PENSIONS AND OTHER POSTRETIREMENT BENEFITS

6 Months Ended

Jun. 30, 2013

PENSIONS AND OTHER POSTRETIREMENT BENEFITS

PENSIONS AND OTHER POSTRETIREMENT BENEFITS

NOTE 8: PENSIONS AND OTHER POSTRETIREMENT BENEFITS

The following tables summarize the costs of the Company’s employee pension and post retirement plans for the periods indicated (in thousands):

	Pension Benefits						Other Benefits
	Three months ended						Three months ended
	June 30,			June 30,			June 30,			June 30,
	2013			2012			2013			2012
Service cost	$	2,002		$	1,802		$	9		$	12
Interest cost	3,016			2,955			81			114
Expected return on plan assets	(3,478		)	(3,131		)	—			—
Amortization of prior service cost	4			4			(844		)	(844		)
Recognized actuarial loss	2,156			1,027			192			246
Net periodic benefit cost	$	3,700		$	2,657		$	(562	)	$	(472	)

For the three months ended June 30, 2013 $2.2 million of pension expense was incurred in cost of sales and $1.5 million was incurred in selling, general, and administrative expenses.

	Pension Benefits						Other Benefits
	Six months ended						Six months ended
	June 30,			June 30,			June 30,			June 30,
	2013			2012			2013			2012
Service cost	$	4,004		$	3,604		$	18		$	24
Interest cost	6,032			5,910			162			228
Expected return on plan assets	(6,956		)	(6,262		)	—			—
Amortization of prior service cost	8			8			(1,688		)	(1,688		)
Recognized actuarial loss	4,312			2,054			384			492
Net periodic benefit cost	$	7,400		$	5,314		$	(1,124	)	$	(944	)

For the six months ended June 30, 2013 $4.4 million of pension expense was incurred in cost of sales and $3.0 million was incurred in selling, general, and administrative expenses.