Retirement Plans

12 Months Ended

Dec. 31, 2012

Retirement Plans [Abstract]

Retirement Plans

7. RETIREMENT PLANS

The Company provides benefits under defined contribution plans including a savings plan and an employee stock ownership plan ("ESOP"). The savings plan covers substantially all domestic salaried and certain non-union hourly employees and provides for matching contributions up to 4% of each employee's salary. The ESOP covers substantially all domestic employees and provides for contributions based on a percentage of each employee's compensation as determined by the Board of Directors. Total expense for the Company's defined contribution plans was $4.7 million, $4.3 million and $3.5 million in 2012, 2011 and 2010, respectively.

Although the Company intends for these defined contribution plans to be the primary retirement benefit for most employees, the Company also has several defined benefit plans. The funded status of the defined benefit plans was as follows at December 31:

(in thousands)	2012			2011
Benefit obligation at beginning of year	$	64,939		$	63,790
Service cost		2,583			2,419
Interest cost		2,659			2,778
Foreign currency exchange rate changes		799			(364	)
Benefits paid		(3,045	)		(3,168	)
Actuarial loss (gain)		6,750			(516	)
Benefit obligation at end of year		74,685			64,939
Plan assets at beginning of year		28,697			26,029
Company contributions		4,075			3,641
Foreign currency exchange rate changes		973			(385	)
Benefits paid		(3,045	)		(3,168	)
Actual gain on plan assets		2,169			2,580
Plan assets at end of year		32,869			28,697
Funded status	$	(41,816	)	$	(36,242	)
Accumulated benefit obligation	$	70,230		$	61,714

Amounts recognized in the Consolidated Balance Sheets at December 31:

(in thousands)	2012			2011
Accrued employee and retiree benefits	$	(52,825	)	$	(45,134	)
Prepaid expenses and other current assets		11,011			8,892
Net liability	$	(41,814	)	$	(36,242	)

Components of annual benefit cost:

(in thousands)	2012			2011			2010
Service cost	$	2,583		$	2,419		$	1,896
Interest cost		2,659			2,778			2,902
Expected return on plan assets		(1,428	)		(1,520	)		(1,367	)
Amortization of prior service cost		1,971			3,112			3,011
Recognized actuarial loss		799			1,388			1,252
Defined benefit expense	$	6,584		$	8,177		$	7,694

Weighted-average liability assumptions as of December 31:

	2012			2011
Discount rate		3.27	%		4.27	%
Expected return on plan assets		4.76	%		5.00	%
Rate of compensation increase		4.01	%		4.11	%

Weighted-average cost assumptions for the year ended December 31:

	2012			2011
Discount rate		4.27	%		4.35	%
Expected return on plan assets		5.00	%		5.80	%
Rate of compensation increase		4.11	%		4.27	%

The aggregate amounts of benefits expected to be paid from defined benefit plans in each of the next five years subsequent to December 31, 2012, which include employees' expected future service, are as follows: 2013, $3.4 million; 2014, $34.9 million; 2015, $2.2 million; 2016, $2.7 million; 2017, $2.4 million; and $13.3 million in total for the years 2018 through 2022.

The Company expects to contribute $4.5 million to defined benefit plans in 2013.

Amounts at December 31 in accumulated other comprehensive income were as follows:

(in thousands)	2012		2011
Prior service cost	$	1,362	$	3,330
Unrecognized net actuarial loss		17,031		11,668

The pension adjustments, net of tax, recognized in OCI, were as follows:

(in thousands)	2012			2011		2010
Net actuarial (loss) gain arising during the period	$	(3,947	)	$	885	$	(1,043	)
Prior service cost arising during the period		–			–		(670	)
Amortization of actuarial loss, included in defined benefit expense		526			866		783
Amortization of prior service cost, included in defined benefit expense		1,205			1,901		1,840
Pension adjustment, net of tax	$	(2,216	)	$	3,652	$	910

The estimated prior service cost and actuarial loss for the defined benefit plans that will be amortized from accumulated other comprehensive loss into periodic benefit cost during 2013 are $0.2 million and $3.2 million, respectively.