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Pension Plans And Other Postretirement Benefits
9 Months Ended
Sep. 30, 2011
Pension Plans And Other Postretirement Benefits [Abstract] 
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 nine months ended September 30, 2011 and 2010.

     Defined Benefit Plan
     Three Months Ended   Nine Months Ended
     September 30,   September 30,
     2011   2010   2011   2010

Components of net periodic pension (income) expense:

                 

Service cost:

                 

Benefit accrual

      $ -       $ -       $ -       $ -  

Other expenses

        63         62         188         187  

Interest cost

        424         470         1,268         1,408  

Expected return on plan assets

        (610 )       (597 )       (1,820 )       (1,791 )

Settlement (gain) loss

        1,098         (155 )       1,098         619  

Amortization of:

                 

Prior service cost

        -         -         -         -  

Actuarial loss

        478         261         1,366         784  
    

 

 

      

 

 

      

 

 

      

 

 

  

Net periodic pension expense

      $ 1,453       $ 41       $ 2,100       $ 1,207  
    

 

 

      

 

 

      

 

 

      

 

 

  
     Supplemental Defined Benefit Plans
     Three Months Ended   Nine Months Ended
     September 30,   September 30,
     2011   2010   2011   2010

Components of net periodic pension (income) expense:

                 

Service cost:

                 

Benefit accrual

      $ -       $ -       $ -       $ -  

Other expenses

        -         -         -         -  

Interest cost

        201         85         598         631  

Expected return on plan assets

        -         -         -         -  

Settlement loss

        -         -         -         -  

Amortization of:

                 

Prior service cost

        31         31         94         93  

Actuarial loss

        194         62         523         185  
    

 

 

      

 

 

      

 

 

      

 

 

  

Net periodic pension expense

      $ 426       $ 178       $ 1,215       $ 909  

 

     

 

 

      

 

 

      

 

 

      

 

 

  

There is a minimum funding requirement of approximately $900 for the Company's defined benefit plan in 2011. At the time of the Company's Annual Report on Form 10-K for the year ended December 31, 2010, the Company expected to contribute approximately $5,200 to the defined benefit plan and approximately $1,300 to the supplemental retirement plans in 2011. As of the time of this Quarterly Report on Form 10-Q, the Company expects to contribute $5,926 to the defined benefit pension plan, of which $5,774 was contributed during the nine months ended September 30, 2011. As of the time of this Quarterly Report on Form 10-Q, in 2011 the Company expects to contribute $1,355 to the supplemental retirement plans, of which $1,015 was contributed during the nine months ended September 30, 2011. For the full year, the Company expects amortization of net losses of $1,821 and $698 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 to 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 $153 and $258 for the nine months ended September 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 nine months ended September 30, 2011 and 2010.

     Three Months Ended   Nine Months Ended
     September 30,   September 30,
     2011   2010   2011   2010

Components of net periodic benefit:

                 

Service cost

      $ -       $ -       $ -       $ -  

Interest cost

        32         43         91         128  

Amortization of prior service cost

        -         -         -         -  

Amortization of prior gains

        (101 )       (130 )       (376 )       (390 )
    

 

 

      

 

 

      

 

 

      

 

 

  

Net periodic benefit

      $ (69 )     $ (87 )     $ (285 )     $ (262 )
    

 

 

      

 

 

      

 

 

      

 

 

  

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 $343 was contributed during the nine months ended September 30, 2011. In addition, the Company expects amortization of prior gains of $501 to be included in the net periodic benefit for the year ended December 31, 2011.