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Pensions and Other Postretirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2012
Pensions and Other Postretirement Benefit Plans [Abstract] |
Schedule of Plan Benefit Obligations |
|  | As of December 31, 2012 |  | As of December 31, 2011
(in thousands) |  | Pension plans |  | Other postretirement benefits |  | Pension plans |  | Other postretirement benefits
Benefit obligation, beginning of year |  | $405,880 |  |  | $79,009 |  |  | $374,115 |  |  | $72,137 |
Service cost |  | 3,486 |  |  | 1,071 |  |  | 3,117 |  |  | 931 |
Interest cost |  | 12,180 |  |  | 3,691 |  |  | 19,958 |  |  | 3,869 |
Plan participants' contributions |  | 344 |  |  | - |  |  | 387 |  |  | - |
Actuarial loss/(gain) |  | 49,582 |  |  | 6,343 |  |  | 39,712 |  |  | 6,977 |
Benefits paid |  | (14,909 | ) |  | (5,778 | ) |  | (26,598 | ) |  | (5,823 | )
Settlements |  | (249,709 | ) |  | - |  |  | (891 | ) |  | - |
Special / Contractual Termination Benefits |  | - |  |  | - |  |  | 233 |  |  | - |
Other |  | 571 |  |  | - |  |  | - |  |  | 945 |
Foreign currency changes |  | 11,113 |  |  | 32 |  |  | (4,153 | ) |  | (27 | )
Benefit obligation, end of year |  | $218,538 |  |  | $84,368 |  |  | $405,880 |  |  | $79,009 |
Accumulated benefit obligation |  | $202,917 |  |  | - |  |  | $391,457 |  |  | - |
Weighted average assumptions used to |  |  |  |  |  |  |  |  |  |  |  |
determine benefit obligations, end of year: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate - U.S. plan |  | 4.28% |  |  | 3.93% |  |  | 4.82% |  |  | 4.86% |
Discount rate - non-U.S. plans |  | 4.09% |  |  | 4.00% |  |  | 4.48% |  |  | 4.20% |
Compensation increase - U.S. plan |  | - |  |  | 3.00% |  |  | - |  |  | 3.00% |
Compensation increase - non-U.S. plans |  | 3.26% |  |  | 3.00% |  |  | 3.19% |  |  | 3.00% |
Schedule of Plan Assets |
|  | As of December 31, 2012 |  | As of December 31, 2011
(in thousands) |  | Pension plans |  | Other postretirement benefits |  | Pension plans |  | Other postretirement benefits
Fair value of plan assets, beginning of year |  | $304,658 |  |  | $ - |  |  | $262,376 |  |  | $ - |
Actual return on plan assets, net of expenses |  | 19,493 |  |  | - |  |  | 34,176 |  |  | - |
Employer contributions |  | 110,172 |  |  | 4,961 |  |  | 37,174 |  |  | 5,823 |
Plan participants' contributions |  | 344 |  |  | 817 |  |  | 387 |  |  | 1,319 |
Benefits paid |  | (14,909 | ) |  | (5,778 | ) |  | (26,562 | ) |  | (7,142 | )
Settlements |  | (249,709 | ) |  | - |  |  | (891 | ) |  | - |
Foreign currency changes |  | 3,385 |  |  | - |  |  | (2,002 | ) |  | - |
Fair value of plan assets, end of year |  | $173,434 |  |  | $ - |  |  | $304,658 |  |  | $ - |
Schedule of Funded Status of Plans |
|  | As of December 31, 2012 |  | As of December 31, 2011
(in thousands) |  | Pension plans |  | Other postretirement benefits |  | Pension plans |  | Other postretirement benefits
Fair value of plan assets |  | $173,434 |  |  | $ - |  |  | $304,658 |  |  | $ - |
Benefit obligation |  | 218,538 |  |  | 84,368 |  |  | 405,880 |  |  | 79,009 |
Funded status |  | ($45,104 | ) |  | ($84,368 | ) |  | ($101,222 | ) |  | ($79,009 | )
Accrued benefit cost, end of year |  | ($45,104 | ) |  | ($84,368 | ) |  | ($101,222 | ) |  | ($79,009 | )
Amounts recognized in the statement of financial position consist of the following: |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent asset |  | $7,034 |  |  | $ - |  |  | $7,779 |  |  | $ - |
Current liability |  | (2,318 | ) |  | (5,547 | ) |  | (3,576 | ) |  | (5,949 | )
Noncurrent liability |  | (49,820 | ) |  | (78,821 | ) |  | (105,425 | ) |  | (73,060 | )
Net amount recognized |  | ($45,104 | ) |  | ($84,368 | ) |  | ($101,222 | ) |  | ($79,009 | )
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | $84,784 |  |  | $57,966 |  |  | $164,246 |  |  | $54,835 |
Prior service cost/(credit) |  | 405 |  |  | (40,329 | ) |  | 432 |  |  | (43,995 | )
Transition obligation |  | 70 |  |  | - |  |  | 138 |  |  | - |
Net amount recognized |  | $85,259 |  |  | $17,637 |  |  | $164,816 |  |  | $10,840 |
Schedule of Net Periodic Benefit Plan Cost |
|  | Pension plans |  | Other postretirement benefits
(in thousands) |  | 2012 |  | 2011 |  | 2010 |  | 2012 |  | 2011 |  | 2010
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $3,486 |  |  | $3,117 |  |  | $3,572 |  |  | $1,071 |  |  | $931 |  |  | $910 |
Interest cost |  | 12,180 |  |  | 19,958 |  |  | 19,644 |  |  | 3,691 |  |  | 3,869 |  |  | 4,054 |
Other adjustments |  | - |  |  | - |  |  | - |  |  | - |  |  | 945 |  |  | - |
Expected return on assets |  | (11,799 | ) |  | (15,858 | ) |  | (15,127 | ) |  | - |  |  | - |  |  | - |
Amortization of prior service cost/(credit) |  | 35 |  |  | 37 |  |  | 16 |  |  | (3,666 | ) |  | (3,666 | ) |  | (3,666 | )
Amortization of transition obligation |  | 79 |  |  | 83 |  |  | 94 |  |  | - |  |  | - |  |  | - |
Amortization of net actuarial loss |  | 4,223 |  |  | 5,672 |  |  | 4,738 |  |  | 3,215 |  |  | 3,022 |  |  | 2,923 |
Settlement |  | 119,986 |  |  | 327 |  |  | 839 |  |  | - |  |  | - |  |  | - |
Curtailment (gain)/loss |  | - |  |  | - |  |  | 34 |  |  | - |  |  | - |  |  | (1,921 | )
Special / contractual termination benefits |  | - |  |  | 233 |  |  | - |  |  | - |  |  | - |  |  | - |
Net periodic benefit cost |  | $128,190 |  |  | $13,569 |  |  | $13,810 |  |  | $4,311 |  |  | $5,101 |  |  | $2,300 |
Weighted average assumptions used to determine net cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate - U.S. plan |  | 4.82% |  |  | 5.59% |  |  | 5.80% |  |  | 4.86% |  |  | 5.55% |  |  | 5.70% |
Discount rate - non -U.S. plan |  | 4.48% |  |  | 5.29% |  |  | 5.84% |  |  | 4.20% |  |  | - |  |  | - |
Expected return on plan assets - U.S. plans |  | 4.82% |  |  | 5.80% |  |  | 6.10% |  |  | - |  |  | - |  |  | - |
Expected return on plan assets - non-U.S. plans |  | 6.26% |  |  | 6.80% |  |  | 6.91% |  |  | - |  |  | - |  |  | - |
Rate of compensation increase - U.S. plan |  | - |  |  | - |  |  | - |  |  | 3.00% |  |  | 3.00% |  |  | 3.00% |
Rate of compensation increase - non-U.S. plans |  | 3.19% |  |  | 3.47% |  |  | 3.42% |  |  | 3.00% |  |  | - |  |  | - |
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
|  | Pension |  | postretirement
(in thousands) |  | plan |  | benefits
Settlements |  | ($118,350 | ) |  | $ - |
Asset/liabilty loss (gain) |  | 41,889 |  |  | 6,344 |
Amortization of actuarial (loss) |  | (4,223 | ) |  | (3,215 | )
Amortization of prior service (cost)/credit |  | (35 | ) |  | 3,666 |
Amortization of transition (obligation) |  | (79 | ) |  | - |
Currency impact |  | 2,877 |  |  | 3 |
Total recognized in other comprehensive income |  | ($77,921 | ) |  | $6,798 |
Total recognized in net periodic benefit cost and other comprehensive income |  | $50,269 |  |  | $11,109 |
Schedule of Amounts That Will Be Amortized from Accumulated Other Comprehensive Income |
|  |  |  | Total
|  | Total |  | postretirement
(in thousands) |  | pension |  | benefits
Actuarial loss |  | $3,185 |  |  | $3,514 |
Prior service cost/(benefit) |  | 35 |  |  | (3,666 | )
Transition obligation |  | 70 |  |  | - |
Total |  | $3,290 |  |  | ($152 | )
Schedule of Fair Value of Plan Assets |
|  | Total fair |  | Quoted prices |  | Significant other |  | Significant
|  | value at |  | in active markets |  | observable inputs |  | unobservable inputs
(in thousands) |  | December 31, 2012 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Common stocks |  | $46,625 |  | $46,625 |  | $ - |  | $ -
Debt securities |  | 114,136 |  | - |  | 114,136 |  | -
Insurance contracts |  | 2,542 |  | - |  | - |  | 2,542
Limited partnerships |  | 7,556 |  | - |  | - |  | 7,556
Hedge funds |  | 536 |  | - |  | - |  | 536
Cash and short-term investments |  | 2,039 |  | 2,039 |  | - |  | -
Total plan assets |  | $173,434 |  | $48,664 |  | $114,136 |  | $10,634
|  | Total fair |  | Quoted prices |  | Significant other |  | Significant
|  | value at |  | in active markets |  | observable inputs |  | unobservable inputs
(in thousands) |  | December 31, 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
Reconciliation of Level 3 Assets |
(in thousands) |  | December 31, 2011 |  | Net realized (losses)/ gains |  | Net unrealized gains/(losses) |  | Net purchases, issuances and settlements |  | Net transfers (out of) Level 3 |  | December 31, 2012
Insurance contracts |  | $2,361 |  | $ - |  | $39 |  | $142 |  | $ - |  | 2,542
Limited partnerships |  | 8,676 |  | - |  | 521 |  | (1,641) |  | - |  | 7,556
Hedge funds |  | 557 |  | - |  | 32 |  | (53) |  | - |  | 536
Total |  | $11,594 |  | $ - |  | $592 |  | ($1,552) |  | $ - |  | $10,634
(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 |  | $ - |  | $85 |  | $226 |  | $ - |  | $2,361
Limited partnerships |  | 9,115 |  | 107 |  | 235 |  | - |  | (781) |  | 8,676
Hedge funds |  | 10,699 |  | (19) |  | (132) |  | - |  | (9,991) |  | 557
Total |  | $21,864 |  | $88 |  | $188 |  | $226 |  | ($10,772) |  | $11,594
Schedule of Asset Allocation |
|  | 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 |  | 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011
Equity securities |  | - |  | 5% |  | - |  | 36% |  | 50% |  | 49%
Debt securities |  | 100% |  | 88% |  | 92% |  | 56% |  | 43% |  | 45%
Real estate |  | - |  | 4% |  | 2% |  | 4% |  | 3% |  | 3%
Other (1) |  | - |  | 3% |  | 6% |  | 4% |  | 4% |  | 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 |
| Plans with projected benefit obligation
| in excess of plan assets
(in thousands) | 2012 | 2011
Projected benefit obligation | $183,765 | $376,595
Accumulated benefit obligation | 169,396 | 363,228
Fair value of plan assets | 131,626 | 267,594
| Plans with accumulated benefit obligation
| in excess of plan assets
(in thousands) | 2012 | 2011
Projected benefit obligation | $136,329 | $376,595
Accumulated benefit obligation | 132,396 | 363,228
Fair value of plan assets | 86,835 | 267,594
Schedule of Expected Cash Flows |
(in thousands) | Pension plans | Other postretirement benefits
Expected employer contributions in the next fiscal year | $4,560 | $5,592
Expected benefit payments |  |
2013 | $5,786 | $5,592
2014 | 5,548 | 5,434
2015 | 5,938 | 5,245
2016 | 6,542 | 5,091
2017 | 8,168 | 4,976
2018-2022 | 44,506 | 24,617

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