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Employee Retirement and Postretirement Benefits
6 Months Ended
Jun. 30, 2012
Employee Retirement and Postretirement Benefits

14. Employee Retirement and Postretirement Benefits

Pension, Profit Sharing and Postretirement Benefits — Certain employees and retirees participate in pension and other postretirement benefit plans. Employee benefit plan obligations and expenses included in the Condensed Consolidated Financial Statements are determined based on plan assumptions, employee demographic data, including years of service and compensation, benefits and claims paid, and employer contributions.

Components of net periodic pension expense are as follows:

 

     Three Months Ended
June  30,
    Six Months Ended
June  30,
 
     2012     2011     2012     2011  
     (In thousands)     (In thousands)  

Service cost

   $         633      $         560      $       1,266      $         1,120   

Interest cost

     591        560        1,182        1,120   

Expected return on plan assets

     (581     (592     (1,162     (1,184

Amortization of unrecognized net loss

     309        144        618        288   

Amortization of prior service costs

     151        151        302        302   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic pension cost

   $ 1,103      $ 823      $ 2,206      $ 1,646   
  

 

 

   

 

 

   

 

 

   

 

 

 

The Company contributed $2.4 million to the pension plans in the first six months of 2012 and expects to contribute approximately $4.2 million in 2012.

Components of net periodic postretirement expenses are as follows:

 

     Three Months Ended
June  30,
    Six Months Ended
June  30,
 
     2012     2011     2012     2011  
     (In thousands)     (In thousands)  

Service cost

   $             8      $             9      $             16      $             18   

Interest cost

     39        31        78        62   

Amortization of prior service credit

     (18     (17     (36     (35

Amortization of unrecognized net loss

     14        (3     28        (5
  

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic postretirement cost

   $ 43      $ 20      $ 86      $ 40   
  

 

 

   

 

 

   

 

 

   

 

 

 

The Company expects to contribute approximately $0.2 million to the postretirement health plans during 2012.