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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
6 Months Ended
Jun. 30, 2013
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 
The following tables are consolidated disclosures of all domestic and foreign defined pension plans as described in the Corporation’s 2012 Annual Report on Form 10-K.  The postretirement benefits information includes the domestic Curtiss-Wright Corporation and EMD postretirement benefit plans, as there are no foreign postretirement benefit plans.
 
Pension Plans
 
The components of net periodic pension cost for the three and six months ended June 30, 2013 and 2012 are as follows:
 
 
(In thousands)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2013
 
2012
 
2013
 
2012
Service cost
$
10,899

 
$
9,978

 
$
21,718

 
$
20,133

Interest cost
6,781

 
6,676

 
13,516

 
13,131

Expected return on plan assets
(8,875
)
 
(8,356
)
 
(17,761
)
 
(16,770
)
Amortization of prior service cost
254

 
300

 
554

 
601

Amortization of unrecognized actuarial loss
3,935

 
3,015

 
8,207

 
5,511

Curtailments
2,711

 

 
2,711

 

Net periodic benefit cost
$
15,705

 
$
11,613

 
$
28,945

 
$
22,606



In May 2013, the Corporation's Board of Directors approved an amendment to the CW Pension Plan.   The amendment, which is effective January 1, 2014, changes the time period used to calculate final and career average pay formulas and resulted  
in a $3 million reduction to the projected benefit obligation of the plan and a second quarter curtailment charge of $2.2 million. The plan curtailment also required a remeasurement of the assets and liabilities of the Curtiss-Wright Pension Plan.  Due to favorable asset performance and an increase in the discount rate, the remeasurement decreased the pension liability and decreased the net pre-tax actuarial loss component of Accumulated other comprehensive loss by $45 million.

During the six months ended June 30, 2013, the Corporation made $14.5 million in contributions to the Curtiss-Wright Pension Plan, and expects to make total contributions of approximately $35.0 million in 2013.  In addition, contributions of $2.6 million were made to the Corporation’s foreign benefit plans during the six months ended June 30, 2013.  Contributions to the foreign benefit plans are expected to be $5.0 million in 2013.

Other Postretirement Benefit Plans
 
The components of the net postretirement benefit cost for the Curtiss-Wright and EMD postretirement benefit plans for the three and six months ended June 30, 2013 and 2012 are as follows:
 
(In thousands)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2013
 
2012
 
2013
 
2012
Service cost
$
99

 
$
110

 
$
199

 
$
220

Interest cost
209

 
231

 
417

 
463

Amortization of prior service cost
(157
)
 
(157
)
 
(314
)
 
(314
)
Amortization of unrecognized actuarial gain
(160
)
 
(179
)
 
(320
)
 
(359
)
Net postretirement benefit cost (income)
$
(9
)
 
$
5

 
$
(18
)
 
$
10



During the six months ended June 30, 2013, the Corporation paid $0.5 million to the postretirement plans.  During 2013, the Corporation anticipates contributing $1.7 million to the postretirement plans.