Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2011

The following tables set forth our pension obligations and funded status at December 31:

	Pension Benefits
	Defined Benefit Pension Plan						Supplementary Pension Plan
	2011			2010			2011			2010
Change in benefit obligations:
Beginning projected benefit obligation	$	48,018		$	42,829		$	9,220		$	9,029
Service cost		1,516			1,400			196			320
Interest cost		2,607			2,493			485			533
Actuarial (gain)/loss		7,239			2,510			2,043			(516	)
Benefits paid		(1,273	)		(1,214	)		(376	)		(146	)
Ending projected benefit obligation		58,107			48,018			11,568			9,220

Change in plan assets:
Beginning fair value		35,755			31,455			-			-
Actual return		(1,516	)		4,014			-			-
Company contribution		1,500			1,500			376			146
Benefits paid		(1,273	)		(1,214	)		(376	)		(146	)
Ending fair value		34,466			35,755			-			-

Funded status of the plan		(23,641	)		(12,263	)		(11,568	)		(9,220	)

Summary of net periodic pension cost

Pension cost in each of the following years was comprised of:

	Defined Benefit Pension Plan									Supplementary Pension Plan
	2011			2010			2009			2011		2010		2009
Service cost – benefits earned during the year	$	1,516		$	1,400		$	1,647		$	196	$	320	$	216
Interest cost on accumulated benefit obligation		2,607			2,493			2,605			485		533		450
Expected return on plan assets		(2,858	)		(2,618	)		(2,146	)		-		-		-
Net amortization and deferral		65			64			490			88		131		74
Net periodic pension cost		1,330			1,339			2,596			769		984		740

Assumptions used to determine pension obligations

The following table summarizes the assumptions used in determining our pension obligations at the end of each of our last two years:

	Defined Benefit Pension Plan			Supplementary Pension Plan
	2011		2010		2011	2010
Discount rate		4.70%	5.51%		4.63%		5.36%
Rate of compensation increase		4.00%	4.00%		4.00%		4.00%
Long-term rate of return on plan assets		7.50%	8.00%		N/A		N/A

Assumptions used to determine net periodic benefit cost

The following table summarizes the assumptions used in determining our net periodic benefit cost in the years ended December 31:

	Defined Benefit Pension Plan				Supplementary Pension Plan
		2011	2010	2009		2011	2010	2009
Discount rate		5.51%	5.91%	6.25%		5.36%	5.95%		6.25%
Rate of compensation increase		4.00%	4.00%	5.75%		4.00%	4.00%		4.00%
Long-term rate of return on plan assets		8.00%	8.25%	8.25%		N/A	N/A		N/A

Expected payment of future benefits

The estimated future benefit payments contemplated under these plans, reflecting expected future service, as appropriate, are presented in the following table:

	Defined Benefit Pension Plan		Supplementary Pension Plan

2012	$	1,687	$	379
2013		1,853		378
2014		2,113		394
2015		2,307		451
2016		2,575		448
2017 through 2021		16,457		3,598

Amounts recognized in other comprehensive income and prior service cost

Note 3 shows the amounts included within accumulated other comprehensive income as of December 31, 2011 and 2010 that have not yet been recognized as components of net periodic benefit cost. Of these balances at December 31, 2011, the amounts expected to be amortized in the next fiscal year are $59 and $1,153 for the unrecognized prior service cost and unrecognized net actuarial loss, respectively. Excluding the effect of income taxes, the amounts recognized within other comprehensive income and the prior service cost for 2011 and 2010, are as follows:

	2011			2010

Recognized in Other Comprehensive Income:
Net actuarial loss (gain)	$	13,657		$	597
Amortization of net actuarial loss (gain)		(96	)		(137	)
Amortization of prior service cost (credit)		(59	)		(59	)
Total change in other comprehensive income		13,502			401

Fair value of pension plan assets

Fair values of our defined benefit pension plan assets at December 31, by asset category, are as follows:

	Fair Value Measurements as of December 31, 2011
			Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
	Total		Level 1		Level 2		Level 3
Short term investment funds	$	727	$	-	$	727	$	-
Equity securities:
US equity securities		11,244		-		11,244		-
International equity securities		5,959		2,028		3,931		-
AMCOL International common stock		1,880		1,880		-		-
Fixed income securities and bonds
Governmental agencies		1,011		1,011		-		-
Corporate bonds		4,981		4,981		-		-
Guaranteed investment contracts		2,473		-		2,473		-
Other investments
Real estate index funds		601		-		601		-
Commodities linked funds		1,693		1,693		-		-
Hedge funds		3,897		-		-		3,897
Total		34,466		11,593		18,976		3,897

	Fair Value Measurements as of December 31, 2010
			Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
	Total		Level 1		Level 2		Level 3
Short term investment funds	$	612	$	-	$	612	$	-
Equity securities:
US equity securities		10,781		-		10,781		-
International equity securities		9,489		3,367		6,122		-
AMCOL International common stock		2,170		2,170		-		-
Fixed income securities and bonds
Governmental agencies		1,774		831		943		-
Corporate bonds		2,477		2,477		-		-
Guaranteed investment contracts		3,633		-		3,633		-
Other investments
Real estate index funds		656		-		656		-
Commodities linked funds		1,996		1,996		-		-
Hedge funds		2,167		-		-		2,167
Total		35,755		10,841		22,747		2,167

Reconciliation of changes in fair value measurements of plan assets

The following is a reconciliation of changes in fair value measurements of plan assets using significant unobservable inputs (Level 3):

	Hedge Funds
Beginning balance at December 31, 2009		1,596
Purchases, sales, and settlements		500
Actual return on plan assets still held at reporting date		71
Ending balance at December 31, 2010		2,167
Purchases, sales, and settlements		1,815
Actual return on plan assets still held at reporting date		(85	)
Ending balance at December 31, 2011		3,897