Quarterly report pursuant to Section 13 or 15(d)

Pensions

v2.4.0.8
Pensions
 9 Months Ended
Sep. 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 nine-months ended September 30, 2013 and 2012 were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30

 

Nine Months Ended September 30

 

 

 

2013

 

 

2012

 

 

2013

 

 

2012

Service cost

 

$
77,000 

 

$
10,000 

 

$
206,000 

 

$
28,000 

Interest cost

 

 
68,000 

 

 
67,000 

 

 
183,000 

 

 
188,000 

Expected return on assets

 

 
(73,000)

 

 
(75,000)

 

 
(196,000)

 

 
(210,000)

Amortization of prior service cost

 

 

 -

 

 
13,000 

 

 

 -

 

 
36,000 

Net periodic pension cost

 

$
72,000 

 

$
15,000 

 

$
193,000 

 

$
42,000