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Pensions and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2011
Pensions and Other Postretirement Benefit Plans [Abstract]  
Schedule of Plan Benefit Obligations
  As of December 31, 2011   As of December 31, 2010
(in thousands) Pension plans Other postretirement benefits   Pension plans Other postretirement benefits
           
Benefit obligation, beginning of year $374,115 $72,137   $353,971 $73,208
  Service cost   3,117   931     3,572   910
  Interest cost 19,958 3,869   19,645 4,054
  Plan participants' contributions 387   -   378   607
  Actuarial loss/(gain) 39,712 6,977   26,013 2,539
  Curtailments -   -   (1,619)   (1,921)
  Benefits paid   (26,598)   (5,823)     (23,797)   (7,260)
  Settlements   (891)   -   (5,722)   -
  Special / Contractual Termination Benefits 233   -   -  
  Plan amendments -   -   346   -
  Other  -   945    -  
  Removal of defined contribution component -   -   (1,710)   -
  Foreign currency changes (4,153) (27)     3,038   -
Benefit obligation, end of year $405,880 $79,009   $374,115 $72,137
           
Accumulated benefit obligation $391,457   -   $356,691   -
           
Weighted average assumptions used to          
determine benefit obligations, end of year:          
  Discount rate - U.S. plan 4.82% 4.85%   5.59% 5.55%
  Discount rate - non-U.S. plans 4.48% -   5.27% -
  Compensation increase - U.S. plan - 3.00%   - 3.00%
  Compensation increase - non-U.S. plans 3.19% 3.00%   3.47% 3.00%
Schedule of Plan Assets

The following sets forth information about plan assets:

  As of December 31, 2011   As of December 31, 2010
(in thousands) Pension plans Other postretirement benefits   Pension plans Other postretirement benefits
           
Fair value of plan assets, beginning of year $262,376 $            -   $247,072 $            -
  Actual return on plan assets, net of expenses 34,176 -   21,936 -
  Employer contributions 37,174   5,823   22,075   6,653
  Plan participants' contributions    387   1,319   378 607
  Benefits paid   (26,562) (7,142)     (23,956) (7,260)
  Settlements   (891) -   (5,722) -
  Removal of defined contribution component - -   (1,710) -
  Foreign currency changes (2,002) -     2,303 -
Fair value of plan assets, end of year $304,658 $            -   $262,376 $            -
Schedule of Funded Status of Plans

The funded status of the plans, reconciled to the amount on the Consolidated Balance Sheet, was as follows:

  As of December 31, 2011 As of December 31, 2010
(in thousands) Pension plans Other postretirement benefits Pension plans Other postretirement benefits
         
Fair value of plan assets $304,658  $            - $262,376  $            -
Benefit obligation   405,880    79,009   374,115 72,137
Funded status ($101,222) ($79,009) ($111,739) ($72,137)
         
Accrued benefit cost, end of year ($101,222) ($79,009) ($111,739) ($72,137)
         
Amounts recognized in the statement of financial position consist of the following:        
Noncurrent asset $7,779  $            - $           715  $            -
Current liability   (3,576)   (5,949)   (3,764)   (6,223)
Noncurrent liability (105,425)   (73,060) (108,690)   (65,914)
Net amount recognized ($101,222) ($79,009) ($111,739) ($72,137)
         
Amounts recognized in accumulated other comprehensive income consist of:        
Net actuarial loss $164,246 $54,835 $150,062 $50,884
Prior service cost/(credit)   432   (43,995)   480   (47,662)
Transition obligation   138   -   240  -
Net amount recognized $164,816 $10,840 $150,782 $3,222
Schedule of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit plan cost for the years ended December 31, 2011, 2010, and 2009, was as follows:

  Pension plans   Other postretirement benefits
(in thousands) 2011 2010 2009   2011 2010 2009
               
Components of net periodic benefit cost:              
Service cost $3,117 $3,572 $3,574   $931 $910 $1,126
Interest cost 19,958   19,644   18,448   3,869   4,054   3,820
Other adjustments   - - -     945 - -
Expected return on assets (15,858) (15,127) (20,754)     - - -
Amortization of prior service cost/(credit) 37 16 102     (3,666) (3,666) (4,327)
Amortization of transition obligation 83 94 88     - - -
Amortization of net actuarial loss 5,672   4,738   2,085   3,022   2,923   2,780
Settlement 327 839 368     - - -
Curtailment (gain)/loss   -    34   (541)     - (1,921) (6,452)
Special / contractual termination benefits 233 - -     - - -
Net periodic benefit cost $13,569 $13,810 $3,370   $5,101 $2,300 ($3,053)
               
Weighted average assumptions used to determine net cost:              
Discount rate - U.S. plan 5.59% 5.80% 6.25%   5.55% 5.70% 6.10%
Discount rate - non -U.S. plan 5.29% 5.84% 5.81%     - - -
Expected return on plan assets - U.S. plans 5.80% 6.10% 8.50%     - - -
Expected return on plan assets - non-U.S. plans 6.80% 6.91% 6.91%     - - -
Rate of compensation increase - U.S. plan - - -   3.00% 3.00% 3.00%
Rate of compensation increase -  non-U.S. plans 3.47% 3.42% 3.24%     - - -
Health care cost trend rate (U.S. and non-U.S. plans):              
Initial rate   - - -     - - -
Ultimate rate   - - -     - - -
Years to ultimate   -    - -     - - -
Schedule of Other Changes Recognized in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income during 2011 were as follows:

      Other
  Pension   postretirement
(in thousands) plan   benefits
       
Settlements $ (327)    $            -
Exchange rate effect              (1,204)                            -
Current year actuarial loss             39,713                     6,977
Asset loss (gain)            (18,355)                            -
Amortization of actuarial (loss)              (5,672)                    (3,022)
Amortization of prior service (cost)/credit                  (37)                     3,666
Amortization of transition (obligation)                  (83)                            -
Currency impact                      -                          (3)
Total recognized in other comprehensive income $14,035   $7,618
       
Total recognized in net periodic benefit cost and other comprehensive income $27,604   $12,719
Schedule of Amounts That Will Be Amortized from Accumulated Other Comprehensive Income

The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2012 are as follows:

      Total
  Total   postretirement
(in thousands) pension   benefits
Actuarial loss $7,092   $3,215
Prior service cost/(benefit)                35               (3,666)
Transition obligation                74                       -
Total $7,201   ($451)
Schedule of Fair Value of Plan Assets

The following tables present plan assets as of December 31, 2011 and 2010, using the fair-value hierarchy, which has three levels based on the reliability of inputs used, as described in Note 13:

    Total fair   Quoted prices   Significant other   Significant
    value at   in active   observable   unobservable
     December 31,    markets     inputs    inputs
(in thousands)   2011   (Level 1)   (Level 2)   (Level 3)
Common stocks   $48,993   $48,993   $ -      $ -
Debt securities     243,839   -     243,839   -
Insurance contracts     2,361   -      -     2,361
Limited partnerships     8,676   -   -     8,676
Hedge funds   557   -      -   557
Cash and short-term investments   232   232   -   -
Total plan assets   $304,658   $49,225   $243,839   $11,594

 

 

    Total fair   Quoted prices   Significant other   Significant
    value at   in active   observable   unobservable
    December 31,      markets    inputs    inputs
(in thousands)   2010   (Level 1)   (Level 2)   (Level 3)
Common stocks   $44,181   $44,181                                   $ -                       $ -
Debt securities                   190,170                              -                         190,170                              -
Insurance contracts                       2,050                              -                                    -                       2,050
Limited partnerships                       9,115                              -                                    -                       9,115
Hedge funds                     10,699                              -                                    -                     10,699
Cash and short-term investments                       6,161                       6,161                                    -                              -
Total plan assets   $262,376   $50,342   $190,170   $21,864
Reconciliation of Level 3 Assets

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2011 and 2010:

(in thousands) December 31,
2010		  Net realized (losses)/ gains  Net unrealized gains/(losses) Net purchases, issuances and settlements  Net transfers
(out of) Level 3		 December 31, 2011
Insurance contracts $2,050  $  - $311  $  -  $ - $2,361
Limited partnerships 9,115 107 235 - (781)   8,676
Hedge funds 10,699 (19) (132) - (9,991) 557
Total $21,864 $88 $414 $0 ($10,772) $11,594
             

 

(in thousands) December 31,
2009		 Net realized
(losses)/gains		 Net unrealized
gains/(losses)  		 Net purchases,
issuances
and settlements		  Net transfers
(out of) Level 3		 December 31,
2010 
Insurance contracts $1,549  $ (25) $203 $426 ($103) $2,050
Limited partnerships 9,066 (2) 1,247 - (1,196) 9,115
Hedge funds 19,594 1,194 928 - (11,017) 10,699
Total $30,209 $1,167 $2,378 $426 ($12,316) $21,864
Schedule of Asset Allocation

The asset allocation for the Company's U.S. and non-U.S. pension plans for 2011 and 2010, and the target allocation for 2012, by asset category, are as follows:

  United States Plan   Non-U.S. Plans
  Target   Percentage of plan assets   Target   Percentage of plan assets 
  Allocation   at plan measurement date   Allocation   at plan measurement date 
Asset category 2012   2011   2010   2012   2011   2010
                                               
Equity securities   -         -         -         51 %     49 %     51 %
Debt securities   100 %     92 %     86 %     43 %     45 %     46 %
Real estate   -         2 %     3 %     3 %     3 %     -    
Cash   -         3 %     3 %     -         -         -    
Other  (1)   -         3 %     8 %     3 %     3 %     3 %
    100 %     100 %     100 %     100 %     100 %     100 %

 

(1)   Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.
Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets and for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

At the end of 2011 and 2010, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation in excess of plan assets and for pension plans with an accumulated benefit obligation in excess of plan assets were as follows:

  Projected and accumulated benefit obligation
  exceeds plan assets
(in thousands) 2011   2010
Projected benefit obligation $376,595   $341,870
Accumulated benefit obligation   363,228     325,602
Fair value of plan assets   267,594     227,784
Schedule of Expected Cash Flows

Information about expected cash flows for the pension and other benefit obligations are as follows:

(in thousands) Pension plans Other postretirement benefits
Expected employer contributions in the next fiscal year $37,144 $5,949
     
Expected benefit payments    
2012 $23,160 $5,949
2013 24,087 5,765
2014 23,551 5,577
2015 23,656 5,354
2016 24,094 5,174
2017-2021 123,344 24,195