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RETIREMENT AND DEFERRED COMPENSATION PLANS
6 Months Ended
Jun. 30, 2014
RETIREMENT AND DEFERRED COMPENSATION PLANS  
RETIREMENT AND DEFERRED COMPENSATION PLANS

NOTE 5 — RETIREMENT AND DEFERRED COMPENSATION PLANS

 

Components of Net Periodic Benefit Cost:

 

 

 

 

Domestic Plans

 

Foreign Plans

 

Three months ended June 30,

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

2,010

 

$

2,045

 

$

1,081

 

$

959

 

Interest cost

 

1,482

 

1,246

 

699

 

658

 

Expected return on plan assets

 

(1,646

)

(1,474

)

(510

)

(447

)

Amortization of net loss

 

717

 

1,117

 

313

 

348

 

Amortization of prior service cost

 

--

 

1

 

80

 

92

 

Net periodic benefit cost

 

$

2,563

 

$

2,935

 

$

1,663

 

$

1,610

 

 

 

 

Domestic Plans

 

Foreign Plans

 

Six months ended June 30,

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

4,021

 

$

4,270

 

$

2,160

 

$

1,928

 

Interest cost

 

2,964

 

2,496

 

1,398

 

1,323

 

Expected return on plan assets

 

(3,292

)

(2,888

)

(1,020

)

(899

)

Amortization of net loss

 

1,434

 

2,551

 

626

 

700

 

Amortization of prior service cost

 

--

 

2

 

161

 

185

 

Net periodic benefit cost

 

$

5,127

 

$

6,431

 

$

3,325

 

$

3,237

 

 

EMPLOYER CONTRIBUTIONS

Although the Company has no minimum funding requirement, we plan to contribute approximately $10 million to our domestic defined benefit plans in 2014.  No 2014 contributions were made as of June 30, 2014.  The Company also expects to contribute approximately $5.6 million to our foreign defined benefit plans in 2014 and, as of June 30, 2014, we have contributed approximately $1.5 million.