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Pension Plans
 3 Months Ended
Mar. 31, 2013
Pension Plans [Abstract]  
PENSION PLANS

NOTE C – PENSION PLANS

PLP-USA hourly employees of the Company who meet specific requirements as to age and service are covered by a defined benefit pension plan (“Plan”). On December 12, 2012, the Company approved a freeze on further benefit accruals under the PLP-USA hourly employee pension plan and notified the participants of the freeze on December 19, 2012. Beginning February 1, 2013, participants have ceased earning additional benefits under the Plan and no new participants will enter the plan. The Plan freeze required a valuation of the Plan’s assets and obligations as of December 31, 2012, which resulted in a non-cash curtailment gain of $6.3 million, which was recognized in the Other comprehensive income (loss) during the fourth quarter 2012. The measurement of the Plan’s assets and obligations also resulted in a reduction in the Company’s pension liability of $6.3 million. The Company uses a December 31 measurement date for the Plan. Net periodic benefit cost for this plan included the following components:

 

                 
    Three month period ended March 31  
    2013     2012  

Service cost

   $ 37     $ 299  

Interest cost

     311       344  

Expected return on plan assets

     (367 )      (298 ) 

Recognized net actuarial loss

     124       176  
   

 

 

    

 

 

  

Net periodic benefit cost

   $ 106     $ 521  
   

 

 

    

 

 

  

During the three month period ended March 31, 2013, $.4 million of contributions were made to the Plan. The Company presently anticipates contributing an additional $2.2 million to fund the Plan in 2013.