Employee Benefits

6 Months Ended

Jun. 30, 2012

Employee Benefits

Note 9. Employee Benefits:

Pension and other defined contribution retirement plan expenses included the following components:

U.S. Plans	Three Months Ended June 30,						Six Months Ended June 30,
(DOLLARS IN THOUSANDS)	2012			2011			2012			2011
Service cost for benefits earned	$	938		$	864		$	1,877		$	1,727
Interest cost on projected benefit obligation		6,002			6,007			12,003			12,014
Expected return on plan assets		(6,041	)		(6,269	)		(12,083	)		(12,539	)
Net amortization and deferrals		4,913			2,822			9,825			5,645
Loss due to curtailments		—			443			—			443
Net periodic benefit cost		5,812			3,867			11,622			7,290
Defined contribution and other retirement plans		1,974			1,768			3,863			3,658
Total expense	$	7,786		$	5,635		$	15,485		$	10,948
Non-U.S. Plans	Three Months Ended June 30,						Six Months Ended June  30,
(DOLLARS IN THOUSANDS)	2012			2011			2012			2011
Service cost for benefits earned	$	3,164		$	2,612		$	6,358		$	5,224
Interest cost on projected benefit obligation		7,762			8,522			15,584			17,044
Expected return on plan assets		(11,401	)		(11,345	)		(22,888	)		(22,689	)
Net amortization and deferrals		1,607			1,352			3,221			2,705
Loss due to settlements and special terminations		418			3,878			874			3,878
Net periodic benefit cost		1,550			5,019			3,149			6,162
Defined contribution and other retirement plans		1,088			2,688			2,329			4,090
Total expense	$	2,638		$	7,707		$	5,478		$	10,252

The Company expects to contribute $15 - $20 million to its qualified U.S. pension plans and approximately $17 - $20 million to its non-U.S. pension plans during 2012. In the three and six months ended June 30, 2012, no contributions were made to the qualified U.S. pension plan. For the three and six months ended June 30, 2012, $4.4 million and $8.1 million of contributions were made to the non-U.S. plans, respectively. In the three and six months ended June 30, 2012, $1.0 million and $2.0 million of benefit payments were made with respect to the Company’s non-qualified U.S. pension plan, respectively.

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

	Three Months Ended June 30,						Six Months Ended June 30,
(DOLLARS IN THOUSANDS)	2012			2011			2012			2011
Service cost for benefits earned	$	341		$	258		$	682		$	516
Interest cost on projected benefit obligation		1,447			1,454			2,894			2,908
Net amortization and deferrals		(361	)		(672	)		(722	)		(1,344	)
Total postretirement benefit expense	$	1,427		$	1,040		$	2,854		$	2,080

The Company expects to contribute approximately $6 million to its postretirement benefits other than pension plans during 2012. In the three and six months ended June 30, 2012, $1.3 million and $2.6 million of contributions were made, respectively.