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Pension Plans And Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2011
Pension Plans And Other Postretirement Benefits  
Pension Plans And Other Postretirement Benefits

Note 5 - Pension Plans and Other Postretirement Benefits

The Company has the following retirement plans: a defined contribution plan; a 401(k) plan; a defined benefit plan for employees hired on or before December 31, 1998; and certain employees participate in a supplemental defined contribution plan or a supplemental defined benefit plan or both.

Defined Benefit Plan and Supplemental Defined Benefit Plans

The following tables summarize the components of net periodic pension cost recognized for the defined benefit plan and the supplemental defined benefit plans for the three and six months ended June 30, 2011 and 2010.

 

     Defined Benefit Plan  
     Three Months Ended      Six Months Ended  
     June 30,      June 30,  
     2011      2010      2011      2010  

Components of net periodic pension (income) expense:

            

Service cost:

            

Benefit accrual

      $      -             $      -             $         -             $         -       

Other expenses

      57            62            125            125      

Interest cost

      388            466            844            938      

Expected return on plan assets

      (556)            (597)            (1,210)            (1,194)      

Settlement loss

      -             382            -             774      

Amortization of:

            

Prior service cost

      -             -             -             -       

Actuarial loss

         408               248                  888                  523      

Net periodic pension expense

      $ 297            $ 561            $    647            $ 1,166      
     Supplemental Defined Benefit Plans  
     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
     2011      2010      2011      2010  

Components of net periodic pension (income) expense:

            

Service cost:

            

Benefit accrual

      $      -             $      -             $      -             $      -       

Other expenses

      -             -             -             -       

Interest cost

      208            265            397            546      

Expected return on plan assets

      -             -             -             -       

Settlement loss

      -             -             -             -       

Amortization of:

            

Prior service cost

      33            31            63            62      

Actuarial loss

         173                 62               329               123      

Net periodic pension expense

      $ 414            $ 358            $ 789            $ 731      

 

There is a minimum funding requirement of approximately $900 for the Company's defined benefit plan in 2011. Consistent with disclosure in "Notes to Consolidated Financial Statements — Note 9 — Pension Plans and Other Postretirement Benefits" of the Company's Annual Report on Form 10-K for the year ended December 31, 2010, for the full year the Company expects to contribute approximately $5,200 to the defined benefit plan and approximately $1,300 to the supplemental retirement plans in 2011. The Company contributed $214 to the defined benefit plan and $1,320 to the supplemental retirement plans during the six months ended June 30, 2011. Also, consistent with disclosure in "Notes to Consolidated Financial Statements — Note 9 — Pension Plans and Other Postretirement Benefits" of the Company's Annual Report on Form 10-K for the year ended December 31, 2010, the Company expects amortization of net losses of $1,775 and $658 for the defined benefit plan and the supplemental retirement plans, respectively, and expects amortization of prior service cost of $124 for the supplemental retirement plans to be included in net periodic pension expense for the year ended December 31, 2011.

Postretirement Benefits Other Than Pensions

In addition to providing pension benefits, the Company also provides certain health care and life insurance benefits to eligible employees. Effective January 1, 2007, the Company eliminated the previous group health insurance benefits for retirees 65 years of age and over, including elimination of pharmacy benefits for Medicare eligible retirees, and established a Health Reimbursement Account ("HRA") for each eligible participant. Funding of HRA accounts was $116 and $203 for the six months ended June 30, 2011 and 2010, respectively.

The following table summarizes the components of the net periodic benefit for postretirement benefits other than pensions for the three and six months ended June 30, 2011 and 2010.

 

     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
       2011          2010          2011          2010    

Components of net periodic benefit:

            

    Service cost

      $      -          $      -          $      -          $      -    

    Interest cost

      35         42         59         85   

    Amortization of prior service cost

      -          -          -          -    

    Amortization of prior gains

        (161)           (130)           (275)           (260)   

Net periodic benefit

      $(126)         $  (88)         $(216)         $(175)   

Consistent with disclosure in "Notes to Consolidated Financial Statements — Note 9 — Pension Plans and Other Postretirement Benefits" of the Company's Annual Report on Form 10-K for the year ended December 31, 2010, for the full year the Company expects to contribute approximately $600 to the postretirement benefit plans other than pensions in 2011, of which $257 was contributed during the six months ended June 30, 2011. In addition, the Company expects amortization of prior gains of $550 to be included in the net periodic benefit for the year ended December 31, 2011.