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Benefit Obligations (Tables)
12 Months Ended
Dec. 31, 2011
Benefit Obligations [Abstract]  
Net Periodic Benefit Cost/(Credit)
     Year Ended December 31,  
     2011     2010     2009  
     Pension
Benefits
    Post-retirement
Benefits
    Pension
Benefits
    Post-retirement
Benefits
    Pension
Benefits
    Post-retirement
Benefits
 
     (In thousands)  

Service cost

   $ 531      $ 75      $ 472      $ 81      $ 1,792      $ 79   

Interest cost

     67,499        2,597        70,337        2,441        73,774        2,426   

Expected return on plan assets

     (67,965     (4,128     (71,464     (4,597     (76,802     (4,877

Amortization of prior service cost and transition asset

     18               38               49          

Amortization of net actuarial loss/(gain)

     6,750        552        2,155               (94       

Special termination benefit

                                 426 (a)        

Other

     54                                    (1,529 )(b) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total benefit cost/(credit)

   $ 6,887      $ (904   $ 1,538      $ (2,075   $ (855   $ (3,901
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(a) The special termination benefit in 2009 reflects enhanced retirement benefits given to active represented plan participants impacted by a workforce reduction in January 2009.

 

(b) The amount in 2009 reflects the reversal of the excess retiree medical liability accrued for claims from 2008.
Change in Projected Benefit Obligation
     Year Ended December 31,  
     2011     2010  
     Pension
Benefits
    Post-retirement
Benefits
    Pension
Benefits
    Post-retirement
Benefits
 
     (In thousands)  

Projected benefit obligation at January 1

   $ 1,331,137      $ 44,488      $ 1,274,415      $ 41,124   

Service cost

     531        75        472        81   

Interest cost

     67,499        2,597        70,337        2,441   

Actuarial loss

     150,776        11,893        66,607        1,692   

Benefits paid(a)

     (86,659     (1,119     (85,988     (850

Other adjustments

     (205            5,294          
  

 

 

   

 

 

   

 

 

   

 

 

 

Projected benefit obligation at December 31

   $ 1,463,079      $ 57,934      $ 1,331,137      $ 44,488   
  

 

 

   

 

 

   

 

 

   

 

 

 

(a) The pension benefits paid include amounts paid under certain international pension plans, which do not maintain plan assets.
Change in Plan Assets
     Year Ended December 31,  
     2011     2010  
     Pension
Benefits
    Post-retirement
Benefits
    Pension
Benefits
    Post-retirement
Benefits
 
     (In thousands)  

Fair value of plan assets at January 1

   $ 868,809      $ 66,781      $ 819,410      $ 62,300   

Actual gain on plan assets

     19,721        1,379        95,967        5,402   

Employer contributions

     65,112               31,027          

Benefits paid

     (86,302     (1,192     (85,789     (921

Other adjustments

     (99            8,194          
  

 

 

   

 

 

   

 

 

   

 

 

 

Fair value of plan assets at December 31

   $ 867,241      $ 66,968      $ 868,809      $ 66,781   
  

 

 

   

 

 

   

 

 

   

 

 

 
Funded Status of the Plans
     December 31,  
     2011      2010  
     Pension
Benefits
    Post-retirement
Benefits
     Pension
Benefits
    Post-retirement
Benefits
 
     (In thousands)  

Funded status of the plans (liability)/asset

   $ (595,838   $ 9,034       $ (462,328   $ 22,293   
Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in excess of Plan Assets
     December 31,  
     2011      2010  
     Pension Benefits  
     (In thousands)  

Projected benefit obligation

   $ 1,455,297       $ 1,324,302   

Accumulated benefit obligation

   $ 1,453,690       $ 1,322,394   

Fair value of plan assets

   $ 857,259       $ 860,414   
Plans with Accumulated Benefit Obligation less than Plan Assets
     December 31,  
     2011      2010  
     Pension Benefits  
     (In thousands)  

Projected benefit obligation

   $ 7,782       $ 6,835   

Accumulated benefit obligation

   $ 7,666       $ 6,740   

Fair value of plan assets

   $ 9,982       $ 8,395   
     December 31,  
     2011      2010  
     Post-retirement Benefits  
     (In thousands)  

Accumulated benefit obligation

   $ 57,934       $ 44,488   

Fair value of plan assets

   $ 66,968       $ 66,781   
Amounts recognized in the consolidated balance sheets for the plans
     December 31,  
     2011      2010  
     Pension
Benefits
    Post-retirement
Benefits
     Pension
Benefits
    Post-retirement
Benefits
 
     (In thousands)  

Non-current assets

   $ 2,201      $ 9,034       $ 1,560      $ 22,293   

Current liabilities

     (856             (769       

Non-current liabilities

     (597,183             (463,119       
  

 

 

   

 

 

    

 

 

   

 

 

 

Net (liability)/asset

   $ (595,838   $ 9,034       $ (462,328   $ 22,293   
  

 

 

   

 

 

    

 

 

   

 

 

 
Accumulated other comprehensive loss
     December 31,  
     2011      2010  
     Pension
Benefits
    Post-retirement
Benefits
     Pension
Benefits
    Post-retirement
Benefits
 
     (In thousands)  

Net prior service cost

   $ 242      $       $ 278      $   

Net actuarial loss

     527,045        24,788         334,809        10,625   

Transition asset

     (157             (175       
  

 

 

   

 

 

    

 

 

   

 

 

 

Accumulated other comprehensive loss

     527,130        24,788         334,912        10,625   

Tax on prior actuarial gains

     23,813        3,026         23,813        3,026   
  

 

 

   

 

 

    

 

 

   

 

 

 

Accumulated other comprehensive loss, after tax

   $ 550,943      $ 27,814       $ 358,725      $ 13,651   
  

 

 

   

 

 

    

 

 

   

 

 

 
Changes in accumulated other comprehensive loss related to pension and post-retirement plans
    Year Ended December 31,  
    2011     2010     2009  
    Pension
Benefits
    Post-retirement
Benefits
    Pension
Benefits
    Post-retirement
Benefits
    Pension
Benefits
    Post-retirement
Benefits
 
    (In thousands)  

Accumulated other comprehensive loss at January 1, after tax

  $ 358,725      $ 13,651      $ 319,507      $ 12,694      $ 292,951      $ 13,883   

Recognized during period — Prior service cost and transition asset

    (18            (38            (49       

Recognized during period — Actuarial (loss)/gain

    (6,750     (552     (2,155            94          

Occurring during period — Actuarial loss/(gain)

    198,986        14,715        42,051        957        26,546        (3,435

Other adjustments

                  (640            (35     1,529   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated other comprehensive loss at December 31

    550,943        27,814        358,725        13,651        319,507        11,977   

Tax

                                       717   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated other comprehensive loss at December 31, after tax

  $ 550,943      $ 27,814      $ 358,725      $ 13,651      $ 319,507      $ 12,694   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Fair values of the assets for the defined benefit pension plans by asset category
     Fair Value Measurements as of December 31, 2011  
     Level 1     Level 2     Level 3      Total  
     (In thousands)  

Cash and cash equivalents

   $ 5,183      $ 23,493 (a)    $       $ 28,676   

Equity securities:

         

Domestic equity securities

     169,635  (b)      359 (c)              169,994   

International equity securities

     76,202  (b)      2,401 (c)              78,603   

Fixed-income securities:

         

U.S. treasuries(d)

            80,426                80,426   

Corporate bonds(e)

            155,666                155,666   

Asset-backed and mortgage-backed securities

            2,976                2,976   

Agency-backed securities

            7,793                7,793   

Municipal bonds

            6,334                6,334   

Government bonds

            17,242                17,242   

Other types of investments:

         

Commingled funds — equities(f)

            163,510                163,510   

Commingled funds — bonds(g)

            156,393                156,393   

Derivatives

     40        (412             (372
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ 251,060      $ 616,181      $       $ 867,241   
  

 

 

   

 

 

   

 

 

    

 

 

 

 

     Fair Value Measurements as of December 31, 2010  
     Level 1     Level 2     Level 3      Total  
     (In thousands)  

Cash and cash equivalents

   $ 11,382      $  13,346 (a)    $       $ 24,728   

Equity securities:

         

Domestic equity securities

     183,239 (b)      2,750 (c)              185,989   

International equity securities

     151,041 (b)      1,990 (c)              153,031   

Fixed-income securities:

         

U.S. treasuries(d)

            73,554                73,554   

Corporate bonds(e)

            140,106                140,106   

Asset-backed and mortgage-backed securities

            14,739                14,739   

Agency-backed securities

            10,930                10,930   

Municipal bonds

            8,253                8,253   

Government bonds

            11,059                11,059   

Other types of investments:

         

Commingled funds — equities(f)

            180,935                180,935   

Commingled funds — bonds(g)

            65,232                65,232   

Derivatives

     180        73                253   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ 345,842      $ 522,967      $       $ 868,809   
  

 

 

   

 

 

   

 

 

    

 

 

 

(a) The amounts represent cash equivalents and primarily include short-term investment funds, which consisted of short-term money market instruments that are valued using quoted prices for similar assets and liabilities in active markets.

 

(b) The amounts include funds that invest primarily in equity securities of publicly-traded companies. Quoted prices for the funds are available in active markets.

 

(c) The amounts include funds that invest primarily in equity securities that are traded less frequently than exchange-traded securities and are valued using inputs that include quoted prices for similar assets in active markets.

 

(d) The fair value was determined based on compilation of primary observable market information and inputs that include quoted prices for similar assets in active markets, and inputs other than quoted prices that are observable for the asset, such as broker/dealer quotes, yield curves and indices that are observable at commonly quoted intervals.

 

(e) The amounts include funds that invest primarily in investment-grade debt securities.

 

(f) The amounts consist of investments in funds not registered with U.S. Securities and Exchange Commission, with underlying investments primarily in publicly traded U.S. and non-U.S. equity securities, including securities with small and large market capitalization. The fair value was determined based on the net asset value per share of each investment at December 31, 2011 and 2010. These funds are classified as Level 2 in the fair value hierarchy as the Company could redeem these investments with the sponsoring investment management organizations at December 31, 2011 and 2010, and with at least monthly frequency on an ongoing basis.

 

(g) The amounts consist of investments in funds not registered with U.S. Securities and Exchange Commission, with underlying investments primarily in Treasury Inflation-Protected Securities and high-yield bonds. The fair value was determined based on the net asset value per share of each investment at December 31, 2011 and 2010. These funds are classified as Level 2 in the fair value hierarchy as the Company could redeem these investments with the sponsoring investment management organizations at December 31, 2011 and 2010, and with at least monthly frequency on an ongoing basis.
Fair values of the assets for the post-retirement benefit plan by asset category
     Fair Value Measurements as of December 31, 2011  
     Level 1        Level 2        Level 3        Total  
     (In thousands)  

Commingled funds — domestic equities(a)

   $         $ 13,302         $         $ 13,302   

Commingled funds — international equities(a)

               13,536                     13,536   

Commingled funds — bonds(a)

               40,130                     40,130   
  

 

 

      

 

 

      

 

 

      

 

 

 

Total

   $         $ 66,968         $         $ 66,968   
  

 

 

      

 

 

      

 

 

      

 

 

 

 

     Fair Value Measurements as of December 31, 2010  
     Level 1        Level 2        Level 3        Total  
     (In thousands)  

Commingled funds — domestic equities(a)

   $         $ 13,310         $         $ 13,310   

Commingled funds — international equities(a)

               13,369                     13,369   

Commingled funds — bonds(a)

               40,102                     40,102   
  

 

 

      

 

 

      

 

 

      

 

 

 

Total

   $         $ 66,781         $         $ 66,781   
  

 

 

      

 

 

      

 

 

      

 

 

 

(a) The amounts consist of investments in funds not registered with U.S. Securities and Exchange Commission, with underlying investments primarily in the equity securities included in the S&P 500 Index, non-U.S. equity securities and investment grade fixed-income securities. The fair value was determined based on the net asset value per share of each investment at December 31, 2011 and 2010. These funds are classified as Level 2 in the fair value hierarchy as the Company could redeem these investments with the sponsoring investment management organizations at December 31, 2011 and 2010, and with at least monthly frequency on an ongoing basis.
Fair values of the assets for the non-qualified supplemental pension plan by asset category
     Fair Value Measurements as of December 31, 2011  
     Level 1        Level 2        Level 3        Total  
     (In thousands)  

Money-market funds

   $ 1,353         $         $         $ 1,353   

Mutual funds(a)

     9,284                               9,284   
  

 

 

      

 

 

      

 

 

      

 

 

 

Total

   $ 10,637         $         $         $ 10,637   
  

 

 

      

 

 

      

 

 

      

 

 

 

 

     Fair Value Measurements as of December 31, 2010  
     Level 1        Level 2        Level 3        Total  
     (In thousands)  

Money market funds

   $ 2,061         $         $         $ 2,061   

Mutual funds(a)

     8,427                               8,427   
  

 

 

      

 

 

      

 

 

      

 

 

 

Total

   $ 10,488         $         $         $ 10,488   
  

 

 

      

 

 

      

 

 

      

 

 

 

(a) The amounts consist of registered investment company funds with quoted prices in active markets.
Plan Asset Allocations for Defined Benefit Pension Plans and Post-retirement Benefit Plan
     December 31,  
     2011     2010  
     Pension
Benefits
    Non-qualified
Pension Benefits
    Post-retirement
Benefits
    Pension
Benefits
    Non-qualified
Pension Benefits
    Post-retirement
Benefits
 

Equity securities

     54     34     40     57     35     40

Debt securities

     42     66     60     38     65     60

Real estate securities

     4                   5              
Actuarial Assumptions
    Year Ended December 31,
    2011   2010   2009
    Pension
Benefits
  Post- retirement
Life
Benefits
  Pension
Benefits
  Post- retirement
Life
Benefits
  Pension
Benefits
  Post- retirement
Life
Benefits

Discount rate to determine net periodic cost

  5.25%   5.70%   5.75%   6.00%   6.50%   6.50%

Discount rate to determine the benefit obligation as of December 31

  4.30%   4.50%   5.25%   5.70%   5.75%   6.00%

Rate of compensation increase to determine net periodic cost

  N/A   3.50%   N/A   4.00%   4.00%   4.00%

Rate of compensation increase to determine the benefit obligation as of December 31

  N/A   3.50%   N/A   3.50%   N/A   4.00%

Expected average rate of return on plan assets

  7.75%(a)   6.20%   8.00%(a)   7.00%   8.25(b)/8.00%(c)   7.50%

(a) Rate for both management and represented plans.

 

(b) Rate for management plan.

 

(c) Rate for represented plan.
Benefit Payments
     Pension
Benefits
     Post-retirement
Benefits
 
     (In thousands)  

Year ending December 31, 2012

   $ 89,144       $ 1,430   

Year ending December 31, 2013

   $ 88,991       $ 1,550   

Year ending December 31, 2014

   $ 88,610       $ 1,670   

Year ending December 31, 2015

   $ 88,548       $ 1,790   

Year ending December 31, 2016

   $ 89,817       $ 1,920   

Years ending December 31, 2017 through December 31, 2021

   $ 444,596       $ 11,900