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