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Pension Plans | 6 Months Ended
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Jun. 30, 2012
Pension Plans [Abstract] |
PENSION PLANS | NOTE 6 – PENSION PLANS The Company maintains a defined benefit pension plan (the “Plan”) covering a number of its current and former employees in the United Kingdom, although it does also have other much smaller pension arrangements in the U.S. and overseas.
|  | Three Months Ended June 30 |  |  | Six Months Ended June 30 |
(in millions) |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Plan net pension credit/(charge): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | (0.4 | ) |  | $ | (0.4 | ) |  | $ | (0.8 | ) |  | $ | (0.8 | )
Interest cost on projected benefit obligation |  |  | (8.0 | ) |  |  | (9.3 | ) |  |  | (16.0 | ) |  |  | (18.3 | )
Expected return on plan assets |  |  | 8.5 |  |  |  | 9.3 |  |  |  | 17.0 |  |  |  | 18.4 |
Amortization of prior service credit |  |  | 0.3 |  |  |  | 0.4 |  |  |  | 0.6 |  |  |  | 0.7 |
Amortization of actuarial net losses |  |  | (0.3 | ) |  |  | (0.1 | ) |  |  | (0.6 | ) |  |  | (0.2 | )
|  | $ | 0.1 |  |  | $ | (0.1 | ) |  | $ | 0.2 |  |  | $ | (0.2 | )
The Plan is closed to future service accrual but has a large number of deferred and current pensioners. A full triennial actuarial valuation of the Plan was performed as at December 31, 2008 and an update performed as at December 31, 2011. Since April 2010 the Company has been contributing £5.8 million (approximately $9 million) per calendar year to the Plan in accordance with a 10-year actuarial deficit recovery plan agreed with the trustees. Accordingly, the Company expects its annual cash contribution for 2012 to be approximately $9 million.

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