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Note D - Pension And Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2012
Pension and Other Postretirement Benefits Disclosure [Text Block]
NOTE D - PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company sponsors a defined benefit pension plan covering several locations.

A 401(k) plan that includes a partial Company match is also available.  For the locations covered by the defined benefit pension plan, employees hired after January 1, 2008 participate in an enhanced 401(k) plan instead of the defined benefit pension plan. Benefits are based on the employee’s age and years of service with the Company.  Employees hired prior to January 1, 2008 were not affected by the change to the 401(k) plan.

Additionally, the Company sponsors defined contribution pension plans at two subsidiaries, American Machine and Tool Co, Inc. of Pennsylvania and National Pump Company, not participating in the defined benefit pension plan.

The Company also sponsors a non-contributory defined benefit health care plan that provides certain health benefits to a majority of retirees and their spouses. The Company funds the cost of these benefits as incurred.

The following tables present the components of net periodic benefit cost:

   
Pension Benefits
   
Postretirement Benefits
 
(Thousands of dollars)
 
Three Months Ended
 September 30,
   
Three Months Ended 
September 30,
 
   
2012
   
2011
   
2012
   
2011
 
Service cost
  $ 797     $ 714     $ 288     $ 263  
Interest cost
    700       767       218       277  
Expected return on plan assets
    (1,148 )     (1,127 )     -       -  
Recognized actuarial loss (gain)
    611       418       (161 )     (164 )
Net periodic benefit cost
  $ 960     $ 772     $ 345     $ 376  

   
Pension Benefits
   
Postretirement Benefits
 
(Thousands of dollars)
 
Nine Months Ended 
September 30,
   
Nine Months Ended
 September 30,
 
   
2012
   
2011
   
2012
   
2011
 
Service cost
  $ 2,391     $ 2,142     $ 866     $ 789  
Interest cost
    2,102       2,301       653       831  
Expected return on plan assets
    (3,443 )     (3,383 )     -       -  
Recognized actuarial loss (gain)
    1,831       1,256       (485 )     (492 )
Net periodic benefit cost
  $ 2,881     $ 2,316     $ 1,034     $ 1,128