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BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2011
Reconciliations of Changes in the Defined Benefit and Postretirement Healthcare Plans' Benefit Obligations, Fair Value of Assets and Statement of Funded Status
Reconciliations of changes in the defined benefit and postretirement healthcare plans’ benefit obligations, fair value of assets and statement of funded status are as follows:

 
 
 
 
 
Other Postretirement
 
Pension Benefits
 
Benefits
 
December 31,
 
December 31,
(in thousands)
2011
 
2010
 
2011
 
2010
 
 
 
 
 
 
 
 
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
211,504

 
$
191,976

 
$
11,607

 
$
11,666

Service cost
10,950

 
8,108

 
61

 
58

Interest cost
9,633

 
8,415

 
553

 
605

Participant contributions
3,562

 
2,886

 
583

 
616

Actuarial losses (gains)
2,991

 
7,976

 
537

 
(548
)
Amendments
(3,034
)
 
—

 
—

 
—

Acquisitions/Divestitures
52,282

 
291

 
—

 
—

Effect of exchange rate changes
(8,355
)
 
3,474

 
—

 
—

Benefits paid
(8,926
)
 
(11,622
)
 
(1,124
)
 
(790
)
Benefit obligation at end of year
$
270,607

 
$
211,504

 
$
12,217

 
$
11,607

 
 
 
 
 
 
 
 
Change in Plan Assets
 

 
 

 
 

 
 

Fair value of plan assets at beginning of year
$
99,546

 
$
88,866

 
$
—

 
$
—

Actual return on assets
(889
)
 
1,883

 
—

 
—

Acquisitions/Divestitures
7,006

 
—

 
—

 
—

Effect of exchange rate changes
(1,238
)
 
8,374

 
—

 
—

Employer contributions
9,647

 
9,159

 
541

 
174

Participant contributions
3,562

 
2,886

 
583

 
616

Benefits paid
(8,926
)
 
(11,622
)
 
(1,124
)
 
(790
)
Fair value of plan assets at end of year
$
108,708

 
$
99,546

 
$
—

 
$
—

 
 
 
 
 
 
 
 
Funded status at end of year
$
(161,899
)
 
$
(111,958
)
 
$
(12,217
)
 
$
(11,607
)
Amounts Recognized in the Accompanying Consolidated Balance Sheets, Net of Tax Effects
The amounts recognized in the accompanying consolidated balance sheets, net of tax effects, are as follows:
 
 
Pension Benefits
 
Other Postretirement
Benefits
 
December 31,
 
December 31,
(in thousands)
2011
 
2010
 
2011
 
2010
 
 
 
 
 
 
 
 
Other noncurrent assets
$
355

 
$
—

 
$
—

 
$
—

Deferred tax asset
10,972

 
9,834

 
1,247

 
1,113

Total assets
$
11,327

 
$
9,834

 
$
1,247

 
$
1,113

 
 
 
 
 
 
 
 
Current liabilities
(4,411
)
 
(3,462
)
 
(978
)
 
(1,099
)
Long-term liabilities
(157,843
)
 
(108,496
)
 
(11,240
)
 
(10,508
)
Deferred tax liability
(269
)
 
(22
)
 
—

 
—

Total liabilities
$
(162,523
)
 
$
(111,980
)
 
$
(12,218
)
 
$
(11,607
)
 
 
 
 
 
 
 
 
Accumulated other comprehensive income
32,002

 
29,050

 
1,984

 
1,772

Net amount recognized
$
(119,194
)
 
$
(73,096
)
 
$
(8,987
)
 
$
(8,722
)
Amounts Recognized in Accumulated Other Comprehensive Income
Amounts recognized in AOCI consist of:

 
 
 
 
 
Other Postretirement
 
Pension Benefits
 
Benefits
 
December 31,
 
December 31,
(in thousands)
2011
 
2010
 
2011
 
2010
 
 
 
 
 
 
 
 
Net actuarial loss
$
45,462

 
$
38,694

 
$
3,232

 
$
2,884

Net prior service cost
(2,757
)
 
168

 
—

 
—

Pretax AOCI
$
42,705

 
$
38,862

 
$
3,232

 
$
2,884

Less deferred taxes
10,703

 
9,812

 
1,248

 
1,112

Post tax AOCI
$
32,002

 
$
29,050

 
$
1,984

 
$
1,772
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets:

 
December 31,
(in thousands)
2011
 
2010
 
 
 
 
Projected benefit obligation
$
268,391

 
$
211,504

Accumulated benefit obligation
246,515

 
200,574

Fair value of plan assets
106,137

 
99,546
Components of Net Periodic Benefit Cost
Components of net periodic benefit cost:
 
 
Pension Benefits
 
Other Postretirement
Benefits
(in thousands)
2011
 
2010
 
2009
 
2011
 
2010
 
2009
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
10,950

 
$
8,108

 
$
8,375

 
$
61

 
$
58

 
$
50

Interest cost
9,633

 
8,415

 
8,003

 
553

 
605

 
676

Expected return on assets
(5,184
)
 
(4,662
)
 
(3,991
)
 
—

 
—

 
—

Amortization of actuarial losses
—

 
124

 
240

 
—

 
—

 
—

Amortization of prior service
80

 
86

 
138

 
—

 
—

 
—

Amortization of net loss
1,584

 
1,002

 
1,652

 
189

 
265

 
281

Settlement gains
4

 
—

 
(1,148
)
 
—

 
—

 
—

Net periodic benefit cost
$
17,067

 
$
13,073

 
$
13,269

 
$
803

 
$
928

 
$
1,007
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI
Other changes in plan assets and benefit obligations recognized in AOCI:

 
Pension Benefits
 
Other Postretirement
Benefits
(in thousands)
2011
 
2010
 
2009
 
2011
 
2010
 
2009
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial (gain) loss
$
8,352

 
$
12,640

 
$
(7,994
)
 
$
537

 
$
(548
)
 
$
1,020

Net prior service (credit)
(2,845
)
 
(8
)
 
(37
)
 
—

 
—

 
—

Net transition obligation
—

 
(1
)
 
1

 
—

 
—

 
—

Amortization
(1,664
)
 
(1,212
)
 
(2,030
)
 
(189
)
 
(265
)
 
(281
)
Total recognized in AOCI
$
3,843

 
$
11,419

 
$
(10,060
)
 
$
348

 
$
(813
)
 
$
739

Total recognized in net periodic benefit cost and AOCI
$
20,910

 
$
24,492

 
$
3,209

 
$
1,151

 
$
115

 
$
1,746
Amounts in AOCI that are Expected to be Amortized as Net Expense (Income) During Next Fiscal Year
The amounts in AOCI that are expected to be amortized as net expense (income) during fiscal year 2012 are as follows:

(in thousands)
Pension
Benefits
 
Other Postretirement
Benefits
 
 
 
 
Amount of net prior service cost
$
(124
)
 
$
—

Amount of net loss
1,962

 
230
Weighted Average Assumptions Used to Determine Benefit Obligations, Principally in Foreign Locations
The weighted average assumptions used to determine benefit obligations for the Company's plans, principally in foreign locations, at December 31, 2011, 2010 and 2009 are as follows:
 
   
Pension Benefits
 
Other Postretirement
Benefits
 
2011
 
2010
 
2009
 
2011
 
2010
 
2009
Discount rate
4.0
%
 
4.1
%
 
4.7
%
 
4.0
%
 
5.0
%
 
5.5
%
Rate of compensation increase
2.8
%
 
2.6
%
 
2.7
%
 
n/a

 
n/a

 
n/a

Health care cost trend
n/a

 
n/a

 
n/a

 
7.5
%
 
8.0
%
 
8.5
%
Ultimate health care cost trend
n/a

 
n/a

 
n/a

 
5.0
%
 
5.0
%
 
5.0
%
Years until ultimate trend is reached
n/a

 
n/a

 
n/a

 
6.0

 
7.0

 
8.0
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
The weighted average assumptions used to determine net periodic benefit cost for the Company's plans, principally in foreign locations, for the years ended December 31, 2011, 2010 and 2009 are as follows:

   
Pension Benefits
 
Other Postretirement
Benefits
   
2011
 
2010
 
2009
 
2011
 
2010
 
2009
Discount rate
4.1
%
 
4.7
%
 
4.5
%
 
5.0
%
 
5.5
%
 
6.3
%
Expected return on plan assets
4.8
%
 
5.2
%
 
5.2
%
 
n/a

 
n/a

 
n/a

Rate of compensation increase
2.6
%
 
2.7
%
 
2.7
%
 
n/a

 
n/a

 
n/a

Health care cost trend
n/a

 
n/a

 
n/a

 
7.5
%
 
8.0
%
 
8.5
%
Ultimate health care cost trend
n/a

 
n/a

 
n/a

 
5.0
%
 
5.0
%
 
5.0
%
Years until ultimate trend is reached
n/a

 
n/a

 
n/a

 
6.0

 
7.0

 
8.0

 
 
 
 
 
 
 
 
 
 
 
 
Measurement Date
12/31/2011

 
12/31/2010

 
12/31/2009

 
12/31/2011

 
12/31/2010

 
12/31/2009
Effect of One Percentage Point in Assumed Healthcare Cost Trend Rates
Assumed health care cost trend rates have an impact on the amounts reported for postretirement benefits. A one percentage point change in assumed healthcare cost trend rates would have the following effects for the year ended December 31, 2011:

 
Other Postretirement
Benefits
(in thousands)      
1% Increase
 
1% Decrease
Effect on total of service and interest cost components
$
62

 
$
(52
)
Effect on postretirement benefit obligation    
1,289

 
(1,078
)
Fair Value Measurements of Plan Assets
The fair value of the Company's pension plan assets at December 31, 2011 is presented in the table below by asset category. Over 80% of the total plan assets are categorized as Level 1, and therefore, the values assigned to these pension assets are based on quoted prices available in active markets.  For the other category levels, a description of the valuation is provided in Note 1, Significant Accounting Policies, under the “Fair Value Measurement” heading.

 
December 31, 2011
(in thousands)
Total
 
Level 1
 
Level 2
 
Level 3
Assets Category
 
 
 
 
 
 
 
Cash and cash equivalents
$
5,165

 
$
5,001

 
$
164

 
$
—

Equity securities:
 

 
 

 
 

 
 

U. S.
2,036

 
2,036

 
—

 
—

International
27,982

 
27,982

 
—

 
—

Fixed income securities:
 

 
 

 
 

 
 

Fixed rate bonds (a)
44,499

 
44,499

 
—

 
—

Other types of investments:
 

 
 

 
 

 
 

Mutual funds (b)
8,065

 
—

 
8,065

 
—

Common trusts (c)
2,083

 
—

 
—

 
2,083

Insurance contracts
9,323

 
—

 
3,503

 
5,820

Hedge funds
891

 
—

 
—

 
891

Real estate
8,664

 
8,307

 
—

 
357

Total
$
108,708

 
$
87,825

 
$
11,732

 
$
9,151


 
December 31, 2010
(in thousands)
Total
 
Level 1
 
Level 2
 
Level 3
Assets Category
 
 
 
 
 
 
 
Cash and cash equivalents
$
3,028

 
$
2,775

 
$
253

 
$
—

Equity securities:
 

 
 

 
 

 
 

U. S.
1,103

 
1,103

 
—

 
—

International
29,944

 
29,944

 
—

 
—

Fixed income securities:
 

 
 

 
 

 
 

Fixed rate bonds (a)
41,215

 
41,215

 
—

 
—

Other types of investments:
 

 
 

 
 

 
 

Mutual funds (b)
8,857

 
417

 
8,440

 
—

Common trusts (c)
1,648

 
—

 
—

 
1,648

Insurance contracts
4,858

 
—

 
3,034

 
1,824

Hedge funds
1,334

 
—

 
—

 
1,334

Real estate
7,559

 
7,199

 
—

 
360

Total
$
99,546

 
$
82,653

 
$
11,727

 
$
5,166


(a)
This category includes fixed income securities invested primarily in Swiss bonds, foreign bonds in Swiss currency, foreign currency bonds, mortgage notes and pledged letters.
(b)
This category includes mutual funds balanced between moderate-income generation and moderate capital appreciation with investment allocations of approximately 50% equities and 50% fixed income investments.
(c)
This category includes common/collective funds with investments in approximately 65% equities and 35% in fixed income investments.
Reconciliation for the Plans Assets Categorized as Level 3
The following table provides a reconciliation from December 31, 2010 to December 31, 2011 for the plans assets categorized as Level 3.  

 
Changes within Level 3 Category for
 
Year Ended December 31, 2011
(in thousands)
Common
Trust
 
Insurance
Contracts
 
Hedge
Funds
 
Real
Estate
 
Total
Balance at December 31, 2010
$
1,648

 
$
1,824

 
$
1,334

 
$
360

 
$
5,166

Actual return on plan assets:
 

 
 

 
 

 
 

 
 

Relating to assets still held at the reporting date
5

 
(1,355
)
 
(80
)
 
—

 
(1,430
)
Relating to assets sold during the period
5

 
—

 
—

 
—

 
5

Acquisitions/Divestitures
—

 
6,738

 
—

 
—

 
6,738

Purchases, sales and settlements, net
7

 
(1,144
)
 
(384
)
 
—

 
(1,521
)
Transfers in and/or out
418

 
—

 
—

 
—

 
418

Effect of exchange rate changes
—

 
(243
)
 
20

 
(2
)
 
(225
)
Balance at December 31, 2011
$
2,083

 
$
5,820

 
$
890

 
$
358

 
$
9,151


The following tables provide a reconciliation from December 31, 2009 to December 31, 2010 for the plans assets categorized as Level 3.  No assets were transferred in or out of the Level 3 category during the year ended December 31, 2010.

 
Changes within Level 3 Category for
 
Year Ended December 31, 2010
(in thousands)
Common
Trust
 
Insurance
Contracts
 
Hedge
Funds
 
Real
Estate
 
Total
Balance at December 31, 2009
$
1,842

 
$
1,742

 
$
1,672

 
$
325

 
$
5,581

Actual return on plan assets:
 

 
 

 
 

 
 

 
 

Relating to assets still held at the reporting date
116

 
29

 
37

 
—

 
182

Relating to assets sold during the period
46

 
—

 
—

 
—

 
46

Purchases, sales and settlements, net
(356
)
 
109

 
(541
)
 
—

 
(788
)
Effect of exchange rate changes
—

 
(56
)
 
166

 
35

 
145

Balance at December 31, 2010
$
1,648

 
$
1,824

 
$
1,334

 
$
360

 
$
5,166
Estimated Future Benefit Payments
Estimated Future Benefit Payments

(in thousands)
Pension
Benefits
 
Other
Postretirement
Benefits
2012
$
8,863

 
$
978

2013
10,134

 
967

2014
10,799

 
948

2015
10,620

 
904

2016
11,341

 
902

2017-2019
67,976

 
3,888