Benefit Plans and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2012

Benefit Plans and Other Postretirement Benefits

Benefit Plans and Other Postretirement Benefits

Note 10—Benefit Plans and Other Postretirement Benefits

The Company and certain of its domestic subsidiaries have two defined benefit pension plans (the “U.S. Plans”), which cover its U.S. employees and which represent the majority of the assets and benefit obligations of the aggregate defined benefit plans of the Company. The U.S. Plans’ benefits are generally based on years of service and compensation and are generally noncontributory.  Certain U.S. employees not covered by the U.S. Plans are covered by defined contribution plans.  Certain foreign subsidiaries have defined benefit plans covering their employees (the “International Plans” and, together with the U.S. Plans, the “Plans”). The following is a summary, based on the most recent actuarial valuations of the Company’s net cost for pension benefits, of the Plans and other postretirement benefits for the three and nine months ended September 30, 2012 and 2011.

	Pension Benefits						Other Postretirement Benefits
	Three months ended September 30,
	2012			2011			2012		2011
Service cost	$	1,911		$	2,183		$	45	$	50
Interest cost	5,387			6,182			169		212
Expected return on plan assets	(6,089		)	(7,399		)	—		—
Amortization of transition obligation	(27		)	(28		)	16		16
Amortization of prior service cost	535			676			—		—
Amortization of net actuarial losses	4,484			3,209			242		325
Net pension expense	$	6,201		$	4,823		$	472	$	603

	Pension Benefits						Other Postretirement Benefits
	Nine months ended September 30,
	2012			2011			2012		2011
Service cost	$	5,795		$	5,150		$	134	$	150
Interest cost	16,340			16,573			508		636
Expected return on plan assets	(18,408		)	(17,852		)	—		—
Amortization of transition obligation	(81		)	(84		)	47		47
Amortization of prior service cost	1,610			1,666			—		—
Amortization of net actuarial losses	13,592			9,099			725		976
Net pension expense	$	18,848		$	14,552		$	1,414	$	1,809

For the three and nine months ended September 30, 2012, the Company made cash contributions to the U.S. Plans of $5,600 and $18,500, respectively, and estimates that, based on current actuarial calculations, it will make aggregate cash contributions to the Plans in 2012 of approximately $23,000, the majority of which will be to the U.S. Plans.  The timing and amount of cash contributions in subsequent years will depend on a number of factors, including the investment performance of the Plan assets.

The Company offers various defined contribution plans for U.S. and foreign employees. Participation in these plans is based on certain eligibility requirements. The Company matches the majority of employee contributions to U.S. defined contribution plans with cash contributions up to a maximum of 5% of eligible compensation.  During the nine months ended September 30, 2012 and 2011, the total matching contributions to these U.S. defined contribution plans were approximately $2,100 and $1,900, respectively.