Other Post-Employment Benefit Plans | 12 Months Ended |
Dec. 31, 2013 |
Pension and Other Postretirement Benefit Expense [Abstract] | ' |
Postemployment Benefits Disclosure [Text Block] | ' |
NOTE 12: OTHER POST-EMPLOYMENT BENEFIT PLANS |
The Company sponsors two unfunded post-retirement medical programs covering many of its current and former employees in the U.S. and one post-retirement death benefit plan covering a limited number of former employees. The changes in benefit obligations, plan assets, and funded status of these plans for the years ended December 31, 2013 and 2012, were as follows: |
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Other Post-Retirement Benefits | | | | | | | | | | | | |
(Amounts in thousands) | | 2013 | | 2012 | | | | | | | | |
Change in benefit obligations: | | | | | | | | | | | | |
Projected benefit obligations at beginning of year | | $ | (44,009 | ) | | $ | (45,665 | ) | | | | | | | | |
Service cost | | (292 | ) | | (355 | ) | | | | | | | | |
Interest cost | | (1,423 | ) | | (1,765 | ) | | | | | | | | |
Participant contributions | | (2,246 | ) | | (1,932 | ) | | | | | | | | |
Actuarial gains (losses), net | | 7,352 | | | 1,706 | | | | | | | | | |
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Benefits and plan expenses paid | | 3,995 | | | 4,002 | | | | | | | | | |
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Plan amendment | | 11,577 | | | — | | | | | | | | | |
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Projected benefit obligations at end of year | | $ | (25,046 | ) | | $ | (44,009 | ) | | | | | | | | |
Change in plan assets: | | | | | | | | | | | | |
Fair value of plan assets at beginning of year | | $ | — | | | $ | — | | | | | | | | | |
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Company contributions | | 1,749 | | | 2,070 | | | | | | | | | |
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Participant contributions | | 2,246 | | | 1,932 | | | | | | | | | |
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Benefits and plan expenses paid | | (3,995 | ) | | (4,002 | ) | | | | | | | | |
Fair value of plan assets at end of year | | — | | | — | | | | | | | | | |
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Net unfunded status at end of year | | $ | (25,046 | ) | | $ | (44,009 | ) | | | | | | | | |
Amounts recognized on the Consolidated Balance Sheets: | | | | | | | | | | | | |
Current liabilities | | $ | (1,873 | ) | | $ | (2,588 | ) | | | | | | | | |
Non-current liabilities | | (23,173 | ) | | (41,421 | ) | | | | | | | | |
Net liability recognized on the Consolidated Balance Sheets | | $ | (25,046 | ) | | $ | (44,009 | ) | | | | | | | | |
In August 2013, the Company amended the larger of its two U.S. post-retirement medical benefit plans and changed the method of providing benefits under that plan to a Health Reimbursement Account for retirees over age 65. The amendment is effective January 1, 2014. This plan amendment and changes in assumptions resulted in a $11.6 million reduction in the unfunded accumulated benefit obligation included in employee benefit obligations and accrued expenses, a reduction of $7.4 million in accumulated other comprehensive loss, and a $4.2 million reduction in deferred income tax liabilities on the Consolidated Balance Sheet as of December 31, 2013. This plan amendment also reduced the Company's 2013 expense for this plan by $0.7 million and is expected to reduce the Company's 2014 expense for this plan by $2.1 million. |
According to the HCE Affordability Act of 2010, the tax free nature of Medicare Part D Subsidy no longer applies after 2012. Blount will no longer apply for the subsidy for periods after 2013. The projected benefit payments for these plans over the next ten years are estimated as follows: |
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Projected Benefit Payments (Amounts in thousands) | | Estimated | | Estimated | | Estimated | | | | |
Gross Benefit | Medicare Part D | Net Benefit | | | | |
Payments | Subsidy | Payments | | | | |
2014 | | $ | 1,919 | | | $ | 220 | | | $ | 1,699 | | | | | |
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2015 | | 1,765 | | | — | | | 1,765 | | | | | |
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2016 | | 1,716 | | | — | | | 1,716 | | | | | |
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2017 | | 1,695 | | | — | | | 1,695 | | | | | |
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2018 | | 1,678 | | | — | | | 1,678 | | | | | |
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2019 – 2023 | | 8,138 | | | — | | | 8,138 | | | | | |
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Total estimated benefit payments over next ten years | | $ | 16,911 | | | $ | 220 | | | $ | 16,691 | | | | | |
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The Company expects to meet funding requirements for its unfunded post-retirement medical and other benefit plans on a pay-as-you-go basis during 2014. The Company accounts for post-retirement medical plans in accordance with ASC 712. The obligation for these post-retirement benefit plans is reported in employee benefit obligations and accrued expenses on the Consolidated Balance Sheets. |
Periodic Benefit Cost and Other Comprehensive Loss |
The components of net periodic benefit cost and other comprehensive loss and the weighted average assumptions used in accounting for other post-retirement benefits were as follows: |
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Periodic Benefit Cost and Other Comprehensive Loss | | Year Ended December 31, | | | | |
(Amounts in thousands) | | 2013 | | 2012 | | 2011 | | | | |
Components of net periodic benefit cost: | | | | | | | | | | |
Service cost | | $ | 277 | | | $ | 355 | | | $ | 261 | | | | | |
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Interest cost | | 1,423 | | | 1,765 | | | 1,972 | | | | | |
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Amortization of actuarial losses | | 933 | | | 1,303 | | | 871 | | | | | |
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Amortization of prior service cost | | (479 | ) | | — | | | — | | | | | |
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Total net periodic benefit cost recognized in Consolidated Statements of Income | | $ | 2,154 | | | $ | 3,423 | | | $ | 3,104 | | | | | |
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Recognized in accumulated other comprehensive loss: | | | | | | | | | | |
Actuarial (gains) losses | | $ | (8,284 | ) | | $ | (3,009 | ) | | $ | 7,212 | | | | | |
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Prior service cost | | (11,098 | ) | | — | | | — | | | | | |
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Total recognized in accumulated other comprehensive loss | | $ | (19,382 | ) | | $ | (3,009 | ) | | $ | 7,212 | | | | | |
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Weighted average assumptions: | | | | | | | | | | |
Discount rate used to determine net periodic benefit cost | | 4.3 | % | | 4.3 | % | | 5.5 | % | | | | |
Discount rate used to determine year-end benefit obligations | | 4.8 | % | | 4 | % | | 4.3 | % | | | | |
Actuarial losses of $0.8 million and prior service cost of ($1.4) million, included in accumulated other comprehensive loss, are expected to be recognized as a component of net periodic benefit cost in 2014. |
The Company annually evaluates and selects the discount rates to be used in accounting for these plans. Consideration is given to relevant indices for high quality fixed rate debt securities and to specific debt securities with maturity dates similar to the expected timing of cash outflows for the plans as of the measurement date. The annual rate of increase in the cost of health care benefits was assumed to be 9% in 2013, 10% in 2012, and 9% in 2011. As of December 31, 2013, the annual rate of increase in cost of health care benefits is assumed to be 7.5% in 2014, declining by 0.5% per year until 6% is reached in 2017, after which it decreases 0.25% per year until 5% is reached. A 1% change in assumed health care cost trend rates would have had the following effects for 2013: |
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Effect of Change in Health Care Cost Trend Rates | | | | | | | | | | | | |
(Amounts in thousands) | | 1% Increase | | 1% Decrease | | | | | | | | |
Effect on service and interest cost components | | $ | 211 | | | $ | (205 | ) | | | | | | | | |
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Effect on other post-retirement benefit obligations | | 2,265 | | | (1,880 | ) | | | | | | | | |
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OTHER POST-EMPLOYMENT BENEFIT PLANS | ' |
NOTE 11: RETIREMENT PLANS |
Funded Defined Benefit Pension Plans |
The Company sponsors defined benefit pension plans covering employees in Canada and certain countries in Europe, and many of its employees and former employees in the U.S. The U.S. plan was frozen effective January 1, 2007. The changes in benefit obligations, plan assets, and funded status of these plans for the years ended December 31, 2013 and 2012 were as follows: |
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Funded Defined Benefit Pension Plan Obligations | | Year Ended December 31, | | | | | | | | |
(Amounts in thousands) | | 2013 | | 2012 | | | | | | | | |
Change in benefit obligations: | | | | | | | | | | | | |
Projected benefit obligations at beginning of year | | $ | (259,617 | ) | | $ | (232,513 | ) | | | | | | | | |
Service cost | | (5,112 | ) | | (3,934 | ) | | | | | | | | |
Interest cost | | (10,348 | ) | | (10,454 | ) | | | | | | | | |
Actuarial gains (losses) | | 22,397 | | | (24,379 | ) | | | | | | | | |
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Benefits and plan expenses paid | | 13,085 | | | 11,663 | | | | | | | | | |
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Projected benefit obligations at end of year | | (239,595 | ) | | (259,617 | ) | | | | | | | | |
Change in plan assets: | | | | | | | | | | | | |
Fair value of plan assets at beginning of year | | 218,695 | | | 190,329 | | | | | | | | | |
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Actual return on plan assets | | 9,492 | | | 22,826 | | | | | | | | | |
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Company contributions | | 7,525 | | | 17,203 | | | | | | | | | |
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Benefits and plan expenses paid | | (13,085 | ) | | (11,663 | ) | | | | | | | | |
Fair value of plan assets at end of year | | 222,627 | | | 218,695 | | | | | | | | | |
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Net funded status - non-current liabilities on Consolidated Balance Sheet | | $ | (16,968 | ) | | $ | (40,922 | ) | | | | | | | | |
The accumulated benefit obligations for the above defined benefit pension plans at December 31, 2013 and 2012 totaled $215.7 million and $235.5 million, respectively. |
The fair value of plan assets was as follows: |
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Fair Value of Plan Assets | | 31-Dec-13 |
(Amounts in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 |
Category: | | | | | | | | |
Money market mutual funds | | $ | 2,327 | | | $ | 2,327 | | | $ | — | | | $ | — | |
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Guaranteed insurance contracts | | 3,348 | | | — | | | — | | | 3,348 | |
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U.S. large cap equity securities | | 27,646 | | | — | | | 27,646 | | | — | |
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U.S. small and mid cap equity securities | | 7,765 | | | — | | | 7,765 | | | — | |
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International equity securities | | 40,142 | | | — | | | 40,142 | | | — | |
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Emerging markets equity securities | | 3,636 | | | — | | | 3,636 | | | — | |
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U.S. debt securities | | 101,828 | | | — | | | 101,828 | | | — | |
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International debt securities | | 30,686 | | | — | | | 30,686 | | | — | |
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Hedge funds | | 5,249 | | | — | | | — | | | 5,249 | |
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Total fair value of plan assets | | $ | 222,627 | | | $ | 2,327 | | | $ | 211,703 | | | $ | 8,597 | |
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Fair Value of Plan Assets | | 31-Dec-12 |
(Amounts in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 |
Category: | | | | | | | | |
Money market mutual funds | | $ | 799 | | | $ | 799 | | | $ | — | | | $ | — | |
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Guaranteed insurance contracts | | 3,015 | | | — | | | — | | | 3,015 | |
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U.S. large cap equity securities | | 50,915 | | | — | | | 50,915 | | | — | |
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U.S. small and mid cap equity securities | | 4,794 | | | — | | | 4,794 | | | — | |
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International equity securities | | 50,345 | | | — | | | 50,345 | | | — | |
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Emerging markets equity securities | | 4,324 | | | — | | | 4,324 | | | — | |
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U.S. debt securities | | 71,281 | | | — | | | 71,281 | | | — | |
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International debt securities | | 27,466 | | | — | | | 27,466 | | | — | |
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Hedge funds | | 5,756 | | | — | | | — | | | 5,756 | |
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Total fair value of plan assets | | $ | 218,695 | | | $ | 799 | | | $ | 209,125 | | | $ | 8,771 | |
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As specified in ASC 820, the framework for measuring fair value is based on independent observable inputs of market data under the following hierarchy: |
Level 1 – Quoted prices in active markets for identical assets and liabilities. |
Level 2 – Significant observable inputs based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuations for which all significant assumptions are observable. |
Level 3 – Significant unobservable inputs that are supported by little or no market activity, that are significant to the fair value of the assets or liabilities. |
When developing fair value measurements, it is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs. |
The money market mutual funds are valued by reference to quoted market prices. |
The guaranteed insurance contracts are valued based on information provided by the investment custodians. These contacts are designed to minimize risk and to provide a modest but predictable return. |
The U.S. large cap equity securities consist of mutual funds and commingled pooled funds that invest in equity securities of U.S. companies with large market capitalizations. These funds seek long-term growth and invest in diversified portfolios across multiple industries. These funds are valued based on information provided by the plan’s investment custodians. |
The U.S. small and mid cap equity securities consist of mutual funds and commingled pooled funds that invest in equity securities of U.S. companies with small to medium market capitalizations. These funds seek higher rates of long-term growth and invest in diversified portfolios across multiple industries. These funds are valued based on information provided by the plan’s investment custodians. |
The international equity securities consist of mutual funds and commingled pooled funds that invest in equity securities of international companies in developed countries. These funds seek long-term growth and invest in diversified portfolios across multiple industries and geographic regions. These funds are valued based on information provided by the plan’s investment custodians. |
The emerging markets equity securities consist of mutual funds and commingled pooled funds that invest in equity securities of international companies in developing countries with emerging economies. These funds seek higher rates of long-term growth and invest in diversified portfolios across multiple industries and geographic regions. These funds are valued based on information provided by the plan’s investment custodians. |
The U.S. debt securities consist of mutual funds and commingled pooled funds that invest in debt securities of U.S. companies. These funds seek lower volatility than equity investments and invest in diversified portfolios across multiple industries and with varying maturity periods. These funds are valued based on information provided by the plan’s investment custodians. |
The international debt securities consist of mutual funds and commingled pooled funds that invest in debt securities of companies outside the U.S. These funds seek lower volatility than international equity investments and invest in diversified portfolios across multiple industries and geographies, as well as with varying maturity periods. These funds are valued based on information provided by the plan’s investment custodians. |
The hedge funds consist of investments in partnerships and other entities that in turn invest in portfolios of underlying securities. The fund manager seeks returns that move in the opposite direction of the securities to which they are hedged. These funds are valued based on information provided by the plan’s investment custodians. |
The financial statements of the funds are audited annually by independent accountants. The value of the underlying investments is determined by the investment manager based on the estimated fair value of the various holdings of the portfolio as reported in the financial statements at net asset value. The preceding methods described may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values. Furthermore, although the plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. |
The assets of these plans are invested in various investment securities. There were no significant concentrations of investment risk in plan assets. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amount of the plan assets. |
There were no significant transfers between assets in Level 1 and Level 2, except for amounts moved from Level 2 to money market mutual funds for the purpose of making cash disbursements for plan expenses and benefit payments. The Level 1 and Level 2 plan assets above may generally be redeemed with 5 or fewer days’ notice. The Level 3 plan assets above may be redeemed with a minimum of 30 days’ notice and after certain other conditions are met. |
The change in fair value of Level 3 plan assets was as follows: |
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Change in Fair Value of Level 3 Plan Assets | | Year Ended December 31, | | | | | | | | |
(Amounts in thousands) | | 2013 | | 2012 | | | | | | | | |
Fair value at beginning of year | | $ | 8,771 | | | $ | 8,125 | | | | | | | | | |
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Actual return on assets: | | | | | | | | | | | | |
Relating to assets still held at end of year | | (174 | ) | | 646 | | | | | | | | | |
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Relating to assets sold during the year | | — | | | — | | | | | | | | | |
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Purchases, sales, and settlements | | — | | | — | | | | | | | | | |
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Transfers in/out of Level 3 | | — | | | — | | | | | | | | | |
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Fair value at end of year | | $ | 8,597 | | | $ | 8,771 | | | | | | | | | |
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The projected benefit payments for these plans over the next ten years are estimated as follows: |
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Projected Benefit Payments | | | | | | | | | | | | | | |
(Amounts in thousands) | Estimated | | | | | | | | | | | | | |
Benefit | | | | | | | | | | | | | |
Payments | | | | | | | | | | | | | |
2014 | $ | 12,959 | | | | | | | | | | | | | | |
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2015 | 9,893 | | | | | | | | | | | | | | |
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2016 | 10,464 | | | | | | | | | | | | | | |
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2017 | 11,057 | | | | | | | | | | | | | | |
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2018 | 11,925 | | | | | | | | | | | | | | |
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2019 – 2023 | 70,063 | | | | | | | | | | | | | | |
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Total estimated benefit payments over next ten years | $ | 126,361 | | | | | | | | | | | | | | |
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The Company annually contributes the minimum amounts required by pension funding regulations. From time to time, the Company also makes additional voluntary contributions to these plans in order to increase the funding levels and reduce the amount of required future contributions, as well as to reduce the amount of interest expense recognized on the unfunded liability of these plans. The Company expects to contribute approximately $7.0 million to its funded defined benefit pension plans during 2014. |
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Unfunded Retirement Plans |
The Company sponsors various supplemental non-qualified retirement plans covering certain employees and former employees in the U.S., and additional unfunded retirement plans in France, and Japan. Three of the U.S. based plans were frozen effective January 1, 2007, and employees who were participants in these non-qualified plans on that date ceased accruing additional benefits. New employees are not eligible to participate in these U.S. plans. All retirement benefits accrued up to the time of the freeze were preserved. |
The changes in benefit obligations and funded status of these unfunded plans for the years ended December 31, 2013 and 2012 were as follows: |
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Unfunded Retirement Plans | | Year Ended December 31, | | | | | | | | |
(Amounts in thousands) | | 2013 | | 2012 | | | | | | | | |
Change in Benefit Obligations: | | | | | | | | | | | | |
Projected benefit obligations at beginning of year | | $ | (7,602 | ) | | $ | (7,594 | ) | | | | | | | | |
Service cost | | (55 | ) | | (266 | ) | | | | | | | | |
Interest cost | | (234 | ) | | (254 | ) | | | | | | | | |
Actuarial gains (losses) | | 106 | | | (168 | ) | | | | | | | | |
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Benefits and plan expenses paid | | 642 | | | 680 | | | | | | | | | |
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Projected benefit obligations at end of year | | (7,143 | ) | | (7,602 | ) | | | | | | | | |
Net unfunded status at end of year | | $ | (7,143 | ) | | $ | (7,602 | ) | | | | | | | | |
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Current liabilities | | $ | (649 | ) | | $ | (654 | ) | | | | | | | | |
Non-current liabilities | | (6,494 | ) | | (6,948 | ) | | | | | | | | |
Net liability recognized on the Consolidated Balance Sheets | | $ | (7,143 | ) | | $ | (7,602 | ) | | | | | | | | |
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The Company accounts for its retirement plans in accordance with ASC 715. The net obligation is included in accrued expenses and employee benefit obligations on the Consolidated Balance Sheets. |
Periodic Benefit Cost and Other Comprehensive Loss |
The components of net periodic benefit cost and other comprehensive loss and the weighted average assumptions used in accounting for funded and unfunded pension benefits are as follows: |
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Pension Benefits | | Year Ended December 31, | | | | |
(Amounts in thousands) | | 2013 | | 2012 | | 2011 | | | | |
Components of net periodic benefit cost: | | | | | | | | | | |
Service cost | | $ | 5,214 | | | $ | 3,937 | | | $ | 3,433 | | | | | |
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Interest cost | | 10,583 | | | 10,708 | | | 11,166 | | | | | |
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Expected return on plan assets | | (15,414 | ) | | (14,482 | ) | | (13,914 | ) | | | | |
Amortization of actuarial losses | | 7,523 | | | 7,232 | | | 4,294 | | | | | |
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Amortization of prior service cost | | (2 | ) | | (6 | ) | | (6 | ) | | | | |
Total net periodic benefit cost recognized in income statement | | $ | 7,904 | | | $ | 7,389 | | | $ | 4,973 | | | | | |
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Recognized in accumulated other comprehensive loss: | | | | | | | | | | |
Actuarial (gains) losses | | $ | (24,489 | ) | | $ | 8,231 | | | $ | 37,491 | | | | | |
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Prior service cost | | 2 | | | 6 | | | 6 | | | | | |
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Total recognized in accumulated other comprehensive loss | | $ | (24,487 | ) | | $ | 8,237 | | | $ | 37,497 | | | | | |
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Weighted average assumptions: | | | | | | | | | | |
Discount rate used to determine net periodic benefit cost | | 4.2 | % | | 4.7 | % | | 5.6 | % | | | | |
Discount rate used to determine year end benefit obligations | | 4.8 | % | | 4.2 | % | | 4.7 | % | | | | |
Expected return on assets used to determine net periodic benefit cost | | 7.3 | % | | 7.6 | % | | 7.7 | % | | | | |
Expected rate of compensation increase | | 3 | % | | 3 | % | | 3 | % | | | | |
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Actuarial losses of $5.8 million included in accumulated other comprehensive loss are expected to be recognized as a component of net periodic benefit cost in 2014. |
The Company annually evaluates and selects the discount rates to be used for its pension plans. Consideration is given to relevant indices for high quality fixed rate debt securities, as well as comparable rates for high quality corporate bonds with terms comparable to the projected cash flows for the respective plans, as of the measurement date. The expected long-term rate of return on assets was chosen from the range of likely results of compound average annual returns based on the current investment policies. The expected return and volatility for each asset class was based on historical equity, bond, and cash returns over a twenty year time horizon, based on repetitive modeling of outcomes using an extended period of historical actual results. While this approach gives appropriate consideration to recent fund performance and historical returns, the assumption is primarily a long-term, prospective rate. |
The Company maintains target allocation percentages among various asset classes based on investment policies established for these plans. The target allocation is designed to achieve long-term objectives of return, while mitigating downside risk and considering timing of expected cash flows. For the U.S. retirement plan, the allocation of pension plan assets totaling $148.6 million and $151.4 million as of December 31, 2013 and 2012, respectively, and the current target allocation as of December 31, 2013 are as follows: |
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| | Percentage of Plan Assets | | | | | | | |
| | 2013 Target | | Actual Allocation as of December 31, | | | | | | | |
U.S. Plan Asset Allocations | | Allocation | | 2013 | | 2012 | | | | | | | |
Money market mutual funds | | 2 | % | | 1.5 | % | | 0.5 | % | | | | | | | |
U.S. large cap equity securities | | 10 | % | | 10.4 | % | | 26.4 | % | | | | | | | |
U.S. small/mid cap equity securities | | 5 | % | | 5.2 | % | | 3.2 | % | | | | | | | |
International equity securities | | 6.5 | % | | 6.8 | % | | 15.3 | % | | | | | | | |
Emerging markets equity securities | | 1 | % | | 1 | % | | 1.6 | % | | | | | | | |
U.S. debt securities | | 69 | % | | 68.6 | % | | 47.1 | % | | | | | | | |
International debt securities | | 3 | % | | 3 | % | | 2.1 | % | | | | | | | |
Hedge funds | | 3.5 | % | | 3.5 | % | | 3.8 | % | | | | | | | |
For the Canadian retirement plan the allocation of pension plan assets totaling $70.7 million and $64.3 million as of December 31, 2013 and 2012, respectively, and the current target allocation as of December 31, 2012 are as follows: |
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| | Percentage of Plan Assets | | | | | | | |
| | 2013 Target | | Actual Allocation as of December 31, | | | | | | | |
Canada Plan Asset Allocations | | Allocation | | 2013 | | 2012 | | | | | | | |
U.S. large cap equity securities | | 17 | % | | 17.3 | % | | 17 | % | | | | | | | |
International equity securities | | 42 | % | | 42.6 | % | | 42.3 | % | | | | | | | |
Emerging markets equity securities | | 3 | % | | 3 | % | | 2.9 | % | | | | | | | |
International debt securities | | 38 | % | | 37.1 | % | | 37.8 | % | | | | | | | |
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The funded defined benefit pension plan in Europe is invested wholly in guaranteed insurance contracts. |
Defined Contribution Plans |
The Company also sponsors a 401(k) plan covering substantially all U.S. employees, and matches a portion of employee contributions as well as making an additional contribution to all employees based on years of service and regardless of whether or not the employee contributes to the plan. The Company also sponsors a similar defined contribution plan covering substantially all Canadian employees. |
Total expense recognized for these defined contribution plans was as follows: |
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Defined Contribution Plan Expense | | Year Ended December 31, | | | | |
(Amounts in thousands) | | 2013 | | 2012 | | 2011 | | | | |
Expense | | $ | 9,091 | | | $ | 8,653 | | | $ | 7,422 | | | | | |
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