Pension and Postretirement Benefits

12 Months Ended

Dec. 31, 2014

Pension and Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

Note 17 – 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, 2014 and December 31, 2013:

														Other
														Postretirement
	Pension Benefits													Benefits
	2014							2013					2014		2013
		Foreign		Domestic		Total		Foreign		Domestic		Total		Domestic		Domestic
Change in benefit obligation
Benefit obligation at beginning of year	$	85,745	$	66,369	$	152,114	$	81,280	$	70,407	$	151,687	$	5,639	$	7,317
Service cost		2,626		250		2,876		2,864		299		3,163		19		34
Interest cost		3,210		2,823		6,033		3,150		2,437		5,587		232		185
Employee contributions		89		0		89		111		0		111		0		0
Effect of plan amendments		242		0		242		(2,138)		0		(2,138)		0		0
Benefits paid		(1,985)		(4,589)		(6,574)		(1,853)		(4,516)		(6,369)		(533)		(566)
Plan expenses and premiums paid		(361)		(250)		(611)		(367)		(225)		(592)		0		0
Transfer in of business acquisition		2,818		0		2,818		0		0		0		0		0
Actuarial loss (gain)		26,412		6,064		32,476		(566)		(2,033)		(2,599)		688		(1,331)
Translation differences and other		(11,969)		0		(11,969)		3,264		0		3,264		0		0
Benefit obligation at end of year	$	106,827	$	70,667	$	177,494	$	85,745	$	66,369	$	152,114	$	6,045	$	5,639
Change in plan assets
Fair value of plan assets at beginning of
year	$	68,659	$	50,650	$	119,309	$	60,909	$	45,991	$	106,900	$	0	$	0
Actual return on plan assets		23,981		2,591		26,572		3,237		7,487		10,724		0		0
Employer contributions		3,778		1,287		5,065		3,947		1,913		5,860		533		566
Employee contributions		89		0		89		111		0		111		0		0
Benefits paid		(1,985)		(4,589)		(6,574)		(1,853)		(4,516)		(6,369)		(533)		(566)
Plan expenses and premiums paid		(361)		(250)		(611)		(367)		(225)		(592)		0		0
Transfer in of business acquisition		2,093		0		2,093		0		0		0		0		0
Translation differences		(9,731)		0		(9,731)		2,675		0		2,675		0		0
Fair value of plan assets at end of year	$	86,523	$	49,689	$	136,212	$	68,659	$	50,650	$	119,309	$	0	$	0
Net amount recognized	$	(20,304)	$	(20,978)	$	(41,282)	$	(17,086)	$	(15,719)	$	(32,805)	$	(6,045)	$	(5,639)
Amounts recognized in the balance sheet
consist of:
Current liabilities	$	(94)	$	(577)	$	(671)	$	(242)	$	(589)	$	(831)	$	(568)	$	(607)
Non-current liabilities		(20,210)		(20,401)		(40,611)		(16,844)		(15,130)		(31,974)		(5,477)		(5,032)
Net amount recognized	$	(20,304)	$	(20,978)	$	(41,282)	$	(17,086)	$	(15,719)	$	(32,805)	$	(6,045)	$	(5,639)
Amounts not yet reflected in net periodic
benefit costs and included in
accumulated other comprehensive
loss:
Prior service credit (cost)	$	2,306	$	(248)	$	2,058	$	2,105	$	(311)	$	1,794	$	0	$	0
Accumulated loss		(27,486)		(33,125)		(60,611)		(27,188)		(27,593)		(54,781)		(1,368)		(745)
Accumulated other comprehensive
loss (AOCI)		(25,180)		(33,373)		(58,553)		(25,083)		(27,904)		(52,987)		(1,368)		(745)
Cumulative employer contributions
in excess of net period benefit cost		4,876		12,395		17,271		7,997		12,185		20,182		(4,677)		(4,894)
Net amount recognized	$	(20,304)	$	(20,978)	$	(41,282)	$	(17,086)	$	(15,719)	$	(32,805)	$	(6,045)	$	(5,639)

The accumulated benefit obligation for all defined benefit pension plans was $175,431 ($70,667 Domestic and$104,764 Foreign) and $150,374 ($66,369 Domestic and$84,005 Foreign) at December 31, 2014 and December 31,2013, respectively.

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

	2014							2013
		Foreign		Domestic		Total		Foreign		Domestic		Total
Projected benefit obligation	$	106,827	$	70,667	$	177,494	$	85,745	$	66,369	$	152,114
Accumulated benefit obligation		104,764		70,667		175,431		84,005		66,369		150,374
Fair value of plan assets		86,523		49,689		136,212		68,659		50,650		119,309

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

	2014							2013
		Foreign		Domestic		Total		Foreign		Domestic		Total
Projected benefit obligation	$	106,827	$	70,667	$	177,494	$	85,745	$	66,369	$	152,114
Fair value of plan assets		86,523		49,689		136,212		68,659		50,650		119,309

Components of net periodic benefit costs – pension plans:

	2014							2013
		Foreign		Domestic		Total		Foreign		Domestic		Total
Service cost	$	2,626	$	250	$	2,876	$	2,864	$	299	$	3,163
Interest cost		3,210		2,823		6,033		3,150		2,437		5,587
Expected return on plan assets		(2,543)		(3,817)		(6,360)		(2,245)		(3,664)		(5,909)
Actuarial loss amortization		1,307		1,757		3,064		1,486		2,481		3,967
Prior service cost amortization		736		63		799		30		148		178
Net periodic benefit cost	$	5,336	$	1,076	$	6,412	$	5,285	$	1,701	$	6,986

		2012
		Foreign		Domestic		Total
Service cost	$	2,004	$	460	$	2,464
Interest cost		3,020		2,803		5,823
Expected return on plan assets		(1,995)		(3,481)		(5,476)
Actuarial loss amortization		590		2,057		2,647
Prior service cost amortization		30		82		112
Net periodic benefit cost	$	3,649	$	1,921	$	5,570

Other changes recognized in other comprehensive income:

		2014							2013
			Foreign		Domestic		Total		Foreign		Domestic		Total
Net loss (gain) arising during the period		$	4,973	$	7,290	$	12,263	$	(1,558)	$	(5,856)	$	(7,414)
Effect of plan amendment			242		0		242		(2,138)		0		(2,138)
Recognition of amortization in net periodic
	benefit cost
	Prior service cost		(736)		(63)		(799)		(30)		(148)		(178)
	Actuarial loss		(1,307)		(1,757)		(3,064)		(1,486)		(2,481)		(3,967)
Effect of exchange rates on amounts included in
	AOCI		(3,076)		0		(3,076)		1,007		0		1,007
Total recognized in other comprehensive
	loss (income)		96		5,470		5,566		(4,205)		(8,485)		(12,690)
Total recognized in net periodic benefit cost and
	other comprehensive loss (income)	$	5,432	$	6,546	$	11,978	$	1,080	$	(6,784)	$	(5,704)

	2012
		Foreign		Domestic		Total
Net loss arising during period	$	13,897	$	4,826	$	18,723
Recognition of amortization in net periodic benefit cost
Prior service cost		(30)		(82)		(112)
Actuarial loss		(590)		(2,057)		(2,647)
Effect of exchange rates on amounts included in AOCI		809		0		809
Total recognized in other comprehensive loss		14,086		2,687		16,773
Total recognized in net periodic benefit cost and other
comprehensive loss	$	17,735	$	4,608	$	22,343

Components of net periodic benefit costs – other postretirement plan:

		2014		2013		2012
Service cost	$	19	$	34	$	46
Interest cost		232		185		283
Actuarial loss amortization		65		32		115
Net periodic benefit costs	$	316	$	251	$	444

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

			2014		2013		2012
Net loss (gain) arising during period		$	688	$	(1,331)	$	514
Amortization of actuarial loss in net periodic benefit costs			(65)		(32)		(115)
Total recognized in other comprehensive loss (income)			623		(1,363)		399
Total recognized in net periodic benefit cost and other
	comprehensive loss (income)	$	939	$	(1,112)	$	843

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	$	1,231	$	2,374	$	3,605	$	103
Prior service (credit) cost		(179)		63		(116)		0
	$	1,052	$	2,437	$	3,489	$	103

Weighted-average assumptions used to determine benefit obligationsat December 31, 2014 and December 31, 2013:

				Other Postretirement
	Pension Benefits			Benefits
		2014	2013		2014	2013
U.S. Plans:
Discount rate		3.72%	4.48%		3.45%	4.05%
Rate of compensation increase		3.63%	3.63%		N/A	N/A
Foreign Plans:
Discount rate		2.51%	3.84%		N/A	N/A
Rate of compensation increase		3.05%	3.05%		N/A	N/A

Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2014 and December 31, 2013:

				Other Postretirement
	Pension Benefits			Benefits
		2014	2013		2014	2013
U.S. Plans:
Discount rate		4.48%	3.52%		4.05%	3.20%
Expected long-term return on plan assets		7.85%	8.25%		N/A	N/A
Rate of compensation increase		3.63%	3.40%		N/A	N/A
Foreign Plans:
Discount rate		3.84%	3.94%		N/A	N/A
Expected long-term return on plan assets		3.67%	3.57%		N/A	N/A
Rate of compensation increase		3.05%	3.60%		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, 2014 and December 31, 2013:

		2014	2013
Health care cost trend rate for next year		6.90%	7.10%
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		526		(460)

Plan Assets and Fair Value

The Company's pension plan target asset allocation and the weighted-average asset allocations atDecember 31,2014 and December 31,2013 by asset category were as follows:

		Target	2014	2013
Asset Category
U.S. Plans
Equity securities		61%	66%	66%
Debt securities		32%	33%	32%
Other		7%	1%	2%
	Total	100%	100%	100%
Foreign Plans
Equity securities and other		22%	22%	19%
Debt securities		78%	78%	81%
	Total	100%	100%	100%

As of December 31, 2014 and December 31,2013, “Other” consisted principally of cash and cash equivalents (approximately 1% to 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.

Common Stock

Common stock is valued at quoted market prices in an exchange and active market and is 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.

Fixed Income Corporate Securities

Corporate fixed income securitiesare valued using third party pricing services which are based on a combination of quoted market prices in an exchange and active market as well as proprietary pricing models and inputsusing observable market data and are classified as Level 2 investments.

Fixed Income U.S. and Foreign Government Securities

U.S. and foreign government fixed income securities are valued using third party pricing services which are based on a combination of quoted market prices in an exchange and active market as well as proprietary pricing models and inputsusing observable market data and are classified as Level 2 investments.

Pooled Separate Accounts

Investments in the U.S. pension plan 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.

Insurance Contract

Investments in the foreign pension plan insurance contract are valued at the highest value available for the Company at year end, either the reported cash surrender value of the contract or the vested benefit obligation. Both the cash surrender value and the vested benefit obligation are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations. The contract is classified as a Level 3 investment.

Diversified Equity Securities - Registered Investment Companies

Investments in the foreign pension plan 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 –Foreign Registered Investment Companies

Investments in the foreign pension plan fixed income securities of foreign 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.

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.

Commingled Funds

Investments in the foreign pension plan commingled funds represent pooled institutional investments, including primarily investment trusts. They include approximately 60 percent of investments in equity, 31 percent of investments in fixed income, and 9 percent of other non-related investments as ofDecember 31, 2014. The commingled funds are not available in an exchange or active market; however, the fair value is determined based on the underlying pooled investments. Generally, these underlying investments are traded in an exchange and active market and are classified as Level 2 investments.

As ofDecember 31, 2014and December 31,2013, the U.S. and foreign plans' investments measured at fair value on a recurring basis were as follows:

					Fair Value Measurements at December 31, 2014
			Fair Value as of		Using Fair Value Hierarchy
U.S. Pension Assets			December 31, 2014		Level 1		Level 2		Level 3
Cash and cash equivalents			$	490	$	490	$	0	$	0
Large capitalization common stock				14,956		14,956		0		0
Large capitalization registered investment companies				6,339		6,339		0		0
Small capitalization common stock				920		920		0		0
Small capitalization registered investment companies				2,416		2,416		0		0
International developed and emerging markets registered
	investment companies			5,638		5,638		0		0
International developed and emerging markets common stock				2,600		2,600		0		0
Fixed income corporate securities				9,848		0		9,848		0
Fixed income registered investment companies				4,647		4,647		0		0
Fixed income U.S. and foreign government securities				406		0		406		0
Pooled separate accounts				1,429		0		1,429		0
	Total U.S. pension plan assets		$	49,689	$	38,006	$	11,683	$	0
Foreign Pension Assets
Cash and cash equivalents			$	76	$	76	$	0	$	0
Insurance contract				72,417		0		0		72,417
Diversified equity securities - registered investment companies				6,565		0		6,565		0
Fixed income - foreign registered investment companies				4,946		0		4,946		0
Commingled funds				2,041		0		2,041		0
Real estate - registered investment companies				478		0		0		478
	Total foreign pension assets		$	86,523	$	76	$	13,552	$	72,895
		Total pension assets at fair value	$	136,212	$	38,082	$	25,235	$	72,895

					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		0		10,144		0
Fixed income registered investment companies				4,486		4,486		0		0
Fixed income U.S. and foreign government securities				192		0		192		0
Pooled separate accounts				1,403		0		1,403		0
	Total U.S. pension plan assets		$	50,650	$	38,911	$	11,739	$	0
Foreign Pension Assets
Cash and cash equivalents			$	5	$	5	$	0	$	0
Insurance contract				57,175		0		0		57,175
Diversified equity securities - registered investment companies				6,597		0		6,597		0
Fixed income - foreign 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	$	38,916	$	22,784	$	57,609

During 2014, the Company revised its 2013 leveling of its fixed income corporate securities and fixed income U.S. and foreign government securities from Level 1, as previously published, to Level 2. The Company considers such revisions to be immaterial.

Changes in the fair value of theforeign plans' Level 3 investments during the years ended December 31, 2014 and December 31,2013were as follows:

			Insurance		Real Estate
			Contract		Fund		Total
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
	Purchases		3,044		0		3,044
	Settlements		(1,705)		0		(1,705)
	Unrealized gains		22,802		72		22,874
	Currency translation adjustment		(8,899)		(28)		(8,927)
Balance at December 31, 2014		$	72,417	$	478	$	72,895

U.S. pension assets include Company common stock in the amounts of $920 (2% of total U.S. plan assets) and $771 (1% of total U.S. plan assets) at December 31, 2014 and December 31,2013,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 differed from the Company's historical beliefs, but the extent of the potential exposure was not estimable. In the first quarter of 2014, the Company recorded costs of $902, or $0.05 per diluted share, related to prior service cost and interest cost, to appropriately reflect the past plan amendment related to the retirement age equalization law.

Cash Flows

Contributions

The Company expects to make minimum cash contributions of $4,176to its pension plans ($1,277 Domestic and $2,899 Foreign) and $568 to its other postretirement benefit plan in 2015.

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
2015	$	1,789	$	4,590	$	6,379	$	568
2016		1,953		4,609		6,562		560
2017		2,202		4,447		6,649		551
2018		2,346		4,479		6,825		523
2019		2,758		4,442		7,200		505
2020 and beyond		17,483		22,178		39,661		2,130

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 $826, $811 and $700in 2014, 2013 and 2012, respectively, representing the annual accrued benefits under this plan.

Defined Contribution Plan

The Company has a 401(k) plan with an employer match covering a majority of its 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' compensationin the form of Company common stock. Total Company contributions were $2,498, $2,027 and $1,703 for 2014, 2013 and 2012, respectively.