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v2.4.0.6
Pension Benefits
9 Months Ended
Sep. 30, 2012
Pension Benefits [Abstract]  
Pension Benefits

7. Pension Benefits

The following sets forth the components of net periodic employee benefit cost of the Company’s defined benefit pension plans for the three and nine months ended September 30, 2012 and 2011:

 

                                 
    Nine Months Ended September 30,  
    Pension Benefits  
    U.S. Plan     Canadian Plan  
    2012     2011     2012     2011  

Service cost

  $ 15,750     $ 15,825     $ —       $ —    

Interest cost

    127,500       129,150       56,789       58,309  

Expected return on plan assets

    (120,750     (106,575     (62,319     (63,987

Net actuarial loss

    —         —         10,312       10,588  

Amortization

    70,500       38,475       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

  $ 93,000     $ 76,875     $ 4,782     $ 4,910  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    Three Months Ended September 30,  
    Pension Benefits  
    U.S. Plan     Canadian Plan  
    2012     2011     2012     2011  

Service cost

  $ 5,250     $ 5,275     $ —       $ —    

Interest cost

    42,500       43,050       18,949       19,426  

Expected return on plan assets

    (40,250     (35,525     (20,794     (21,317

Net actuarial loss

    —         —         3,441       3,527  

Amortization

    23,500       12,825       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

  $ 31,000     $ 25,625     $ 1,596     $ 1,636  
   

 

 

   

 

 

   

 

 

   

 

 

 

The Company has frozen the accrual of any additional benefits under the U.S. defined benefit pension plan effective July 15, 2005.

Effective January 1, 2009, the Company converted its pension plan for its Canadian employees (the “Canadian Plan”) from a noncontributory defined benefit plan to a defined contribution plan. Until the conversion, benefits for the salaried employees were based on specified percentages of the employees’ monthly compensation. The conversion of the Canadian plan has the effect of freezing the accrual of future defined benefits under the plan. Under the defined contribution plan, the Company will contribute 3% of employee compensation plus 50% of employee elective contributions up to a maximum contribution of 5% of employee compensation.

The Fair Value Measurements and Disclosure Topic of the ASC requires the categorization of financial assets and liabilities, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. The various values of the Fair Value Measurements and Disclosure Topic of the ASC fair value hierarchy are described as follows:

Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access.

Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability.

Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

The fair value hierarchy of the plan assets are as follows:

 

                         
          September 30, 2012  
          US Plan     Canadian Plan  

Cash and cash equivalents

    Level 1     $ 306,742     $ 59,343  

Mutual funds

    Level 1       268,290       1,259,339  

Corporate/Government Bonds

    Level 1       682,731       —    

Equities

    Level 1       1,039,299       —    
           

 

 

   

 

 

 

Total

          $ 2,297,062     $ 1,318,682  
           

 

 

   

 

 

 

On April 15, 2012, the Company transferred its US pension plan assets to Bank of America Merrill Lynch (“BAML”). It was previously being managed by Metlife. As a result of this change, $2,203,978 of Level 2 assets were transferred to Level 1.

For additional information on the defined benefit pension plans, please refer to Note 10 of the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.