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BENEFIT PLANS:

6 Months Ended

Jun. 30, 2019

NOTE 8 — BENEFIT PLANS:

Post retirement defined benefit plans:

The Company has two noncontributory defined benefit pension plans covering former salaried employees in the United States and certain former expatriate employees in Peru. Effective October 31, 2000, the Board of Directors amended the qualified pension plan to suspend the accrual of benefits.

In addition, the Company’s Mexican subsidiaries have a defined contribution pension plan for salaried employees and a non-contributory defined benefit pension plan for union employees.

The components of net periodic benefit costs for the six months ended June 30, 2019 and 2018 are as follows (in millions):


(in millions)	2019		2018
Service cost	$	0.5	$	0.5
Interest cost		0.9		0.8
Expected return on plan assets		(1.7)		(1.8)
Amortization of prior service cost / (credit)		0.1		0.1
Amortization of net loss/(gain)		0.1		0.1
Net periodic benefit cost	$	(0.1)	$	(0.3)

Post-retirement health care plans:

United States: The Company adopted a post-retirement health care plan for retired salaried employees eligible for Medicare in 1996. The Company manages the plan and is currently providing health benefits to retirees. The plan is accounted for in accordance with ASC 715 “Compensation retirement benefits”.

In Mexico, health services are provided by the Mexican Social Security Institute.

The components of net periodic benefit cost for the six months ended June 30, 2019 and 2018 are as follows (in millions):


(in millions)	2019		2018
Interest cost	$	0.5	$	0.5
Amortization of net loss (gain)		(0.1)		(0.1)
Amortization of prior service cost/ (credit)		(*)		(*)
Net periodic benefit cost	$	0.4	$	0.4

(*) amount is lower than $0.1 million