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Benefit Plans and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2011
Pension Benefits
 
Defined Benefit Plan Disclosure  
Change in benefit obligation, fair value of plan assets and funded status of defined benefit pension plans

 

 

 

 

December 31,

 

 

 

2011

 

2010

 

Change in projected benefit obligation:

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

457,321

 

$

429,800

 

Service cost

 

7,832

 

7,542

 

Interest cost

 

22,684

 

23,100

 

Plan participants’ contributions

 

 

26

 

Plan amendments

 

 

5,452

 

Actuarial loss

 

27,642

 

17,675

 

Foreign exchange translation

 

(2,450

)

(3,947

)

Benefits paid

 

(24,420

)

(22,327

)

Projected benefit obligation at end of year

 

488,609

 

457,321

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets at beginning of year

 

296,530

 

268,177

 

Actual return on plan assets

 

(2,001

)

29,878

 

Employer contributions

 

22,844

 

17,267

 

Plan participants’ contributions

 

 

26

 

Foreign exchange translation

 

(2,131

)

636

 

Benefits paid

 

(20,188

)

(19,454

)

Fair value of plan assets at end of year

 

295,054

 

296,530

 

 

 

 

 

 

 

Funded status

 

$

(193,555

)

$

(160,791

)

Schedule of components of net pension expense

 

 

 

 

Year Ended December 31,

 

 

 

2011

 

2010

 

2009

 

Components of net pension expense:

 

 

 

 

 

 

 

Service cost

 

$

7,073

 

$

5,907

 

$

7,043

 

Interest cost

 

22,684

 

23,100

 

23,276

 

Expected return on plan assets

 

(25,226

)

(28,016

)

(25,026

)

Net amortization of actuarial losses

 

14,528

 

17,051

 

11,238

 

 

 

 

 

 

 

 

 

Net pension expense

 

$

19,059

 

$

18,042

 

$

16,531

 

Schedule of defined benefit plan weighted average assumptions used in calculating benefit obligation and net periodic benefit cost

 

 

 

Weighted-average assumptions used to determine
benefit obligations at December 31,

 

 

 

Pension Benefits

 

Other Benefits

 

 

 

2011

 

2010

 

2011

 

2010

 

Discount rate:

 

 

 

 

 

 

 

 

 

U.S. plans

 

4.45

%

5.20

%

4.25

%

4.85

%

International plans

 

4.97

%

5.26

%

n/a

 

n/a

 

Rate of compensation increase:

 

 

 

 

 

 

 

 

 

U.S. plans

 

3.00

%

3.00

%

n/a

 

n/a

 

International plans

 

2.83

%

2.97

%

n/a

 

n/a

 

 

 

 

Weighted-average assumptions used to determine net periodic
benefit cost for years ended December 31,

 

 

 

Pension Benefits

 

Other Benefits

 

 

 

2011

 

2010

 

2009

 

2011

 

2010

 

2009

 

Discount rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. plans

 

5.20

%

5.75

%

6.25

%

4.85

%

5.40

%

6.25

%

International plans

 

5.26

%

5.46

%

6.20

%

n/a

 

n/a

 

n/a

 

Expected long-term return on assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. plans

 

8.25

%

8.25

%

8.25

%

n/a

 

n/a

 

n/a

 

International plans

 

6.30

%

6.63

%

6.74

%

n/a

 

n/a

 

n/a

 

Rate of compensation increase:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. plans

 

3.00

%

3.00

%

3.00

%

n/a

 

n/a

 

n/a

 

International plans

 

2.97

%

2.96

%

2.43

%

n/a

 

n/a

 

n/a

 

Fair values of company's pension plan assets by asset category

 

 

 

 

Fair Value Measurements at December 31, 2011

 

Asset Category

 

Total

 

Quoted Prices in Active
Markets for Identical

Assets (Level 1)

 

Significant
Observable
Inputs
(Level 2)

 

Significant
Unobservable Inputs
(Level 3)

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

U.S. securities

 

$

103,229

 

$

80,651

 

$

22,578

 

$

 

International securities

 

77,250

 

40,329

 

36,921

 

 

 

 

180,479

 

120,980

 

59,499

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

U.S. securities

 

72,888

 

54,398

 

18,490

 

 

International securities

 

38,602

 

 

38,602

 

 

 

 

111,490

 

54,398

 

57,092

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

3,085

 

3,085

 

 

 

Total

 

$

295,054

 

$

178,463

 

$

116,591

 

$

 

 

 

 

Fair Value Measurements at December 31, 2010

 

Asset Category

 

Total

 

Quoted Prices in Active
Markets for Identical

Assets (Level 1)

 

Significant
Observable
Inputs
 (Level 2)

 

Significant
Unobservable Inputs
(Level 3)

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

U.S. securities

 

$

84,675

 

$

77,107

 

$

7,568

 

$

 

International securities

 

91,754

 

50,983

 

40,771

 

 

 

 

176,429

 

128,090

 

48,339

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

U.S. securities

 

75,165

 

56,707

 

18,458

 

 

International securities

 

31,531

 

 

31,531

 

 

 

 

106,696

 

56,707

 

49,989

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

13,405

 

13,405

 

 

 

Total

 

$

296,530

 

$

198,202

 

$

98,328

 

$

 

Benefit payments related to the pension plans, including amounts to be paid out of company assets and reflecting future expected service

 

 

2012

 

$

21,668

 

2013

 

22,435

 

2014

 

23,424

 

2015

 

24,569

 

2016

 

25,738

 

2017-2021

 

144,261

 

Other Postretirement Benefits
 
Defined Benefit Plan Disclosure  
Change in benefit obligation of postretirement plans

 

 

 

 

December 31,

 

 

 

2011

 

2010

 

Change in benefit obligation:

 

 

 

 

 

Benefit obligation at beginning of year

 

$

19,095

 

$

14,832

 

Service cost

 

198

 

165

 

Interest cost

 

843

 

786

 

Paid benefits and expenses

 

(1,139

)

(2,003

)

Actuarial (gain) loss

 

(2,299

)

5,315

 

 

 

 

 

 

 

Benefit obligation at end of year

 

$

16,698

 

$

19,095

 

Schedule of components of net pension expense

 

 

 

 

Year ended December 31,

 

 

 

2011

 

2010

 

2009

 

Components of net post-retirement benefit cost:

 

 

 

 

 

 

 

Service cost

 

$

198

 

$

165

 

$

160

 

Interest cost

 

843

 

786

 

836

 

Amortization of transition obligation

 

62

 

62

 

62

 

Net amortization of actuarial losses

 

1,291

 

882

 

773

 

 

 

 

 

 

 

 

 

Net postretirement benefit cost

 

$

2,394

 

$

1,895

 

$

1,831