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Pensions and Other Postretirement Benefit Plans | 6 Months Ended
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Jun. 30, 2013
Pensions and Other Postretirement Benefit Plans [Abstract] |
Pensions and Other Postretirement Benefit Plans | 4. Pensions and Other Postretirement Benefit Plans Pension Plans The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The U.S. qualified defined benefit pension plan has been closed to new participants since October 1998 and, as of February 2009, benefits accrued under this plan were frozen. As a result of the freeze, employees covered by the pension plan will receive, at retirement, benefits already accrued through February 2009, but no new benefits accrue after that date. Benefit accruals under the U.S. Supplemental Executive Retirement Plan ("SERP") were similarly frozen. The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location. Other Postretirement Benefits In addition to providing pension benefits, the Company provides various medical, dental, and life insurance benefits for certain retired United States employees. U.S. employees hired prior to 2005 may become eligible for these benefits if they reach normal retirement age while working for the Company. Benefits provided under this plan are subject to change. Retirees share in the cost of these benefits. Effective January 2005, any new employees who wish to be covered under this plan will be responsible for the full cost of such benefits, except for life insurance benefits, which continue to be provided. In September 2008, we changed the cost sharing arrangement under this program such that increases in health care costs are the responsibility of plan participants. The Company also provides certain postretirement life insurance benefits to retired employees in Canada. The Company accrues the cost of providing postretirement benefits during the active service period of the employees. The Company currently funds the plan as claims are paid. The composition of the net periodic benefit plan cost for the six months ended June 30, 2013 and 2012 was as follows:
|  | Pension plans |  |  | Other postretirement benefits
(in thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $1,684 |  |  | $1,699 |  |  | $571 |  |  | $536 |
Interest cost |  | 4,000 |  |  | 7,589 |  |  | 1,604 |  |  | 1,844 |
Expected return on assets |  | (4,068 | ) |  | (7,184 | ) |  | - |  |  | - |
Amortization of prior service cost/(credit) |  | 17 |  |  | 17 |  |  | (1,834 | ) |  | (1,834 | )
Amortization of transition obligation |  | 34 |  |  | 37 |  |  | - |  |  | - |
Amortization of net actuarial loss |  | 1,571 |  |  | 2,839 |  |  | 1,757 |  |  | 1,608 |
Settlement |  | - |  |  | 119,735 |  |  | - |  |  | - |
Net periodic benefit cost |  | $3,238 |  |  | $124,732 |  |  | $2,098 |  |  | $2,154 |
In the first quarter of 2012, the Company announced a plan to significantly reduce its pension plan liabilities by settling certain pension obligations leading to settlement charges totaling $119.7 million for the first six months of 2012. In the first quarter of 2012, we recorded a settlement charge of $9.2 million related to the extinguishment of our pension plan liability in Sweden. In the second quarter of 2012, we recorded settlement charges totaling $110.6 million related to settling a majority of the defined benefit pension plan liabilities in the United States and Canada.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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