Pensions and Other Post-retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2012

Compensation and Retirement Disclosure [Abstract]

Obligation and funded status of the company's pension and other post-retirement benefit plans

The obligation and funded status of the Company’s pension and other post-retirement benefit plans are shown below. The Pension Benefits column aggregates defined benefit pension plans in the U.S., Germany and England and the U.S. supplemental retirement plans. The Other Benefits column includes the U.S. retiree medical and life insurance plan.



	Pension Benefits						Other Benefits
(Thousands)	2012			2011			2012			2011
Change in benefit obligation
Benefit obligation at beginning of year	$	210,996		$	180,673		$	33,209		$	32,374
Service cost	7,915			6,955			285			284
Interest cost	9,912			9,786			1,440			1,596
Plan amendments	117			430			—			—
Actuarial loss	32,595			21,280			1,493			1,419
Benefit payments from fund	(7,523		)	(7,512		)	—			—
Benefit payments directly by Company	(129		)	(127		)	(2,432		)	(2,735		)
Expenses paid from assets	(293		)	(479		)	—			—
Medicare Part D subsidy	—			—			299			271
Foreign currency exchange rate changes	249			(10		)	—			—
Benefit obligation at end of year	253,839			210,996			34,294			33,209
Change in plan assets
Fair value of plan assets at beginning of year	140,344			131,761			—			—
Actual return on plan assets	18,534			(5,215		)	—			—
Employer contributions	12,218			21,706			—			—
Benefit payments from fund	(7,523		)	(7,512		)	—			—
Expenses paid from assets	(293		)	(479		)	—			—
Foreign currency exchange rate changes	156			83			—			—
Fair value of plan assets at end of year	163,436			140,344			—			—
Funded status at end of year	$	(90,403	)	$	(70,652	)	$	(34,294	)	$	(33,209	)
Amounts recognized in the Consolidated Balance Sheets consist of:
Other assets	$	1,112		$	—		$	—		$	—
Other liabilities and accrued items	(475		)	—			(2,663		)	(2,788		)
Retirement and post-employment benefits	(91,040		)	(70,652		)	(31,631		)	(30,421		)
	$	(90,403	)	$	(70,652	)	$	(34,294	)	$	(33,209	)
Amounts recognized in other comprehensive income (before tax) consist of:
Net actuarial loss	$	127,027		$	106,583		$	2,472		$	978
Net prior service (credit) cost	(2,075		)	(2,527		)	115			202
	$	124,952		$	104,056		$	2,587		$	1,180
Amortizations expected to be recognized during next fiscal year (before tax):
Amortization of net loss	$	7,731		$	5,605		$	—		$	—
Amortization of prior service credit	(341		)	(335		)	115			87
	$	7,390		$	5,270		$	115		$	87
Additional information
Accumulated benefit obligation for all defined benefit pension plans	$	242,854		$	204,359		—			—
For defined benefit pension plans with benefit obligations in excess of plan assets:
Aggregate benefit obligation	249,075			206,800			—			—
Aggregate fair value of plan assets	157,560			135,505			—			—
For defined benefit pension plans with accumulated benefit obligations in excess of plan assets:
Aggregate accumulated benefit obligation	238,090			200,163			—			—
Aggregate fair value of plan assets	157,560			135,505			—			—

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 (OCI)



	Pension Benefits									Other Benefits
(Thousands)	2012			2011			2010			2012		2011			2010
Net periodic benefit cost
Service cost	$	7,915		$	6,955		$	5,135		$	285	$	284		$	273
Interest cost	9,912			9,786			9,156			1,440		1,596			1,738
Expected return on plan assets	(11,934		)	(11,050		)	(10,441		)	—		—			—
Amortization of prior service cost (benefit)	(335		)	(335		)	(530		)	86		(36		)	(36		)
Recognized net actuarial loss	5,605			3,920			2,834			—		—			—
Net periodic benefit cost	$	11,163		$	9,276		$	6,154		$	1,811	$	1,844		$	1,975



	Pension Benefits									Other Benefits
(Thousands)	2012			2011			2010			2012			2011			2010
Change in other comprehensive income
OCI at beginning of year	$	104,056		$	69,716		$	62,886		$	1,180		$	(275	)	$	(2,085	)
Increase (decrease) in OCI:
Recognized during year — prior service cost (credit)	335			335			530			(87		)	36			36
Recognized during year — net actuarial (losses)	(5,605		)	(3,920		)	(2,834		)	—			—			—
Occurring during year — prior service cost	117			430			739			—			—			—
Occurring during year — net actuarial losses	25,995			37,543			8,390			1,494			1,419			1,774
Other adjustments	—			—			—			—			—			—
Foreign currency exchange rate changes	57			(48		)	5			—			—			—
OCI at end of year	$	124,955		$	104,056		$	69,716		$	2,587		$	1,180		$	(275	)

Summary of key valuation assumptions



	Pension Benefits						Other Benefits
	2012		2011		2010		2012		2011		2010
Weighted-average assumptions used to determine benefit obligations at fiscal year end
Discount rate	3.99	%	4.78	%	N/A		3.75	%	4.50	%	N/A
Rate of compensation increase	4.44	%	4.46	%	N/A		4.50	%	4.50	%	N/A
Weighted-average assumptions used to determine net cost for the fiscal year
Discount rate	4.81	%	5.49	%	5.86	%	4.50	%	5.13	%	5.88	%
Expected long-term return on plan assets	7.65	%	7.88	%	8.18	%	N/A		N/A		N/A
Rate of compensation increase	4.43	%	3.97	%	2.99	%	4.50	%	4.00	%	3.00	%

Assumed health care trend rates

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

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
(Thousands)	2012		2011		2012			2011
Effect on total of service and interest cost components	$	35	$	33	$	(31	)	$	(30	)
Effect on post-retirement benefit obligation	827		806		(723		)	(711		)

Summary of fair values of the Company's defined benefit pension plan assets

The following tables present the fair values of the Company’s defined benefit pension plan assets as of December 31, 2012 and 2011 by asset category. See Note H to the Consolidated Financial Statements for definitions of fair value hierarchy.



	December 31, 2012
	Total		Level 1		Level 2		Level 3
(Thousands)
Cash	$	7,388	$	7,388	$	—	$	—
Equity securities:
U.S. (a)	54,691		45,025		9,666		—
International (b)	22,683		19,650		3,033		—
Emerging markets (c)	14,786		14,535		251		—
Fixed income securities:
Intermediate-term bonds (d)	26,749		18,378		8,371		—
Short-term bonds (e)	11,656		11,656		—		—
Global bonds (f)	12,854		11,185		1,669		—
Other types of investments:
Real estate fund (g)	7,793		7,768		25		—
Multi-strategy hedge funds (h)	4,191		—		—		$	4,191
Private equity funds	645		—		—		645
Total	$	163,436	$	135,585	$	23,015	$	4,836

	December 31, 2011
	Total		Level 1		Level 2		Level 3
(Thousands)
Cash	$	9,280	$	9,280	$	—	$	—
Equity securities:
U.S. (a)	46,004		37,859		8,145		—
International (b)	19,096		9,355		9,741		—
Emerging markets (c)	10,784		10,569		215		—
Fixed income securities:
Intermediate-term bonds (d)(i)	22,684		14,673		8,011		—
Short-term bonds (e)	11,122		11,122		—		—
Global bonds (f)	10,999		10,353		646		—
Other types of investments:
Real estate fund (g)	5,704		5,704		—		—
Multi-strategy hedge funds (h)	3,989		—		—		$	3,989
Private equity funds	682		—		—		682
Total	$	140,344	$	108,915	$	26,758	$	4,671

Summary of fair value of company's defined benefit pension plan Level 3 assets

The following table summarizes changes in the fair value of the Company’s defined benefit pension plan Level 3 assets measured using significant unobservable inputs during 2012 and 2011:



(Thousands)	Multi- strategy Hedge Funds			Private Equity Funds			Total
Balance as of January 1, 2011	$	3,851		$	546		$	4,397
Actual return:
On assets still held at reporting date	376			172			548
On assets sold during the period	—			5			5
Purchases, sales and settlements	(238		)	(41		)	(279		)
Balance as of December 31, 2011	$	3,989		$	682		$	4,671
Actual return:
On assets still held at reporting date	386			17			403
On assets sold during the period	(57		)	4			(53		)
Purchases, sales and settlements	(127		)	(58		)	(185		)
Balance as of December 31, 2012	$	4,191		$	645		$	4,836

Estimated Future Benefits payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:



			Other Benefits
	Pension Benefits		Gross Benefit Payment		Net of Medicare Part D Subsidy
(Thousands)
2013	$	9,025	$	2,663	$	2,287
2014	9,375		2,700		2,302
2015	9,661		2,743		2,320
2016	10,344		2,755		2,309
2017	13,507		2,815		2,343
2018 through 2022	71,056		13,597		10,720