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RETIREMENT AND DEFERRED COMPENSATION PLANS
 9 Months Ended
Sep. 30, 2012
RETIREMENT AND DEFERRED COMPENSATION PLANS  
RETIREMENT AND DEFERRED COMPENSATION PLANS

 

 

NOTE 4 – RETIREMENT AND DEFERRED COMPENSATION PLANS

 

Components of Net Periodic Benefit Cost:

 

 

 

 

Domestic Plans

 

Foreign Plans

 

Three months ended September 30,

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

1,831

 

$

1,405

 

$

573

 

$

517

 

Interest cost

 

1,247

 

1,165

 

660

 

650

 

Expected return on plan assets

 

(1,422

)

(1,566

)

(371

)

(462

)

Amortization of net loss

 

978

 

398

 

116

 

200

 

Amortization of prior service cost

 

1

 

1

 

88

 

97

 

Net periodic benefit cost

 

$

2,635

 

$

1,403

 

$

1,066

 

$

1,002

 

 

 

 

Domestic Plans

 

Foreign Plans

 

Nine months ended September 30,

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

5,443

 

$

4,095

 

$

1,601

 

$

1,547

 

Interest cost

 

3,706

 

3,392

 

1,935

 

1,945

 

Expected return on plan assets

 

(4,227

)

(3,608

)

(1,138

)

(1,383

)

Amortization of net loss

 

2,907

 

1,245

 

355

 

599

 

Amortization of prior service cost

 

3

 

3

 

270

 

291

 

Net periodic benefit cost

 

$

7,832

 

$

5,127

 

$

3,023

 

$

2,999

 

 

EMPLOYER CONTRIBUTIONS

In order to meet or exceed minimum funding levels required by U.S. law, the Company has contributed approximately $14.0 million to its domestic defined benefit plan during the first half of 2012 and does not anticipate any further contribution during 2012.  The Company also expects to contribute approximately $6.0 million to its foreign defined benefit plans in 2012 and has contributed approximately $1.3 million as of September 30, 2012.