Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2011

Obligations and funding status of benefit plan

The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with the Company significant defined benefit and other postretirement plans at December 31, 2011 and 2010.

	Qualified Defined Benefits												Non-Qualified
	U.S. Plan						Non-U.S. Plans						Supplemental Benefits						Post-Retirement Benefits
	2011			2010			2011			2010			2011			2010			2011			2010
Change in benefit obligation
Benefit obligation at beginning of year	$	416,755		$	380,096		$	164,288		$	161,110		$	127,035		$	127,355		$	14,508		$	15,329
Benefits earned during the year		14,167			11,272			3,278			3,415			4,064			4,241			206			279
Interest cost		27,237			22,531			9,019			8,043			7,841			7,677			723			837
Plan participants' contributions		-			-			815			809			-			-			1,364			2,094
Benefits paid		(50,142	)		(24,002	)		(7,012	)		(6,416	)		(12,726	)		(18,471	)		(2,865	)		(3,576	)
Actuarial loss (gain)		40,020			26,081			10,481			(464	)		23,016			4,885			1,368			(455	)
Business acquisitions/divestitures		79,970			-			7,592			-			18,000			-			-			-
Amendments		258			777			-			1,004			2,673			1,348			-			-
Settlements and curtailments		(1,628	)		-			-			(1,697	)		-			-			(207	)		-
Currency translation and other		123			-			(3,451	)		(1,516	)		-			-			256			-
Benefit obligation at end of year		526,760			416,755			185,010			164,288			169,903			127,035			15,353			14,508

Change in Plan Assets
Fair value of plan assets at beginning of year		409,783			360,168			121,815			107,473			-			-			-			-
Actual return on plan assets		47,307			43,617			452			11,588			-			-			-			-
Company contributions		42,000			30,000			7,275			8,163			12,726			18,471			1,566			1,567
Employee contributions					-			815			809			-			-			1,364			2,094
Benefits paid		(50,142	)		(24,002	)		(7,012	)		(6,416	)		(12,726	)		(18,471	)		(2,930	)		(3,661	)
Business acquisitions/divestitures		66,243			-			-			-			-			-			-			-
Settlements and curtailments		-			-			-			(503	)		-			-			-			-
Currency translation		-			-			(1,538	)		701			-			-			-			-
Fair value of plan assets at end of year		515,191			409,783			121,807			121,815			-			-			-			-
Funded status	$	(11,569	)	$	(6,972	)	$	(63,203	)	$	(42,473	)	$	(169,903	)	$	(127,035	)	$	(15,353	)	$	(14,508	)

Amounts recognized in the Balance Sheets consist of:
Assets and Liabilities:
Other assets and deferred charges	$	-		$	-		$	2,052		$	5,930		$	-		$	-		$	-		$	-
Accrued compensation and employee benefits		-			-			(1,293	)		(1,343	)		(18,913	)		(17,670	)		(1,079	)		(1,036	)
Other deferrals (principally compensation)		(11,569	)		(6,972	)		(63,962	)		(47,060	)		(150,990	)		(109,365	)		(14,274	)		(13,472	)
Total Assets and Liabilites		(11,569	)		(6,972	)		(63,203	)		(42,473	)		(169,903	)		(127,035	)		(15,353	)		(14,508	)

Net actuarial losses (gains)	$	182,143		$	160,922		$	22,892		$	7,683		$	12,857			(10,159	)	$	(1,284	)		(2,917	)
Prior service cost (credit)		4,819			7,046			1,377			1,501			46,852			51,445			(1,922	)		(2,262	)
Net asset at transition, other		-			-			(112	)		(155	)		-			-			-			-
Deferred taxes		(65,437	)		(58,788	)		(5,474	)		(1,057	)		(20,899	)		(14,451	)		1,063			1,754
Total Accumulated Other Comprehensive Loss (Earnings), net of tax		121,525			109,180			18,683			7,972			38,810			26,835			(2,143	)		(3,425	)
Net amount recognized at December 31,	$	109,956		$	102,208		$	(44,520	)	$	(34,501	)	$	(131,093	)	$	(100,200	)	$	(17,496	)	$	(17,933	)

Accumulated benefit obligations	$	478,561		$	378,510		$	166,853		$	153,916		$	126,417		$	95,771

Schedule of accumulated and projected benefit obligations

Pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2011 and 2010:

	2011	2010
Projected benefit obligation (PBO)	$317,223	$241,923
Accumulated benefit obligation (ABO)	259,850	201,617
Fair value of plan assets	82,654	66,485

Net periodic benefit cost

Net Periodic Benefit Cost

Components of the net periodic benefit cost were as follows:

	Qualified Defined Benefits
	U.S. Plan									Non-U.S. Plans									Non-Qualified Supplemental Benefits							Post-Retirement Benefits
	2011			2010			2009			2011			2010			2009			2011		2010		2009			2011			2010			2009
Service Cost	$	14,167		$	11,272		$	10,959		$	3,278		$	3,415		$	3,012		$	4,064	$	4,241	$	6,188		$	206		$	279		$	314
Interest Cost		27,237			22,531			21,555			9,019			8,043			7,381			7,841		7,677		8,688			723			837			959
Expected return on plan assets		(38,472	)		(31,912	)		(28,998	)		(8,148	)		(6,377	)		(5,614	)		-		-		-			-			-			-
Amortization of:
Prior service cost (income)		1,304			1,303			1,258			122			62			34			7,266		7,266		7,706			(409	)		(409	)		(172	)
Transition obligation		-			-			-			(44	)		(42	)		(43	)		-		-		-			-			-			-
Recognized actuarial (gain) loss		8,335			5,082			4,913			254			392			303			-		-		-			(241	)		(398	)		(426	)
Settlement and curtailment gain (loss)		1,180			-			-			2,030			(347	)		(795	)		-		-		(1	)		(137	)		-			-
Other		123			-			-			-			-			-			-		-		-			256			-			-
Total net periodic benefit cost	$	13,874		$	8,276		$	9,687		$	6,511		$	5,146		$	4,278		$	19,171	$	19,184	$	22,581		$	398		$	309		$	675

Amounts to be amortized from Accumulated Other Comprehensive Earnings (Loss)

Amounts expected to be amortized from Accumulated Other Comprehensive Earnings (Loss) into net periodic benefit cost during 2012 are as follows:

		Qualified Defined Benefits				Non-Qualified Supplemental Benefits		Post-Retirement
		U.S. Plan		Non-U.S. Plans		Non-Qualified Supplemental Benefits		Post-Retirement
Amortization of:
Prior service cost (income)	$	1,048	$	119	$	7,425	$	(409)
Transition obligation		-		(46)		-		-
Recognized actuarial loss (gain)		13,515		597		138		(173)
Total	$	$14,563	$	$670		$7,563		$(582)

Weighted-average assumptions used in benefit obligations

The weighted-average assumptions used in determining the benefit obligations were as follows:

	Qualified Defined Benefits				Non-Qualified		Post-Retirement Benefits
	U.S. Plan		Non-U.S. Plans		Supplemental Benefits		Post-Retirement Benefits
	2011	2010	2011	2010	2011	2010	2011	2010
Discount rate	4.85%	5.50%	4.62%	5.04%	4.77%	5.50%	4.45%	5.10%
Average wage increase	4.00%	4.50%	3.43%	3.73%	4.50%	4.50%	na	na
Ultimate medical trend rate	-	-	-	-	-	-	5.00%	5.00%

Weighted-average assumptions used calculating net periodic cost

The weighted average assumptions used in determining the net periodic cost were as follows:

	Qualified Defined Benefits						Non- Qualified Supplemental Benefits
	U.S. Plan			Non-U.S. Plans			Non- Qualified Supplemental Benefits			Post-Retirement Benefits
	2011	2010	2009	2011	2010	2009	2011	2010	2009	2011	2010	2009
Discount rate	5.50%	5.95%	6.10%	5.04%	5.15%	5.45%	5.50%	5.95%	6.10%	5.10%	5.50%	6.00%
Average wage increase	4.50%	4.50%	4.50%	3.73%	3.68%	3.72%	4.50%	4.50%	6.00%	na	na	na
Expected return on plan assets	7.75%	7.75%	7.75%	6.45%	6.10%	6.51%	-	-	-	-	-	-

Weighted-average asset allocation for U.S. Corporate Pension Plan

The Company's actual and target weighted-average asset allocation for our U.S. Corporate Pension Plan was as follows:

	December 2011	December 2010	Current Target
Equity - domestic	39%	40%	35%
Equity - international	19%	22%	22%
Fixed income - domestic	36%	32%	35%
Real estate and other	6%	6%	8%
Total	100%	100%	100%

Changes in plan assets, significant unobservable inputs

The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2011 due to the following:

	Level 3 Investments
Balance at December 31, 2009	$	26,120
Realized losses		(26	)
Unrealized gains		2,444
Purchases, sales, issuances and settlements, net		1,867
Balance at December 31, 2010	$	30,405
Realized gains		(3	)
Unrealized gains		2,348
Purchases, sales, issuances and settlements, net		5,345
Balance at December 31, 2011	$	38,095

Estimated future benefit payments

Benefit Payments

Estimated future benefit payments to retirees, which reflect expected future service, are as follows:

		Qualified Defined Benefits				Non-Qualified Supplemental Benefits		Post-Retirement Benefits
		U.S. Plan		Non-U.S. Plans		Non-Qualified Supplemental Benefits		Post-Retirement Benefits
2012	$	46,340	$	4,382	$	18,913	$	$1,079
2013		34,628		4,585		11,901		1,078
2014		35,044		4,780		7,417		1,073
2015		35,398		5,847		33,329		1,085
2016		35,102		5,834		12,905		1,070
2017-2021		193,191		38,543		73,184		4,546

Fair value of plan assets

The fair values of both U.S. and non-U.S. pension plan assets by asset category within the ASC 820 hierarchy (as defined in Note 9) are as follows at December 31, 2011 and 2010:

	U.S. Plan
	At December 31, 2011								At December 31, 2010
	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Asset category:
Common stocks:
U.S. companies	$	153,816	$	-	$	-	$	153,816	$	126,567	$	-	$	-	$	126,567
Non-U.S. companies		3,065		-		-		3,065		5,381		-		-		5,381
Fixed income investments:
Corporate bonds		-		55,716		-		55,716		-		41,254		-		41,254
Private placements		-		3,791		-		3,791		-		3,085		-		3,085
Government securities		9,268		115,873		-		125,141		6,070		77,691		-		83,761
Common stock funds:
Mutual funds		38,476		-		-		38,476		32,533		-		-		32,533
Collective trusts		-		94,396		-		94,396		-		89,093		-		89,093
Real estate funds		-		-		26,481		26,481		-		-		23,056		23,056
Other		-		-		4,561		4,561		-		-		-		-
Cash and equivalents		9,748		-		-		9,748		5,053		-		-		5,053
	$	214,373	$	269,776	$	31,042	$	515,191	$	175,604	$	211,123	$	23,056	$	409,783

	Non-U.S. Plans
	At December 31, 2011								At December 31, 2010
	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Asset category:
Common stocks	$	23,450	$	-	$	-	$	23,450	$	28,265	$	-	$	-	$	28,265
Fixed income investments		-		36,629		-		36,629		-		38,221		-		38,221
Common stock funds		-		49,680		-		49,680		-		41,596		-		41,596
Real estate funds		-		-		7,053		7,053		-		-		7,349		7,349
Cash and equivalents		2,258		-		-		2,258		5,098		-		-		5,098
Other		-		2,737		-		2,737		-		1,286		-		1,286
	$	25,708	$	89,046	$	7,053	$	121,807	$	33,363	$	81,103	$	7,349	$	121,815