Pension and Postretirement Benefits

12 Months Ended

Dec. 31, 2012

Pension and Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

Note 11 – Pension and Other Postretirement Benefits

The following table shows the Company's plans' funded status reconciled with amounts reported in the consolidated balance sheet as of December 31, 2012 and December 31, 2011:

														Other
														Postretirement
	Pension Benefits													Benefits
	2012							2011					2012		2011
		Foreign		Domestic		Total		Foreign		Domestic		Total		Domestic		Domestic
Change in benefit obligation
Benefit obligation at beginning of year	$	61,581	$	66,226	$	127,807	$	53,250	$	63,125	$	116,375	$	7,202	$	7,815
Service cost		2,004		460		2,464		1,890		400		2,290		46		16
Interest cost		3,020		2,803		5,823		3,037		3,145		6,182		283		331
Employee contributions		101		0		101		104		0		104		0		0
Benefits paid		(1,973)		(4,668)		(6,641)		(1,734)		(4,423)		(6,157)		(728)		(793)
Plan expenses and premiums paid		(331)		(225)		(556)		(272)		(200)		(472)		0		0
Actuarial loss (gain)		14,874		5,811		20,685		4,799		4,179		8,978		514		(167)
Translation difference and other		2,004		0		2,004		507		0		507		0		0
Benefit obligation at end of year	$	81,280	$	70,407	$	151,687	$	61,581	$	66,226	$	127,807	$	7,317	$	7,202
Change in plan assets
Fair value of plan assets at beginning of
year	$	54,968	$	43,470	$	98,438	$	52,873	$	43,103	$	95,976	$	0	$	0
Actual return on plan assets		2,972		4,466		7,438		1,984		178		2,162		0		0
Employer contributions		3,842		2,948		6,790		3,504		4,812		8,316		728		793
Employee contributions		101		0		101		104		0		104		0		0
Benefits paid		(1,973)		(4,668)		(6,641)		(1,734)		(4,423)		(6,157)		(728)		(793)
Plan expenses and premiums paid		(331)		(225)		(556)		(272)		(200)		(472)		0		0
Translation difference		1,330		0		1,330		(1,491)		0		(1,491)		0		0
Fair value of plan assets at end of year	$	60,909	$	45,991	$	106,900	$	54,968	$	43,470	$	98,438	$	0	$	0
Net amount recognized	$	(20,371)	$	(24,416)	$	(44,787)	$	(6,613)	$	(22,756)	$	(29,369)	$	(7,317)	$	(7,202)
Amounts recognized in the balance sheet
consist of:
Current liabilities	$	(892)	$	(577)	$	(1,469)	$	(706)	$	(585)	$	(1,291)	$	(719)	$	(747)
Non-current liabilities		(19,479)		(23,839)		(43,318)		(5,907)		(22,171)		(28,078)		(6,598)		(6,455)
Net amount recognized	$	(20,371)	$	(24,416)	$	(44,787)	$	(6,613)	$	(22,756)	$	(29,369)	$	(7,317)	$	(7,202)
Amounts not yet reflected in net periodic
benefit costs and included in
accumulated other comprehensive
loss:
Prior service cost	$	(62)	$	(460)	$	(522)	$	(90)	$	(542)	$	(632)	$	0	$	0
Accumulated loss		(29,227)		(35,929)		(65,156)		(15,112)		(33,160)		(48,272)		(2,107)		(1,709)
Accumulated other comprehensive
loss (AOCI)		(29,289)		(36,389)		(65,678)		(15,202)		(33,702)		(48,904)		(2,107)		(1,709)
Cumulative employer contributions
in excess of net period benefit cost		8,918		11,973		20,891		8,589		10,946		19,535		(5,210)		(5,493)
Net amount recognized	$	(20,371)	$	(24,416)	$	(44,787)	$	(6,613)	$	(22,756)	$	(29,369)	$	(7,317)	$	(7,202)

The accumulated benefit obligation for all defined benefit pension plans was $145,836 ($69,951 Domestic and$75,885 Foreign) and $123,889 ($65,820 Domestic and$58,069 Foreign) at December 31, 2012 and December 31,2011, respectively.

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

	2012							2011
		Foreign		Domestic		Total		Foreign		Domestic		Total
Projected benefit obligation	$	81,280	$	70,407	$	151,687	$	14,672	$	66,226	$	80,898
Accumulated benefit obligation		75,885		69,951		145,836		13,630		65,820		79,450
Fair value of plan assets		60,909		45,991		106,900		8,172		43,470		51,642

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

	2012							2011
		Foreign		Domestic		Total		Foreign		Domestic		Total
Projected benefit obligation	$	81,280	$	70,407	$	151,687	$	61,581	$	66,226	$	127,807
Fair value of plan assets		60,909		45,991		106,900		54,968		43,470		98,438

Components of net periodic benefit costs – pension plans:

	2012							2011
		Foreign		Domestic		Total		Foreign		Domestic		Total
Service cost	$	2,004	$	460	$	2,464	$	1,890	$	400	$	2,290
Interest cost		3,020		2,803		5,823		3,037		3,145		6,182
Expected return on plan assets		(1,995)		(3,481)		(5,476)		(2,349)		(3,592)		(5,941)
Other, amortization, net		620		2,139		2,759		265		1,636		1,901
Net periodic benefit cost	$	3,649	$	1,921	$	5,570	$	2,843	$	1,589	$	4,432

		2010
		Foreign		Domestic		Total
Service cost	$	1,606	$	368	$	1,974
Interest cost		2,587		3,385		5,972
Expected return on plan assets		(2,135)		(3,307)		(5,442)
Settlement charge		0		1,317		1,317
Curtailment charge		0		19		19
Other, amortization, net		36		1,516		1,552
Net periodic benefit cost	$	2,094	$	3,298	$	5,392

Other changes recognized in other comprehensive income:

		2012							2011
			Foreign		Domestic		Total		Foreign		Domestic		Total
Net loss arising during the period		$	13,897	$	4,826	$	18,723	$	5,164	$	7,593	$	12,757
Recognition of amortization in net periodic
	benefit cost
	Prior service cost		(30)		(82)		(112)		(32)		(82)		(114)
	Actuarial loss		(590)		(2,057)		(2,647)		(234)		(1,554)		(1,788)
Effect of exchange rates on amounts included in
	AOCI		809		0		809		(793)		0		(793)
Total recognized in other comprehensive income			14,086		2,687		16,773		4,105		5,957		10,062
Total recognized in net periodic benefit cost and
	other comprehensive loss	$	17,735	$	4,608	$	22,343	$	6,948	$	7,546	$	14,494

	2010
		Foreign		Domestic		Total
Net loss arising during period	$	4,100	$	3,204	$	7,304
Recognition of amortization in net periodic benefit cost
Transition asset		4		0		4
Prior service cost		(30)		(104)		(134)
Actuarial loss		(10)		(2,747)		(2,757)
Effect of exchange rates on amounts included in AOCI		(259)		0		(259)
Total recognized in other comprehensive loss		3,805		353		4,158
Total recognized in net periodic benefit cost and other
comprehensive loss	$	5,899	$	3,651	$	9,550

Components of net periodic benefit costs – other postretirement plan:

		2012		2011		2010
Service cost	$	46	$	16	$	16
Interest cost and other		398		331		462
Net periodic benefit costs	$	444	$	347	$	478

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

			2012		2011		2010
Net loss (gain) arising during period		$	514	$	(167)	$	747
Amortization of actuarial loss in net periodic benefit costs			(116)		(75)		(62)
Total recognized in other comprehensive loss (income)			398		(242)		685
Total recognized in net periodic benefit cost and other
	comprehensive loss	$	842	$	105	$	1,163

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	$	1,474	$	2,488	$	3,962	$	186
Prior service cost		30		82		112		0
	$	1,504	$	2,570	$	4,074	$	186

Weighted-average assumptions used to determine benefit obligationsat December 31, 2012 and December 31, 2011:

				Other Postretirement
	Pension Benefits			Benefits
		2012	2011		2012	2011
U.S. Plans:
Discount rate		3.52%	4.41%		3.20%	4.15%
Rate of compensation increase		3.40%	3.40%		N/A	N/A
Foreign Plans:
Discount rate		3.94%	4.99%		N/A	N/A
Rate of compensation increase		3.60%	3.58%		N/A	N/A

Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2012 and December 31, 2011:

				Other Postretirement
	Pension Benefits			Benefits
		2012	2011		2012	2011
U.S. Plans:
Discount rate		4.41%	5.20%		4.15%	4.80%
Expected long-term return on plan assets		8.25%	8.25%		N/A	N/A
Rate of compensation increase		3.40%	3.40%		N/A	N/A
Foreign Plans:
Discount rate		4.99%	5.49%		N/A	N/A
Expected long-term return on plan assets		3.51%	4.11%		N/A	N/A
Rate of compensation increase		3.58%	3.66%		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, 2012 and December 31, 2011:

		2012	2011
Health care cost trend rate for next year		7.30%	7.50%
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	$	29	$	(25)
Effect on postretirement benefit obligations		634		(554)

Plan Assets and Fair Value

The Company's pension plan target asset allocation and the weighted-average asset allocations atDecember 31,2012 and December 31,2011 by asset category were as follows:

		Target	2012	2011
Asset Category
U.S. Plans
Equity securities		61%	58%	52%
Debt securities		32%	40%	39%
Other		7%	2%	9%
	Total	100%	100%	100%
Foreign Plans
Equity securities and other		18%	17%	17%
Debt securities		82%	83%	83%
	Total	100%	100%	100%

As of December 31, 2012 and December 31,2011, “Other” consisted principally of cash and cash equivalents (approximately 2% and 9% 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, 2012, 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.

U.S. and Foreign Government Bonds

U.S. and foreign government 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, 2012and December 31,2011, the U.S. and foreign plans' investments measured at fair value on a recurring basis were as follows:

					Fair Value Measurements at December 31, 2012
			Fair Value as of		Using Fair Value Hierarchy
U.S. Pension Assets			December 31, 2012		Level 1		Level 2		Level 3
Cash and cash equivalents			$	905	$	905	$	0	$	0
Large capitalization common stock				12,195		12,195		0		0
Large capitalization registered investment companies				6,551		6,551		0		0
Small capitalization common stock				539		539		0		0
Small capitalization registered investment companies				1,910		1,910		0		0
International developed and emerging markets registered
	investment companies			3,107		3,107		0		0
International developed and emerging markets common stock				2,527		2,527		0		0
Fixed income corporate securities				10,297		10,297		0		0
Fixed income registered investment companies				6,483		6,483		0		0
U.S. and foreign government fixed income securities				12		12		0		0
Pooled separate accounts				1,465		0		1,465		0
	Total U.S. pension plan assets		$	45,991	$	44,526	$	1,465	$	0
Foreign Pension Assets
Cash and cash equivalents			$	96	$	96	$	0	$	0
Insurance contract (underlying notional investments in
	debt and equity securities)			51,146		0		0		51,146
Diversified equity securities - registered investment companies				5,072		0		5,072		0
Fixed income registered investment companies				4,207		0		4,207		0
Real estate registered investment companies				388		0		0		388
	Total foreign pension assets		$	60,909	$	96	$	9,279	$	51,534
		Total pension assets at fair value	$	106,900	$	44,622	$	10,744	$	51,534

					Fair Value Measurements at December 31, 2011
			Fair Value as of		Using Fair Value Hierarchy
U.S. Pension Assets			December 31, 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

Changes in the fair value of the U.S. and foreign plans' Level 3 investments during the years ended December 31, 2012 and December 31,2011were as follows:

			Insurance		Real Estate
			Contract		Fund		Total
Balance at December 31, 2010		$	45,334	$	339	$	45,673
	Purchases		2,592		0		2,592
	Settlements		(1,376)		0		(1,376)
	Unrealized gains		1,738		24		1,762
	Currency translation adjustment		(1,491)		0		(1,491)
Balance at December 31, 2011			46,797		363		47,160
	Purchases		2,997		0		2,997
	Settlements		(1,466)		0		(1,466)
	Unrealized gains		1,854		10		1,864
	Currency translation adjustment		964		15		979
Balance at December 31, 2012		$	51,146	$	388	$	51,534

U.S. pension assets include Company common stock in the amounts of $539 (1% of total U.S. plan assets) and $389 (1% of total U.S. plan assets) at December 31, 2012 and December 31,2011, respectively.

Cash Flows

Contributions

The Company expects to make minimum cash contributions of $6,610to its pension plans ($2,111 Domestic and $4,499 Foreign) and $719 to its other postretirement benefit plan in 2013.

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
2013	$	2,419	$	4,885	$	7,304	$	719
2014		2,248		4,780		7,028		697
2015		1,767		4,442		6,209		634
2016		2,265		4,468		6,733		611
2017		2,224		4,311		6,535		594
2018 and beyond		16,028		21,308		37,336		2,527

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 $700, $628 and $2,042in 2012, 2011 and 2010, respectively, representing the annual accrued benefits under this plan. Included in the 2010charges are settlement charges of $1,317in 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.The plan allows for and the Company has paid a nonelective contribution on behalf of participants who have completed one year of service equal to 3% of the eligible participants' compensationin the form of Company common stock. Total Company contributions were $1,703, $1,624 and $2,197 for 2012, 2011 and 2010, respectively.