Employee Benefits

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2012			2011			2012			2011
Service cost for benefits earned	$	938		$	975		$	2,815		$	2,702
Interest cost on projected benefit obligation		6,002			6,266			18,005			18,280
Expected return on plan assets		(6,041	)		(6,264	)		(18,124	)		(18,803	)
Net amortization and deferrals		4,913			3,270			14,738			8,915
Loss due to curtailments		—			—			—			444
Net periodic benefit cost		5,812			4,247			17,434			11,538
Defined contribution and other retirement plans		1,651			675			5,515			4,333
Total expense	$	7,463		$	4,922		$	22,949		$	15,871
Non-U.S. Plans	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2012			2011			2012			2011
Service cost for benefits earned	$	3,064		$	2,601		$	9,422		$	7,825
Interest cost on projected benefit obligation		7,560			8,289			23,144			25,333
Expected return on plan assets		(9,813	)		(11,141	)		(32,701	)		(33,830	)
Net amortization and deferrals		1,589			1,294			4,810			3,999
Loss due to settlements and special terminations		—			—			874			3,877
Net periodic benefit cost		2,400			1,043			5,549			7,204
Defined contribution and other retirement plans		1,150			1,065			3,479			3,852
Total expense	$	3,550		$	2,108		$	9,028		$	11,056

The Company expects to contribute $15 - $20 million to its qualified U.S. pension plans and $15 - $20 million to its non-U.S. pension plans during 2012. In the three and nine months ended September 30, 2012, no contributions were made to the qualified U.S. pension plans. For the three and nine months ended September 30, 2012, $4.1 million and $12.2 million of contributions were made to the non-U.S. plans, respectively. In the three and nine months ended September 30, 2012, $1.0 million and $3.0 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 September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2012			2011			2012			2011
Service cost for benefits earned	$	341		$	368		$	1,023		$	884
Interest cost on projected benefit obligation		1,447			1,487			4,341			4,396
Net amortization and deferrals		(361	)		(571	)		(1,083	)		(1,914	)
Total postretirement benefit expense	$	1,427		$	1,284		$	4,281		$	3,366

The Company expects to contribute approximately $6 million to its postretirement benefits other than pension plans during 2012. In the three and nine months ended September 30, 2012, $1.3 million and $3.9 million of contributions were made, respectively.