|
RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| RETIREMENT AND DEFERRED COMPENSATION PLANS |
|
| Change in the projected benefit obligation, plan assets at fair value and funded status |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Plans |
|
Foreign Plans |
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
Change in benefit obligation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation at beginning of year |
|
$ |
136,321 |
|
$ |
111,947 |
|
$ |
80,610 |
|
$ |
48,754 |
|
|
Service cost |
|
|
8,539 |
|
|
7,217 |
|
|
3,901 |
|
|
2,244 |
|
|
Interest cost |
|
|
4,992 |
|
|
4,913 |
|
|
2,676 |
|
|
2,658 |
|
|
Business acquired |
|
|
— |
|
|
— |
|
|
— |
|
|
9,148 |
|
|
Curtailment/Settlement |
|
|
— |
|
|
— |
|
|
(1,342 |
) |
|
— |
|
|
Actuarial (gain) loss |
|
|
(14,260 |
) |
|
18,743 |
|
|
(1,752 |
) |
|
17,905 |
|
|
Benefits paid |
|
|
(6,144 |
) |
|
(6,499 |
) |
|
(2,952 |
) |
|
(2,075 |
) |
|
Foreign currency translation adjustment |
|
|
— |
|
|
— |
|
|
3,519 |
|
|
1,976 |
|
| |
|
|
|
|
|
|
|
|
Benefit obligation at end of year |
|
$ |
129,448 |
|
$ |
136,321 |
|
$ |
84,660 |
|
$ |
80,610 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Plans |
|
Foreign Plans |
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
Change in plan assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
|
$ |
84,587 |
|
$ |
68,537 |
|
$ |
47,876 |
|
$ |
39,835 |
|
|
Actual return on plan assets |
|
|
12,063 |
|
|
8,342 |
|
|
1,742 |
|
|
1,547 |
|
|
Employer contribution |
|
|
10,061 |
|
|
14,207 |
|
|
5,419 |
|
|
7,381 |
|
|
Business acquired |
|
|
— |
|
|
— |
|
|
— |
|
|
389 |
|
|
Benefits paid |
|
|
(6,144 |
) |
|
(6,499 |
) |
|
(2,952 |
) |
|
(2,075 |
) |
|
Foreign currency translation adjustment |
|
|
— |
|
|
— |
|
|
1,990 |
|
|
799 |
|
| |
|
|
|
|
|
|
|
|
Fair value of plan assets at end of year |
|
$ |
100,567 |
|
$ |
84,587 |
|
$ |
54,075 |
|
$ |
47,876 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status at end of year |
|
$ |
(28,881 |
) |
$ |
(51,734 |
) |
$ |
(30,585 |
) |
$ |
(32,734 |
) |
|
| Schedule of funded status amounts recognized in the Consolidated Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Plans |
|
Foreign Plans |
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
Current liabilities |
|
$ |
(809 |
) |
$ |
(369 |
) |
$ |
— |
|
$ |
(1,187 |
) |
|
Non-current liabilities |
|
|
(28,072 |
) |
|
(51,365 |
) |
|
(30,585 |
) |
|
(31,547 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(28,881 |
) |
$ |
(51,734 |
) |
$ |
(30,585 |
) |
$ |
(32,734 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Schedule of amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Plans |
|
Foreign Plans |
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
Net actuarial loss |
|
$ |
32,930 |
|
$ |
58,580 |
|
$ |
24,844 |
|
$ |
29,265 |
|
|
Net prior service cost |
|
|
— |
|
|
3 |
|
|
3,784 |
|
|
4,157 |
|
|
Tax effects |
|
|
(12,349 |
) |
|
(21,969 |
) |
|
(9,116 |
) |
|
(10,788 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
20,581 |
|
$ |
36,614 |
|
$ |
19,512 |
|
$ |
22,634 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Schedule of changes in benefit obligations and plan assets recognized in other comprehensive income |
|
|
Domestic Plans |
|
Foreign Plans |
|
|
Current year actuarial gain |
|
$ |
20,548 |
|
$ |
3,005 |
|
|
Amortization of net loss |
|
|
5,103 |
|
|
1,416 |
|
|
Amortization of prior service cost |
|
|
3 |
|
|
373 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
$ |
25,654 |
|
$ |
4,794 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
| |
| Schedule of amounts in accumulated other comprehensive loss expected to be recognized as components of periodic benefit cost in 2014 |
The following table presents the amounts in accumulated other comprehensive loss as of December 31, 2013 expected to be recognized as components of periodic benefit cost in 2014.
|
|
|
|
|
|
|
|
|
|
Domestic Plans |
|
Foreign Plans |
|
|
Amortization of net loss |
|
$ |
2,787 |
|
$ |
1,255 |
|
|
Amortization of prior service cost |
|
|
— |
|
|
324 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
$ |
2,787 |
|
$ |
1,579 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
| |
| Components of Net Periodic Benefit Cost |
| |
|
|
|
|
|
|
|
|
|
|
|
Domestic Plans |
|
|
|
2013
|
|
2012
|
|
2011
|
|
|
Service cost |
|
$ |
8,539 |
|
$ |
7,217 |
|
$ |
5,436 |
|
|
Interest cost |
|
|
4,992 |
|
|
4,913 |
|
|
4,504 |
|
|
Expected return on plan assets |
|
|
(5,775 |
) |
|
(5,604 |
) |
|
(4,790 |
) |
|
Amortization of net loss |
|
|
5,103 |
|
|
3,854 |
|
|
1,652 |
|
|
Amortization of prior service cost |
|
|
3 |
|
|
4 |
|
|
4 |
|
| |
|
|
|
|
|
|
Net periodic benefit cost |
|
$ |
12,862 |
|
$ |
10,384 |
|
$ |
6,806 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Curtailment |
|
|
— |
|
|
— |
|
|
— |
|
|
Total Net periodic benefit cost |
|
$ |
12,862 |
|
$ |
10,384 |
|
$ |
6,806 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Plans |
|
|
|
2013
|
|
2012
|
|
2011
|
|
|
Service cost |
|
$ |
3,901 |
|
$ |
2,244 |
|
$ |
2,018 |
|
|
Interest cost |
|
|
2,676 |
|
|
2,658 |
|
|
2,518 |
|
|
Expected return on plan assets |
|
|
(1,821 |
) |
|
(1,538 |
) |
|
(1,753 |
) |
|
Amortization of net loss |
|
|
1,416 |
|
|
475 |
|
|
836 |
|
|
Amortization of prior service cost |
|
|
373 |
|
|
361 |
|
|
455 |
|
| |
|
|
|
|
|
|
Net periodic benefit cost |
|
$ |
6,545 |
|
$ |
4,200 |
|
$ |
4,074 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Curtailment |
|
|
1 |
|
|
— |
|
|
— |
|
|
Total Net periodic benefit cost |
|
$ |
6,546 |
|
$ |
4,200 |
|
$ |
4,074 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets |
|
|
Domestic Plans |
|
Foreign Plans |
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
Projected benefit obligation |
|
$ |
129,448 |
|
$ |
136,321 |
|
$ |
77,475 |
|
$ |
77,663 |
|
|
Accumulated benefit obligation |
|
|
114,592 |
|
|
118,804 |
|
|
60,707 |
|
|
60,703 |
|
|
Fair value of plan assets |
|
|
100,567 |
|
|
84,587 |
|
|
47,753 |
|
|
44,930 |
| |
| Schedule of PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets |
|
|
Domestic Plans |
|
Foreign Plans |
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
Projected benefit obligation |
|
$ |
129,448 |
|
$ |
136,321 |
|
$ |
81,158 |
|
$ |
77,663 |
|
|
Accumulated benefit obligation |
|
|
114,592 |
|
|
118,804 |
|
|
63,527 |
|
|
60,703 |
|
|
Fair value of plan assets |
|
|
100,567 |
|
|
84,587 |
|
|
50,573 |
|
|
44,930 |
| |
| Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost |
|
|
|
Domestic Plans |
|
Foreign Plans |
|
|
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
|
|
|
|
Weighted-average assumptions used to determine benefit obligations at December 31: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.75% |
|
|
3.80% |
|
|
N/A |
|
|
3.24% |
|
|
3.19% |
|
|
N/A |
|
|
Rate of compensation increase |
|
|
4.00% |
|
|
4.00% |
|
|
N/A |
|
|
3.00% |
|
|
3.00% |
|
|
N/A |
|
|
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
3.80% |
|
|
4.40% |
|
|
5.40% |
|
|
3.19% |
|
|
5.10% |
|
|
5.15% |
|
|
Expected long-term return on plan assets |
|
|
7.00% |
|
|
7.00% |
|
|
7.00% |
|
|
3.79% |
|
|
3.83% |
|
|
4.40% |
|
|
Rate of compensation increase |
|
|
4.00% |
|
|
4.00% |
|
|
4.00% |
|
|
3.00% |
|
|
3.00% |
|
|
3.00% |
| |
| Schedule of domestic and foreign pension plan weighted-average asset allocations by asset category |
|
|
|
|
Domestic Plans Assets
at December 31, |
|
Foreign Plans Assets
at December 31, |
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
|
59% |
|
|
60% |
|
|
5% |
|
|
1% |
|
|
Fixed income securities |
|
|
24% |
|
|
30% |
|
|
16% |
|
|
6% |
|
|
Infrastructure |
|
|
8% |
|
|
10% |
|
|
— |
|
|
— |
|
|
Money market |
|
|
9% |
|
|
— |
|
|
1% |
|
|
12% |
|
|
Investment Funds |
|
|
— |
|
|
— |
|
|
78% |
|
|
81% |
|
| |
|
|
|
|
|
|
|
|
Total |
|
|
100% |
|
|
100% |
|
|
100% |
|
|
100% |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Summary of fair value of pension plan assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Fair Value Measurement
at December 31, 2013 |
|
Foreign Fair Value Measurement
at December 31, 2013 |
|
(In Thousands $)
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|
Cash and Short Term Securities (a) |
|
$ |
9,070 |
|
$ |
9,070 |
|
$ |
— |
|
$ |
— |
|
$ |
757 |
|
$ |
757 |
|
$ |
— |
|
$ |
— |
|
|
USD |
|
|
— |
|
|
9,070 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
EUR |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
757 |
|
|
— |
|
|
— |
|
|
Equity Securities (a) |
|
$ |
49,261 |
|
$ |
49,261 |
|
|
— |
|
|
— |
|
$ |
2,547 |
|
$ |
2,547 |
|
|
— |
|
|
— |
|
|
US Large Cap Equities |
|
|
— |
|
|
20,159 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
US Small Cap Equities |
|
|
— |
|
|
14,521 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
International Equities |
|
|
— |
|
|
14,581 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,547 |
|
|
— |
|
|
— |
|
|
Core Fixed Income (a) |
|
$ |
23,918 |
|
$ |
23,918 |
|
|
— |
|
|
— |
|
|
1,950 |
|
|
1,950 |
|
|
— |
|
|
— |
|
|
Corporate debts securities |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
$ |
6,560 |
|
$ |
6,560 |
|
|
— |
|
|
— |
|
|
Euro Corporate Bonds (a) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6,560 |
|
|
— |
|
|
— |
|
|
Hedge Fund (c) |
|
$ |
9,731 |
|
|
— |
|
|
— |
|
$ |
9,731 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Investment Funds |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
$ |
42,261 |
|
$ |
15,501 |
|
$ |
26,760 |
|
|
— |
|
|
Mutual Funds in Equities (a) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,628 |
|
|
— |
|
|
— |
|
|
Mutual Funds in Bonds (a) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
10,040 |
|
|
— |
|
|
— |
|
|
Mutual Funds Diversified (a &b) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,833 |
|
|
26,760 |
|
|
— |
|
|
Infrastructure (c) |
|
$ |
8,587 |
|
|
— |
|
|
— |
|
$ |
8,587 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
100,567 |
|
$ |
82,249 |
|
$ |
— |
|
$ |
18,318 |
|
$ |
54,075 |
|
$ |
27,315 |
|
$ |
26,760 |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Fair Value Measurement
at December 31, 2012 |
|
Foreign Fair Value Measurement
at December 31, 2012 |
|
(In Thousands $)
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|
Cash and Short Term Securities (a) |
|
$ |
887 |
|
$ |
887 |
|
$ |
— |
|
$ |
— |
|
$ |
5,560 |
|
$ |
5,560 |
|
$ |
— |
|
$ |
— |
|
|
USD |
|
|
— |
|
|
887 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
EUR |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,560 |
|
|
— |
|
|
— |
|
|
Equity Securities (a) |
|
$ |
42,523 |
|
$ |
42,523 |
|
|
— |
|
|
— |
|
$ |
655 |
|
$ |
655 |
|
|
— |
|
|
— |
|
|
US Large Cap Equities |
|
|
— |
|
|
17,142 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
US Small Cap Equities |
|
|
— |
|
|
12,523 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
International Equities |
|
|
— |
|
|
12,858 |
|
|
— |
|
|
— |
|
|
— |
|
|
655 |
|
|
— |
|
|
— |
|
|
Core Fixed Income (a) |
|
$ |
24,587 |
|
$ |
24,587 |
|
|
— |
|
|
— |
|
$ |
728 |
|
|
728 |
|
|
— |
|
|
— |
|
|
Corporate debts securities |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
$ |
2,084 |
|
$ |
2,084 |
|
|
— |
|
|
— |
|
|
Euro Corporate Bonds (a) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,084 |
|
|
— |
|
|
— |
|
|
Hedge Fund (c) |
|
$ |
8,575 |
|
|
— |
|
|
— |
|
$ |
8,575 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Investment Funds |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
$ |
38,849 |
|
$ |
17,622 |
|
$ |
21,227 |
|
|
— |
|
|
Mutual Funds in Equities (a) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,873 |
|
|
— |
|
|
— |
|
|
Mutual Funds in Bonds (a) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,458 |
|
|
— |
|
|
— |
|
|
Mutual Funds Diversified (a &b) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9,291 |
|
|
21,227 |
|
|
— |
|
|
Infrastructure (c) |
|
$ |
8,015 |
|
|
— |
|
|
— |
|
$ |
8,015 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
84,587 |
|
$ |
67,997 |
|
$ |
— |
|
$ |
16,590 |
|
$ |
47,876 |
|
$ |
26,649 |
|
$ |
21,227 |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- (a)
- Based on third party quotation from financial institution.
- (b)
- Based on observable market transactions.
- (c)
- Based on a quarterly statement prepared by the fund manager that reflects contributions, distributions and realized/unrealized gains and losses.
|
| Summary of changes in fair value of pension plan investments classified as Level 3 |
|
|
Infrastructure Fund
|
|
Hedge Fund
|
|
| |
|
|
| |
Balance, 12/31/11 |
|
$ |
5,670 |
|
$ |
7,497 |
|
| |
Purchases, sales and settlements, net |
|
|
1,800 |
|
|
1,000 |
|
| |
Return on assets held |
|
|
696 |
|
|
78 |
|
| |
Admin fees and other |
|
|
(151 |
) |
|
— |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Balance, 12/31/12 |
|
$ |
8,015 |
|
$ |
8,575 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Return on assets held |
|
|
725 |
|
|
1,156 |
|
| |
Admin fees and other |
|
|
(153 |
) |
|
— |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Balance, 12/31/13 |
|
$ |
8,587 |
|
$ |
9,731 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
| Schedule of estimated benefit payments relating to defined benefit plans over the next ten years |
As of December 31, 2013, the Company expects the plans to make the following estimated benefit payments relating to its defined benefit plans over the next ten years:
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Domestic Plans
|
|
Foreign Plans
|
|
|
2014 |
|
$ |
7,579 |
|
$ |
2,529 |
|
|
2015 |
|
|
7,351 |
|
|
2,133 |
|
|
2016 |
|
|
7,744 |
|
|
2,678 |
|
|
2017 |
|
|
10,174 |
|
|
3,146 |
|
|
2018 |
|
|
9,569 |
|
|
3,825 |
|
|
2019 – 2023 |
|
|
55,864 |
|
|
24,731 |
| |