Pension and Postretirement Benefits

9 Months Ended

Sep. 30, 2014

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

Note 6 – Pension and Other Postretirement Benefits

The components of net periodic benefit cost for the three and nine months ended September 30, 2014 and September 30, 2013 are as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
					Other								Other
					Postretirement								Postretirement
	Pension Benefits				Benefits				Pension Benefits				Benefits
		2014		2013		2014		2013		2014		2013		2014		2013
Service cost	$	716	$	789	$	5	$	9	$	2,186	$	2,355	$	15	$	26
Interest cost and other		1,506		1,394		58		46		4,567		4,172		174		138
Expected return on plan assets		(1,588)		(1,476)		0		0		(4,796)		(4,417)		0		0
Actuarial loss amortization		763		989		16		8		2,311		2,961		48		24
Prior service cost amortization		(21)		23		0		0		830		155		0		0
Net periodic benefit cost	$	1,376	$	1,719	$	79	$	63	$	5,098	$	5,226	$	237	$	188

During 2013, it was discovered that the Company's subsidiary in the United Kingdom did not appropriately amend a trust for a legacy change in its pension scheme, as it related to a past retirement age equalization law. Given the lack of an official deed to the pension trust, the effective date of the change to the Subsidiary's pension scheme differed from the Company's historical beliefs, but the extent of the potential exposure was not estimable. In the first quarter of 2014, the Company recorded costs of $902, or $0.05 per diluted share, related to prior service cost and interest cost, to appropriately reflect the past plan amendment related to the retirement age equalization law.

Employer Contributions:

The Company previously disclosed in its financial statements for the year ended December 31, 2013, that it expected to make minimum cash contributions of $6,172 to its pension plans and $607 to its other postretirement benefit plan in 2014. However, the Company exercised its option under the provisions of the Moving Ahead for Progress in the 21st Century Act (“MAP-21”) to reduce its current contributions. Currently, the Company expects to make minimum cash contributions of $5,257to its pension plans and $607to its other postretirement benefit plan in 2014.As of September 30, 2014, $4,757and $432 of contributions had been made to the Company's pension plans and its other postretirement benefit plans, respectively.