PENSION AND OTHER POSTRETIREMENT BENEFITS

9 Months Ended

Sep. 30, 2012

PENSION AND OTHER POSTRETIREMENT BENEFITS

PENSION AND OTHER POSTRETIREMENT BENEFITS

11. PENSION AND OTHER POSTRETIREMENT BENEFITS

The components of net periodic benefit costs, included in General and Administrative Expense in the Condensed Consolidated Statement of Operations, were as follows:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In thousands)	2012		2011			2012			2011
Qualified and Non-Qualified Pension Plans
Interest Cost	$	—	$	650		$	922		$	2,251
Expected Return on Plan Assets	—		(945		)	(1,748		)	(3,265		)
Settlement	—		2,446			7,111			2,446
Amortization of Prior Service Cost	—		228			221			862
Amortization of Net Loss	—		2,373			13,083			8,498
Net Periodic Pension Cost	$	—	$	4,752		$	19,589		$	10,792
Postretirement Benefits
Current Period Service Cost	$	234	$	335		$	1,280		$	1,004
Interest Cost	351		467			1,187			1,402
Amortization of Net Loss	132		140			692			422
Amortization of Net Obligation at Transition	—		158			—			474
Total Postretirement Benefit Cost	$	717	$	1,100		$	3,159		$	3,302

Termination and Amendment of Qualified Pension Plan

In July 2010, the Company notified its employees of its plan to terminate its qualified pension plan, with the plan and its related trust to be liquidated following appropriate filings with the Pension Benefit Guaranty Corporation and Internal Revenue Service, effective September 30, 2010. The Company then amended and restated the qualified pension plan to freeze benefit accruals, to provide for termination of the plan, to allow for an early retirement enhancement to be available to all active participants as of September 30, 2010 regardless of their age and years of service as of that date, and to make certain changes that were required or made desirable as a result of developments in the law.

On March 14, 2012, the Internal Revenue Service provided the Company with a favorable determination letter for the termination of the Company’s qualified pension plan. In June and July 2012, the Company made final contributions of $9.6 million and $3.6 million, respectively, to fund the liquidation of the trust under the qualified pension plan. As of September 30, 2012, the benefit obligations associated with the qualified pension plan were fully satisfied.

For further information regarding termination and amendment of the Company’s pension plans, refer to Note 5 of the Notes to the Consolidated Financial Statements in the 2011 Form 10-K.