Quarterly report pursuant to Section 13 or 15(d)

PENSION AND POST RETIREMENT BENEFIT PLANS

v2.3.0.15
PENSION AND POST RETIREMENT BENEFIT PLANS
 9 Months Ended
Sep. 30, 2011
PENSION AND POST RETIREMENT BENEFIT PLANS  
PENSION AND POST RETIREMENT BENEFIT PLANS

NOTE 9.             PENSION AND POST RETIREMENT BENEFIT PLANS

 

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

 

 

 

Three Months Ended

 

Nine Months ended

 

 

 

September 30,

 

September 30,

 

(in thousands)

 

2011

 

2010

 

2011

 

2010

 

Service cost

 

48

 

$

—

 

$

144

 

$

—

 

Interest cost

 

2,472

 

$

2,346

 

$

7,416

 

$

7,038

 

Expected return on plan assets

 

(3,016

)

(2,789

)

(9,048

)

(8,367

)

Amortization of net loss

 

450

 

278

 

1,350

 

834

 

Net periodic benefit cost (Gain)

 

$

(46

)

$

(165

)

$

(138

)

$

(495

)

 

During the nine months ended September 30, 2011, the Company made contributions of $4.8 million to its defined benefit retirement plans (the “Plans”).  The Company and management are considering making further contributions to the Plans of approximately $0.4 million during the fiscal year ending December 31, 2011.