Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2013

Pension and Other Postretirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

Note 3 – Pension and Other Postretirement Benefits

The Company provides defined-benefit pension, health care and life insurance benefits upon retirement for certain full-time employees.

Recognized net periodic pension cost included the following components (in thousands):

	Three months ended March 31,
	2013			2012
Service cost	$	2,850		$	2,721
Interest cost		7,307			7,569
Expected return on plan assets		(9,461	)		(9,367	)
Amortization of net loss		6,774			6,245
Amortization of prior service cost		(1,168	)		(1,159	)
Total net pension cost	$	6,302		$	6,009

Recognized other postretirement benefit cost included the following components (in thousands):

	Three months ended March 31,
	2013			2012
Service cost	$	352		$	458
Interest cost		714			942
Amortization of net loss		-			81
Amortization of transition obligation		-			118
Amortization of prior service cost		(36	)		(37	)
Total other postretirement benefit cost	$	1,030		$	1,562

During the three months ended March 31, 2013, the Company contributed $1.1 million to its non-qualified pension and other postretirement benefit plans. The Company was not required to make any contributions to its qualified pension plan during the quarter. Contributions to all plans for the remainder of 2013 are expected to approximate $21.4 million.