Quarterly report pursuant to Section 13 or 15(d)

PENSION AND POST RETIREMENT BENEFIT PLANS

v2.4.0.8
PENSION AND POST RETIREMENT BENEFIT PLANS
 6 Months Ended
Jun. 30, 2013
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)

 

2013

 

2012

 

2013

 

2012

 

Interest and service cost

 

$

2,166

 

$

2,337

 

$

4,332

 

$

4,674

 

Expected return on plan assets

 

(2,897

)

(2,961

)

(5,794

)

(5,922

)

Amortization of net loss

 

977

 

632

 

1,954

 

1,264

 

Net periodic benefit gain/(loss)

 

$

246

 

$

8

 

$

492

 

$

16

 

 

During the six months ended June 30, 2013 and 2012, the Company made contributions of $1.5 million and $2.2 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 $3.5 million during the fiscal year ending December 31, 2013.