Quarterly report pursuant to Section 13 or 15(d)

Pensions

v3.3.0.814
Pensions
 9 Months Ended
Sep. 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 nine-months ended September 30, 2015 and 2014 were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30

 

Nine Months Ended September 30

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

Service cost

 

$
2,000 

 

$
1,000 

 

$
6,000 

 

$
4,000 

Interest cost

 

 
33,000 

 

 
34,000 

 

 
105,000 

 

 
113,000 

Expected return on assets

 

 
(43,000)

 

 
(44,000)

 

 
(138,000)

 

 
(145,000)

Net periodic pension benefit

 

$
(8,000)

 

$
(9,000)

 

$
(27,000)

 

$
(28,000)