LONG-TERM EMPLOYEE BENEFITS
The company offers various long-term benefits to its employees. Where permitted by applicable law, the company reserves the right to change, modify or discontinue the plans.
Defined Benefit Pensions
The company has both funded and unfunded noncontributory defined benefit pension plans covering a majority of the U.S. employees hired prior to January 1, 2007. The benefits under these plans are based primarily on years of service and employees' pay near retirement. The company's funding policy is consistent with the funding requirements of federal laws and regulations. Pension coverage for employees of the company's non-U.S. consolidated subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are funded by depositing funds with trustees, covered by insurance contracts, or remain unfunded.
Other Long-term Employee Benefits
The parent company and certain subsidiaries provide medical, dental and life insurance benefits to pensioners and survivors. The associated plans for retiree benefits are unfunded and the cost of the approved claims is paid from company funds. Essentially all of the cost and liabilities for these retiree benefit plans are attributable to the U.S. parent company plans. The non-Medicare eligible retiree medical plan is contributory with pensioners and survivors' contributions adjusted annually to achieve a 50/50 target sharing of cost increases between the company and pensioners and survivors. In addition, limits are applied to the company's portion of the retiree medical cost coverage. For Medicare eligible pensioners and survivors the company provides a company-funded Health Reimbursement Arrangement (HRA). Beginning January 1, 2015, eligible employees who retire on and after that date will receive the same one-time life insurance benefit payment, regardless of age. The majority of U.S. employees hired on or after January 1, 2007 are not eligible to participate in the post retirement medical, dental and life insurance plans.
The company also provides disability benefits to employees. Employee disability benefit plans are insured in many countries. However, primarily in the U.S., such plans are generally self-insured. Obligations and expenses for self-insured plans are reflected in the figures below.
Summarized information on the company's pension and other long-term employee benefit plans is as follows:
|
| | | | | | | | | | | | | | | | | | |
| Pension Benefits | Other Benefits |
Obligations and Funded Status at December 31, | 2013 | 2012 | 2013 | 2012 |
Change in benefit obligation | | | | | | | | |
Benefit obligation at beginning of year | $ | 29,179 |
| | $ | 27,083 |
| | $ | 3,532 |
| | $ | 4,379 |
| |
Service cost | 271 |
| | 277 |
| | 29 |
| | 37 |
| |
Interest cost | 1,088 |
| | 1,165 |
| | 130 |
| | 174 |
| |
Plan participants' contributions | 23 |
| | 24 |
| | 33 |
| | 110 |
| |
Actuarial (gain) loss | (2,104 | ) | | 2,245 |
| | (515 | ) | | 60 |
| |
Benefits paid | (1,626 | ) | | (1,593 | ) | | (240 | ) | | (371 | ) | |
Amendments | (62 | ) | | (22 | ) | | (211 | ) | 1 | (857 | ) | 2 |
Net effects of acquisitions/divestitures | (480 | ) | | — |
| | (4 | ) | | — |
| |
Benefit obligation at end of year | $ | 26,289 |
| | $ | 29,179 |
| | $ | 2,754 |
| | $ | 3,532 |
| |
Change in plan assets | | | | | | | | |
Fair value of plan assets at beginning of year | $ | 19,399 |
| | $ | 17,794 |
| | $ | — |
| | $ | — |
| |
Actual gain on plan assets | 2,714 |
| | 2,326 |
| | — |
| | — |
| |
Employer contributions | 313 |
| | 848 |
| | 207 |
| | 261 |
| |
Plan participants' contributions | 23 |
| | 24 |
| | 33 |
| | 110 |
| |
Benefits paid | (1,626 | ) | | (1,593 | ) | | (240 | ) | | (371 | ) | |
Net effects of acquisitions/divestitures | (209 | ) | | — |
| | — |
| | — |
| |
Fair value of plan assets at end of year | $ | 20,614 |
| | $ | 19,399 |
| | $ | — |
| | $ | — |
| |
Funded status | | | | | | | | |
U.S. plans with plan assets | $ | (3,546 | ) | | $ | (6,625 | ) | | $ | — |
| | $ | — |
| |
Non-U.S. plans with plan assets | (686 | ) | | (1,443 | ) | | — |
| | — |
| |
All other plans | (1,443 | ) | 3 |
| (1,712 | ) | 3 |
| (2,754 | ) | | (3,532 | ) | |
Total | $ | (5,675 | ) | | $ | (9,780 | ) | | $ | (2,754 | ) | | $ | (3,532 | ) | |
Amounts recognized in the Consolidated Balance Sheets consist of: | | | | | | | | |
Other assets | $ | 11 |
| | $ | 5 |
| | $ | — |
| | $ | — |
| |
Other accrued liabilities (Note 13) | (111 | ) | | (110 | ) | | (224 | ) | | (257 | ) | |
Other liabilities (Note 15) | (5,575 | ) | | (9,303 | ) | | (2,530 | ) | | (3,271 | ) | |
Liabilities related to assets held for sale | — |
| | (372 | ) | | — |
| | (4 | ) | |
Net amount recognized | $ | (5,675 | ) | | $ | (9,780 | ) | | $ | (2,754 | ) | | $ | (3,532 | ) | |
| |
1. | Primarily due to amendments in 2013 to the company's U.S. parent company retiree life insurance plan for employees retiring on and after January 1, 2015 and subsidiaries retiree health care plans. |
| |
2. | Primarily due to an amendment in 2012 to the company's U.S. parent company retiree medical and dental plans for Medicare eligible pensioners and survivors from the company sponsored group plans to a company-funded Health Reimbursement Arrangement (HRA). |
| |
3. | Includes pension plans maintained around the world where funding is not customary. |
The pre-tax amounts recognized in accumulated other comprehensive loss are summarized below:
|
| | | | | | | | | | | | |
| Pension Benefits | Other Benefits |
December 31, | 2013 | 2012 | 2013 | 2012 |
Net loss | $ | (8,640 | ) | $ | (13,042 | ) | $ | (647 | ) | $ | (1,233 | ) |
Prior service benefit (cost) | 9 |
| (62 | ) | 1,433 |
| 1,567 |
|
| $ | (8,631 | ) | $ | (13,104 | ) | $ | 786 |
| $ | 334 |
|
The accumulated benefit obligation for all pension plans was $24,685 and $27,243 at December 31, 2013 and 2012, respectively.
|
| | | | | | |
Information for pension plans with projected benefit obligation in excess of plan assets | 2013 | 2012 |
Projected benefit obligation | $ | 26,158 |
| $ | 29,043 |
|
Accumulated benefit obligation | 24,574 |
| 27,130 |
|
Fair value of plan assets | 20,472 |
| 19,258 |
|
|
| | | | | | |
Information for pension plans with accumulated benefit obligations in excess of plan assets | 2013 | 2012 |
Projected benefit obligation | $ | 25,350 |
| $ | 28,925 |
|
Accumulated benefit obligation | 23,906 |
| 27,064 |
|
Fair value of plan assets | 19,744 |
| 19,179 |
|
|
| | | | | | | | | |
| Pension Benefits |
Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive income | 2013 | 2012 | 2011 |
Net periodic benefit cost | | | |
Service cost | $ | 271 |
| $ | 277 |
| $ | 249 |
|
Interest cost | 1,088 |
| 1,165 |
| 1,253 |
|
Expected return on plan assets | (1,524 | ) | (1,517 | ) | (1,475 | ) |
Amortization of loss | 957 |
| 887 |
| 613 |
|
Amortization of prior service cost | 8 |
| 13 |
| 16 |
|
Curtailment loss | 1 |
| 2 |
| — |
|
Settlement loss | 152 |
| 5 |
| — |
|
Net periodic benefit cost1 | $ | 953 |
| $ | 832 |
| $ | 656 |
|
Changes in plan assets and benefit obligations recognized in other comprehensive income | | | |
Net (gain) loss | $ | (3,293 | ) | $ | 1,433 |
| $ | 4,069 |
|
Amortization of loss | (957 | ) | (887 | ) | (613 | ) |
Prior service (benefit) cost | (62 | ) | (22 | ) | 2 |
|
Amortization of prior service cost | (8 | ) | (13 | ) | (16 | ) |
Curtailment loss | (1 | ) | (2 | ) | — |
|
Settlement loss | (152 | ) | (5 | ) | — |
|
Total (benefit) loss recognized in other comprehensive income | $ | (4,473 | ) | $ | 504 |
| $ | 3,442 |
|
Noncontrolling interest | — |
| (1 | ) | (11 | ) |
Accumulated other comprehensive income assumed from purchase of noncontrolling interest | — |
| 25 |
| — |
|
Total (benefit) loss recognized in other comprehensive income, attributable to DuPont | $ | (4,473 | ) | $ | 528 |
| $ | 3,431 |
|
Total recognized in net periodic benefit cost and other comprehensive income | $ | (3,520 | ) | $ | 1,360 |
| $ | 4,087 |
|
| |
1. | The above amounts include net periodic benefit cost relating to discontinued operations for 2013, 2012 and 2011 of $3, $42 and $41, respectively. |
The estimated pre-tax net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2014 are $597 and $3, respectively.
|
| | | | | | | | | |
| Other Benefits |
Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive income | 2013 | 2012 | 2011 |
Net periodic benefit cost | | | |
Service cost | $ | 29 |
| $ | 37 |
| $ | 33 |
|
Interest cost | 130 |
| 174 |
| 212 |
|
Amortization of loss | 76 |
| 94 |
| 60 |
|
Amortization of prior service benefit | (195 | ) | (155 | ) | (121 | ) |
Curtailment (gain) loss | (154 | ) | 3 |
| — |
|
Settlement loss | 1 |
| — |
| — |
|
Net periodic benefit (credit) cost1 | $ | (113 | ) | $ | 153 |
| $ | 184 |
|
Changes in plan assets and benefit obligations recognized in other comprehensive income | | | |
Net (gain) loss | $ | (513 | ) | $ | 60 |
| $ | 437 |
|
Amortization of loss | (76 | ) | (94 | ) | (60 | ) |
Prior service (benefit) cost | (211 | ) | (857 | ) | 11 |
|
Amortization of prior service benefit | 195 |
| 155 |
| 121 |
|
Curtailment gain (loss) | 154 |
| (3 | ) | — |
|
Settlement loss | (1 | ) | — |
| — |
|
Total (benefit) loss recognized in other comprehensive income | $ | (452 | ) | $ | (739 | ) | $ | 509 |
|
Accumulated other comprehensive income assumed from purchase of noncontrolling interest | — |
| 1 |
| — |
|
Total (benefit) loss recognized in other comprehensive income, attributable to DuPont | $ | (452 | ) | $ | (738 | ) | $ | 509 |
|
Total recognized in net periodic benefit cost and other comprehensive income | $ | (565 | ) | $ | (585 | ) | $ | 693 |
|
| |
1. | The above amounts include net periodic benefit cost relating to discontinued operations for 2013, 2012 and 2011 of $0, $2 and $2, respectively. |
The estimated pre-tax net loss and prior service benefit for the other long-term employee benefit plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2014 are $55 and $(212), respectively.
|
| | | | | | | | |
| Pension Benefits | Other Benefits |
Weighted-average assumptions used to determine benefit obligations at December 31, | 2013 | 2012 | 2013 | 2012 |
Discount rate | 4.58 | % | 3.89 | % | 4.60 | % | 3.85 | % |
Rate of compensation increase1 | 4.22 | % | 4.13 | % | — | % | 4.40 | % |
| |
1. | The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant's entire career at the company. |
|
| | | | | | | | | | | | |
| Pension Benefits | Other Benefits |
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 |
Discount rate | 3.90 | % | 4.32 | % | 5.32 | % | 3.85 | % | 4.49 | % | 5.50 | % |
Expected return on plan assets | 8.39 | % | 8.61 | % | 8.73 | % | — | % | — | % | — | % |
Rate of compensation increase | 4.14 | % | 4.18 | % | 4.24 | % | 4.40 | % | 4.40 | % | 4.50 | % |
For determining U.S. pension plans' net periodic benefit costs, the discount rate, expected return on plan assets and the rate of compensation increase were 4.10 percent, 8.75 percent and 4.40 percent for 2013.
In connection with the planned sale of the Performance Coatings business (See Note 2), the company updated the discount rate and expected return on plan assets for the U.S. pension plans during 2012. For determining the U.S. pension plans' net periodic benefit costs, the weighted discount rate, weighted expected return on plan assets and the rate of compensation increase were 4.38 percent, 8.96 percent and 4.40 percent for 2012. With the continuing challenges in the global economy, the company lowered its long-term expected return on plan assets during 2012.
For determining U.S. pension plans' net periodic benefit costs, the discount rate, expected return on plan assets and the rate of compensation increase were 5.50 percent, 9.00 percent and 4.50 percent for 2011.
In the U.S., the discount rate is developed by matching the expected cash flow of the benefit plans to a yield curve constructed from a portfolio of high quality fixed-income instruments provided by the plan's actuary as of the measurement date. For non-U.S. benefit plans, the company utilizes prevailing long-term high quality corporate bond indices to determine the discount rate applicable to each country at the measurement date.
The long-term rate of return on assets in the U.S. was selected from within the reasonable range of rates determined by historical real returns (net of inflation) for the asset classes covered by the investment policy, expected performance, and projections of inflation over the long-term period during which benefits are payable to plan participants. Consistent with prior years, the long-term rate of return on plan assets in the U.S. reflects the asset allocation of the plan and the effect of the company's active management of the plans' assets. For non-U.S. plans, assumptions reflect economic assumptions applicable to each country.
|
| | | | |
Assumed health care cost trend rates at December 31, | 2013 | 2012 |
Health care cost trend rate assumed for next year | 7 | % | 8 | % |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % |
Year that the rate reaches the ultimate trend rate | 2022 |
| 2016 |
|
Assumed health care cost trend rates have a modest effect on the amount reported for the health care plan. A one-percentage point change in assumed health care cost trend rates would have the following effects:
|
| | | | | | |
| 1-Percentage Point Increase | 1-Percentage Point Decrease |
Increase (decrease) on total of service and interest cost | $ | 7 |
| $ | (6 | ) |
Increase (decrease) on post-retirement benefit obligation | 87 |
| (75 | ) |
Plan Assets
All pension plan assets in the U.S. are invested through a single master trust fund. The strategic asset allocation for this trust fund is selected by management, reflecting the results of comprehensive asset liability modeling. The general principles guiding U.S. pension asset investment policies are those embodied in the Employee Retirement Income Security Act of 1974 (ERISA). These principles include discharging the company's investment responsibilities for the exclusive benefit of plan participants and in accordance with the "prudent expert" standard and other ERISA rules and regulations. The company establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Strategic asset allocations in other countries are selected in accordance with the laws and practices of those countries. Where appropriate, asset liability studies are utilized in this process. U.S. plan assets and a portion of non-U.S. plan assets are managed by investment professionals employed by the company. The remaining assets are managed by professional investment firms unrelated to the company. The company's pension investment professionals have discretion to manage the assets within established asset allocation ranges approved by senior management of the company. Additionally, pension trust funds are permitted to enter into certain contractual arrangements generally described as "derivatives." Derivatives are primarily used to reduce specific market risks, hedge currency and adjust portfolio duration and asset allocation in a cost-effective manner.
The weighted-average target allocation for plan assets of the company's U.S. and non-U.S. pension plan is summarized as follows:
|
| | | | |
Target allocation for plan assets at December 31, | 2013 | 2012 |
U.S. equity securities | 27 | % | 28 | % |
Non-U.S. equity securities | 21 |
| 21 |
|
Fixed income securities | 32 |
| 29 |
|
Hedge funds | 2 |
| 2 |
|
Private market securities | 11 |
| 13 |
|
Real estate | 7 |
| 7 |
|
Total | 100 | % | 100 | % |
Equity securities include varying market capitalization levels. U.S. equity investments are primarily large-cap companies. Fixed income investments include corporate-issued, government-issued and asset-backed securities. Corporate debt investments include a range of credit risk and industry diversification. U.S. fixed income investments are weighted heavier than non-U.S fixed income securities. Other investments include hedge funds, real estate and private market securities such as interests in private equity and venture capital partnerships.
Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the company 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 tables below presents the fair values of the company's pension assets by level within the fair value hierarchy, as described in Note 1, as of December 31, 2013 and 2012, respectively.
|
| | | | | | | | | | | | |
| Fair Value Measurements at December 31, 2013 |
Asset Category | Total | Level 1 | Level 2 | Level 3 |
Cash and cash equivalents | $ | 3,076 |
| $ | 3,073 |
| $ | 3 |
| $ | — |
|
U.S. equity securities1 | 4,432 |
| 4,383 |
| 22 |
| 27 |
|
Non-U.S. equity securities | 4,005 |
| 3,965 |
| 37 |
| 3 |
|
Debt – government-issued | 1,970 |
| 396 |
| 1,574 |
| — |
|
Debt – corporate-issued | 1,961 |
| 376 |
| 1,566 |
| 19 |
|
Debt – asset-backed | 925 |
| 51 |
| 870 |
| 4 |
|
Hedge funds | 435 |
| — |
| 1 |
| 434 |
|
Private market securities | 2,882 |
| — |
| 5 |
| 2,877 |
|
Real estate | 1,179 |
| 73 |
| — |
| 1,106 |
|
Derivatives – asset position | 97 |
| 18 |
| 79 |
| — |
|
Derivatives – liability position | (78 | ) | (7 | ) | (71 | ) | — |
|
| $ | 20,884 |
| $ | 12,328 |
| $ | 4,086 |
| $ | 4,470 |
|
Pension trust receivables2 | 200 |
| |
| |
| |
|
Pension trust payables3 | (470 | ) | |
| |
| |
|
Total | $ | 20,614 |
| |
| |
| |
|
|
| | | | | | | | | | | | |
| Fair Value Measurements at December 31, 2012 |
Asset Category | Total | Level 1 | Level 2 | Level 3 |
Cash and cash equivalents | $ | 2,613 |
| $ | 2,584 |
| $ | 29 |
| $ | — |
|
U.S. equity securities1 | 3,647 |
| 3,604 |
| 25 |
| 18 |
|
Non-U.S. equity securities | 3,928 |
| 3,842 |
| 86 |
| — |
|
Debt – government-issued | 1,714 |
| 443 |
| 1,271 |
| — |
|
Debt – corporate-issued | 2,236 |
| 378 |
| 1,831 |
| 27 |
|
Debt – asset-backed | 1,059 |
| 40 |
| 1,017 |
| 2 |
|
Hedge funds | 389 |
| — |
| 2 |
| 387 |
|
Private market securities | 2,926 |
| — |
| 4 |
| 2,922 |
|
Real estate | 1,236 |
| 82 |
| — |
| 1,154 |
|
Derivatives – asset position | 129 |
| 6 |
| 123 |
| — |
|
Derivatives – liability position | (80 | ) | (1 | ) | (79 | ) | — |
|
| $ | 19,797 |
| $ | 10,978 |
| $ | 4,309 |
| $ | 4,510 |
|
Pension trust receivables2 | 312 |
| |
| |
| |
|
Pension trust payables3 | (710 | ) | |
| |
| |
|
Total | $ | 19,399 |
| |
| |
| |
|
| |
1. | The company's pension plans directly held $648 (3 percent of total plan assets) and $449 (2 percent of total plan assets) of DuPont common stock at December 31, 2013 and 2012, respectively. |
| |
2. | Primarily receivables for investment securities sold. |
| |
3. | Primarily payables for investment securities purchased. |
The company's pension plans hold Level 3 assets which are primarily ownership interests in investment partnerships and trusts that own private market securities and real estate. Fair value is generally based on the company's units of ownership and net asset value of the investment entity or the company's share of the investment entity's total equity. The table below presents a rollforward of activity for these assets for the years ended December 31, 2013 and 2012:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| Level 3 Assets |
| Total | U.S. Equity Securities | Non-U.S. Equity
Securities | Debt- Corporate Issued | Debt- Asset- Backed | Hedge Funds | Private Market Securities | Real Estate |
Beginning balance at December 31, 2011 | $ | 4,500 |
| $ | 28 |
| $ | — |
| $ | 30 |
| $ | 4 |
| $ | 392 |
| $ | 2,959 |
| $ | 1,087 |
|
Realized gain (loss) | 14 |
| (3 | ) | — |
| — |
| — |
| (6 | ) | 23 |
| — |
|
Change in unrealized gain (loss) | 253 |
| (8 | ) | — |
| (10 | ) | — |
| 17 |
| 179 |
| 75 |
|
Purchases, sales and settlements, net | (134 | ) | (1 | ) | — |
| 7 |
| (2 | ) | (16 | ) | (114 | ) | (8 | ) |
Transfers (out) in of Level 3 | (123 | ) | 2 |
| — |
| — |
| — |
| — |
| (125 | ) | — |
|
Ending balance at December 31, 2012 | $ | 4,510 |
| $ | 18 |
| $ | — |
| $ | 27 |
| $ | 2 |
| $ | 387 |
| $ | 2,922 |
| $ | 1,154 |
|
Realized gain (loss) | 42 |
| — |
| — |
| — |
| — |
| 3 |
| 39 |
| — |
|
Change in unrealized gain (loss) | 192 |
| 5 |
| 1 |
| (8 | ) | — |
| 22 |
| 95 |
| 77 |
|
Purchases, sales and settlements, net | (278 | ) | 6 |
| 1 |
| (1 | ) | — |
| 22 |
| (181 | ) | (125 | ) |
Transfers in (out) of Level 3 | 4 |
| (2 | ) | 1 |
| 1 |
| 2 |
| — |
| 2 |
| — |
|
Ending balance at December 31, 2013 | $ | 4,470 |
| $ | 27 |
| $ | 3 |
| $ | 19 |
| $ | 4 |
| $ | 434 |
| $ | 2,877 |
| $ | 1,106 |
|
Cash Flow
Contributions
The company made a contribution of $500 to its principal U.S. pension plan in 2012 and no contributions were made in 2011 or 2013. No contributions are expected to be made to the principal U.S. pension plan in 2014. The company contributed $313 and $207 to its pension plans other than the principal U.S. pension plan and its other long-term employee benefit plans, respectively, in 2013. The company expects to contribute approximately $344 and $224 to its pension plans other than the principal U.S. pension plan and its other long-term employee benefit plans, respectively, in 2014.
Estimated Future Benefit Payments
The following benefit payments, which reflect future service, as appropriate, are expected to be paid:
|
| | | | | | |
| Pension Benefits | Other Benefits |
2014 | $ | 1,620 |
| $ | 224 |
|
2015 | 1,611 |
| 219 |
|
2016 | 1,618 |
| 214 |
|
2017 | 1,639 |
| 209 |
|
2018 | 1,648 |
| 205 |
|
Years 2019-2023 | 8,482 |
| 937 |
|
Defined Contribution Plan
The company sponsors several defined contribution plans, which cover substantially all U.S. employees. The most significant is the U.S. parent company's Retirement Savings Plan (the Plan), which reflects the 2009 merger of the Retirement Savings Plan and the Savings and Investment Plan. This Plan includes a non-leveraged Employee Stock Ownership Plan (ESOP). Employees are not required to participate in the ESOP and those who do are free to diversify out of the ESOP. The purpose of the Plan is to provide retirement savings benefits for employees and to provide employees an opportunity to become stockholders of the company. The Plan is a tax qualified contributory profit sharing plan, with cash or deferred arrangement and any eligible employee of the company may participate. The company contributes 100 percent of the first 6 percent of the employee's contribution election and also contributes 3 percent of each eligible employee's eligible compensation regardless of the employee's contribution.
The company's contributions to the U.S. parent company's defined contribution plans were $208, $212 and $210 for the years ended December 31, 2013, 2012 and 2011, respectively. The company's matching contributions vest immediately upon contribution. The 3 percent nonmatching company contribution vests for employees with at least three years of service. In addition, the company made contributions to other defined contribution plans of $105, $124 and $84 for the years ended December 31, 2013, 2012 and 2011, respectively. Included in the company's contributions are amounts related to discontinued operations of $2, $30 and $29 for the years ended December 31, 2013, 2012 and 2011, respectively. The company expects to contribute about $320 to its defined contribution plans in 2014.
