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Benefit Plans and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2012
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,

 

 

 

2012

 

2011

 

Change in projected benefit obligation:

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

488,609

 

$

457,321

 

Service cost

 

9,175

 

7,832

 

Interest cost

 

22,021

 

22,684

 

Plan participants’ contributions

 

 

 

Plan amendments

 

271

 

 

Actuarial loss

 

66,617

 

27,642

 

Foreign exchange translation

 

4,604

 

(2,450

)

Benefits paid

 

(25,939

)

(24,420

)

Projected benefit obligation at end of year

 

565,358

 

488,609

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets at beginning of year

 

295,054

 

296,530

 

Actual return on plan assets

 

38,022

 

(2,001

)

Employer contributions

 

21,830

 

22,844

 

Foreign exchange translation

 

1,982

 

(2,131

)

Benefits paid

 

(22,465

)

(20,188

)

Fair value of plan assets at end of year

 

334,423

 

295,054

 

 

 

 

 

 

 

Funded status

 

$

(230,935

)

$

(193,555

)

Schedule of components of net pension expense

 

 

 

 

Year Ended December 31,

 

 

 

2012

 

2011

 

2010

 

Components of net pension expense:

 

 

 

 

 

 

 

Service cost

 

$

7,714

 

$

7,073

 

$

5,907

 

Interest cost

 

22,021

 

22,684

 

23,100

 

Expected return on plan assets

 

(24,951

)

(25,226

)

(28,016

)

Net amortization of actuarial losses

 

20,454

 

14,528

 

17,051

 

 

 

 

 

 

 

 

 

Net pension expense

 

$

25,238

 

$

19,059

 

$

18,042

 

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

 

 

 

2012

 

2011

 

2012

 

2011

 

Discount rate:

 

 

 

 

 

 

 

 

 

U.S. plans

 

3.75

%

4.45

%

3.45

%

4.25

%

International plans

 

3.97

%

4.97

%

n/a

 

n/a

 

Rate of compensation increase:

 

 

 

 

 

 

 

 

 

U.S. plans

 

3.00

%

3.00

%

n/a

 

n/a

 

International plans

 

2.57

%

2.83

%

n/a

 

n/a

 

 

 

 

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

 

 

 

Pension Benefits

 

Other Benefits

 

 

 

2012

 

2011

 

2010

 

2012

 

2011

 

2010

 

Discount rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. plans

 

4.45

%

5.20

%

5.75

%

4.25

%

4.85

%

5.40

%

International plans

 

4.97

%

5.26

%

5.46

%

n/a

 

n/a

 

n/a

 

Expected long-term return on assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. plans

 

8.00

%

8.25

%

8.25

%

n/a

 

n/a

 

n/a

 

International plans

 

5.66

%

6.30

%

6.63

%

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

 

2.83

%

2.97

%

2.96

%

n/a

 

n/a

 

n/a

 

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

 

 

 

 

Fair Value Measurements at December 31, 2012

 

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. equities – large cap

 

$

93,047

 

$

71,668

 

$

21,379

 

$

 

U.S. equities – small/mid cap and other

 

25,159

 

 

25,159

 

 

International equities – growth

 

42,057

 

42,057

 

 

 

International equities – other

 

47,972

 

5,276

 

42,696

 

 

 

 

208,235

 

119,001

 

89,234

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

U.S. fixed income securities – intermediate term

 

59,983

 

59,983

 

 

 

U.S. fixed income securities – high yield

 

22,409

 

 

22,409

 

 

International fixed income securities – other

 

40,923

 

 

40,923

 

 

 

 

123,315

 

59,983

 

63,332

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

2,873

 

2,873

 

 

 

Total

 

$

334,423

 

$

181,857

 

$

152,566

 

$

 

 

 

 

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. equities – large cap

 

$

80,651

 

$

80,651

 

$

 

$

 

U.S. equities – small/mid cap and other

 

22,579

 

 

22,579

 

 

International equities – growth

 

35,878

 

35,878

 

 

 

International equities – other

 

41,371

 

4,451

 

36,920

 

 

 

 

180,479

 

120,980

 

59,499

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

U.S. fixed income securities – intermediate term

 

54,398

 

54,398

 

 

 

U.S. fixed income securities – high yield

 

18,490

 

 

18,490

 

 

International fixed income securities – other

 

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

 

$

 

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

 

 

2013

 

$

23,010

 

2014

 

23,874

 

2015

 

25,002

 

2016

 

26,250

 

2017

 

27,243

 

2018-2022

 

153,825

 

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

 

 

 

 

December 31,

 

 

 

2012

 

2011

 

Change in benefit obligation:

 

 

 

 

 

Benefit obligation at beginning of year

 

$

16,698

 

$

19,095

 

Service cost

 

179

 

198

 

Interest cost

 

677

 

843

 

Paid benefits and expenses

 

(1,141

)

(1,139

)

Actuarial (gain) loss

 

(700

)

(2,299

)

 

 

 

 

 

 

Benefit obligation at end of year

 

$

15,713

 

$

16,698

 

Schedule of components of net pension expense

 

 

 

 

Year ended December 31,

 

 

 

2012

 

2011

 

2010

 

Components of net post-retirement benefit cost:

 

 

 

 

 

 

 

Service cost

 

$

179

 

$

198

 

$

165

 

Interest cost

 

677

 

843

 

786

 

Amortization of transition obligation

 

62

 

62

 

62

 

Net amortization of actuarial losses

 

965

 

1,291

 

882

 

 

 

 

 

 

 

 

 

Net postretirement benefit cost

 

$

1,883

 

$

2,394

 

$

1,895