Quarterly report pursuant to Section 13 or 15(d)

Pensions

v2.4.0.8
Pensions
9 Months Ended
Sep. 30, 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 and nine-months ended September 30, 2014 and 2013 were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30

 

Nine Months Ended September 30

 

 

 

2014

 

 

2013

 

 

2014

 

 

2013

Service cost

 

$

1,000 

 

$

77,000 

 

$

4,000 

 

$

206,000 

Interest cost

 

 

34,000 

 

 

68,000 

 

 

113,000 

 

 

183,000 

Expected return on assets

 

 

(44,000)

 

 

(73,000)

 

 

(145,000)

 

 

(196,000)

Net periodic pension (benefit) cost

 

$

(9,000)

 

$

72,000 

 

$

(28,000)

 

$

193,000