Quarterly report pursuant to Section 13 or 15(d)

PENSION AND POST RETIREMENT BENEFIT PLANS

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PENSION AND POST RETIREMENT BENEFIT PLANS
 9 Months Ended
Sep. 30, 2013
Pension and Other Postretirement Benefit Expense [Abstract]  
PENSION AND POST RETIREMENT BENEFIT PLANS

NOTE 7. 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”:

 

Components of Net Pension Benefit Gain                      
  Three Months Ended   Nine Months Ended
  September 30,   September 30,
(in thousands) 2013   2012   2013   2012
Interest and service cost $           2,166    $           2,337   $         6,498    $           7,011
Expected return on plan assets           (2,897)             (2,961)           (8,691)             (8,883)
Amortization of net loss                977                 632             2,931              1,896
Net periodic benefit gain/(loss) $              246    $                  8   $            738    $                24

 

During the nine months ended September 30, 2013 and 2012, the Company made contributions of $2.5 million and $2.3 million, respectively, to its defined benefit retirement plans (the “Plans”). The Company made $5.2 million in contributions for the year ended December 31, 2012 and is considering making further contributions to the Plans of approximately $2.5 million during the fiscal year ending December 31, 2013.