Quarterly report pursuant to Section 13 or 15(d)

PENSION AND POST RETIREMENT BENEFIT PLANS

 v2.3.0.11
PENSION AND POST RETIREMENT BENEFIT PLANS
6 Months Ended
Jun. 30, 2011
PENSION AND POST RETIREMENT BENEFIT PLANS.  
PENSION AND POST RETIREMENT BENEFIT PLANS

NOTE 9.

 

PENSION AND POST RETIREMENT BENEFIT PLANS

 

The following represents the net periodic pension benefit costs and related components in accordance with FASB ASC 715 “Compensation - Retirement Benefits”:

 

 

 

Three Months Ended

 

Six Months ended

 

 

 

June 30,

 

June 30,

 

(in thousands)

 

2011

 

2010

 

2011

 

2010

 

Service cost

 

48

 

$

0

 

$

96

 

$

0

 

Interest cost

 

2,472

 

$

2,346

 

$

4,944

 

$

4,692

 

Expected return on plan assets

 

(3,016

)

(2,789

)

(6,032

)

(5,578

)

Amortization of net loss

 

450

 

278

 

900

 

556

 

Net periodic benefit cost (Gain)

 

$

(46

)

$

(165

)

$

(92

)

$

(330

)

 

During the six months ended June 30, 2011, the Company made contributions of $4.2 million to its defined benefit retirement plans (the “Plans”).  The Company and management are considering making further contributions to the Plans of approximately $1.0 million during the fiscal year ending December 31, 2011.