DEFINED BENEFIT PENSION EXPENSE

6 Months Ended

Mar. 31, 2013

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE 12 – DEFINED BENEFIT PENSION EXPENSE

Defined benefit pension expense was as follows:

	Three Months Ended March 31,						Six Months Ended March 31,
	2013			2012			2013			2012
Service cost	$	48		$	51		$	98		$	123
Interest cost		2,422			2,666			4,847			5,568
Expected return on plan assets		(3,136	)		(2,930	)		(6,274	)		(5,732	)
Amortization:
Prior service cost		5			84			10			168
Recognized actuarial loss		840			718			1,680			1,293
Loss on pension settlement		—			—			2,142			—
Net periodic expense	$	179		$	589		$	2,503		$	1,420

Effective January 1, 2012, the Clopay Pension Plan merged with the Ames True Temper, Inc. Pension Plan. The merged Pension Plan was renamed the Clopay Ames True Temper Pension Plan.

In the first quarter of 2013, Selling, general and administrative expenses included a $2,142, non-cash, pension settlement loss resulting from the lump-sum buyout of certain participant’s balances in the Company’s defined benefit plan. The buyouts, funded by the pension plan, reduced the Company’s net pension liability by $3,472 and increased Accumulated Other Comprehensive Income (Loss) by $3,649.