Benefit Obligations (Tables)

12 Months Ended

Dec. 31, 2012

Components of Net Periodic Benefit Cost or Credit

Net Periodic Benefit Cost/(Credit):

The following table summarizes the components of the net periodic benefit cost or credit:

	Year Ended December 31,
	2012						2011						2010
	Pension Benefits			Post- retirement Benefits			Pension Benefits			Post- retirement Benefits			Pension Benefits			Post- retirement Benefits
	(In thousands)
Service cost	$	415		$	89		$	531		$	75		$	472		$	81
Interest cost		61,456			2,600			67,499			2,597			70,337			2,441
Expected return on plan assets		(68,076	)		(3,811	)		(67,965	)		(4,128	)		(71,464	)		(4,597	)
Amortization of net actuarial loss, prior service cost and transition asset		14,360			2,017			6,768			552			2,193			—
Curtailments		326			—			54			—			—			—
Total benefit cost/(credit)	$	8,481		$	895		$	6,887		$	(904	)	$	1,538		$	(2,075	)

Change in Benefit Obligation

The following table sets forth a reconciliation of the beginning and ending balances of the benefit obligation during the periods presented. The measurement date was December 31 for each year.

	Year Ended December 31,
	2012						2011
	Pension Benefits			Post-retirement Benefits			Pension Benefits			Post-retirement Benefits
	(In thousands)
Projected benefit obligation at January 1	$	1,463,079		$	57,934		$	1,331,137		$	44,488
Service cost		415			89			531			75
Interest cost		61,456			2,600			67,499			2,597
Actuarial loss/(gain)		113,770			(1,973	)		150,776			11,893
Benefits paid(a)		(87,304	)		(1,266	)		(86,659	)		(1,119	)
Curtailments and foreign exchange impact		77			—			(205	)		—
Projected benefit obligation at December 31	$	1,551,493		$	57,384		$	1,463,079		$	57,934

(a) The pension benefits paid include amounts paid under certain international pension plans, which do not maintain plan assets.

Change in Plan Assets

Change in Plan Assets:

The following table sets forth a reconciliation of the beginning and ending balances of the fair value of plan assets during the periods presented. The fair value of plan assets was measured at December 31 for each year.

	Year Ended December 31,
	2012						2011
	Pension Benefits			Post-retirement Benefits			Pension Benefits			Post-retirement Benefits
	(In thousands)
Fair value of plan assets at January 1	$	867,241		$	66,968		$	868,809		$	66,781
Actual return on plan assets		117,084			5,833			19,721			1,379
Employer contributions		94,634			—			65,112			—
Benefits paid		(85,742	)		(1,089	)		(86,302	)		(1,192	)
Curtailments and foreign exchange impact		14			—			(99	)		—
Fair value of plan assets at December 31	$	993,231		$	71,712		$	867,241		$	66,968

Funded Status of Plans

Funded Status of the Plans:

The following table sets forth the funded status of the plans, which is the fair value of plan assets less projected benefit obligations:

	December 31,
	2012					2011
	Pension Benefits			Post-retirement Benefits		Pension Benefits			Post-retirement Benefits
	(In thousands)
Funded status of the plans (liability)/asset	$	(558,262	)	$	14,328	$	(595,838	)	$	9,034

Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets

Plans with Benefit Obligations in excess of Plan Assets:

	December 31,
	2012		2011
	Pension Benefits
	(In thousands)
Projected benefit obligation	$	1,542,123	$	1,455,297
Accumulated benefit obligation	$	1,540,081	$	1,453,690
Fair value of plan assets	$	981,998	$	857,259

Plans with Accumulated Benefit Obligation less than Plan Assets

Plans with Benefit Obligations less than Plan Assets:

	December 31,
	2012		2011
	Pension Benefits
	(In thousands)
Projected benefit obligation	$	9,370	$	7,782
Accumulated benefit obligation	$	9,295	$	7,666
Fair value of plan assets	$	11,233	$	9,982

	December 31,
	2012		2011
	Post-retirement Benefits
	(In thousands)
Accumulated benefit obligation	$	57,384	$	57,934
Fair value of plan assets	$	71,712	$	66,968

Amounts Recognized in Consolidated Balance Sheets for Plans

The following table sets forth amounts recognized in the consolidated balance sheets for the plans:

	December 31,
	2012					2011
	Pension Benefits			Post-retirement Benefits		Pension Benefits			Post-retirement Benefits
	(In thousands)
Non-current assets	$	1,863		$	14,328	$	2,201		$	9,034
Current liabilities		(873	)		—		(856	)		—
Non-current liabilities		(559,252	)		—		(597,183	)		—
Net (liability)/asset	$	(558,262	)	$	14,328	$	(595,838	)	$	9,034

Accumulated Other Comprehensive Loss

The following table sets forth amounts recognized in accumulated other comprehensive loss related to pension and post-retirement plans:

	December 31,
	2012					2011
	Pension Benefits			Post-retirement Benefits		Pension Benefits			Post-retirement Benefits
	(In thousands)
Net prior service cost	$	205		$	—	$	242		$	—
Net actuarial loss		577,413			18,600		527,045			24,788
Transition asset		(138	)		—		(157	)		—
Accumulated other comprehensive loss		577,480			18,600		527,130			24,788
Tax on prior actuarial gains		23,813			3,026		23,813			3,026
Accumulated other comprehensive loss, after tax	$	601,293		$	21,626	$	550,943		$	27,814

Changes in Accumulated Other Comprehensive Loss Related to Pension and Post-Retirement Plans

The following table summarizes changes in accumulated other comprehensive loss related to pension and post-retirement plans:

	Year Ended December 31,
	2012						2011
	Pension Benefits			Post-retirement Benefits			Pension Benefits			Post-retirement Benefits
	(In thousands)
Accumulated other comprehensive loss at January 1, after tax	$	550,943		$	27,814		$	358,725		$	13,651
Amortization of prior service cost and transition asset		(18	)		—			(18	)		—
Amortization of actuarial loss		(14,342	)		(2,017	)		(6,750	)		(552	)
Current year actuarial loss/(gain)		64,710			(4,171	)		198,986			14,715
Accumulated other comprehensive loss at December 31, after tax	$	601,293		$	21,626		$	550,943		$	27,814

Fair Value of Assets for Defined Benefit Pension Plans by Asset Category

The fair values of the plan assets by asset category were as follows:

	Fair Value Measurements as of December 31, 2012
	Level 1			Level 2			Total
	(In thousands)
Cash and cash equivalents	$	5,277		$	18,410	(a)	$	23,687
Equity securities:
Domestic equity securities		183,538	(b)		—			183,538
International equity securities		91,546	(b)		2,609	(c)		94,155
Fixed-income securities:
U.S. treasuries		61,173	(b)		—			61,173
Corporate bonds		—			248,680	(d)		248,680
Asset-backed and mortgage-backed securities		—			3,848	(d)		3,848
Municipal bonds		—			12,818	(d)		12,818
Government bonds		—			30,521	(d)		30,521
Other types of investments:
Commingled funds — equities		—			194,302	(e)		194,302
Commingled funds — bonds		—			139,954	(f)		139,954
Derivatives		20			535			555
Total	$	341,554		$	651,677		$	993,231

	Fair Value Measurements as of December 31, 2011
	Level 1			Level 2			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		80,426	(b)		—			80,426
Corporate bonds		—			155,666	(d)		155,666
Asset-backed and mortgage-backed securities		—			2,976	(d)		2,976
Agency-backed securities		—			7,793	(d)		7,793
Municipal bonds		—			6,334	(d)		6,334
Government bonds		—			17,242	(d)		17,242
Other types of investments:
Commingled funds — equities		—			163,510	(e)		163,510
Commingled funds — bonds		—			156,393	(f)		156,393
Derivatives		40			(412	)		(372	)
Total	$	331,486		$	535,755		$	867,241

(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) Domestic equity securities, international equity securities and U.S. treasuries are valued based on quoted prices 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 amount consists of investments that are traded less frequently than Level 1 securities and are valued using 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 interest rates, yield curves, prepayment speeds, collateral performance, broker/dealer quotes and indices that are observable at commonly quoted intervals.

(e) 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, 2012 and 2011. 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, 2012 and 2011, and with at least monthly frequency on an ongoing basis.

(f) 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, 2012 and 2011. 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, 2012 and 2011, and with at least monthly frequency on an ongoing basis.

Fair Values of Assets for Post-Retirement Benefit Plan by Asset Category

The plan assets were classified as Level 2 and the fair values by asset category were as follows:

	December 31,
	2012		2011
	(In thousands)
Commingled funds — domestic equities(a)	$	14,431	$	13,302
Commingled funds — international equities(a)		14,292		13,536
Commingled funds — bonds(a)		42,989		40,130
Total	$	71,712	$	66,968

(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, 2012 and 2011. 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, 2012 and 2011, and with at least monthly frequency on an ongoing basis.

Fair Value of Assets for Non-Qualified Supplemental Pension Plan by Asset Category

The plan assets were classified as Level 1 and the fair values by asset category were as follows:

	December 31,
	2012		2011
	(In thousands)
Money market funds(a)	$	1,339	$	1,353
Mutual funds(b)		10,123		9,284
Total	$	11,462	$	10,637

(a) The fair value of money-market funds is determined using unadjusted prices in active markets.

(b) 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

Plan Asset Allocations for Pension Plans and Post-retirement Benefit Plan:

The following table sets forth the actual plan asset allocations:

	December 31,
	2012									2011
	Pension Benefits			Non-qualified Pension Benefits			Post-retirement Benefits			Pension Benefits			Non-qualified Pension Benefits			Post-retirement Benefits
Equity securities		50	%		41	%		40	%		54	%		34	%		40	%
Debt securities		43	%		59	%		60	%		42	%		66	%		60	%
Real estate securities		7	%		—			—			4	%		—			—

Actuarial Assumptions

Actuarial Assumptions:

The Company reassesses its benefit plan assumptions on a regular basis. The actuarial assumptions for the principal pension and post-retirement plans are as follows:

	Year Ended December 31,
	2012						2011						2010
	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		4.30	%		4.50	%		5.25	%		5.70	%		5.75	%		6.00	%
Discount rate to determine the benefit obligation as of December 31		3.80	%		4.20	%		4.30	%		4.50	%		5.25	%		5.70	%
Rate of compensation increase to determine net periodic cost		N/A			3.50	%		N/A			3.50	%		N/A			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			3.50	%
Expected average rate of return on plan assets		7.75	%		5.70	%		7.75	%		6.20	%		8.00	%		7.00	%

Benefit Payments

Benefit Payments:

The following table reflects the benefit payments that the Company expects the plans to pay in the periods presented. These payments include amounts related to future service.

	Pension Benefits		Post-retirement Benefits
	(In thousands)
Year ending December 31, 2013	$	91,515	$	850
Year ending December 31, 2014	$	89,133	$	930
Year ending December 31, 2015	$	89,148	$	1,020
Year ending December 31, 2016	$	90,620	$	1,120
Year ending December 31, 2017	$	89,015	$	1,240
Years ending December 31, 2018 through December 31, 2022	$	447,377	$	8,820