large capitalization common stock				12,195		12,195		0		0
Large capitalization registered investment companies				6,551		6,551		0		0
Small capitalization common stock				539		539		0		0
Small capitalization registered investment companies				1,910		1,910		0		0
International developed and emerging markets registered
	investment companies			3,107		3,107		0		0
International developed and emerging markets common stock				2,527		2,527		0		0
Fixed income corporate securities				10,297		10,297		0		0
Fixed income registered investment companies				6,483		6,483		0		0
U.S. and foreign government fixed income securities				12		12		0		0
Pooled separate accounts				1,465		0		1,465		0
	Total U.S. pension plan assets		$	45,991	$	44,526	$	1,465	$	0

Foreign Pension Assets
Cash and cash equivalents			$	96	$	96	$	0	$	0
Insurance contract (underlying notional investments in
	debt and equity securities)			51,146		0		0		51,146
Diversified equity securities - registered investment companies				5,072		0		5,072		0
Fixed income registered investment companies				4,207		0		4,207		0
Real estate registered investment companies				388		0		0		388
	Total foreign pension assets		$	60,909	$	96	$	9,279	$	51,534
		Total pension assets at fair value	$	106,900	$	44,622	$	10,744	$	51,534

Changes in the fair value of the foreign plans' Level 3 investments during the years ended December 31, 2013 and December 31, 2012 were as follows:

			Insurance		Real Estate
			Contract		Fund		Total
Balance at December 31, 2011		$	46,797	$	363	$	47,160
	Purchases		2,997		0		2,997
	Settlements		(1,466)		0		(1,466)
	Unrealized gains		1,854		10		1,864
	Currency translation adjustment		964		15		979
Balance at December 31, 2012			51,146		388		51,534
	Purchases		3,182		0		3,182
	Settlements		(1,607)		0		(1,607)
	Unrealized gains		2,061		36		2,097
	Currency translation adjustment		2,393		10		2,403
Balance at December 31, 2013		$	57,175	$	434	$	57,609

U.S. pension assets include Company common stock in the amounts of $771 (1% of total U.S. plan assets) and $539 (1% of total U.S. plan assets) at December 31, 2013 and December 31, 2012, respectively.

During 2013, it was discovered that the Company's subsidiary in the United Kingdom did not appropriately amend a trust for a legacy change in its pension scheme, as it related to a past retirement age equalization law. Given the lack of an official deed to the pension trust, the effective date of the change to the subsidiary's pension scheme will differ from the Company's historical beliefs. The Company is currently assessing the impact of such adjustment but, at December 31, 2013, cannot accurately estimate a potential exposure.

Cash Flows

Contributions

The Company expects to make minimum cash contributions of $6,172 to its pension plans ($1,989 Domestic and $4,183 Foreign) and $607 to its other postretirement benefit plan in 2014.

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

								Other
	Pension Benefits							Postretirement
		Foreign		Domestic		Total		Benefits
2014	$	1,968	$	4,872	$	6,840	$	607
2015		1,901		4,548		6,449		565
2016		2,118		4,509		6,627		544
2017		2,287		4,408		6,695		528
2018		2,483		4,396		6,879		492
2019 and beyond		17,822		22,096		39,918		2,043

The Company maintains a plan under which supplemental retirement benefits are provided to certain officers. Benefits payable under the plan are based on a combination of years of service and existing postretirement benefits. Included in total pension costs are charges of $811, $700 and $628 in 2013, 2012 and 2011, respectively, representing the annual accrued benefits under this plan.

Defined Contribution Plan

The Company has a 401(k) plan with an employer match covering substantially all domestic employees. The plan allows for and the Company has paid a nonelective contribution on behalf of participants who have completed one year of service equal to 3% of the eligible participants' compensation in the form of Company common stock. Total Company contributions were $2,027, $1,703 and $1,624 for 2013, 2012 and 2011, respectively.