PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

12 Months Ended

Dec. 31, 2011

Pension and Other Postretirement Beneifts Plans [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

16.       PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

The Corporation maintains eleven separate and distinct pension and other postretirement defined benefit plans, consisting of four domestic pensions and other postretirement benefit plans and seven separate foreign pension plans. The Corporation maintains the following domestic plans: a qualified pension plan, a non-qualified pension plan, and a postretirement health-benefits plan (the “Curtiss-Wright Plans”), and a postretirement health benefits plan for EMD employees.

The foreign plans consist of three defined benefit pension plans in the United Kingdom, two in Mexico, and one plan each in Canada and Switzerland. In 2010, a defined benefit plan in Norway was terminated and replaced with a defined contribution plan. The total projected benefit obligation related to all foreign plans is $74.0 million as of December 31, 2011. Each plan and further information on the Norway plan termination is described below.

Domestic Plans

The Curtiss-Wright Plans

The Corporation maintains a defined benefit pension plan (the “CW Pension Plan”) covering all employees under four benefit formulas: a non-contributory non-union and union formula for all Curtiss-Wright (“CW”) employees and a contributory union and non-union benefit formula for employees at the EMD business unit.

The formula for CW non-union employees is composed of a “traditional” benefit based on years of credited service, the five highest consecutive years' compensation during the last ten years of service, and a “cash balance” benefit. CW union employees who have negotiated a benefit under the CW Pension Plan are entitled to a benefit based on years of service multiplied by a monthly pension rate. Employees become participants under the CW Pension Plan after one year of service and are vested after three years of service. The formula for EMD employees covers both union and non-union employees and is designed to satisfy the requirements of relevant collective bargaining agreements. Employee contributions are withheld each pay period and are equal to 1.5% of salary. The benefits for the EMD employees are based on years of service and compensation.

Effective February 1, 2010, the Corporation amended the CW Pension Plan to close the traditional benefit to new entrants. All new employees hired on or after the effective date will be eligible for the cash balance benefit. The amendment does not affect CW employees that are subject to collective bargaining agreements or employees of EMD.

At December 31, 2011 and 2010, the Corporation had a noncurrent pension liability of $180.8 million and $112.1 million, respectively. The Corporation made $34.5 million of contributions to the CW Pension Plan in 2011 and expects to make a contribution of approximately $44.6 million in 2012 and cumulative contributions of approximately $243 million through 2016.

The Corporation also maintains a non-qualified restoration plan (the “CW Restoration Plan”) covering those employees of CW and EMD whose compensation or benefits exceed the IRS limitation for pension benefits. Benefits under the CW Restoration Plan are not funded, and, as such, the Corporation had an accrued pension liability of $23.4 million and $18.6 million as of December 31, 2011 and 2010, respectively. The Corporation's contributions to the CW Restoration Plan are expected to be $1.1 million in 2012.

The Corporation provides postretirement health benefits to certain employees (the “CW Retirement Plan”). In 2002, the Corporation restructured the postretirement medical benefits for certain active employees, effectively freezing the plan. The obligation associated with these active employees was transferred to the CW Pension Plan. The plan continues to be maintained for retired employees. The Corporation had an accrued postretirement benefit liability of $0.6 million as of December 31, 2011 and 2010. Benefits under the plan are not funded. The Corporation's contributions to the CW Retirement Plan are not expected to be material in 2012.

EMD Plan

The Corporation, through an administration agreement with Westinghouse, maintains the Westinghouse Government Services Group Welfare Benefits Plan (the “EMD Retirement Plan”), a retiree health and life insurance plan for substantially all of the Curtiss-Wright EMD employees. The EMD Retirement Plan provides basic health and welfare coverage on a non-contributory basis. Benefits are based on years of service and are subject to certain caps. Effective January 1, 2011, the Corporation modified the benefit design for post-65 retirees by introducing Retiree Reimbursement Accounts (“RRA's) to participants in lieu of the traditional benefit delivery. Participant accounts are funded a set amount annually that can be used to purchase supplemental coverage on the open market, effectively capping the benefit. The plan was amended and remeasured for accounting purposes on November 1, 2010, the date the plan changes were communicated to participants. This change reduced the benefit obligation by approximately $7.0 million at December 31, 2010.

The Corporation had an accrued postretirement benefit liability at December 31, 2011 and 2010 of $20.9 million and $19.4 million, respectively. Pursuant to the Asset Purchase Agreement, the Corporation has a discounted receivable from Washington Group International to reimburse the Corporation for a portion of these postretirement benefit costs. At December 31, 2011 and 2010, the discounted receivable included in other assets was $2.4 million and $2.7 million, respectively. The Corporation expects to contribute $1.5 million to the EMD Retirement Plan during 2012.

Foreign Plans

Indal Technologies Hourly Plan (Canada)

The Pension Plan for Hourly Employees of Indal Technologies, Inc. (“Indal Plan”) commenced on March 1, 2005 in connection with the acquisition of Indal by the Corporation. This non-contributory defined benefit plan provides monthly benefits to eligible members equal to a member's credited service multiplied by a fixed dollar amount. As of December 31, 2011 and 2010, the Corporation had an accrued pension liability of $0.9 million and $0.4 million, respectively. The Corporation's contributions to the Indal Plan are expected to be $0.5 million in 2012.

Metal Improvement Company – Salaried Staff Pension Scheme (U.K.)

The Corporation maintains the Salaried Staff Pension scheme (“MIC Plan”) for the benefit of Metal Treatment employees in the U.K. This contributory plan provides defined benefits to eligible members equal to one-sixtieth of final pensionable salary for each year of pensionable service. Members contribute at the rate of 6% of their pensionable salary, and the Corporation funds the balance of the cost to provide benefits. The plan provides for early retirement at reduced benefits and was closed to new entrants as of January 1, 2004. As of December 31, 2011 and 2010, the Corporation had an accrued pension liability of $3.2 million and $5.2 million, respectively. The Corporation's contributions to the MIC Plan are expected to be approximately $0.9 million in 2012.

Penny & Giles Pension Plan (U.K.)

The Penny & Giles Pension Plan (“P&G Plan”) is a contributory plan that provides for both defined benefit and defined contribution benefits. Defined benefit members are entitled to final salary related benefits equal to one-sixtieth of final pensionable salary for each year of pensionable service. The P&G Plan provides for early retirement at reduced benefits and was closed to new entrants at time of acquisition in 2002. The following disclosures include information for the Penny & Giles defined benefit section only, which represents the majority of the P&G Plan's costs. As of December 31, 2011 and 2010, the Corporation had an accrued pension liability of $2.0 million and $5.3 million, respectively. The Corporation's contributions to the P&G Plan are expected to be approximately $1.9 million in 2012.

Mechetronics Limited Retirement Benefits Scheme (U.K.)

The Corporation assumed defined benefit obligations as a result of our Mechetronics acquisition on October 1, 2009. The plan is based on final pensionable salary and years of service. As a result of the restructuring of Mechetronics and the consolidation of U.K. operations, there are no active employees in the pension plan as of December 31, 2010 as the employees became deferred vested participants. See Note 10 to the Consolidated Financial Statements for further information regarding the restructuring. As of December 31, 2011 and 2010, the Corporation had an accrued pension liability of $3.0 million and $4.8 million, respectively. The Corporation's contributions to the plans are expected to be $0.4 million in 2012.

Curtiss Wright Antriebstechnik GmbH (“CWAT”) Pension Plan (Switzerland)

CWAT sponsors a defined contribution plan covering 85 employees as of December 31, 2011. Under Swiss Law, there is a guaranteed minimum benefit requirement which must be valued as a defined benefit obligation for U.S. GAAP purposes. As of December 31, 2011 and 2010, the Corporation had an accrued pension liability of $0.3 million and $2.4 million, respectively. The Corporation's contributions to the plan are expected to be immaterial in 2012.

VMETRO ASA Pension Plan

The Corporation assumed defined benefit obligations as a result of our VMETRO acquisition on October 15, 2008. The group pension plan entitles the employees of the Norwegian companies with future benefits based on years of service, the wage level at time of retirement, and benefits from the national insurance plan. Effective December 31, 2010, the Corporation terminated the existing defined benefit plan and replaced it with a defined contribution plan covering employee service beginning on January 1, 2011. The plan termination resulted in one-time curtailment and settlement gains of approximately $1.6 million in 2010. The Corporation did not have an accrued pension liability as of December 31, 2010.

The following table details the components of net periodic pension expense for all Pension Plans:

Components of net periodic benefit expense: (In thousands)		2011		2010		2009
Service cost	$	36,276	$	33,332	$	27,067
Interest cost		26,361		25,248		24,234
Expected return on plan assets		(31,635)		(28,904)		(29,039)
Amortization of prior service cost		1,210		1,111		646
Recognized net actuarial loss		5,464		1,815		2,287
Cost of settlements/curtailments		194		(1,245)		1,418
Net periodic benefit cost	$	37,870	$	31,357	$	26,613

Net periodic benefit cost, specifically service and interest cost, has increased over the reported periods due to growth in headcount and service accruals related to existing employees under the age and service-based formula in the plan.

The Cost of settlements/curtailments indicated above represent events that are accounted for under guidance on employers' accounting for settlements and curtailments of defined benefit pension plans. The settlement charge in 2011 is resulting from the retirement of employees in Switzerland and Mexico. In 2010, the gain resulted from the termination of the defined benefit plan in Norway, offset by settlement charges due to workforce reductions in Mexico and retirements in Switzerland. In 2009, a settlement charge of $1.5 million resulted from the retirement of a key executive and his subsequent election to receive his pension benefit as a single lump sum payout. As a result of this single lump sum payout, special settlement requirements were triggered. This charge was partially offset by curtailment gains associated with reductions in workforce in Norway and Mexico.

The following table details the components of net periodic expense for the CW and EMD Postretirement Benefit Plans:

(In thousands)		2011		2010		2009
Service cost	$	388	$	578	$	666
Interest cost		1,009		1,342		1,601
Amortization of prior service cost		(629)		(105)		-
Recognized net actuarial gain		(901)		(1,132)		(853)
Net periodic postretirement benefit (income) cost	$	(133)	$	683	$	1,414

In the following table, the pension benefits information is a consolidated disclosure of all domestic and foreign plans described earlier. The postretirement benefits information includes the domestic CW and EMD postretirement benefit plans, as there are no foreign postretirement benefit plans. All plans were valued using a December 31, 2011 measurement date to comply with the requirements of U.S. GAAP to measure plan assets and benefit obligations as of the date of the employer's fiscal year-end statement of financial position.

		Pension Benefits				Postretirement Benefits
(In thousands)		2011			2010	2011		2010
Change in benefit obligation:
Beginning of year		$	521,305	$	443,801	$	19,972	$	29,874
Service cost			36,276		33,332		388		578
Interest cost			26,361		25,248		1,009		1,342
Plan participants’ contributions			2,424		2,257		381		455
Amendments			118		594		-		(6,978)
Actuarial loss (gain)			38,045		43,651		1,350		(3,391)
Benefits paid			(27,177)		(25,717)		(1,681)		(2,015)
Special termination benefits			143		-		-		-
Retiree drug subsidy received			-		-		48		107
Curtailments			-		(821)		-		-
Settlements			(117)		(1,471)		-		-
Currency translation adjustments			(232)		431		-		-
End of year		$	597,146	$	521,305	$	21,467	$	19,972
Change in plan assets:
Beginning of year		$	372,199	$	350,370	$	-	$	-
Actual return on plan assets			(4,454)		40,967		-		-
Employer contribution			40,735		5,466		1,300		1,560
Plan participants’ contributions			2,424		2,257		381		455
Benefits paid			(27,177)		(25,717)		(1,681)		(2,015)
Settlements			(117)		(1,471)		-		-
Plan terminations			-		(128)		-		-
Currency translation adjustments			(461)		455		-		-
End of year		$	383,149	$	372,199	$	-	$	-
Funded status		$	(213,997)	$	(149,106)	$	(21,467)	$	(19,972)
		Pension Benefits				Postretirement Benefits
(In thousands)		2011			2010	2011		2010
Amounts recognized on the balance sheet
	Current liabilities	$	(1,069)	$	(916)	$	(1,601)	$	(1,571)
	Noncurrent liabilities		(212,928)		(148,190)		(19,866)		(18,401)
	Total	$	(213,997)	$	(149,106)	$	(21,467)	$	(19,972)
Amounts recognized in accumulated other comprehensive income (AOCI)
	Net actuarial loss (gain)	$	175,524	$	106,752	$	(10,516)	$	(12,768)
	Prior service cost		6,791		7,889		(6,244)		(6,873)
Total		$	182,315	$	114,641	$	(16,760)	$	(19,641)
Amounts in AOCI expected to be recognized in net periodic cost in the coming year:
Loss (gain) recognition		$	9,979	$	4,948	$	(719)	$	(925)
Prior service cost recognition		$	1,200	$	1,196	$	(629)	$	(629)
Accumulated benefit obligation		$	546,635	$	476,792		N/A		N/A
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation		$	557,316	$	497,237		N/A		N/A
Accumulated benefit obligation			516,115		462,416		N/A		N/A
Fair value of plan assets			345,640		353,473		N/A		N/A

Plan Assumptions

		Pension Benefits					Postretirement Benefits
(In thousands)			2011		2010			2011		2010
Weighted-average assumptions in determination of benefit obligation:
Discount rate			4.46	%	5.16	%		4.48	%	5.21	%
Rate of compensation increase			3.96	%	3.99	%		N/A		N/A
Health care cost trends:
	Rate assumed for subsequent year		N/A		N/A			8.00	%	8.50	%
	Ultimate rate reached in 2019 and 2014, respectively		N/A		N/A			5.50	%	5.50	%
Weighted-average assumptions in determination of net periodic benefit cost:
Discount rate			5.16	%	5.89	%		5.21	%	5.98	%
Expected return on plan assets			8.14	%	8.09	%		N/A		N/A
Rate of compensation increase			3.99	%	4.04	%		N/A		N/A
Health care cost trends:
	Rate assumed for subsequent year		N/A		N/A			8.50	%	9.50	%
	Ultimate rate reached in 2019 and 2014, respectively		N/A		N/A			5.50	%	5.50	%

The discount rate for each plan is determined by discounting the plan's expected future benefit payments using a yield curve developed from high quality bonds that are rated Aa or better by Moody's as of the measurement date. The yield curve calculation matches the notional cash inflows of the hypothetical bond portfolio with the expected benefit payments to arrive at one effective rate for each plan.

The overall expected return on assets assumption is based on a combination of historical performance of the pension fund and expectations of future performance. Expected future performance is determined by weighting the expected returns for each asset class by the plan's asset allocation. The expected returns are based on long-term capital market assumptions utilizing a ten-year time horizon through consultation with investment advisors. While consideration is given to recent performance and historical returns, the assumption represents a long-term prospective return.

The effect on the CW and EMD Retirement Plans of a 1% change in the health care cost trend is as follows:

(In thousands)	1% Increase		1% Decrease
Total service and interest cost components	$	1	$	(1)
Postretirement benefit obligation	$	31	$	(32)

Pension Plan Assets

The overall objective for plan assets is to earn a rate of return over time to meet anticipated benefit payments in accordance with plan provisions. The long-term investment objective of the domestic retirement plans is to achieve a total rate of return, net of fees, which exceeds the actuarial overall expected return on assets assumption used for funding purposes and which provides an appropriate premium over inflation. The intermediate-term objective of the domestic retirement plans, defined as three to five years, is to outperform each of the capital markets in which assets are invested, net of fees. During periods of extreme market volatility, preservation of capital takes a higher precedence than outperforming the capital markets.

The Corporation's Finance Committee is responsible for formulating investment policies, developing investment manager guidelines and objectives, and approving and managing qualified advisors and investment managers. The guidelines established define permitted investments within each asset class and apply certain restrictions such as limits on concentrated holdings, and prohibits selling securities short, buying on margin, and the purchase of any securities issued by the Corporation.

The Corporation maintains the funds of the CW Pension Plan under a trust that is diversified across investment classes and among investment managers to achieve an optimal balance between risk and return. In accordance with this policy, the Corporation has established target allocations for each asset class and ranges of expected exposure. The Corporation's domestic retirement assets are invested within this allocation structure in three major categories: domestic equity securities, international equity securities, and debt securities. Below are the Corporation's actual and established target allocations for the CW Pension Plan, representing 83% of consolidated assets:

	As of December 31,				Target		Expected
Asset class	2011		2010		Exposure		Range
Domestic equities	50	%	52	%	50	%	40%-60%
International equities	13	%	16	%	15	%	10%-20%
Total equity	63	%	68	%	65	%	55%-75%
Fixed income	34	%	32	%	35	%	25%-45%

The Corporation may from time to time require the reallocation of assets in order to bring the retirement plans into conformity with these ranges. The Corporation may also authorize alterations or deviations from these ranges where appropriate for achieving the objectives of the retirement plans.

Foreign plan assets represent 17% of consolidated plan assets, with the majority of the assets supporting the U.K. plans. The U.K. foreign plans follow a similar asset allocation strategy, while other plans are more heavily weighted in fixed income resulting in a weighted expected return on assets assumption of 6.25% for all foreign plans.

Fair Value Measurements

The following table presents consolidated plan assets using the fair value hierarchy as of December 31, 2011:

				Quoted Prices
				in Active
				Markets for		Significant		Significant
				Identical		Observable		Unobservable
				Assets		Inputs		Inputs
Asset Category		Total		(Level 1)		(Level 2)		(Level 3)
Cash		$	16,628	$	1,932	$	14,696	$	-
Equity Securities:
	U.S. Large Cap (a)		116,277		116,084		193		-
	U.S. Small Cap (b)		28,726		28,726		-		-
	Foreign Large Cap (c )		53,311		53,311		-		-
	Foreign Mid Cap		222		222		-		-
	Foreign Index Funds (d)		24,612		2,219		22,393		-
	Balanced Funds (e)		10,472		-		10,472		-
Total Equities		$	233,620	$	200,562	$	33,058	$	-
Fixed Income Securities:
	U.S. Corporate Bonds (f)		19,472		-		19,472		-
	U.S. Government Bonds		700		700		-		-
	U.S. Fixed Income Mutual Fund (g)		59,791		59,791		-		-
	US Other Fixed Income (h)		23,062		23,062		-		-
	Foreign Government Bonds (i)		3,996		1,410		2,586		-
	Foreign Corporate Bonds (i)		4,306		1,745		2,561		-
	Foreign Government Index Funds (j)		1,616		-		1,616		-
	Foreign Corporate Bond Index Funds (j)		9,265		-		9,265		-
Total Fixed Income Securities		$	122,208	$	86,708	$	35,500	$	-
Alternative Investments:
	Insurance Contracts (k)		10,081		-		-		10,081
Total Alternative Investments		$	10,081	$	-	$	-	$	10,081
Real Estate:
	Foreign Real Estate (l)		612		-		-		612
Total Real Estate		$	612	$	-	$	-	$	612
Total Assets		$	383,149	$	289,202	$	83,254	$	10,693

The following table presents consolidated plan assets using the fair value hierarchy as of December 31, 2010:

				Quoted Prices
				in Active
				Markets for		Significant		Significant
				Identical		Observable		Unobservable
				Assets		Inputs		Inputs
Asset Category		Total		(Level 1)		(Level 2)		(Level 3)
Cash		$	7,354	$	989	$	6,365	$	-
Equity Securities:
	U.S. Large Cap (a)		120,865		120,475		390		-
	U.S. Small Cap (b)		28,048		28,048		-		-
	Foreign Large Cap (c )		60,355		60,355		-		-
	Foreign Mid Cap		116		116		-		-
	Foreign Index Funds (d)		26,062		68		25,994		-
	Balanced Funds (e)		5,432		-		5,432		-
Total Equities		$	240,878	$	209,062	$	31,816	$	-
Fixed Income Securities:
	U.S. Corporate Bonds (f)		18,120		-		18,120		-
	U.S Government Bonds		1,427		1,427		-		-
	U.S. Fixed Income Mutual Fund (g)		54,808		54,808		-		-
	U.S. Other Fixed Income (h)		21,658		-		21,658		-
	Foreign Government Bonds (i)		4,788		1,509		3,279		-
	Foreign Corporate Bonds (i)		3,215		1,494		1,721		-
	Foreign Government Index Funds (j)		1,449		-		1,449		-
	Foreign Corporate Bond Index Funds (j)		8,802		-		8,802		-
Total Fixed Income Securities		$	114,267	$	59,238	$	55,029	$	-
Alternative Investments:
	Insurance Contracts (k)		8,903		-		-		8,903
Total Alternative Investments		$	8,903	$	-	$	-	$	8,903
Real Estate:
	Foreign Real Estate (l)		797		-		-		797
Total Real Estate		$	797	$	-	$	-	$	797
Total Assets		$	372,199	$	269,289	$	93,210	$	9,700

• This category comprised of two growth and two value-oriented portfolios of U.S. securities benchmarked against the S&P 500 index. 2010 also includes a minor holding of a U.S. equity index fund in Switzerland.
• This category consists of a portfolio of U.S. securities benchmarked against the Russell 2000 index.
• This category consists of two international mutual funds benchmarked against the MSCI EAFE index.This category also includes individual foreign equity holdings in the CW Pension Plan.
• This category is comprised primarily of global equity index mutual funds associated with the U.K. based pension plans.
• This category consists of three balanced funds associated with the Canadian and U.K. based pension plans composed, in aggregate, of approximately 50% equities and 50% fixed income/cash.
• This category consists of a portfolio of domestic fixed income securities benchmarked against the Barclays Capital Aggregate Bond Index, with the majority of the portfolio comprised of corporate bonds.
• This category consists of an actively-managed bond mutual fund comprised of domestic investment-grade debt, fixed-income derivatives, and below investment-grade issues.
• This category consists of U.S.mortgage backed securities, asset backed securities, municipal bonds, and convertible debt.
• These categories consist of bond mutual funds for institutional investors associated with the CW Pension Plan as well as our Switzerland and U.K. based pension plans.
• These categories consist of bond index mutual funds for institutional investors in the U.K. aiming to capture the returns of the iBoxx and Non-Gilt indices for corporates and the FTSE A index for government bonds (gilts).
• This category consists of a guaranteed investment contract (GIC) in Switzerland. Amounts contributed to the plan are guaranteed by a foundation for occupational benefits that in turn entered into a group insurance contract and the foundation pays a guaranteed rate of interest that is reset annually.
• This category consists of real estate investment trusts in Switzerland.

Valuation

Equity securities and exchange-traded equity and bond mutual funds are valued using a market approach based on the quoted market prices of identical instruments. Pooled institutional funds are valued at their net asset values and are calculated by the sponsor of the fund.

Fixed income securities are primarily valued using a market approach utilizing various underlying pricing sources and methodologies. Real estate investment trusts are priced at net asset value based on valuations of the underlying real estate holdings using inputs such as discounted cash flows, independent appraisals, and market-based comparable data.

Cash balances in the United States are held in a pooled fund and classified as a Level 2 asset. Non-U.S. cash is valued using a market approach based on quoted market prices of identical instruments.

The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2011 and 2010:

		Insurance		Corporate		Real
		Contracts		Bonds		Estate		Total
December 31, 2009		$	8,162	$	482	$	1,066	$	9,710
Actual return on plan assets:
	Relating to assets still held at the reporting date		163		-		31		194
	Relating to assets sold during the period		-		12		-		12
Purchases, sales, and settlements			(290)		-		(365)		(655)
Transfers in and/or out of Level 3			-		(494)		-		(494)
Foreign currency translation adjustment			868		-		65		933
December 31, 2010		$	8,903	$	-	$	797	$	9,700
Actual return on plan assets:
	Relating to assets still held at the reporting date		188		-		33		221
	Relating to assets sold during the period		-		-		3		3
Purchases, sales, and settlements			1,092		-		(230)		862
Transfers in and/or out of Level 3			-		-		-		-
Foreign currency translation adjustment			(102)		-		9		(93)
December 31, 2011		$	10,081	$	-	$	612	$	10,693

Benefit Payments

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

		Pension		Postretirement
(In thousands)		Plans		Plans		Total
2012	$	38,138	$	1,604	$	39,742
2013		39,090		1,575		40,665
2014		42,081		1,579		43,660
2015		43,094		1,579		44,673
2016		44,291		1,567		45,858
2017 - 2021		244,713		7,797		252,510

Other Pension and Postretirement Plans

The Corporation offers all of its domestic employees the opportunity to participate in a defined contribution plan. Costs incurred by the Corporation in the administration and record keeping of the defined contribution plan are paid for by the Corporation and are not considered material.

In addition, the Corporation had foreign pension costs under various defined contribution plans of $3.7 million, $2.8million, and $2.6 million in 2011, 2010, and 2009, respectively.