Defined Benefit Pension Plans (Text Block)

9 Months Ended

Sep. 30, 2011

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Defined Benefit Pension Plans [Text Block]

Defined Benefit Pension Plans

We sponsor both funded and unfunded defined benefit pension plans for our international employees, primarily in Germany, France, Italy, Indonesia, and Spain, offering death and disability, retirement, and special termination benefits. The defined benefit obligation is calculated annually by using the projected unit credit method. The measurement date for the pension plans was December 31, 2010.

Our defined benefit pension plans are denominated in the functional currencies of the respective countries in which the plans are sponsored; therefore, the balances increase or decrease, with a corresponding change in OCI, due to changes in foreign currency exchange rates. Amounts recognized on the Consolidated Balance Sheets consist of:

	September 30, 2011			December 31, 2010
	(in thousands)
Plan assets in other long-term assets	$	(447	)	$	(412	)
Current portion of pension plan liability in wages and benefits payable	2,823			2,656
Long-term portion of pension plan liability	66,550			61,450
Net pension plan benefit liability	$	68,926		$	63,694

Our asset investment strategy focuses on maintaining a portfolio using primarily insurance funds, which are accounted for as investments and measured at fair value, in order to achieve our long-term investment objectives on a risk adjusted basis. Our general funding policy for these qualified pension plans is to contribute amounts sufficient to satisfy regulatory funding standards of the respective countries for each plan. We contributed $40,000 and $431,000 to the defined benefit pension plans for the three and nine months ended September 30, 2011, and $37,000 and $375,000 for the three and nine months ended September 30, 2010, respectively. The timing of when contributions are made can vary by plan and from year to year. For 2011, assuming that actual plan asset returns are consistent with our expected rate of return, and that interest rates remain constant, we expect to contribute approximately $500,000 to our defined benefit pension plans. We contributed $519,000 to the defined benefit pension plans for the year ended December 31, 2010.

Net periodic pension benefit costs for our plans include the following components:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
	(in thousands)
Service cost	$	637		493			$	1,855		$	1,493
Interest cost	947			858			2,833			2,608
Expected return on plan assets	(80		)	(73		)	(243		)	(221		)
Amortization of actuarial net loss (gain)	14			(6		)	42			(19		)
Amortization of unrecognized prior service costs	18			—			55			—
Net periodic benefit cost	$	1,536		$	1,272		$	4,542		$	3,861