Pension and Post retirement Plans

6 Months Ended

Jun. 30, 2012

Pension and Post retirement Plans [Abstract]

Pension and Post retirement Plans

(8) Pension and Post-retirement Plans.  The Company has defined benefit pension plans that cover substantially all non-bargaining unit and certain bargaining unit employees. The Company also has unfunded non-qualified plans that provide benefits in excess of the amounts permitted to be paid under the provisions of the tax law to participants in qualified plans.

Effective January 1, 2012, the Company froze benefit accruals under its traditional defined benefit plans for non-bargaining unit employees hired before January 1, 2008 and instituted a cash balance defined benefit pension plan. Employees hired after January 1, 2008 also participate in a cash balance defined benefit pension plan. Retirement benefits under the cash balance pension plan are based on a fixed percentage of employee eligible compensation, plus interest. The plan interest credit rate will vary from year-to-year based on the ten-year U.S. Treasury rate.

The assumptions related to discount rates, expected long-term rates of return on invested plan assets, salary increases, age, mortality and health care cost trend rates, along with other factors, are used in determining the assets, liabilities and expenses associated with pension benefits. Management reviews the assumptions annually with its independent actuaries, taking into consideration existing and future economic conditions and the Company's intentions with respect to these plans. Management believes that its assumptions and estimates are reasonable. Different assumptions, however, could result in material changes to the assets, obligations and costs associated with benefit plans.

The components of net periodic benefit cost recorded for the second quarters of 2012 and 2011 were as follows (in millions):

	Pension Benefits						Post-retirement Benefits
	2012			2011			2012			2011
Service cost	$	0.3		$	0.9		$	--		$	0.1
Interest cost		1.7			2.3			0.1			0.2
Expected return on plan assets		(2.4	)		(2.9	)		--			--
Amortization of prior service cost		(0.5	)		0.2			--			--
Amortization of net loss		2.4			1.2			(0.1	)		--
Net periodic benefit cost	$	1.5		$	1.7		$	--		$	0.3

The components of net periodic benefit cost recorded for the first half of 2012 and 2011 were as follows (in millions):

	Pension Benefits						Post-retirement Benefits
	2012			2011			2012			2011
Service cost	$	1.2		$	1.8		$	0.1		$	0.2
Interest cost		4.1			4.6			0.3			0.4
Expected return on plan assets		(5.2	)		(5.8	)		--			--
Amortization of prior service cost		(0.4	)		0.4			--			--
Amortization of net loss		4.0			2.4			(0.1	)		--
Net periodic benefit cost	$	3.7		$	3.4		$	0.3		$	0.6

Based on the actuarial report dated as of January 1, 2012, net periodic benefit cost for 2012 is expected to total $7.2 million for pension benefits and $0.4 million for post-retirement benefits. In the first half of 2012, the Company made cash contributions to its pension plans totaling approximately $1.6 million.