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
 6 Months Ended
Jun. 30, 2012
PENSION AND POST RETIREMENT BENEFIT PLANS  
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

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

(in thousands)

 

2012

 

2011

 

2012

 

2011

 

Interest and service cost

 

$

2,337

 

$

2,520

 

$

4,674

 

$

5,040

 

Expected return on plan assets

 

(2,961

)

(3,016

)

(5,922

)

(6,032

)

Amortization of net loss

 

632

 

450

 

1,264

 

900

 

Net periodic benefit gain/(loss)

 

$

8

 

$

(46

)

$

16

 

$

(92

)

 

During the six months ended June 30, 2012 and 2011, the Company made contributions of $2.2 million and $4.2 million, respectively, to its defined benefit retirement plans (the “Plans”).  The Company made $4.9 million in contributions for the year ended December 31, 2011 and is considering making further contributions to the Plans of approximately $2.8 million during the fiscal year ending December 31, 2012.