Quarterly report pursuant to Section 13 or 15(d)

Pensions

v2.4.0.8
Pensions
3 Months Ended
Mar. 31, 2014
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-months ended March 31, 2014 and 2013 were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31

 

 

 

 

2014

 

 

2013

 

Service cost

 

$

1,000 

 

$

65,000 

 

Interest cost

 

 

39,000 

 

 

57,000 

 

Expected return on assets

 

 

(49,000)

 

 

(62,000)

 

Net periodic pension (benefit) cost

 

$

(9,000)

 

$

60,000