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RETIREMENT AND DEFERRED COMPENSATION PLANS
 6 Months Ended
Jun. 30, 2013
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 June 30,

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

2,045

 

$

1,808

 

$

959

 

$

509

 

Interest cost

 

1,246

 

1,231

 

658

 

630

 

Expected return on plan assets

 

(1,474

)

(1,404

)

(447

)

(379

)

Amortization of net loss

 

1,117

 

965

 

348

 

118

 

Amortization of prior service cost

 

1

 

1

 

92

 

90

 

Net periodic benefit cost

 

$

2,935

 

$

2,601

 

$

1,610

 

$

968

 

 

 

 

Domestic Plans

 

Foreign Plans

 

Six months ended June 30,

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

4,270

 

$

3,612

 

$

1,928

 

$

1,028

 

Interest cost

 

2,496

 

2,459

 

1,323

 

1,275

 

Expected return on plan assets

 

(2,888

)

(2,805

)

(899

)

(767

)

Amortization of net loss

 

2,551

 

1,929

 

700

 

239

 

Amortization of prior service cost

 

2

 

2

 

185

 

182

 

Net periodic benefit cost

 

$

6,431

 

$

5,197

 

$

3,237

 

$

1,957

 

 

EMPLOYER CONTRIBUTIONS

In order to meet or exceed minimum funding levels required by U.S. law, the Company expects to contribute $10 million in the second half of 2013 and did not make any contribution during the first half of 2013.  The Company also expects to contribute approximately $4.3 million to its foreign defined benefit plans in 2013 and has contributed approximately $1.2 million during the first half of 2013.