Pensions and Other Benefits

3 Months Ended

Mar. 31, 2012

Pensions and Other Benefits [Abstract]

Pensions and Other Benefits

4. Pensions and Other Benefits

We sponsor defined benefit pension plans in various countries. The amount of contributions to the plans is based on several factors including the funding rules in each country. We also provide certain medical, dental and life insurance benefits ("Other Postretirement Benefits") for retired United States and Canadian employees that meet program qualifications. We currently fund this plan as claims are paid.

The components of net periodic benefit cost for the three months ended March 31, 2012 and 2011 are, as follows:

	Pension Plans				Other Postretirement Benefits
(in thousands)	2012		2011		2012		2011
Service cost	$849		$849		$268		$228
Interest cost	4,602		5,034		922		955
Expected return on plan assets	(4,168	)	(3,981	)	-		-
Amortization:
Transition obligation	19		22		-		-
Prior service cost/(credit)	9		9		(917	)	(917	)
Net actuarial loss	1,773		1,422		804		753
Settlement charge	9,175		-		-		-
Net periodic benefit costs	$12,259		$3,355		$1,077		$1,019

In the first quarter of 2012, the Company announced a plan to significantly reduce its pension plan liabilities by permanently settling certain pension obligations. In the first quarter of 2012, we recorded a settlement charge of $9.2 million related to the extinguishment of our pension plan liability in Sweden.