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Pension and Postretirement Benefits Other than Pensions
9 Months Ended
Sep. 30, 2011
Pension and Postretirement Benefits Other Than Pensions [Abstract] 
Pension and Postretirement Benefits Other Than Pensions [Text Block]
Pension and Postretirement Benefits Other than Pensions —

Pension Benefits

The Company has defined benefit plans covering a significant number of its employees. The benefits under these plans are based primarily on years of service and compensation levels. Pension expense for the three and nine months ended September 30, 2011 and 2010 for the defined benefit plans consists of the following components:

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2011
 
2010
 
2011
 
2010
 
Service cost
$
974

 
$
1,035

 
$
2,931

 
$
2,834

 
Interest cost
3,279

 
3,576

 
9,835

 
9,935

 
Expected return on plan assets
(3,232
)
 
(3,351
)
 
(9,689
)
 
(8,708
)
 
Amortization of prior service cost
(72
)
 
(66
)
 
(210
)
 
(203
)
 
Amortization of net loss
984

 
1,524

 
2,951

 
2,949

 
Pension settlement charge
—

 
—

 
—

 
1,541

 
Net periodic pension expense
$
1,933

 
$
2,718

 
$
5,818

 
$
8,348


A former executive of the Company received a lump sum distribution during the nine months ended September 30, 2010, which resulted in settlement expense of $1,541.

Postretirement Benefits

The Company provides health benefits for certain retired employees and certain dependents when the employee becomes eligible for these benefits by satisfying plan provisions that include certain age and service requirements.

The components of the postretirement benefit expense of the Company-sponsored plans for the three and nine months ended September 30, 2011 and 2010 are as follows:

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2011
 
2010
 
2011
 
2010
 
Service cost
$
48

 
$
21

 
$
144

 
$
129

 
Interest cost
665

 
826

 
1,994

 
2,149

 
Amortization of prior service cost
(32
)
 
(32
)
 
(96
)
 
(96
)
 
Amortization of net loss
464

 
723

 
1,391

 
1,257

 
Postretirement benefit expense
$
1,145

 
$
1,538

 
$
3,433

 
$
3,439



During the third quarter of 2011, the Company amended its U.S. retiree health care plans to change the method by which postretirement health care is provided for certain eligible Medicare age retirees and / or spouses. Beginning January 1, 2012, the Company will provide its eligible Medicare age retirees and / or spouses postretirement health care in the form of a defined contribution benefit, together with access to a third party health care exchange designed specifically for Medicare age participants. Postretirement health care was previously provided to this group through the Company's standard group health plan.

The plan amendment reduced the accumulated postretirement benefit obligation by approximately $18,900, which will be recognized as part of net periodic postretirement benefit cost over the average life expectancy of retired eligible employees.