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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2011

Pension and Other Postretirement Benefits [Abstract]

Change in benefit obligations and plan assets

The change in benefit obligations and change in plan assets as of December 31 are as follows:

		Pension								OPEB
		2011				2010				2011				2010
Change in benefit obligation:
Benefit obligation at beginning of year		$	130,427			$	114,181			$	109,717			$	186,384
Service cost			3,133				2,979				1,668				3,534
Interest cost			6,976				6,407				5,728				10,402
Plan changes			-				-				-				(112,487	)
Medicare Part D			-				-				160				538
Actuarial loss			30,490				8,762				24,786				26,996
Benefits paid			(7,608	)			(6,458	)			(7,770	)			(6,038	)
Curtailment/special termination benefits			1,147				4,556				-				388
Benefit obligation at end of year		$	164,565			$	130,427			$	134,289			$	109,717

		Pension								OPEB
		2011				2010				2011				2010
Change in plan assets:
Fair value of plan assets at beginning of year		$	73,878			$	69,626			$	-			$	-
Actual return on plan assets			(307	)			8,815				-				-
Employer contributions			19,004				1,895				7,770				6,038
Benefits paid			(7,608	)			(6,458	)			(7,770	)			(6,038	)
Fair value of assets at end of year		$	84,967			$	73,878			$	-			$	-

Amounts recognized in the statement of financial position

		Pension								OPEB
		2011				2010				2011				2010
Funded status of plans:
Funded status		$	(79,598	)		$	(56,549	)		$	(134,289	)		$	(109,717	)
Amounts recognized in the Statement of Financial Position:
Current liabilities		$	(8,699	)		$	(18,754	)		$	(6,211	)		$	(6,409	)
Non-current liabilities			(70,899	)			(37,795	)			(128,078	)			(103,308	)
Net amount recognized		$	(79,598	)		$	(56,549	)		$	(134,289	)		$	(109,717	)
Amounts recognized in accumulated other comprehensive loss (pre-tax):
Net loss		$	80,092			$	44,527			$	89,420			$	79,697
Prior service cost (benefit)			608				746				(27,861	)			(60,674	)
		$	80,700			$	45,273			$	61,559			$	19,023

Amounts recognized in accumulated other comprehensive loss (pre-tax)

		Pension								OPEB
		2011				2010				2011				2010
Funded status of plans:
Funded status		$	(79,598	)		$	(56,549	)		$	(134,289	)		$	(109,717	)
Amounts recognized in the Statement of Financial Position:
Current liabilities		$	(8,699	)		$	(18,754	)		$	(6,211	)		$	(6,409	)
Non-current liabilities			(70,899	)			(37,795	)			(128,078	)			(103,308	)
Net amount recognized		$	(79,598	)		$	(56,549	)		$	(134,289	)		$	(109,717	)
Amounts recognized in accumulated other comprehensive loss (pre-tax):
Net loss		$	80,092			$	44,527			$	89,420			$	79,697
Prior service cost (benefit)			608				746				(27,861	)			(60,674	)
		$	80,700			$	45,273			$	61,559			$	19,023

Pension plans projected benefit obligation, accumulated benefit obligation and fair value of plan assets

Our pension plans' projected benefit obligation, accumulated benefit obligation, and fair value of plan assets as of December 31 are as follows:

		Projected Benefit Obligation								Accumulated Benefit Obligation								Fair Value of Plan assets
		2011				2010				2011				2010				2011				2010
Hourly pension plan		$	75,216			$	61,291			$	74,545			$	61,276			$	47,984			$	40,940
Salaried pension plan			64,655				49,478				58,742				45,633				36,982				32,938
Supplemental executive benefits pension (“SERB”) plan			24,694				19,658				23,461				19,143				-				-
Total		$	164,565			$	130,427			$	156,748			$	126,052			$	84,966			$	73,878

Components of net periodic benefit cost and other amounts recognized in other comprehensive income

Components of Net periodic benefit cost and other amounts recognized in other comprehensive income:

Net Periodic Benefit Cost:
		Year Ended December 31,
		Pension												OPEB
		2011				2010				2009				2011				2010				2009
Service cost		$	3,133			$	2,979			$	2,784			$	1,668			$	3,534			$	3,542
Interest cost			6,976				6,407				6,482				5,728				10,402				11,007
Expected return on plan assets			(6,631	)			(5,376	)			(4,336	)			-				-				-
Amortization of prior service costs			137				137				162				(32,814	)			(10,879	)			(1,144	)
Amortization of net loss			1,863				1,660				2,105				15,063				6,454				2,485
Net periodic benefit cost			5,478				5,807				7,197				(10,355	)			9,511				15,890
Special termination benefits			1,147				4,556				-				-				388				-
Effect of plan amendments			-				-				-				-				(50,474	)			-
Curtailment cost			-				-				2,576				-				-				(14,975	)
Total net periodic benefit cost		$	6,625			$	10,363			$	9,773			$	(10,355	)		$	(40,575	)		$	915

Other changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (pre-tax):
		Year Ended December 31,
		Pension								OPEB
		2011				2010				2011				2010
Net loss		$	37,427			$	5,322			$	24,785			$	26,996
Prior service benefit arising during the period			-				-				-				(112,488	)
Amortization of net loss			(1,863	)			(1,660	)			(15,063	)			(6,455	)
Amortization of prior service benefit (cost)			(137	)			(137	)			32,814				10,879
Prior service cost (benefit) recognized due to plan amendments			-				-				-				50,475
Total amount recognized in other comprehensive loss			35,427				3,525				42,536				(30,593	)
Net periodic benefit cost			6,625				10,363				(10,355	)			(40,575	)
Total recognized in net periodic benefit cost and other comprehensive loss		$	42,052			$	13,888			$	32,181			$	(71,168	)

Amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost during next fiscal year

Amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost during 2012:
		Pension				OPEB
Amortization of net loss		$	3,521			$	6,426
Amortization of prior service benefit (cost)			137				(4,250	)

Weighted average assumptions used to determine benefit obligations

Weighted average assumptions were used to determine benefit obligations at December 31:

	Pension		OPEB
	2011	2010	2011	2010
Discount rate	4.25%	5.38%	4.25%	5.26%
Rate of compensation increase (1)	3%/4%/4%	3%/3%/4%	3%/4%/4%	3%/3%/4%
Measurement date	12/31/2011	12/31/2010	12/31/2011	12/31/2010

(1)  Rate of compensation increase is for year 1/year 2/year 3 and thereafter.

Weighted average assumptions used in calculating net periodic benefit cost [Abstract]

Weighted average assumptions were used to determine net periodic benefit cost for the years ended December 31:

		Pension												OPEB
		2011				2010				2009				2011				2010				2009
Measurement date		12/31/2010				12/31/2009				12/31/2008				12/31/2010				12/31/2009				12/31/2008
Fiscal year end		12/31/2011				12/31/2010				12/31/2009				12/31/2011				12/31/2010				12/31/2009
Discount rate			5.49	%			5.75	%			6.54	%			5.23	%			5.89	%			6.31	%
Rate of compensation increase		3%/3%/4%				2%/3%/4%					4.00	%		3%/3%/4%				2%/3%/4%					4.00	%
Expected return on plan assets			8.00	%			8.00	%			8.00	%			-				-				-

Effect of one-percentage point change in assumed health care cost trend rates

A one-percentage-point change in the assumed health care cost trend rates would have had the following effects in 2011:

		1% Increase				1% Decrease
Effect on total of service and interest cost		$	1,198			$	(977	)
Effect on accumulated postretirement benefit obligation			21,099				(17,296	)

Company matching contribution to defined contribution (401(k)) plans

Employees are considered fully vested immediately upon participation in the plan.

		2011				2010				2009
Company matching contribution to defined contribution (401(k)) plans		$	640			$	-			$	-

Pension plan long term strategic asset allocation policy

The Plans' long-term strategic asset allocation policy targets are as follows:

		Pension Plan Asset Allocation
		Policy Target				December 31, 2011				December 31, 2010
Equities:
U.S. equities			50	%			51	%			50	%
International equities			15	%			14	%			15	%
Fixed income			35	%			35	%			35	%
							100	%			100	%

Fair Value of Pension Plans' assets by category under fair value hierarchy

Fair Value of Pension Plans' assets by category under the fair value hierarchy:

As of December 31, 2011		Level 1				Level 2				Level 3				Total
Equities:
U.S. equities		$	-			$	43,058			$	-			$	43,058
International equities			-				12,243				-				12,243
Fixed income			-				29,666				-				29,666
Total		$	-			$	84,967			$	-			$	84,967
As of December 31, 2010
Equities:
U.S. equities		$	-			$	36,848			$	-			$	36,848
International equities			-				11,095				-				11,095
Fixed income			-				25,935				-				25,935
Total		$	-			$	73,878			$	-			$	73,878

Estimated future employer contributions in next fiscal year

We expect to make the following contributions for 2012:

		2012
Expected pension plan contributions		$	8,699
Expected OPEB benefits payments			6,211

Estimated future benefit payments

Estimated Future Benefit Payments

The following table provides the estimated future benefit payments for the pension and other postretirement benefit plans.

		Pension Benefits				OPEB Benefits
2012		$	7,682			$	6,211
2013			7,737				5,402
2014			8,212				5,980
2015			8,373				6,510
2016			8,464				6,832
2017– 2021			49,922				39,042

Outline of Century's participation in multi-employer pension plan

Century's participation in the plan for the year ended December 31, 2011, is outlined in the table below.

Fund	Steelworkers Pension Trust
EIN / PN	23-6648508/499
Pension Protection Act Zone Status 2011 (1)	Green
Pension Protection Act Zone Status 2010 (1)	Yellow
Subject to Financial Improvement/Rehabilitation Plan	No
Contributions of Century Aluminum 2011 (2)(3)	$2,117
Contributions of Century Aluminum 2010 (3)	$1,306
Contributions of Century Aluminum 2009 (3)	$1,352
Withdrawal from Plan Probable	No
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreement	April 1, 2015

(1)	The most recent Pension Protection Act zone status available in 2011 and 2010 is for the plans' year-end December 31, 2010 and December 31, 2009, respectively.  The zone status is based on information that Century received from the plan as well as publicly available information per the Department of Labor and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded.
(2)	The number of union-represented employees at Hawesville increased approximately 10% due to the restart of curtailed operations.
(3)	Our contributions to the Steelworkers Pension Trust are not 5% or more of the total contributions to the plan.

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