Defined Benefit Pension Plans (Text Block)

3 Months Ended

Mar. 31, 2013

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, 2012.

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:

	March 31, 2013		December 31, 2012
	(in thousands)
Assets
Plan assets in other long-term assets	$	223	$	227
Liabilities
Current portion of pension plan liability in wages and benefits payable	2,979		2,899
Long-term portion of pension plan liability	87,805		90,533
Net pension plan benefit liability	$	90,561	$	93,205

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 $42,000 and $321,000 to the defined benefit pension plans for the three months ended March 31, 2013 and 2012, respectively. The timing of when contributions are made can vary by plan and from year to year. For 2013, 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 $564,000 to our defined benefit pension plans. We contributed $440,000 to the defined benefit pension plans for the year ended December 31, 2012.

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

	Three Months Ended March 31,
	2013			2012
	(in thousands)
Service cost	$	981		$	738
Interest cost	800			926
Expected return on plan assets	(79		)	(85		)
Settlements and other	(814		)	—
Amortization of actuarial net loss	251			2
Amortization of unrecognized prior service costs	17			17
Net periodic benefit cost	$	1,156		$	1,598