Benefit Plans

12 Months Ended

Dec. 31, 2011

Benefit Plans [Abstract]

Benefit Plans

Note 16.  Benefit Plans

     Pension Plans and Other Postretirement Benefit Plans

     The Company and its subsidiaries have pension plans covering the majority of eligible employees on a contributory or non-contributory basis.

     Benefits under defined benefit plans are generally based on years of service and an employee's career earnings. Employees generally become fully vested after five years.

     The Company provides postretirement health care and life insurance benefits for the majority of its U.S. retired employees. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. The Company does not pre-fund these benefits and has the right to modify or terminate the plan in the future.

     The funded status of the Company's pension plans and other postretirement benefit plans at December 31, 2011 and 2010 is as follows:

     Obligations and Funded Status

	Pension Benefits						Post-retirement Benefits
Millions of Dollars		2011			2010			2011			2010
Change in benefit obligation
Benefit obligation at beginning of year	$	226.5		$	210.2		$	15.6		$	13.2
Service cost		7.0			6.6			0.7			0.7
Interest cost		11.6			11.5			0.6			0.8
Actuarial (gain) loss		40.5			10.9			(2.1	)		1.4
Benefits paid		(11.7	)		(11.4	)		(0.5	)		(0.5	)
Settlements		(1.5	)		--			--			--
Foreign exchange impact		(0.5	)		(1.7	)		--			--
Other		0.0			0.4			--			--
Benefit obligation at end of year	$	271.9		$	226.5		$	14.4		$	15.6

	Pension Benefits						Post-retirement Benefits
Millions of Dollars		2011			2010			2011			2010
Change in plan assets
Fair value of plan assets beginning of year	$	191.6		$	176.7		$	--		$	--
Actual return on plan assets		3.1			19.9			--			--
Employer contributions		6.1			8.0			0.5			0.5
Plan participants' contributions		0.4			0.4			--			--
Benefits paid		(11.7	)		(11.9	)		(0.5	)		(0.5	)
Settlements		(1.5	)		--	)		--			--
Foreign exchange impact		(0.5	)		(1.5			--			--
Fair value of plan assets at end of year	$	187.5		$	191.6		$	--		$	--
Funded status	$	(84.4	)	$	(34.9	)	$	(14.4	)	$	(15.6	)

    Amounts recognized in the consolidated balance sheet consist of:

	Pension Benefits						Post-retirement Benefits
Millions of Dollars		2011			2010			2011			2010
Non-current asset	$	--		$	0.1		$	--		$	--
Current liability		(0.4	)		(0.5	)		(1.2	)		(1.5	)
Non-current liability		(84.0	)		(34.5	)		(13.2	)		(14.1	)
Recognized liability	$	(84.4	)	$	(34.9	)	$	(14.4	)	$	(15.6	)

     The current portion of pension liabilities is included in accrued compensation and related items.

     Amounts recognized in accumulated other comprehensive income, net of related tax effects, consist of:

	Pension Benefits				Post-retirement Benefits
Millions of Dollars		2011		2010		2011			2010
Net actuarial loss	$	84.7	$	58.8	$	1.5		$	2.8
Prior service cost		2.9		3.8		(11.7	)		(13.6	)
Amount recognized end of year	$	87.6	$	62.6	$	(10.2	)	$	(10.8	)

     The accumulated benefit obligation for all defined benefit pension plans was $250.5 million and $206.0 million at December 31, 2011 and 2010, respectively.

     Changes in the Plan assets and benefit obligations recognized in other comprehensive income:

(Millions of Dollars)	Pension Benefits			Post Retirement Benefits
Current year actuarial gain (loss)	$	(31.5	)	$	1.2
Amortization of actuarial loss		5.6			0.1
Amortization of prior service credit(gain) loss		0.8			(1.9	)
Total recognized in other comprehensive income	$	(25.1	)	$	(0.6	)

     The components of net periodic benefit costs are as follows:

	Pension Benefits									Post-retirement Benefits
Millions of Dollars		2011			2010			2009			2011			2010			2009
Service cost	$	7.1		$	6.6		$	7.1		$	0.7		$	0.7		$	1.1
Interest cost		11.7			11.5			11.3			0.6			0.8			1.5
Expected return on plan assets		(13.8	)		(12.6	)		(12.5	)		--			--			--
Amortization of prior service cost		1.3			1.4			2.1			(3.1	)		(3.1	)		(1.6	)
Recognized net actuarial loss		8.6			8.4			7.3			0.1			0.4			0.2
Settlement /curtailment loss		0.5			--			9.4			--			--			--
Net periodic benefit cost	$	15.3		$	15.3		$	24.7		$	(1.6	)	$	(1.2	)	$	1.2

     Unrecognized prior service cost is amortized over the average remaining service period of each active employee.

     In 2009, as a result of the workforce reduction associated with the restructuring program and associated distribution of benefits, the Company recorded a pre-tax pension settlement charge of $9.4 million relating to lump-sum distributions to employees.

     The Company's funding policy for U.S. plans generally is to contribute annually into trust funds at a rate that provides for future plan benefits and maintains appropriate funded percentages.  Annual contributions to the U.S. qualified plans are at least sufficient to satisfy regulatory funding standards and are not more than the maximum amount deductible for income tax purposes. The funding policies for the international plans conform to local governmental and tax requirements. The plans' assets are invested primarily in stocks and bonds.

     The 2012 estimated amortization of amounts in other comprehensive income are as follows:

(Millions of Dollars)	Pension Benefits		Post Retirement Benefits
Amortization of prior service cost	$	1.2	$	(3.1	)
Amortization of net loss		12.7		0.1
Total costs to be recognized	$	13.9	$	(3.0	)

Additional Information

     The weighted average assumptions used to determine net periodic benefit cost in the accounting for the pension benefit plans and other benefit plans for the years ended December 31, 2011, 2010 and 2009 are as follows:

	2011		2010		2009
Discount rate	5.70	%	5.75	%	6.00	%
Expected return on plan assets	7.25	%	7.40	%	7.15	%
Rate of compensation increase	3.20	%	3.50	%	3.20	%

The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31, 2011, 2010 and 2009 are as follows:

	2011		2010		2009
Discount rate	4.30	%	5.70	%	5.70	%
Rate of compensation increase	3.10	%	3.20	%	3.20	%

     For 2011, 2010 and 2009, the discount rate was based on a Citigroup yield curve of high quality corporate bonds with cash flows matching our plans' expected benefit payments. The expected return on plan assets is based on our asset allocation mix and our historical return, taking into account current and expected market conditions. The actual return (loss) on pension assets was approximately 2% in 2011, 11% in 2010 and 7% in 2009.

     The Company maintains a self-funded health insurance plan for its retirees.  This plan provided that the maximum health care cost trend rate would be 5%.  Effective June 2009, the Company amended its plan to change the eligibility requirement for retirees and revised its plan so that increases in expected health care costs would be borne by the retiree.

Plan Assets

     The Company's pension plan weighted average asset allocation percentages at December 31, 2011 and 2010 by asset category are as follows:

Asset Category		2011		2010
Equity securities		56.5	%	55.1	%
Fixed income securities		40.8	%	42.6	%
Real estate		0.1	%	0.1	%
Other		2.6	%	2.2	%
	Total	100.0	%	100.0	%

     The Company's pension plan fair values at December 31, 2011 and 2010 by asset category are as follows:

Million of Dollars

Asset Category				2011		2010
Equity securities			$	106.1	$	105.6
Fixed income securities				76.4		81.6
Real estate				0.2		0.2
Other				4.8		4.2
	Total	$		187.5	$	191.6

     The following table presents domestic and foreign pension plan assets information at December 31, 2011, 2010 and 2009 (the measurement date of pension plan assets):

	U.S. Plans						International Plans
Millions of Dollars		2011		2010		2009		2011		2010		2009
Fair value of plan assets	$	132.2	$	138.1	$	126.4	$	55.3	$	53.5	$	50.3

The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2011:

Millions of Dollars	Pension Assets at Fair Value as of December 31, 2011
Asset Class		Quoted Prices In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total
		(Level 1)		(Level 2)		(Level 3)
Equity Securities
US equities	$	72.5		--		--	$	72.5
Non-US equities		33.6		--		--		33.6
Fixed Income Securities
Corporate debt instruments		59.5		16.9		--		76.4
Real estate and otherReal estate and other
Real estate		--		--		0.2		0.2
Other		0.2		--		4.6		4.8
Total Assets	$	165.8	$	16.9	$	4.8	$	187.5

U.S. equities-This class included actively and passively managed common equity securities comprised primarily of large-capitalization stocks with value, core and growth strategies.

Non-U.S. equities-This class included actively managed common equity securities comprised primarily of international large-capitalization stocks.

Fixed income-Thisclass included debt instruments issued by the US Treasury, and corporate debt instruments.

The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2010:

Millions of Dollars	Pension Assets at Fair Value as of December 31, 2010
Asset Class		Quoted Prices In Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total
		(Level 1)		(Level 2)		(Level 3)
Equity Securities
US equities	$	79.9		--		--	$	79.9
Non-US equities		25.7		--		--		25.7
Fixed Income Securities
Government treasuries		--		--		--		--
Corporate debt instruments		57.8		23.8		--		81.6
Real estate and otherReal estate and other
Real estate		--		--		0.2		0.2
Other		--		--		4.2		4.2
Total Assets	$	163.4	$	23.8	$	4.4	$	191.6

     Contributions

     The Company expects to contribute $12 million to its pension plans and $1.2 million to its other postretirement benefit plan in 2012.

     Estimated Future Benefit Payments

     The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

Millions of Dollars		Pension Benefits		Other  Benefits
2012	$	10.8	$	1.2
2013	$	13.0	$	1.1
2014	$	14.4	$	1.0
2015	$	15.6	$	1.0
2016	$	16.5	$	1.0
2017-2021                                           $	$	93.9	$	5.6

Investment Strategies

     The investment strategy for pension plan assets is to maintain a broadly diversified portfolio designed to both preserve and grow plan assets to meet future plan obligations. The Company's average rate of return on assets from inception through December 31, 2011 was over 9%.  The Company's assets are strategically allocated among equity, debt and other investments to achieve a diversification level that dampens fluctuations in investment returns.  The Company's long-term investment strategy is an investment portfolio mix of approximately 65% in equity securities and 35% in fixed income securities.  As of December 31, 2011, the Company had approximately 60% of its pension assets in equity securities and 40% in fixed income securities.

     Savings and Investment Plans

     The Company maintains a voluntary Savings and Investment Plan (a 401K plan) for most non-union employees in the U.S.  Within prescribed limits, the Company bases its contribution to the Plan on employee contributions. The Company's contributions amounted to $2.7 million, $2.7 million and $2.7 million for the years ended December 31, 2011, 2010 and 2009, respectively.