SUBSEQUENT EVENT

3 Months Ended

Mar. 31, 2013

SUBSEQUENT EVENT [Abstract]

SUBSEQUENT EVENT

NOTE 18 – SUBSEQUENT EVENT

 

The Company is in the process of offering a voluntary early retirement offer ("VERO") to certain employees who were eligible because they met job classification, age and years-of-service criteria. As a result of eligible employees accepting the VERO prior to the deadline of May 20, 2013, the Company expects to record a one-time pre-tax charge for additional salaries, net periodic pension costs and other employee benefits ranging from $8.0 million to $16.0 million relating to benefits provided to the VERO participants who accept the offer. Participants may elect to receive the pension plan enhancements in the form of lump sum or annuity payments. Should total lump sum distributions from the Company's pension plan for the year exceed a threshold of $16.7 million, an additional pre-tax non-cash charge ranging from $8.0 million to $13.0 million would be incurred to accelerate amortization of items included in accumulated other comprehensive income related to pension assets.