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Retirement Plan
9 Months Ended
Sep. 30, 2012
Retirement Plan
7. Retirement Plan

We have a domestic noncontributory, unfunded retirement plan for certain officers and other key employees. We also sponsor defined benefit plans in some of the European countries in which we operate. In February 2012, our Board of Directors amended the domestic retirement plan to freeze benefit levels and modify vesting provisions under the plan effective as of March 31, 2012. As a result, we recognized a curtailment loss of $0.2 million for the nine months ended September 30, 2012. The reduction of the projected benefit obligation as a result of the amendment was less than $1 million.

 

The components of net periodic benefit cost, which are included in selling, general and administrative expenses, for the three and nine months ended September 30, 2012 and 2011, are as follows:

 

     Three months ended
September 30,
     Nine months ended
September 30,
 
     2012      2011      2012      2011  

Service cost

   $ 4       $ 326       $ 134       $ 977   

Interest cost

     410         451         1,218         1,353   

Amortization of prior service cost

     —           73         —           219   

Recognized net actuarial loss

     239         145         733         437   

Curtailment loss

     —           —           234         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Net periodic benefit cost

   $ 653       $ 995       $ 2,319       $ 2,986