DEFINED BENEFIT PENSION EXPENSE

9 Months Ended

Jun. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE 12 – DEFINED BENEFIT PENSION EXPENSE

Defined benefit pension expense was as follows:

	Three Months Ended June 30,						Nine Months Ended June 30,
	2013			2012			2013			2012
Service cost	$	51		$	46		$	149		$	150
Interest cost		2,427			2,652			7,274			7,988
Expected return on plan assets		(3,139	)		(2,918	)		(9,413	)		(8,782	)
Amortization:
Prior service cost		5			84			15			252
Recognized actuarial loss		840			718			2,520			2,154
Loss on pension settlement		—			—			2,142			—
Net periodic expense	$	184		$	582		$	2,687		$	1,762

Effective January 1, 2012, the Clopay Pension Plan merged with the Ames True Temper, Inc. Pension Plan. The merged Pension Plan was renamed the Clopay Ames True Temper Pension Plan.

In the first quarter of 2013, Selling, general and administrative expenses included a $2,142, non-cash, pension settlement loss resulting from the lump-sum buyout of certain participant’s balances in the Company’s defined benefit plan. The buyouts, funded by the pension plan, reduced the Company’s net pension liability by $3,472 and increased Accumulated Other Comprehensive Income (Loss) by $3,649.