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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2011
Employee Benefit Plans  
Employee Benefit Plans

Note H

Employee Benefit Plans

Pension expense is a component of employee benefits expense. For the three- and six-month periods ended June 30, 2011 and 2010, respectively, the components of pension expense are as follows:

 

     Three months ended June 30     Six months ended June 30,  
     2011     2010     2011     2010  

Service cost

    $ 4,062      $ 3,667      $ 6,633      $ 6,671   

Interest cost

      7,398        7,317        11,905        12,546   

Expected return on assets

      (8,817 )      (9,497 )      (14,352 )      (16,018 ) 

Amortization of prior service cost

      66        68        105        115   

Amortization of net actuarial loss

      1,977        1,155        3,190        2,080   
                                

Total pension expense

    $ 4,686      $ 2,710      $ 7,481      $ 5,394   
                                

The assumed discount rate for 2011 is 5.50 percent, the expected long-term rate of return on plan assets is 7.75 percent and the assumed rate of salary increases is 4.50 percent. For 2010 the assumed discount rate was 6.00 percent, expected long-term rate of return was 8.00 percent and the assumed rate of salary increases was 4.5 percent.