Quarterly report pursuant to Section 13 or 15(d)

Pensions

v3.2.0.727
Pensions
 6 Months Ended
Jun. 30, 2015
Pensions [Abstract]  
Pensions

NOTE 12 – 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 of the pension plans for the three and six-months ended June 30, 2015 and 2014 were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30

 

Six Months Ended June 30

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

Service cost

 

$
2,000 

 

$
2,000 

 

$
4,000 

 

$
3,000 

Interest cost

 

 
38,000 

 

 
40,000 

 

 
72,000 

 

 
79,000 

Expected return on assets

 

 
(50,000)

 

 
(52,000)

 

 
(95,000)

 

 
(101,000)

Net periodic pension benefit

 

$
(10,000)

 

$
(10,000)

 

$
(19,000)

 

$
(19,000)