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Pension and Post retirement Plans | 6 Months Ended
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Jun. 30, 2011
Pension and Post-retirement Plans [Abstract] |
Pension and Post-retirement Plans |
(7) | Pension and Post-retirement Plans: The Company has defined benefit pension plans that cover substantially all non-bargaining unit and certain bargaining unit employees. The Company also has unfunded non-qualified plans that provide benefits in excess of the amounts permitted to be paid under the provisions of the tax law to participants in qualified plans. The assumptions related to discount rates, expected long-term rates of return on invested plan assets, salary increases, age, mortality and health care cost trend rates, along with other factors, are used in determining the assets, liabilities and expenses associated with pension benefits. Management reviews the assumptions annually with its independent actuaries, taking into consideration existing and future economic conditions and the Company's intentions with respect to these plans. Management believes that its assumptions and estimates for 2011 are reasonable. Different assumptions, however, could result in material changes to the assets, obligations and costs associated with benefit plans.
The components of net periodic benefit cost recorded for the second quarters of 2011 and 2010 were as follows (in millions):
|  | Pension Benefits |  | Post-retirement Benefits
|  | 2011 |  | 2010 |  | 2011 |  | 2010
Service cost |  | $ | 2.1 |  |  | $ | 1.8 |  |  | $ | 0.3 |  |  | $ | 0.3 |
Interest cost |  |  | 5.0 |  |  |  | 4.8 |  |  |  | 1.0 |  |  |  | 0.8 |
Expected return on plan assets |  |  | (5.7 | ) |  |  | (5.3 | ) |  |  | -- |  |  |  | -- |
Amortization of prior service cost |  |  | 0.2 |  |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Amortization of net loss |  |  | 2.3 |  |  |  | 1.4 |  |  |  | 0.5 |  |  |  | -- |
Net periodic benefit cost |  | $ | 3.9 |  |  | $ | 2.8 |  |  | $ | 1.9 |  |  | $ | 1.2 |
The components of net periodic benefit cost recorded for the first half of 2011 and 2010 were as follows (in millions):
|  | Pension Benefits |  | Post-retirement Benefits
|  | 2011 |  | 2010 |  | 2011 |  | 2010
Service cost |  | $ | 4.4 |  |  | $ | 3.9 |  |  | $ | 0.6 |  |  | $ | 0.5 |
Interest cost |  |  | 10.0 |  |  |  | 9.7 |  |  |  | 1.9 |  |  |  | 1.6 |
Expected return on plan assets |  |  | (11.4 | ) |  |  | (10.3 | ) |  |  | -- |  |  |  | -- |
Amortization of prior service cost |  |  | 0.4 |  |  |  | 0.3 |  |  |  | 0.2 |  |  |  | 0.2 |
Amortization of net loss |  |  | 4.4 |  |  |  | 4.1 |  |  |  | 1.0 |  |  |  | 0.1 |
Net periodic benefit cost |  | $ | 7.8 |  |  | $ | 7.7 |  |  | $ | 3.7 |  |  | $ | 2.4 |
Based on the actuarial report dated as of January 1, 2011, net periodic benefit cost for 2011 is expected to total $15.5 million for pension benefits and $6.9 million for post-retirement benefits. In 2011, the Company expects cash contributions to its pension plans will total approximately $5 million.

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