Quarterly report pursuant to Section 13 or 15(d)

Pensions

v2.4.0.8
Pensions
 6 Months Ended
Jun. 30, 2013
Pensions [Abstract]  
Pensions

NOTE 10 – PENSIONS

 

The Company’s U.K. based subsidiary Austin Taylor maintains defined benefit pension plans.  The Company does not provide any other post-retirement benefits to its employees.  Components of net periodic benefit cost of the pension plans for the three and six-months ended June 30, 2013 and 2012 were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30

 

Six Months Ended June 30

 

 

 

2013

 

 

2012

 

 

2013

 

 

2012

Service cost

 

$
64,000 

 

$
9,000 

 

$
129,000 

 

$
18,000 

Interest cost

 

 
58,000 

 

 
59,000 

 

 
115,000 

 

 
121,000 

Expected return on assets

 

 
(61,000)

 

 
(66,000)

 

 
(123,000)

 

 
(135,000)

Amortization of prior service cost

 

 

 -

 

 
11,000 

 

 

 -

 

 
23,000 

Net periodic pension cost

 

$
61,000 

 

$
13,000 

 

$
121,000 

 

$
27,000