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Savings, Pension and Other Postretirement Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2011

Multiemployer Defined Benefit Plans

Pension Fund		EIN		Plan Number		PPA Zone Status				FIP/RP Status Pending/ Implemented		Contributions (in thousands)												Surcharge Imposed		Expiration Date of Collective Bargaining Agreement
						2011		2010				2011				2010				2009
IAM		51-6031295		002		Green		Green		N/A		$	269			$	244			$	238			No		12/31/2013
USW		11-6166763		001		Red		Red		Implemented			5,648				5,218				4,915			Yes		8/31/2014
										Total Contributions:		$	5,917			$	5,462			$	5,153

Changes in Benefit Obligation, Plan Assets and Funded Status for Company-Sponsored Benefit Plans

The changes in benefit obligation, plan assets and funded status for company-sponsored benefit plans as of December 31 are as follows:

		PENSION BENEFIT PLANS								OTHER POSTRETIREMENT EMPLOYEE BENEFIT PLANS
(In thousands)		2011				2010				2011				2010
Benefit obligation at beginning of year		$	272,012			$	278,405			$	141,519			$	150,441
Service cost			7,725				8,018				702				995
Interest cost			15,092				15,374				6,857				7,712
Plan amendments			—				(14,175	)			—				—
Mergers, sales, closures, special term benefits			(422	)			—				—				—
Actuarial losses (gains)			28,552				(590	)			(5,433	)			(9,468	)
Medicare Part D subsidies received			—				—				355				697
Benefits paid			(15,301	)			(15,020	)			(7,290	)			(8,858	)
Benefit obligation at end of year			307,658				272,012				136,710				141,519
Fair value of plan assets at beginning of year			216,650				182,477				16				14
Spin-off adjustment			—				(628	)			2				2
Actual return on plan assets			4,456				24,470				—				—
Employer contribution			12,752				25,351				—				—
Benefits paid			(15,301	)			(15,020	)			—				—
Fair value of plan assets at end of year			218,557				216,650				18				16
Funded status at end of year		$	(89,101	)		$	(55,362	)		$	(136,692	)		$	(141,503	)

Amounts recognized in the Consolidated Balance Sheets:

Current liabilities		$	(264	)		$	(254	)		$	(9,597	)		$	(9,495	)
Noncurrent liabilities			(88,837	)			(55,108	)			(127,095	)			(132,008	)
Net amount recognized		$	(89,101	)		$	(55,362	)		$	(136,692	)		$	(141,503	)

Amounts Recognized (Pre-tax) in Accumulated Other Comprehensive Loss

Amounts recognized (pre-tax) in Accumulated Other Comprehensive Loss as of December 31 consist of:

		PENSION BENEFIT PLANS								OTHER POSTRETIREMENT EMPLOYEE BENEFIT PLANS
(In thousands)		2011				2010				2011				2010
Net loss		$	176,439			$	141,614			$	21,258			$	26,693
Prior service cost (credit)			2,525				6,494				(3,906	)			(5,701	)
Net amount recognized		$	178,964			$	148,108			$	17,352			$	20,992

Certain Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Information as of December 31 for certain pension plans included above with accumulated benefit obligations in excess of plan assets were as follows:

(In thousands)		2011				2010
Projected benefit obligation		$	307,658			$	272,012
Accumulated benefit obligation			307,658				269,456
Fair value of plan assets			218,557				216,650

Pre-tax Components of Net Periodic Cost

Pre-tax components of Net Periodic Cost and other amounts recognized in Other Comprehensive Income (Loss) for the years ended December 31 were as follows:

Net Periodic Cost (Benefit):

		PENSION BENEFIT PLANS												OTHER POSTRETIREMENT EMPLOYEE BENEFIT PLANS
(In thousands)		2011				2010				2009				2011				2010				2009
Service cost		$	7,725			$	8,018			$	7,043			$	702			$	995			$	972
Interest cost			15,092				15,375				15,331				6,857				7,712				8,442
Expected return on plan assets			(19,532	)			(19,391	)			(19,881	)			—				—				—
Amortization of prior service cost (credit)			1,193				1,205				1,446				(1,795	)			(1,795	)			(2,112	)
Amortization of actuarial loss			8,382				8,671				6,843				—				2,083				3,549
Curtailments			2,776				183				—				—				—				—
Net periodic cost		$	15,636			$	14,061			$	10,782			$	5,764			$	8,995			$	10,851

Other Amounts Recognized in Other Comprehensive Income (Loss)

Other amounts recognized in Other Comprehensive Income (Loss):

		PENSION BENEFIT PLANS												OTHER POSTRETIREMENT EMPLOYEE BENEFIT PLANS
(In thousands)		2011				2010				2009				2011				2010				2009
Net loss (gain)		$	43,207			$	(19,216	)		$	2,413			$	(5,435	)		$	(9,471	)		$	8,645
Prior service cost (credit)			(2,776	)			(183	)			—				—				—				—
Amortization of prior service (cost) credit			(1,193	)			(1,205	)			(1,446	)			1,795				1,795				2,112
Amortization of actuarial loss			(8,382	)			(8,671	)			(6,843	)			—				(2,083	)			(3,549	)
Total recognized in other comprehensive loss (income)		$	30,856			$	(29,275	)		$	(5,876	)		$	(3,640	)		$	(9,759	)		$	7,208
Total recognized in net periodic cost (benefit) and other comprehensive loss (income)		$	46,492			$	(15,214	)		$	4,906			$	2,124			$	(764	)		$	18,059

Weighted Average Assumptions Used to Determine Benefit Obligation

Weighted average assumptions used to determine the benefit obligation as of December 31 were:

		PENSION BENEFIT PLANS												OTHER POSTRETIREMENT EMPLOYEE BENEFIT PLANS
		2011				2010				2009				2011				2010				2009
Discount rate			4.90	%			5.70	%			5.75	%			4.95	%			5.60	%			5.75	%
Rate of salaried compensation increase			—				4.00				4.00				—				—				—

Weighted Average Assumptions Used to Determine Net Periodic Cost (Benefit)

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

		PENSION BENEFIT PLANS												OTHER POSTRETIREMENT EMPLOYEE BENEFIT PLANS
		2011				2010				2009				2011				2010				2009
Discount rate			5.70	%			5.75	%			6.15	%			5.60	%			5.75	%			6.15	%
Expected return on plan assets			8.00				8.50				8.50				—				—				—
Rate of salaried compensation increase			4.00				4.00				4.00				—				—				—

One Percentage Point Change in Health Care Cost Trend Rates

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

(In thousands)		1% INCREASE				1% DECREASE
Effect on total of service and interest cost components		$	764			$	(646	)
Effect on postretirement employee benefit obligation			12,841				(11,043	)

Investments at Fair Value for Company Sponsored Pension Benefit Plans within Fair Value Hierarchy

The following tables set forth by level, within the fair value hierarchy, the investments at fair value for our company sponsored pension benefit plans:

		At December 31, 2011
(In thousands)		Level 1				Level 2				Level 3				Total
Cash and cash equivalents		$	9,843			$	—			$	—			$	9,843
Common and collective trusts:
International small cap			—				10,588				—				10,588
Global/International equity			—				13,748				—				13,748
Domestic equity – small/mid cap			—				15,939				—				15,939
International equity emerging markets			—				14,602				—				14,602
Common stocks:
Industrials			5,545				—				—				5,545
Energy			2,595				—				—				2,595
Consumer			9,714				—				—				9,714
Healthcare			4,321				—				—				4,321
Finance			10,235				—				—				10,235
Utilities			4,234				—				—				4,234
Information technology			4,847				—				—				4,847
Foreign			5,000				—				—				5,000
Mutual funds:
Foreign large blend			15,048				—				—				15,048
Long-term bond fund			99,728				—				—				99,728
Corporate debt securities			—				1,045				—				1,045
Subtotal		$	171,110			$	55,922			$	—			$	227,032
Payable held under securities lending agreement															(8,475	)
Total investments at fair value														$	218,557

		At December 31, 2010
(In thousands)		Level 1				Level 2				Level 3				Total
Cash and cash equivalents		$	12,631			$	—			$	—			$	12,631
Common and collective trusts:
International small cap			—				11,706				—				11,706
Global/International equity			—				15,488				—				15,488
Domestic equity – small/mid cap			—				18,744				—				18,744
International equity emerging markets			—				17,333				—				17,333
Common stocks:
Industrials			7,439				—				—				7,439
Energy			8,888				—				—				8,888
Consumer			9,775				—				—				9,775
Healthcare			5,718				—				—				5,718
Finance			11,527				—				—				11,527
Utilities			5,269				—				—				5,269
Information technology			8,309				—				—				8,309
Foreign			5,299				—				—				5,299
Mutual funds:
Foreign large blend			16,674				—				—				16,674
Long-term bond fund			70,695				—				—				70,695
Corporate debt securities			—				1,290				—				1,290
Subtotal		$	162,224			$	64,561			$	—			$	226,785
Payable held under securities lending agreement															(10,135	)
Total investments at fair value														$	216,650

Long Term Asset Allocation Ranges

¡ Assets are diversified among various asset classes, such as domestic equities, global equities, fixed income, convertible securities, venture capital and liquid reserves. The long-term asset allocation ranges are as follows:

Domestic equities			20%-25%
International equities, including emerging markets			20%-25%
Corporate bonds			50%-60%
Liquid reserves			0%-1%

Estimated Future Benefit Payments

Estimated future benefit payments, which reflect expected future service and expected Medicare prescription subsidy receipts, are as follows for the years indicated:

(In thousands)		PENSION BENEFIT PLANS				OTHER POSTRETIREMENT EMPLOYEE BENEFIT PLANS				EXPECTED MEDICARE SUBSIDY
2012			$15,804				$10,337				$722
2013			16,373				10,623				711
2014			17,061				11,006				809
2015			18,013				11,291				843
2016			18,751				11,741				874
2017–2021			102,292				55,923				4,899

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