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Pension Plans And Other Postretirement Benefits
 3 Months Ended
Mar. 31, 2012
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 months ended March 31, 2012 and 2011.

 

     Defined Benefit Plan   Supplemental
Defined Benefit Plans
     Three Months Ended
March 31,		   Three Months Ended
March  31,
    

  2012  

  

  2011  

  

  2012  

   

  2011  

Components of net periodic
pension (income) expense:

                  

Service cost:

                  

Benefit accrual

      $ -       $ -       $ -        $ -  

Other expenses

        90         68         -          -  

Interest cost

        357         456         168          189  

Expected return on plan assets

        (606 )       (654 )        -          -  

Settlement loss

        459         -         -          -  

Amortization of:

                  

Prior service cost

        -         -         31          30  

Actuarial loss

        513         480         245          156  
    

 

 

      

 

 

      

 

 

       

 

 

  

Net periodic pension expense

      $ 813       $ 350       $ 444        $ 375  
    

 

 

      

 

 

      

 

 

       

 

 

  

There is a minimum funding requirement of approximately $1,000 for the Company's defined benefit plan in 2012. 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, 2011, for the full year the Company expects to contribute approximately $2,300 to the defined benefit plan and approximately $1,300 to the supplemental retirement plans in 2012. The Company contributed $152 to the defined benefit plan and $329 to the supplemental retirement plans during the three months ended March 31, 2012. In addition, 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, 2011, the Company expects amortization of net losses of $2,367 and $980 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, 2012.

 

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 $40 and $65 for the three months ended March 31, 2012 and 2011, respectively.

The following table summarizes the components of the net periodic benefit for postretirement benefits other than pensions for the three months ended March 31, 2012 and 2011.

 

    Three Months Ended
March 31,		  
      2012         2011    

Components of net periodic benefit:

    

Service cost

   $ -      $ -   

Interest cost

     23       24  

Amortization of prior service cost

     -        -   

Amortization of prior gains

     (131 )      (114 ) 
 

 

 

    

 

 

  

Net periodic benefit

   $ (108 )    $ (90 ) 
 

 

 

    

 

 

  

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, 2011, for the full year the Company expects to contribute approximately $519 to the postretirement benefit plans other than pensions in 2012, of which $98 was contributed during the three months ended March 31, 2012. In addition, the Company expects amortization of net gains of $522 to be included in the net periodic pension expense for the year ended December 31, 2012.