PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS PENSION AND POST RETIREMENT EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Components of net periodic benefit cost

The following table provides the components of net periodic benefit cost for the Company’s defined benefit pension plans and postretirement benefit plan for the three-month and nine-month periods ended September 30, 2013:

	Pension Benefit Plans						Postretirement Benefit Plan
	U.S. Plan			Non-U.S. Plans
	Three Months Ended September 30, 2013
Service cost	$	53		$	731		$	350
Interest cost	1,799			1,406			642
Expected return on plan assets	(2,357		)	(1,202		)	(126		)
Net periodic benefit cost	$	(505	)	$	935		$	866

	Pension Benefit Plans						Postretirement Benefit Plan
	U.S. Plan			Non-U.S. Plans
	Nine Months Ended September 30, 2013
Service cost	$	53		$	1,211		$	350
Interest cost	1,799			1,612			642
Expected return on plan assets	(2,357		)	(1,244		)	(126		)
Amortization of net loss	—			1			—
Net periodic benefit cost	$	(505	)	$	1,580		$	866

Future benefit payments for the pension benefit plans

Future benefit payments for the pension benefit plans and the postretirement benefit plan, which reflect expected future service, as appropriate, are expected to be paid as follows:

	Pension Benefit Plans				Postretirement  Benefit  Plan
	U.S. Plan		Non-U.S. Plans
2013 (1)	$	4,168	$	1,198	$	2,032
2014	12,638		3,714		8,051
2015	19,443		4,328		7,922
2016	19,150		3,604		7,772
2017	19,285		4,403		7,491
Thereafter	90,377		30,849		33,212

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(1) Covers the fourth quarter of 2013.

Weighted-average assumptions used to determine net periodic benefit costs and benefit obligations

The weighted-average assumptions used to determine net periodic benefit costs and benefit obligations for all assumed B&L defined benefit obligations and related plan assets at the B&L Acquisition date were as follows:

	Pension Benefit Plans		Postretirement Benefit Plan(1)
For Determining Net Periodic Benefit Cost
U.S. Plans:
Discount rate	4.50	%	4.50	%
Expected rate of return on plan assets	7.50	%	5.50	%
Rate of compensation increase	—		—
Non-U.S. Plans:
Discount rate	3.48	%
Expected rate of return on plan assets	5.57	%
Rate of compensation increase	2.80	%
For Determining Benefit Obligation
U.S. Plans:
Discount rate	4.50	%	4.50	%
Rate of compensation increase	—		—
Non-U.S. Plans:
Discount rate	3.48	%
Rate of compensation increase	2.80	%

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(1) The Company does not have non-U.S. postretirement benefit plans.

Target asset allocations

The following presents target asset allocations for 2013:

	Pension Benefit Plans		Postretirement Benefit Plan
U.S. Plan	2013 Target Allocation
Equity securities	60.00	%	70.00	%
Fixed income securities	40.00	%	30.00	%
Non-U.S. Plans
Equity securities	46.33	%
Fixed income securities	41.78	%
Other	11.89	%

Fair value of pension and postretirement benefit plan assets assumed in connection with the Acquisition

The table below presents total plan assets assumed in connection with the B&L Acquisition by investment category as of the B&L Acquisition date and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value:

	Pension Benefit Plans - U.S. Plans
	As of August 5, 2013
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash & cash equivalents	$	1,117	$	—	$	—	$	1,117
Commingled funds:
Equity securities:
U.S. broad market	—		72,387		—		72,387
Emerging markets	—		15,502		—		15,502
Non-U.S. developed markets	—		26,762		—		26,762
Fixed income securities:
Investment grade	—		55,186		—		55,186
Global high yield	—		19,992		—		19,992
	$	1,117	$	189,829	$	—	$	190,946

	Pension Benefit Plans - Non-U.S. Plans
	As of August 5, 2013
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash & cash equivalents	$	4,975	$	—	$	—	$	4,975
Commingled funds:
Equity securities:
Worldwide developed markets	—		64,204		—		64,204
Fixed income securities:
Investment grade	—		5,216		—		5,216
Government bond funds	—		47,122		—		47,122
Other assets	—		4,125		—		4,125
	$	4,975	$	120,667	$	—	$	125,642

	Postretirement Benefit Plan
	As of August 5, 2013
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash	$	3,578	$	—	$	—	$	3,578
Insurance policies(1)	—		12,517		—		12,517
	$	3,578	$	12,517	$	—	$	16,095

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(1) The insurance policies held by the postretirement benefit plan consist of variable life insurance contracts whose fair value is their cash surrender value. Cash surrender value is the amount currently payable by the insurance company upon surrender of the policy. The cash surrender value is based principally on the net asset values of the underlying trust funds, adjusted by annuity factors incorporating mortality, plan expenses and income reinvestment. The trust funds are commingled funds that are not publicly traded. The underlying assets in these funds are primarily publicly traded on exchanges and have readily available price quotes.

Health care cost trend rate assumptions

The health care cost trend rate assumptions for the postretirement benefit plan assumed in connection with the B&L Acquisition are as follows:

	As of August 5, 2013
Health care cost trend rate assumed in 2013	7.84	%
Rate to which the cost trend rate is assumed to decline	4.50	%
Year that the rate reaches the ultimate trend rate	2029

One percentage point change in health care cost trend rate

A one percentage point change in health care cost trend rate would have had the following effects:

	One Percentage Point
	Increase		Decrease
Effect on benefit obligations	$	918	$	846