Benefit Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2013

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 six months ended June 30, 2013 and 2012.

	Pension Benefits						Other Postretirement Benefits
	Three months ended June 30,
	2013			2012			2013		2012
Service cost	$	2,103		$	1,939		$	40	$	45
Interest cost	5,107			5,426			127		169
Expected return on plan assets	(6,071		)	(6,083		)	—		—
Amortization of transition obligation	(27		)	(27		)	—		16
Amortization of prior service cost	485			534			—		—
Amortization of net actuarial losses	5,897			4,555			193		242
Net pension expense	$	7,494		$	6,344		$	360	$	472

	Pension Benefits						Other Postretirement Benefits
	Six months ended June 30,
	2013			2012			2013		2012
Service cost	$	4,215		$	3,884		$	80	$	90
Interest cost	10,314			10,953			255		339
Expected return on plan assets	(12,274		)	(12,319		)	—		—
Amortization of transition obligation	(54		)	(54		)	—		31
Amortization of prior service cost	980			1,075			—		—
Amortization of net actuarial losses	11,802			9,108			385		483
Net pension expense	$	14,983		$	12,647		$	720	$	943

For the three and six months ended June 30, 2013, the Company made a cash contribution to the U.S. Plans of approximately $4,000 and estimates that, based on current actuarial calculations, it will make aggregate cash contributions to the Plans in 2013 of approximately $21,000, 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 certain 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 six months ended June 30, 2013 and 2012, the total matching contributions to these U.S. defined contribution plans were approximately $1,600 and $1,400, respectively.