Retirement Benefits

9 Months Ended

Sep. 30, 2011

Retirement Benefits [Abstract]

Retirement Benefits

Note 10. Retirement Benefits:

Pension expense included the following components:

U.S. Plans	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2011			2010			2011			2010
Service cost for benefits earned	$	975		$	1,016		$	2,702		$	2,836
Interest cost on projected benefit obligation		6,266			6,164			18,280			18,143
Expected return on plan assets		(6,264	)		(6,026	)		(18,803	)		(18,110	)
Net amortization and deferrals		3,270			1,958			8,915			5,581
Loss due to curtailments		—			—			444			—
Defined benefit plans		4,247			3,112			11,538			8,450
Defined contribution and other retirement plans		675			1,742			4,333			5,479
Total pension expense	$	4,922		$	4,854		$	15,871		$	13,929

Non-U.S. Plans	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2011			2010			2011			2010
Service cost for benefits earned	$	2,601		$	2,448		$	7,825		$	7,642
Interest cost on projected benefit obligation		8,289			8,506			25,333			25,518
Expected return on plan assets		(11,141	)		(10,710	)		(33,830	)		(32,149	)
Net amortization and deferrals		1,294			1,345			3,999			4,034
Loss due to settlements and special terminations		—			63			3,877			126
Defined benefit plans		1,043			1,652			7,204			5,171
Defined contribution and other retirement plans		1,065			985			3,852			3,182
Total pension expense	$	2,108		$	2,637		$	11,056		$	8,353

During the second quarter 2011, we have settled a portion of the Ireland pension plan as discussed in Note 3. As a result, we recorded a settlement charge and a special termination benefit charge of $3.9 million to recognize a portion of the unrecognized loss related to those employees who have accepted the settlement and for additional benefits credited to those participants accepting a settlement. This settlement was funded primarily through pension plan investment trust assets.

In connection with negotiations completed during the second quarter 2011, we have amended the pension plan for one of our North American Ingredients plants. We recorded a curtailment charge of $0.4 million during the second quarter 2011 to recognize a portion of the unrecognized prior service costs associated with the years of service no longer expected to be rendered and credited as service under the plan.

We expect to contribute $12 - $15 million to our qualified U.S. pension plans and approximately $20 million to our non-U.S. pension plans during 2011. In the three and nine months ended September 30, 2011, no contributions were made to our qualified U.S. pension plan. For the three and nine months ended September 30, 2011, $3.8 million and $11.2 million of contributions were made to the non-U.S. plans, respectively. In the three and nine months ended September 30, 2011, $1.0 million and $2.9 million of benefit payments were made with respect to our non-qualified U.S. pension plan, respectively.

The financial returns of our pension plan investment trusts during the three and nine months ended September 30, 2011 continue to be generally in line with the markets by asset class.

Expense recognized for postretirement benefits other than pensions included the following components:

	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2011			2010			2011			2010
Service cost for benefits earned	$	368		$	410		$	884		$	1,230
Interest on benefit obligation		1,487			1,643			4,396			4,929
Net amortization and deferrals		(571	)		(489	)		(1,914	)		(1,467	)
Total postretirement benefit expense	$	1,284		$	1,564		$	3,366		$	4,692

We expect to contribute approximately $6 million to our postretirement benefits other than pension plans during 2011. In the three and nine months ended September 30, 2011, $1.2 million and $3.9 million of contributions were made.