Retirement Benefits

9 Months Ended

Sep. 30, 2012

Retirement Benefits

Retirement Benefits

(9)Net periodic pension expense for the U.S. and non-U.S. defined benefit pension plans includes the following components:

	U.S. Pension Plan												Non-U.S. Pension Plans
	Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
(in thousands)	2012			2011			2012			2011			2012			2011			2012			2011
Service cost	$	1,489		$	8,960		$	4,468		$	26,880		$	1,921		$	1,542		$	5,815		$	5,992
Interest cost	8,323			9,191			24,970			27,575			8,070			8,537			24,518			25,676
Expected return on assets	(8,830		)	(10,155		)	(26,492		)	(30,467		)	(10,369		)	(10,760		)	(31,446		)	(32,106		)
Amortization of prior service cost	(28		)	(47		)	(85		)	(140		)	—			—			—			—
Recognized net actuarial loss	3,409			3,497			10,226			10,491			786			1,367			2,352			4,464
Gain on curtailment	—			(618		)	—			(618		)	—			—			—			—
Net periodic pension expense	$	4,363		$	10,828		$	13,087		$	33,721		$	408		$	686		$	1,239		$	4,026

The company currently expects to fund approximately $30 million to $60 million into its defined benefit pension plans during 2012, which is expected to be in excess of the minimum funding required. During the nine months ended September 30, 2012, contributions of approximately $7 million were made by the company.

The preceding information does not include amounts related to benefit plans applicable to employees associated with certain contracts with the U.S. Department of Energy because the company is not responsible for the current or future funded status of these plans.

In the first quarter of 2012, the company adopted FASB ASU 2011-09, “Disclosures about an Employer’s Participation in a Multiemployer Plan,” which amends ASC 715-80 by increasing the quantitative and qualitative disclosures an employer is required to provide about its participation in significant multiemployer plans that offer pension or other postretirement benefits. The objective of ASU 2011-09 is to enhance the transparency of disclosures about the significant multiemployer plans in which an employer participates, the level of the employer’s participation in those plans, the financial health of the plans and the nature of the employer’s commitments to the plans. The company was not required to make additional disclosures as a result of the adoption of ASU 2011-09.