XML 50 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Pension And Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2011
Pension And Postretirement Benefits [Abstract]  
Summary Of Benefit Obligations, Fair Value Of Plan Assets And Funded Status
    Pension Benefits         Postretirement
Benefits
 
(in thousands) December 31,   2011     2010          2011     2010  

Change in benefit obligation:

             

Beginning of year

    $674,136         $ 641,033           $ 13,108         $ 15,025      

Service cost

    11,710        10,883          121        114   

Interest cost

    38,163        36,301          588        745   

Plan participants' contributions

    1,389        1,328                   

Amendments

    177                        (1,598

Actuarial loss

    96,558        18,231          129        536   

Settlement

    (123     (10,919                

Benefits paid

    (31,911     (32,508       (1,374     (1,735

Foreign currency exchange impact

    (2,777     (8,974       (10     21   

Acquisition/divestitures/curtailment

           18,761                   

Adjustment for expenses/tax contained in service cost

    (730                           

Benefit obligation at end of year

  $ 786,592      $ 674,136          $ 12,562      $ 13,108   

Change in plan assets:

             

Fair value of plan assets at beginning of year

  $ 661,319      $ 566,882           

Actual return on plan assets

    3,192        75,823           

Foreign currency exchange impact

    (2,059     (5,977        

Employer contributions

    47,495        42,439           

Acquisition/transferred asset

    (1,056     24,251           

Plan participants' contributions

    1,389        1,328           

Settlement

    (119     (10,919        

Benefits paid

    (31,911     (32,508                    

Fair value of plan assets at end of year

  $ 678,250      $ 661,319          $      $   

Funded status

  $ (108,342   $ (12,817       $ (12,562   $ (13,108
Schedule Of Amounts Recognized In Consolidated Balance Sheets
    Pension Benefits         Postretirement Benefits  
(in thousands)
December 31,
  2011     2010          2011     2010  

Other assets

  $ 59,891         $ 74,477           $         $      

Current liabilities

    (1,169     (640       (1,248     (1,438

Accrued pension and postretirement benefits

    (167,068     (86,654         (11,314     (11,670
    $ (108,346   $ (12,817       $ (12,562   $ (13,108
Schedule Of Amounts Recognized In Accumulated Other Comprehensive (Income) Loss
    Pension Benefits         Postretirement Benefits  
(in thousands)
December 31,
  2011     2010          2011     2010  

Net actuarial loss (gain)

  $ 239,624         $ 103,548           $ (1,518 )        $ (1,756 )     

Prior service cost (credit)

    1,036        1,287          (1,362     (1,598

Transition asset

    (3     (5                  
    $ 240,657      $ 104,830          $ (2,880   $ (3,354
Schedule Of Accumulated And Projected Benefit Obligations
    Pension Obligations/Assets  
    U.S.         Non-U.S.         Total  
(in millions)
December 31,
  2011     2010          2011     2010          2011     2010  

Projected benefit obligation

  $ 455.1       $ 374.9         $ 331.5       $ 299.2         $ 786.6       $ 674.1    

Accumulated benefit obligation

    439.6        366.1          303.9        277.2          743.5        643.3   

Fair value of plan assets

    336.4        321.8            341.9        339.5            678.3        661.3   
Schedule Of Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets
     Pension Benefits  
(in thousands) December 31,    2011     2010  

Projected benefit obligation

   $ 616,411         $ 414,492      

Accumulated benefit obligation

     580,977        400,674   

Fair value of plan assets

     448,205        338,501   
Components Of Net Periodic Cost
    Pension Benefits         Postretirement
Benefits
 
(in thousands)
December 31,
  2011     2010     2009          2011     2010     2009  

Net Periodic Benefit Cost

                                                   

Service cost

  $ 11,710       $ 11,417       $ 10,370         $ 121       $ 114       $ 106    

Interest cost

    38,163        36,301        35,722          588        745        891   

Expected return on plan assets

    (50,620     (43,793     (37,312                       

Amortization of prior service cost

    421        451        530          (236              

Amortization of net (gain) loss

    6,733        6,985        8,357          (110     (175     (514

Settlement costs

           2,614        172                          

Special termination benefits

           52        428                            

Net periodic benefit cost

  $ 6,407      $ 14,027      $ 18,267          $ 363      $ 684      $ 483   
Schedule Of Weighted Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Cost
Schedule Of Assumed Health Care Cost Trend
December 31,    2011      2010  

Health care cost trend rate assumed for next year

     8.00%         8.50%   

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)

     4.75%         4.75%   

Year that the rate reaches the ultimate trend rate

     2019         2019   
Schedule Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates
(in thousands)    One
Percentage
Point
Increase
    One
Percentage
Point
(Decrease)
 

Effect on total of service and interest cost components

   $ 44         $ (40 )     

Effect on postretirement benefit obligation

     707        (651
Schedule Of Pension Plan Target Allocations And Weighted-Average Asset Allocations
            Actual Allocation  
Asset Category December 31,   

Target

Allocation

     2011      2010  

Equity securities

     40%-60         48%         54%   

Fixed income securities

     25%-45         35%         32%   

Alternative assets/Other

     0%-25         12%         12%   

Money market

     0%-5         5%         2%   
Schedule Of Fair Value Of Company Pension Plan Assets

The fair value of the Company's pension plan assets at December 31, 2011, by asset category are as follows:

 

(in thousands)   Quoted
Prices in
Active
Markets
for
Identical
Assets
Level 1
    Significant
Other
Observable
Inputs
Level 2
    Significant
Unobservable
Inputs
Level 3
    Total
Fair Value
 

Cash and Money Markets

  $ 38,084      $      $      $ 38,084   

Common Stocks

       

Actively Managed U.S. Equities

    93,869                      93,869   

Fixed Income Bonds and Notes

           25,485               25,485   

Commingled and Mutual Funds

       

U.S. Equity Funds

           26,322               26,322   

Non-U.S. Equity Funds

           198,655               198,655   

U.S. Fixed Income, Government and Corporate

           33,810               33,810   

U.S. Tactical Allocation Balanced Fund

           16,455               16,455   

Non-U.S. Fixed Income, Government and Corporate

           159,611               159,611   

International Balanced Funds

           8,223               8,223   

Alternative Investments

       

Hedge Funds

           67,967               67,967   

International Property Funds

           9,011               9,011   

Annuity Contract

           758               758   

Total Fair Value

  $ 131,953      $ 546,297      $      $ 678,250   

 

The fair value of the Company's pension plan assets at December 31, 2010, by asset category are as follows:

 

(in thousands)   Quoted
Prices in
Active
Markets
for
Identical
Assets
Level 1
    Significant
Other
Observable
Inputs
Level 2
    Significant
Unobservable
Inputs
Level 3
    Total
Fair Value
 

Cash and Money Markets

  $ 11,862      $      $      $ 11,862   

Common Stocks

       

Actively Managed U.S. Equities

    97,117                      97,117   

Fixed Income Bonds and Notes

           23,579               23,579   

Commingled and Mutual Funds

       

U.S. Equity Funds

           25,954               25,954   

Non-U.S. Equity Funds

           228,551               228,551   

U.S. Fixed Income, Government and Corporate

           41,787               41,787   

Non-U.S. Fixed Income, Government and Corporate

           145,811               145,811   

International Balanced Funds

           6,017               6,017   

Alternative Investments

       

Hedge Funds

           54,380        17,169        71,549   

International Property Funds

           8,347               8,347   

Annuity Contract

           745               745   

Total Fair Value

  $ 108,979      $ 535,171      $ 17,169      $ 661,319  
Changes In The Fair Value Of The Pension Plans' Assets

 

Asset Category (dollars in thousands)    Hedge Funds  

Balance at January 1, 2011

     17,169   

Total Realized and Unrealized Gains/Losses

     (1,498

Purchases, Sales, Settlements Transfers in or out of Level 3

     (15,671

Balance at December 31, 2011

       

 

 

Asset Category (dollars in thousands)    Hedge Funds  

Balance at January 1, 2010

   $ 14,885   

Total Realized and Unrealized Gains/(Losses)

     2,284   

Purchases, Sales, Settlements Transfers in or out of Level 3

       

Balance at December 31, 2010

   $ 17,169   
Summary Of Pension Plan Assets Valued Using Net Asset Value (NAV) Or Its Equivalent

The following table sets forth a summary of pension plan assets valued using Net Asset Value (NAV) or its equivalent as of December 31, 2011:

 

( dollars in thousands)   Fair
Value*
    Redemption
Frequency
    Unfunded
Commitment
    Other
Redemption
Restrictions
    Redemption
Notice Period
 

Archstone Offshore Fund, Ltd(a)

  $ 28,241        12 Months        None        None        90 days written   

Evanston Capital Management(a)

  $ 24,055        12 Months        None        None        65 days written   

Strategic Value Fund(b)

  $ 15,671        12 Months        None        None        90 days written   

U.S. Equity Funds(c)

  $ 26,322        immediate        None        None        None   

Non-US Equity Funds(d)

  $ 198,655        immediate        None        None        None   

Non US Fixed Income, Gov't and Corp.(e)

  $ 159,611        immediate        None        None        None   

International Property Funds(f)

  $ 9,011        immediate        None        None        None   

International Balanced Funds(g)

  $ 8,223        immediate        None        None        None   

US Government and Corporate Fixed Income(h)

  $ 33,810        immediate        None        None        None   

US Tactical Allocation Balanced Fund(i)

  $ 16,455        immediate        None        None        None   

 

* The fair values of the investments have been estimated using the net asset value of the investment
(a) These funds are alternative assets which seeks to outperform equities while maintaining a lower risk profile than equities
(b) This fund is an alternative investment that invests in distressed debt instruments seeking price appreciation
(c) These funds invest in U.S. equity securities and seeks to meet or exceed relative benchmarks
(d) These funds invest in equity securities outside the U.S. and seek to meet or exceed relative benchmarks
(e) These funds invest in Corporate and Governments fixed income securities outside the U.S. and seek to meet or exceed relative benchmarks
(f) These funds invest in real property outside the U.S.
(g) These funds invest in a pre defined mix of U.S. equity and non U.S. fixed income securities and seek to meet or exceed the performance of a passive/local benchmark of similar mixes
(g) These funds invest in a blend of equities, fixed income, cash and property outside the U.S. and seek to outperform a similarly weighted index
(h) These funds invest in U.S. fixed income securities, corporate, government and agency, and seek to outperform the Barclays Capital Aggregate Index
(i) These funds invest in global bonds, global stocks, real estate and commodities and seek to outperform U.S. inflation by 5% over a market cycle

The following table sets forth a summary of pension plan assets valued using Net Asset Value (NAV) or its equivalent as of December 31, 2010:

 

( dollars in thousands)   Fair
Value*
    Redemption
Frequency
    Unfunded
Commitment
    Other
Redemption
Restrictions
    Redemption
Notice Period
 

Archstone Offshore Fund, Ltd(a)

  $ 29,664        12 Months        None        None        90 days written   

Evanston Capital Management(a)

  $ 24,716        12 Months        None        None        60 days written   

Strategic Value Fund(b)

  $ 17,169        12 Months        None        **        90 days written   

U.S. Equity Funds(c)

  $ 25,954        Immediate        None        None        None   

Non-U.S. Equity Funds(d)

  $ 228,551        Immediate        None        None        None   

Non-U.S. Fixed Income, Government and Corporate(e)

  $ 145,811        Immediate        None        None        None   

International Property Funds(f)

  $ 8,347        Immediate        None        None        None   

International Balanced Funds(g)

  $ 6,017        Immediate        None        None        None   

U.S. Government and Corporate Fixed Income(h)

  $ 41,787        Immediate        None        None        None   

 

* The fair values of the investments have been estimated using the net asset value of the investment
** This fund is an alternative investment and withdrawals are not permitted until September 2011
(a) These funds are alternative assets which seeks to outperform equities while maintaining a lower risk profile than equities
(b) This fund is an alternative investment that invests in distressed debt instruments seeking price appreciation
(c) These funds invest in U.S. equity securities and seeks to meet or exceed relative benchmarks
(d) These funds invest in equity securities outside the United States and seek to meet or exceed relative benchmarks
(e) These funds invest in Government and Corporate fixed income securities outside the U.S. and seek to meet or exceed relative benchmarks
(f) These funds invest in real property outside the U.S.
(g) These funds invest in a pre-defined mix of U.S. equity and non-U.S. fixed income securities and seek to meet or exceed the performance of a passive/local benchmark of similar mixes
(h) These funds invest in U.S. fixed income securities, government, corporate and agency, and seek to outperform the Barclay's Capital Aggregate Index
Summary Of Estimated Future Benefit Payments
Estimated future payments (in thousands)    Pension
Benefits
     Postretirement
Benefits
 

2012

   $ 34,261       $ 1,275   

2013

     34,621         1,258   

2014

     36,315         1,226   

2015

     37,464         1,196   

2016

     39,188         1,179   

2017-2021

     223,884         5,773   

Total payments

   $ 405,733       $ 11,907