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Pensions and Other Postretirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2011
Pensions and Other Postretirement Benefit Plans [Abstract] |
Schedule of Plan Benefit Obligations |
| As of December 31, 2011 |  | As of December 31, 2010
(in thousands) | Pension plans | Other postretirement benefits |  | Pension plans | Other postretirement benefits
Benefit obligation, beginning of year | $374,115 | $72,137 |  | $353,971 | $73,208
Service cost | 3,117 | 931 |  | 3,572 | 910
Interest cost | 19,958 | 3,869 |  | 19,645 | 4,054
Plan participants' contributions | 387 | - |  | 378 | 607
Actuarial loss/(gain) | 39,712 | 6,977 |  | 26,013 | 2,539
Curtailments | - | - |  | (1,619) | (1,921)
Benefits paid | (26,598) | (5,823) |  | (23,797) | (7,260)
Settlements | (891) | - |  | (5,722) | -
Special / Contractual Termination Benefits | 233 | - |  | - |
Plan amendments | - | - |  | 346 | -
Other | - | 945 |  | - |
Removal of defined contribution component | - | - |  | (1,710) | -
Foreign currency changes | (4,153) | (27) |  | 3,038 | -
Benefit obligation, end of year | $405,880 | $79,009 |  | $374,115 | $72,137
Accumulated benefit obligation | $391,457 | - |  | $356,691 | -
Weighted average assumptions used to |  |  |  |  |
determine benefit obligations, end of year: |  |  |  |  |
Discount rate - U.S. plan | 4.82% | 4.85% |  | 5.59% | 5.55%
Discount rate - non-U.S. plans | 4.48% | - |  | 5.27% | -
Compensation increase - U.S. plan | - | 3.00% |  | - | 3.00%
Compensation increase - non-U.S. plans | 3.19% | 3.00% |  | 3.47% | 3.00%
Schedule of Plan Assets | The following sets forth information about plan assets:
| As of December 31, 2011 |  | As of December 31, 2010
(in thousands) | Pension plans | Other postretirement benefits |  | Pension plans | Other postretirement benefits
Fair value of plan assets, beginning of year | $262,376 | $ - |  | $247,072 | $ -
Actual return on plan assets, net of expenses | 34,176 | - |  | 21,936 | -
Employer contributions | 37,174 | 5,823 |  | 22,075 | 6,653
Plan participants' contributions | 387 | 1,319 |  | 378 | 607
Benefits paid | (26,562) | (7,142) |  | (23,956) | (7,260)
Settlements | (891) | - |  | (5,722) | -
Removal of defined contribution component | - | - |  | (1,710) | -
Foreign currency changes | (2,002) | - |  | 2,303 | -
Fair value of plan assets, end of year | $304,658 | $ - |  | $262,376 | $ -
Schedule of Funded Status of Plans | The funded status of the plans, reconciled to the amount on the Consolidated Balance Sheet, was as follows:
| As of December 31, 2011 | As of December 31, 2010
(in thousands) | Pension plans | Other postretirement benefits | Pension plans | Other postretirement benefits
Fair value of plan assets | $304,658 | $ - | $262,376 | $ -
Benefit obligation | 405,880 | 79,009 | 374,115 | 72,137
Funded status | ($101,222) | ($79,009) | ($111,739) | ($72,137)
Accrued benefit cost, end of year | ($101,222) | ($79,009) | ($111,739) | ($72,137)
Amounts recognized in the statement of financial position consist of the following: |  |  |  |
Noncurrent asset | $7,779 | $ - | $ 715 | $ -
Current liability | (3,576) | (5,949) | (3,764) | (6,223)
Noncurrent liability | (105,425) | (73,060) | (108,690) | (65,914)
Net amount recognized | ($101,222) | ($79,009) | ($111,739) | ($72,137)
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |
Net actuarial loss | $164,246 | $54,835 | $150,062 | $50,884
Prior service cost/(credit) | 432 | (43,995) | 480 | (47,662)
Transition obligation | 138 | - | 240 | -
Net amount recognized | $164,816 | $10,840 | $150,782 | $3,222
Schedule of Net Periodic Benefit Plan Cost | The composition of the net periodic benefit plan cost for the years ended December 31, 2011, 2010, and 2009, was as follows:
| Pension plans |  | Other postretirement benefits
(in thousands) | 2011 | 2010 | 2009 |  | 2011 | 2010 | 2009
Components of net periodic benefit cost: |  |  |  |  |  |  |
Service cost | $3,117 | $3,572 | $3,574 |  | $931 | $910 | $1,126
Interest cost | 19,958 | 19,644 | 18,448 |  | 3,869 | 4,054 | 3,820
Other adjustments | - | - | - |  | 945 | - | -
Expected return on assets | (15,858) | (15,127) | (20,754) |  | - | - | -
Amortization of prior service cost/(credit) | 37 | 16 | 102 |  | (3,666) | (3,666) | (4,327)
Amortization of transition obligation | 83 | 94 | 88 |  | - | - | -
Amortization of net actuarial loss | 5,672 | 4,738 | 2,085 |  | 3,022 | 2,923 | 2,780
Settlement | 327 | 839 | 368 |  | - | - | -
Curtailment (gain)/loss | - | 34 | (541) |  | - | (1,921) | (6,452)
Special / contractual termination benefits | 233 | - | - |  | - | - | -
Net periodic benefit cost | $13,569 | $13,810 | $3,370 |  | $5,101 | $2,300 | ($3,053)
Weighted average assumptions used to determine net cost: |  |  |  |  |  |  |
Discount rate - U.S. plan | 5.59% | 5.80% | 6.25% |  | 5.55% | 5.70% | 6.10%
Discount rate - non -U.S. plan | 5.29% | 5.84% | 5.81% |  | - | - | -
Expected return on plan assets - U.S. plans | 5.80% | 6.10% | 8.50% |  | - | - | -
Expected return on plan assets - non-U.S. plans | 6.80% | 6.91% | 6.91% |  | - | - | -
Rate of compensation increase - U.S. plan | - | - | - |  | 3.00% | 3.00% | 3.00%
Rate of compensation increase - non-U.S. plans | 3.47% | 3.42% | 3.24% |  | - | - | -
Health care cost trend rate (U.S. and non-U.S. plans): |  |  |  |  |  |  |
Initial rate | - | - | - |  | - | - | -
Ultimate rate | - | - | - |  | - | - | -
Years to ultimate | - | - | - |  | - | - | -
Schedule of Other Changes Recognized in Other Comprehensive Income | Other changes in plan assets and benefit obligations recognized in other comprehensive income during 2011 were as follows:
|  |  | Other
| Pension |  | postretirement
(in thousands) | plan |  | benefits
Settlements | $ (327) |  | $ -
Exchange rate effect | (1,204) |  | -
Current year actuarial loss | 39,713 |  | 6,977
Asset loss (gain) | (18,355) |  | -
Amortization of actuarial (loss) | (5,672) |  | (3,022)
Amortization of prior service (cost)/credit | (37) |  | 3,666
Amortization of transition (obligation) | (83) |  | -
Currency impact | - |  | (3)
Total recognized in other comprehensive income | $14,035 |  | $7,618
Total recognized in net periodic benefit cost and other comprehensive income | $27,604 |  | $12,719
Schedule of Amounts That Will Be Amortized from Accumulated Other Comprehensive Income | The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2012 are as follows:
|  |  | Total
| Total |  | postretirement
(in thousands) | pension |  | benefits
Actuarial loss | $7,092 |  | $3,215
Prior service cost/(benefit) | 35 |  | (3,666)
Transition obligation | 74 |  | -
Total | $7,201 |  | ($451)
Schedule of Fair Value of Plan Assets | The following tables present plan assets as of December 31, 2011 and 2010, using the fair-value hierarchy, which has three levels based on the reliability of inputs used, as described in Note 13:
|  | Total fair |  | Quoted prices |  | Significant other |  | Significant
|  | value at |  | in active |  | observable |  | unobservable
|  | December 31, |  | markets |  | inputs |  | inputs
(in thousands) |  | 2011 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Common stocks |  | $48,993 |  | $48,993 |  | $ - |  | $ -
Debt securities |  | 243,839 |  | - |  | 243,839 |  | -
Insurance contracts |  | 2,361 |  | - |  | - |  | 2,361
Limited partnerships |  | 8,676 |  | - |  | - |  | 8,676
Hedge funds |  | 557 |  | - |  | - |  | 557
Cash and short-term investments |  | 232 |  | 232 |  | - |  | -
Total plan assets |  | $304,658 |  | $49,225 |  | $243,839 |  | $11,594
|  | Total fair |  | Quoted prices |  | Significant other |  | Significant
|  | value at |  | in active |  | observable |  | unobservable
|  | December 31, |  | markets |  | inputs |  | inputs
(in thousands) |  | 2010 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Common stocks |  | $44,181 |  | $44,181 |  | $ - |  | $ -
Debt securities |  | 190,170 |  | - |  | 190,170 |  | -
Insurance contracts |  | 2,050 |  | - |  | - |  | 2,050
Limited partnerships |  | 9,115 |  | - |  | - |  | 9,115
Hedge funds |  | 10,699 |  | - |  | - |  | 10,699
Cash and short-term investments |  | 6,161 |  | 6,161 |  | - |  | -
Total plan assets |  | $262,376 |  | $50,342 |  | $190,170 |  | $21,864
Reconciliation of Level 3 Assets | The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2011 and 2010:
(in thousands) | December 31, 2010 | Net realized (losses)/ gains | Net unrealized gains/(losses) | Net purchases, issuances and settlements | Net transfers (out of) Level 3 | December 31, 2011
Insurance contracts | $2,050 | $ - | $311 | $ - | $ - | $2,361
Limited partnerships | 9,115 | 107 | 235 | - | (781) | 8,676
Hedge funds | 10,699 | (19) | (132) | - | (9,991) | 557
Total | $21,864 | $88 | $414 | $0 | ($10,772) | $11,594
(in thousands) | December 31, 2009 | Net realized (losses)/gains | Net unrealized gains/(losses) | Net purchases, issuances and settlements | Net transfers (out of) Level 3 | December 31, 2010
Insurance contracts | $1,549 | $ (25) | $203 | $426 | ($103) | $2,050
Limited partnerships | 9,066 | (2) | 1,247 | - | (1,196) | 9,115
Hedge funds | 19,594 | 1,194 | 928 | - | (11,017) | 10,699
Total | $30,209 | $1,167 | $2,378 | $426 | ($12,316) | $21,864
Schedule of Asset Allocation | The asset allocation for the Company's U.S. and non-U.S. pension plans for 2011 and 2010, and the target allocation for 2012, by asset category, are as follows:
| United States Plan |  | Non-U.S. Plans
| Target |  | Percentage of plan assets |  | Target |  | Percentage of plan assets
| Allocation |  | at plan measurement date |  | Allocation |  | at plan measurement date
Asset category | 2012 |  | 2011 |  | 2010 |  | 2012 |  | 2011 |  | 2010
Equity securities |  | - |  |  |  | - |  |  |  | - |  |  |  | 51 | % |  |  | 49 | % |  |  | 51 | %
Debt securities |  | 100 | % |  |  | 92 | % |  |  | 86 | % |  |  | 43 | % |  |  | 45 | % |  |  | 46 | %
Real estate |  | - |  |  |  | 2 | % |  |  | 3 | % |  |  | 3 | % |  |  | 3 | % |  |  | - |
Cash |  | - |  |  |  | 3 | % |  |  | 3 | % |  |  | - |  |  |  | - |  |  |  | - |
Other (1) |  | - |  |  |  | 3 | % |  |  | 8 | % |  |  | 3 | % |  |  | 3 | % |  |  | 3 | %
|  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
(1) |  | Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.
Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets and for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | At the end of 2011 and 2010, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation in excess of plan assets and for pension plans with an accumulated benefit obligation in excess of plan assets were as follows:
| Projected and accumulated benefit obligation
| exceeds plan assets
(in thousands) | 2011 |  | 2010
Projected benefit obligation | $376,595 |  | $341,870
Accumulated benefit obligation | 363,228 |  | 325,602
Fair value of plan assets | 267,594 |  | 227,784
Schedule of Expected Cash Flows | Information about expected cash flows for the pension and other benefit obligations are as follows:
(in thousands) | Pension plans | Other postretirement benefits
Expected employer contributions in the next fiscal year | $37,144 | $5,949
Expected benefit payments |  |
2012 | $23,160 | $5,949
2013 | 24,087 | 5,765
2014 | 23,551 | 5,577
2015 | 23,656 | 5,354
2016 | 24,094 | 5,174
2017-2021 | 123,344 | 24,195

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