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Employee Benefits | 6 Months Ended
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Jun. 30, 2012
Employee Benefits [Abstract] |
Employee Benefits |
Note 10. | Employee Benefits
During the second quarter of 2011, we announced that our postretirement medical benefit plans to substantially all eligible U.S. and Canadian employees will terminate on December 31, 2016. There was no change to the eligibility or plan provided to the 64 former union employees. The remeasurement of the postretirement welfare benefit plan, as a result of the benefit modifications, generated a $14.4 million reduction in the accumulated postretirement benefit obligation and a $3.6 million curtailment gain. The remaining unrecognized prior service cost was amortized on a straight-line basis over the remaining term of the plan. The $3.6 million curtailment gain was included within selling, general and administrative expenses for 2011 within the consolidated statements of operations. The discount rate assumptions used to determine the remeasurement of the costs and benefit obligation related to our U.S. and Canadian postretirement plans were 1.87% and 3.75%, respectively. These rates reflect the shorter duration of our obligation as a result of the negative plan amendments. The components of net periodic benefit cost for our defined benefit plans and post retirement benefit plans for the three months and six months ended June 30, 2012 and 2011 were as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
Pension benefits |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Service cost |  | $ | 32 |  |  | $ | 28 |  |  | $ | 65 |  |  | $ | 56 |
Interest cost |  |  | 46 |  |  |  | 45 |  |  |  | 93 |  |  |  | 90 |
Amortization of prior service cost |  |  | 27 |  |  |  | 29 |  |  |  | 55 |  |  |  | 55 |
Actuarial net (gain) loss |  |  | 66 |  |  |  | 43 |  |  |  | 131 |  |  |  | 86 |
Net periodic benefit cost |  | $ | 171 |  |  | $ | 145 |  |  | $ | 344 |  |  | $ | 287 |
Postretirement benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1 |  |  | $ | 20 |  |  | $ | 2 |  |  | $ | 74 |
Interest cost |  |  | 18 |  |  |  | 183 |  |  |  | 43 |  |  |  | 481 |
Amortization of prior service cost |  |  | (1,223 | ) |  |  | (1,615 | ) |  |  | (2,447 | ) |  |  | (3,231 | )
Amortization of transition obligation |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 2 |
Actuarial net loss |  |  | 769 |  |  |  | 399 |  |  |  | 1,417 |  |  |  | 745 |
Curtailment gain |  |  | - |  |  |  | (3,647 | ) |  |  | - |  |  |  | (3,647 | )
Net periodic benefit cost |  | $ | (435 | ) |  | $ | (4,659 | ) |  | $ | (985 | ) |  | $ | (5,576 | )
For the six months ended June 30, 2012, we made employee benefit contributions of $0.4 million related to our postretirement plans. Based on current estimates, we believe we will be required to make approximately $0.8 million in contributions for 2012. We maintain a Supplemental Executive Retirement Plan ("SERP") for key employees. Under the plan, these employees may elect to defer a portion of their compensation and, in addition, we may at our discretion make contributions to the plan on behalf of the employees. In March 2012, contributions of $0.5 million were made related to calendar year 2011. We also have an Employee Stock Ownership Plan and Trust ("ESOP") for employees who are not covered by a collective bargaining agreement. In connection therewith, we maintain an employee benefits trust to which we contribute shares of treasury stock. We are authorized to instruct the trustees to distribute such shares toward the satisfaction of our future obligations under the ESOP. The shares held in trust are not considered outstanding for purposes of calculating earnings per share until they are committed to be released. The trustees will vote the shares in accordance with their fiduciary duties. During 2012, we contributed to the trust an additional 177,000 shares from our treasury and released 180,000 shares from the trust leaving 930 shares remaining in the trust as of June 30, 2012.

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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 Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Implementation Guide (Q and A) -Number FAS88 -Paragraph 63 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 106 -Paragraph 518 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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