Pensions and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2012
Pensions and Other Postretirement Benefits [Abstract]  
Pensions and Other Postretirement Benefits

11. Pensions and Other Postretirement Benefits

The following table provides the components of net periodic benefit cost for the second quarters and six months ended June 30, 2012 and 2011:

 

 

                                 
    Pension Benefits     Other Benefits  
    Quarter Ended
June 30		     Quarter Ended
June 30		  
            2012                     2011                     2012                     2011          

Service cost

   $ -     $ -     $ 199     $ 161  

Interest cost

     1,475       1,871       452       387  

Expected return on plan assets

     (2,225 )      (2,342 )      (8 )      (9 ) 

Amortization of:

                                

Unrecognized actuarial loss

     575       896       70       4  

Unrecognized prior service cost

     -       -       (63 )      (68 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit cost (income)

   $ (175 )    $ 425     $ 650     $ 475  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

                                 
    Pension Benefits     Other Benefits  
    Six Months Ended
June 30		     Six Months Ended
June 30		  
            2012                     2011                     2012                     2011          

Service cost

   $ -     $ -     $ 399     $ 321  

Interest cost

     2,950       3,742       902       774  

Expected return on plan assets

     (4,450 )      (4,684 )      (16 )      (18 ) 

Amortization of:

                                

Unrecognized actuarial (gain) loss

     (850 )      1,792       141       9  

Unrecognized prior service cost

     -       -       (126 )      (136 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit cost (income)

   $ (2,350 )    $ 850     $ 1,300     $ 950  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

During the first quarter of 2012, the Company identified an error related to the amortization period for unrecognized actuarial gains and losses for its pension plan. The Company determined that upon curtailment of the plan on January 1, 2011, the status of the plan participants should have changed from active to inactive. The amortization period was corrected from the average remaining service period of plan participants, approximately 10 years, to the average remaining life expectancy of plan participants, approximately 26 years. The Company has recognized a $2.0 million pre-tax benefit related to the reversal of amortization recorded during 2011.