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NOTE E - PENSION AND OTHER POSTRETIREMENT BENEFITS
 3 Months Ended
Jun. 30, 2011
Pension and Other Postretirement Benefits Disclosure [Text Block]
NOTE E - PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company sponsors a defined benefit pension plan covering substantially all employees hired prior to January 1, 2008.  Additionally, the Company sponsors a defined contribution pension plan at one location not participating in the defined benefit pension plan.  A 401(k) plan that includes a graduated Company match is also available.  The Company also sponsors a non-contributory defined benefit health care plan that provides health benefits to substantially all retirees and their spouses.

For substantially all United States employees hired after January 1, 2008, an enhanced 401(k) plan is available instead of the Company’s defined benefit pension plan.  Benefits are based on age and years of service with the Company.  Employees hired prior to January 1, 2008 were not affected by the change.

The following table presents the components of net periodic benefit cost:

   
Pension Benefits
   
Postretirement Benefits
 
(Thousands of dollars)
 
Six Months Ended
June 30,
   
Six Months Ended 
June 30,
 
   
2011
   
2010
   
2011
   
2010
 
Service cost
  $ 1,428     $ 1,361     $ 526     $ 553  
Interest cost
    1,534       1,577       554       628  
Expected return on plan assets
    (2,256 )     (2,214 )     -       -  
Recognized actuarial (gain) loss
    838       788       (328 )     (287 )
Benefit cost
  $ 1,544     $ 1,512     $ 752     $ 894