Pension and Postretirement Benefits

12 Months Ended

Dec. 31, 2011

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

Note 13 – Pension and Other Postretirement Benefits

The Company maintains various noncontributory retirement plans, the largest of which is in the U.S., covering substantially all of its employees in the U.S. and certain other countries. The plans of the Company's subsidiaries in The Netherlands, the United Kingdom and Mexico are subject to the provisions of FASB's guidance regarding employers' accounting for pension plans. The plans of the remaining non-U.S. subsidiaries are, for the most part, either fully insured or integrated with the local governments' plans and are not subject to the provisions of the guidance. The guidance requires that employers recognize on a prospective basis the funded status of their defined benefit pension and other postretirement plans on their consolidated balance sheet and recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit cost. The Company's U.S. pension plan year ends on November 30 and the measurement date is December 31. The measurement date for the Company's other postretirement benefits plan is December 31.

The following table shows the Company plans' funded status reconciled with amounts reported in the consolidated balance sheet as of December 31, 2011 and December 31, 2010:

														Other
														Postretirement
	Pension Benefits													Benefits
	2011							2010					2011		2010
		Foreign		Domestic		Total		Foreign		Domestic		Total		Domestic		Domestic
Change in benefit obligation
Benefit obligation at beginning of year	$	53,250	$	63,125	$	116,375	$	47,444	$	62,432	$	109,876	$	7,815	$	7,576
Service cost		1,890		400		2,290		1,606		368		1,974		16		16
Interest cost		3,037		3,145		6,182		2,587		3,385		5,972		331		401
Employee contributions		104		0		104		89		0		89		0		0
Curtailment gain		0		0		0		0		(5)		(5)		0		0
Benefits paid		(1,734)		(4,423)		(6,157)		(1,407)		(7,384)		(8,791)		(793)		(924)
Plan expenses and premiums paid		(272)		(200)		(472)		(356)		(175)		(531)		0		0
Actuarial loss		4,799		4,179		8,978		6,310		4,504		10,814		(167)		746
Translation difference and other		507		0		507		(3,023)		0		(3,023)		0		0
Benefit obligation at end of year	$	61,581	$	66,226	$	127,807	$	53,250	$	63,125	$	116,375	$	7,202	$	7,815
Change in plan assets
Fair value of plan assets at beginning of
year	$	52,873	$	43,103	$	95,976	$	50,176	$	41,690	$	91,866	$	0	$	0
Actual return on plan assets		1,984		178		2,162		4,344		4,601		8,945		0		0
Employer contributions		3,504		4,812		8,316		3,362		4,371		7,733		793		924
Employee contributions		104		0		104		89		0		89		0		0
Benefits paid		(1,734)		(4,423)		(6,157)		(1,407)		(7,384)		(8,791)		(793)		(924)
Plan expenses and premiums paid		(272)		(200)		(472)		(356)		(175)		(531)		0		0
Translation difference		(1,491)		0		(1,491)		(3,335)		0		(3,335)		0		0
Fair value of plan assets at end of year	$	54,968	$	43,470	$	98,438	$	52,873	$	43,103	$	95,976	$	0	$	0
Net amount recognized	$	(6,613)	$	(22,756)	$	(29,369)	$	(377)	$	(20,022)	$	(20,399)	$	(7,202)	$	(7,815)
Amounts recognized in the balance sheet
consist of:
Non-current asset	$	0	$	0	$	0	$	3,474	$	0	$	3,474	$	0	$	0
Current liabilities		(706)		(585)		(1,291)		(262)		(587)		(849)		(747)		(823)
Non-current liabilities		(5,907)		(22,171)		(28,078)		(3,589)		(19,435)		(23,024)		(6,455)		(6,992)
Net amount recognized	$	(6,613)	$	(22,756)	$	(29,369)	$	(377)	$	(20,022)	$	(20,399)	$	(7,202)	$	(7,815)
Amounts not yet reflected in net periodic
benefit costs and included in
accumulated other comprehensive
loss:
Prior service cost	$	(90)	$	(542)	$	(632)	$	(123)	$	(624)	$	(747)	$	0	$	0
Accumulated loss		(15,112)		(33,160)		(48,272)		(8,725)		(27,121)		(35,846)		(1,709)		(1,951)
Accumulated other comprehensive
loss (AOCI)		(15,202)		(33,702)		(48,904)		(8,848)		(27,745)		(36,593)		(1,709)		(1,951)
Cumulative employer contributions
in excess of net period benefit cost		8,589		10,946		19,535		8,471		7,723		16,194		(5,493)		(5,864)
Net amount recognized	$	(6,613)	$	(22,756)	$	(29,369)	$	(377)	$	(20,022)	$	(20,399)	$	(7,202)	$	(7,815)

The accumulated benefit obligation for all defined benefit pension plans was $123,889 ($65,820 Domestic and $58,069 Foreign) and $112,505 ($62,755Domestic and $49,750 Foreign) at December 31, 2011 and December 31,2010, respectively.

Information for pension plans with an accumulated benefit obligation in excess of plan assets:

	2011							2010
		Foreign		Domestic		Total		Foreign		Domestic		Total
Projected benefit obligation	$	14,672	$	66,226	$	80,898	$	11,390	$	63,125	$	74,515
Accumulated benefit obligation		13,630		65,820		79,450		10,007		62,755		72,762
Fair value of plan assets		8,172		43,470		51,642		7,540		43,103		50,643

Information for pension plans with a projected benefit obligation in excess of plan assets:

	2011							2010
		Foreign		Domestic		Total		Foreign		Domestic		Total
Projected benefit obligation	$	61,581	$	66,226	$	127,807	$	11,390	$	63,125	$	74,515
Fair value of plan assets		54,968		43,470		98,438		7,540		43,103		50,643

Components of net periodic benefit costs – pension plans:

	2011							2010
		Foreign		Domestic		Total		Foreign		Domestic		Total
Service cost	$	1,890	$	400	$	2,290	$	1,606	$	368	$	1,974
Interest cost		3,037		3,145		6,182		2,587		3,385		5,972
Expected return on plan assets		(2,349)		(3,592)		(5,941)		(2,135)		(3,307)		(5,442)
Settlement charge		0		0		0		0		1,317		1,317
Curtailment charge		0		0		0		0		19		19
Other, amortization, net		265		1,636		1,901		36		1,516		1,552
Net periodic benefit cost	$	2,843	$	1,589	$	4,432	$	2,094	$	3,298	$	5,392

		2009
		Foreign		Domestic		Total
Service cost	$	1,776	$	342	$	2,118
Interest cost		2,545		3,848		6,393
Expected return on plan assets		(1,969)		(2,886)		(4,855)
Settlement charge		0		2,443		2,443
Other, amortization, net		(160)		1,704		1,544
Net periodic benefit cost	$	2,192	$	5,451	$	7,643

Other changes recognized in other comprehensive income:

		2011							2010
			Foreign		Domestic		Total		Foreign		Domestic		Total
Net loss arising during the period		$	5,164	$	7,593	$	12,757	$	4,100		3,204	$	7,304
Recognition of amortization in net periodic
	benefit cost
	Transition asset		0		0		0		4		0		4
	Prior service cost		(32)		(82)		(114)		(30)		(104)		(134)
	Actuarial loss		(234)		(1,554)		(1,788)		(10)		(2,747)		(2,757)
Effect of exchange rates on amounts included in
	AOCI		(793)		0		(793)		(259)		0		(259)
Total recognized in other comprehensive income			4,105		5,957		10,062		3,805		353		4,158
Total recognized in net periodic benefit cost and
	other comprehensive loss	$	6,948	$	7,546	$	14,494	$	5,899	$	3,651	$	9,550

	2009
		Foreign		Domestic		Total
Net loss arising during period	$	(1,562)	$	(1,354)	$	(2,916)
Recognition of amortization in net periodic benefit cost
Transition asset		188		0		188
Prior service cost		(35)		(85)		(120)
Actuarial gain (loss)		7		(4,062)		(4,055)
Effect of exchange rates on amounts included in AOCI		261		0		261
Total recognized in other comprehensive loss		(1,141)		(5,501)		(6,642)
Total recognized in net periodic benefit cost and other
comprehensive income (loss)	$	1,051	$	(50)	$	1,001

Components of net periodic benefit costs – other postretirement plan:

		2011		2010		2009
Service cost	$	16	$	16	$	15
Interest cost and other		331		462		419
Net periodic benefit costs	$	347	$	478	$	434

Other changes recognized in other comprehensive income – other post retirement benefit plans:

			2011		2010		2009
Net (loss) gain arising during period		$	(167)	$	747	$	(1,566)
Recognition of amortization in net periodic benefit costs
	Prior service cost		0		0		26
	Actuarial loss		(75)		(62)		0
Total recognized in other comprehensive (loss) income			(242)		685		(1,540)
Total recognized in net periodic benefit cost and other
	comprehensive income (loss)	$	105	$	1,163	$	(1,106)

Estimated amounts that will be amortized from accumulated other comprehensive loss over the next fiscal year:

	Pension Plans							Other Postretirement
		Foreign		Domestic		Total		Benefits
Actuarial loss	$	584	$	2,169	$	2,753	$	122
Prior service cost		30		82		112		0
	$	614	$	2,251	$	2,865	$	122

Weighted-average assumptions used to determine benefit obligationsat December 31, 2011 and December 31, 2010:

				Other Postretirement
	Pension Benefits			Benefits
		2011	2010		2011	2010
U.S. Plans:
Discount rate		4.41%	5.20%		4.15%	4.80%
Rate of compensation increase		3.40%	3.40%		N/A	N/A
Foreign Plans:
Discount rate		4.99%	5.42%		N/A	N/A
Rate of compensation increase		3.58%	3.60%		N/A	N/A

Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2011 and December 31, 2010:

				Other Postretirement
	Pension Benefits			Benefits
		2011	2010		2011	2010
U.S. Plans:
Discount rate		5.20%	5.71%		4.80%	5.50%
Expected long-term return on plan assets		8.25%	8.25%		N/A	N/A
Rate of compensation increase		3.40%	3.41%		N/A	N/A
Foreign Plans:
Discount rate		5.49%	5.95%		N/A	N/A
Expected long-term return on plan assets		4.11%	4.34%		N/A	N/A
Rate of compensation increase		3.66%	4.00%		N/A	N/A

The long-term rates of return on assets were selected from within the reasonable range of rates determined by (a) historical real returns for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants.

Assumed health care cost trend rates at December 31, 2011 and December 31, 2010:

		2011	2010
Health care cost trend rate for next year		7.50%	7.70%
Rate to which the cost trend rate is assumed to decline (the
	ultimate trend rate)	4.50%	4.50%
Year that the rate reaches the ultimate trend rate		2027	2027

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:

		1% point		1% point
		Increase		Decrease
Effect on total service and interest cost	$	28	$	(24)
Effect on postretirement benefit obligations		590		(518)

Plan Assets and Fair Value

The Company's pension plan target asset allocation and the weighted-average asset allocations atDecember 31,2011 and December 31,2010 by asset category were as follows:

		Plan Assets at December 31,
		Target	2011	2010
Asset Category
U.S. Plans
Equity securities		57%	52%	61%
Debt securities		36%	39%	37%
Other		7%	9%	2%
	Total	100%	100%	100%
Foreign Plans
Equity securities and other		17%	17%	17%
Debt securities		83%	83%	83%
	Total	100%	100%	100%

As of December 31, 2011 and December 31,2010, “Other” consisted principally of cash and cash equivalents (approximately 9% and 2% of plan assets, respectively).

The Company's pension investment policy is designed to ensure that pension assets are invested in a manner consistent with meeting the future benefit obligations of the pension plans and maintaining compliance with various laws and regulations including the Employee Retirement Income Security Act of 1974 (ERISA).

The Company establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. The Company's investment horizon is generally long term, and, accordingly, the target asset allocations encompass a long-term perspective of capital markets, expected risk and return and perceived future economic conditions while also considering the profile of plan liabilities. To the extent feasible, the short-term investment portfolio is managed to immunize the short-term obligations, the intermediate portfolio duration is immunized to reduce the risk of volatility in intermediate plan distributions and the total return portfolio is expected to maximize the long-term real growth of plan assets. The critical investment principles of diversification, assessment of risk and targeting the optimal expected returns for given levels of risk are applied. The Company's investment guidelines prohibit use of securities such as letter stock and other unregistered securities, commodities or commodity contracts, short sales, margin transactions, private placements (unless specifically addressed by addendum), or any derivatives, options or futures for the purpose of portfolio leveraging.

The target asset allocation is reviewed periodically and is determined based on a long-term projection of capital market outcomes, inflation rates, fixed income yields, returns, volatilities and correlation relationships. The interaction between plan assets and benefit obligations is periodically studied to assist in establishing such strategic asset allocation targets. Asset performance is monitored with an overall expectation that plan assets will meet or exceed benchmark performance over rolling five-year periods. The Company's pension committee, as authorized by the Company's Board of Directors, has discretion to manage the assets within established asset allocation ranges approved by senior management of the Company. As of December 31, 2011, the plan's investments were in compliance with all approved ranges of asset allocations.

The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy:

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and money market funds and are classified as a Level 1 investment.

Registered Investment Companies

The shares of registered investment companies, which represent the net asset values of shares held by the Plan, are valued at quoted market prices in an exchange and active market and are classified as Level 1 investments.

Common Stock

Common stock is valued at quoted market prices in an exchange and active market and is classified as a Level 1 investment.

Corporate Bonds

Corporate bonds are valued at quoted market prices in an exchange and active market and are classified as a Level 1 investment.

Pooled Separate Accounts

Pooled separate accounts consist of insurance annuity contracts and are valued based on the reported unit value at year end. Units of the pooled separate accounts are not traded in an active exchange or market; however, valuation is based on the underlying investments of the units and is classified as a Level 2 investment.

Diversified Equity Securities of Registered Investment Companies

Investment in diversified equity securities of registered investment companies is based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available in an exchange or active market; however, the fair value is determined based on the underlying investments in the fund as traded in an exchange and active market and is classified as a Level 2 investment.

Fixed Income Securities of Registered Investment Companies

Investment in fixed income securities of registered investment companies is based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available in an exchange or active market; however, the fair value is determined based on the underlying investments in the fund as traded in an exchange and active market and is classified as a Level 2 investment.

Insurance Contract

Investment in the foreign pension plan insurance contract is valued at reported cash surrender value of the contract at year end. Cash surrender value is determined based on unobservable inputs, which are contractually determined, regarding returns, fees, and the present value of the future cash flows of the contract. The contract is classified as a Level 3 investment.

Real Estate

The foreign pension plan's investment in real estate consists of an investment in a property fund. The fund's underlying investments consist of real property, which are valued using unobservable inputs. The property fund is classified as a Level 3 investment.

As ofDecember 31, 2011and December 31,2010, the U.S. and foreign plans' investments measured at fair value on a recurring basis were as follows:

				Fair Value
				as of	Fair Value Measurements at December 31, 2011
				December 31,	Using Fair Value Hierarchy
U.S. Pension Assets			2011		Level 1		Level 2		Level 3
Cash and cash equivalents			$	4,066	$	4,066	$	0	$	0
Large capitalization common stock				11,260		11,260		0		0
Large capitalization registered investment companies				5,629		5,629		0		0
Small capitalization common stock				389		389		0		0
Small capitalization registered investment companies				1,641		1,641		0		0
International developed and emerging markets registered
	investment companies			3,848		3,848		0		0
Fixed income corporate securities				9,480		9,480		0		0
Fixed income registered investment companies				5,743		5,743		0		0
Pooled separate accounts				1,414		0		1,414		0
	Total U.S. pension plan assets		$	43,470	$	42,056	$	1,414	$	0
Foreign Pension Assets
Cash and cash equivalents			$	203	$	203	$	0	$	0
Insurance contract (underlying notional investments in
	debt and equity securities)			46,797		0		0		46,797
Diversified equity securities - registered investment companies				4,130		0		4,130		0
Fixed income registered investment companies				3,475		0		3,475		0
Real estate registered investment companies				363		0		0		363
	Total foreign pension assets		$	54,968	$	203	$	7,605	$	47,160
		Total pension assets at fair value	$	98,438	$	42,259	$	9,019	$	47,160

				Fair Value
				as of	Fair Value Measurements at December 31, 2010
				December 31,	Using Fair Value Hierarchy
U.S. Pension Assets			2010		Level 1		Level 2		Level 3
Cash and cash equivalents			$	713	$	713	$	0	$	0
Large capitalization common stock				4,944		4,944		0		0
Large capitalization registered investment companies				11,764		11,764		0		0
Small capitalization common stock				1,971		1,971		0		0
Small capitalization registered investment companies				417		417		0		0
International developed and emerging markets registered
	investment companies			7,312		7,312		0		0
Fixed income corporate securities				8,781		8,781		0		0
Fixed income registered investment companies				5,820		5,820		0		0
Pooled separate accounts				1,381		0		1,381		0
	Total U.S. pension plan assets		$	43,103	$	41,722	$	1,381	$	0
Foreign Pension Assets
Cash and cash equivalents			$	105	$	105	$	0	$	0
Insurance contract (underlying notional investments in
	debt and equity securities)			45,334		0		0		45,334
Diversified equity securities - registered investment companies				4,008		0		4,008		0
Fixed income registered investment companies				3,087		0		3,087		0
Real estate registered investment companies				339		0		0		339
	Total foreign pension assets		$	52,873	$	105	$	7,095	$	45,673
		Total pension assets at fair value	$	95,976	$	41,827	$	8,476	$	45,673

Changes in the fair value of the U.S. and foreign plans' Level 3 investments during the years ended December 31, 2011 and December 31,2010were as follows:

			Alternative		Insurance		Real Estate
			Assets		Contract		Fund		Total
Balance at December 31, 2009		$	1,892	$	43,322	$	312	$	45,526
	Purchases		0		2,901		0		2,901
	Sales		(1,895)		0		0		(1,895)
	Settlements		0		(1,287)		0		(1,287)
	Realized gains		3		0		0		3
	Unrealized gains		0		3,469		39		3,508
	Currency translation adjustment		0		(3,071)		(12)		(3,083)
Balance at December 31, 2010			0		45,334		339		45,673
	Purchases		0		2,592		0		2,592
	Settlements		0		(1,376)		0		(1,376)
	Unrealized gains		0		1,738		24		1,762
	Currency translation adjustment		0		(1,491)		0		(1,491)
Balance at December 31, 2011		$	0	$	46,797	$	363	$	47,160

The total value of plan assets for the Company's pension plans is $98,438 and $95,976 as ofDecember 31, 2011 and December 31,2010, respectively. U.S. pension assets include Company common stock in the amounts of $389 (1% of total U.S. plan assets) and $417 (1% of total U.S. plan assets) at December 31, 2011 and December 31,2010, respectively.

Cash Flows

Contributions

The Company expects to make minimum cash contributions of $6,826to its pension plans ($2,933 Domestic and $3,893 Foreign) and $747 to its other postretirement benefit plan in 2012.

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

								Other
	Pension Benefits							Postretirement
		Foreign		Domestic		Total		Benefits
2012	$	2,098	$	4,672	$	6,770	$	747
2013		1,791		4,933		6,724		727
2014		2,094		4,809		6,903		703
2015		1,707		4,508		6,215		661
2016		2,188		4,489		6,677		630
2017 and beyond		13,603		21,719		35,322		2,631

The Company maintains a plan under which supplemental retirement benefits are provided to certain officers. Benefits payable under the plan are based on a combination of years of service and existing postretirement benefits. Included in total pension costs are charges of $628, $2,042 and $3,489 in 2011, 2010 and 2009, respectively, representing the annual accrued benefits under this plan. Included in the 2010 and 2009 charges are settlement charges of $1,317 and $2,443, respectively, in connection with the retirement of the Company's former CEO.

Defined Contribution Plan

The Company has a 401(k) plan with an employer match covering substantially all domestic employees.Historically, the plan has paid a nonelective contribution on behalf of participants who have completed one year of service equal to 3% of the eligible participants' compensation. In 2009, the Company suspended its elective match to the plan and made its nonelective contribution to the plan in the form of Company common stock. The Company reinstated the elective match to the plan in 2010 and continues to make its nonelective and elective contributions to the plan in the form of Company common stock. Total Company contributions were $1,624, $2,197 and $1,000 for 2011, 2010 and 2009, respectively.