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RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2011

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS

	December 31,
	2011			2010
Change in benefit obligations
Benefit obligations at beginning of year	$	851,948		$	777,521
Service cost		17,331			15,371
Interest cost		44,161			42,730
Plan participants' contributions		365			365
Actuarial loss		121,800			57,707
Benefits paid		(40,345	)		(38,839	)
Settlement/curtailment		(2,434	)		(4,553	)
Currency translation		(847	)		1,646

Benefit obligations at end of year		991,979			851,948
Change in plan assets
Fair value of plan assets at beginning of year		726,474			636,758
Actual return on plan assets		29,470			83,750
Employer contributions		33,994			44,766
Plan participants' contributions		365			365
Benefits paid		(37,960	)		(36,529	)
Settlement		(2,415	)		(4,355	)
Currency translation		(472	)		1,719

Fair value of plan assets at end of year		749,456			726,474
Funded status at end of year		(242,523	)		(125,474	)
Unrecognized net loss		408,474			281,431
Unrecognized prior service cost		(515	)		(843	)
Unrecognized transition assets, net		41			64

Net amount recognized	$	165,477		$	155,178

Amounts Recognized in Consolidated Balance Sheets

	December 31,

	2011			2010
Prepaid pensions	$	–		$	588
Accrued pension liability, current		(10,348	)		(4,068	)
Accrued pension liability, long-term		(232,175	)		(121,994	)
Accumulated other comprehensive loss, excluding tax effects		408,000			280,652

Net amount recognized in the balance sheets	$	165,477		$	155,178

Components of Pension Cost for Defined Benefit Plans

	Year Ended December 31,

	2011			2010			2009
Service cost	$	17,331		$	15,371		$	12,755
Interest cost		44,161			42,730			43,097
Expected return on plan assets		(57,405	)		(50,424	)		(43,802	)
Amortization of prior service cost		(62	)		(44	)		(23	)
Amortization of net loss		21,816			20,830			25,087
Settlement/curtailment (gain) loss		529			660			(2,340	)

Pension cost for defined benefit plans	$	26,370		$	29,123		$	34,774

Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

	December 31,

	2011		2010
U.S. pension plans
Projected benefit obligation	$	921,469	$	784,905
Accumulated benefit obligation		883,157		755,390
Fair value of plan assets		696,802		670,958
Non-U.S. pension plans
Projected benefit obligation	$	70,507	$	54,289
Accumulated benefit obligation		66,332		50,394
Fair value of plan assets		52,652		42,182

Benefits expected to be paid for the U.S. Plans

Estimated Payments

2012	$	49,085
2013		41,549
2014		42,834
2015		48,615
2016		46,130
2017 through 2021		260,371

Weighted average assumptions used to measure the benefit obligation for the Company's significant defined benefit plans

	December 31,

	2011			2010
Discount rate		4.2	%		5.3	%
Rate of increase in compensation		4.0	%		4.0	%

Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans

	December 31,

	2011			2010			2009
Discount rate		5.3	%		5.8	%		6.2	%
Rate of increase in compensation		4.0	%		4.0	%		4.0	%
Expected return on plan assets		7.9	%		7.9	%		8.2	%

Pension plans' assets by level within the fair value hierarchy

	Pension Plans' Assets at Fair Value as of December 31, 2011

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Corporate stock ⁽¹⁾	$	94,407	$	–	$	–	$	94,407
Cash and cash equivalents		1,582		–		–		1,582
Insurance company nonpooled separate account ⁽²⁾
Cash and cash equivalents		–		15,371		–		15,371
Corporate and other obligations		–		8,288		650		8,938
Common trusts and 103-12 investments ⁽³⁾		–		611,361		–		611,361
Private equity funds ⁽⁴⁾		–		–		17,797		17,797

Total assets at fair value	$	95,989	$	635,020	$	18,447	$	749,456

	Pension Plans' Assets at Fair Value as of December 31, 2010

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Corporate stock ⁽¹⁾	$	111,828	$	–	$	–	$	111,828
Cash and cash equivalents		2,440		–		–		2,440
Insurance company nonpooled separate account ⁽²⁾
Cash and cash equivalents		–		21,757		–		21,757
Corporate and other obligations		–		9,806		1,489		11,295
Common trusts and 103-12 investments ⁽³⁾		–		570,133		–		570,133
Private equity funds ⁽⁴⁾		–		–		9,021		9,021

Total assets at fair value	$	114,268	$	601,696	$	10,510	$	726,474

(1): This investment category includes publicly traded equity investments directly held by the plans. Investments are valued at the unadjusted quoted close prices reported on the reporting date.
(2): The insurance company nonpooled separate account is focused on capital preservation and invests in fixed-income securities and money market instruments. Account is composed of publically traded and privately held corporate bonds, money market and mortgage backed assets. Publically traded bonds, money market and mortgage backed securities are valued at the closing market price on the reporting date. Privately held bonds are valued at fair value as determined by the fund directors and general partners.
(3): Common trusts and 103-12 investments are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes, and money markets. Trusts are valued at the net asset value ("NAV") as determined by their custodian. NAV represent the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.
(4): Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.

Summary of changes in the fair value of the Level 3 pension plans' assets

	Insurance Company Nonpooled Separate Account			Private Equity Funds		Total

Balance at the beginning of year	$	1,489		$	9,021	$	10,510
Purchases, sales, issuances and settlements		(463	)		7,294		6,831
Realized and unrealized (losses) gains		(376	)		1,482		1,106

Balance at the end of year	$	650		$	17,797	$	18,447

The amount of total (losses) gains during the period attributable to the change in unrealized (losses) gains relating to Level 3 net assets still held at the reporting date	$	(264	)	$	1,407	$	1,143