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Defined contribution plans cover employees at eight different manufacturing
or administrative locations and provide for contributions ranging
from 2 percent to 6 percent of covered employees’ salaries
or wages and totaled $841,000 in 2001, $845,000 in 2000, and $695,000
in 1999. Multiemployer plans cover employees at two different manufacturing
locations and provide for contributions to a union administered
defined benefit pension plan. Amounts charged to pension cost and
contributed to the plans in 2001, 2000, and 1999 totaled $667,000,
$771,000, and $1,136,000, respectively.
The Company has defined benefit pension plans covering the majority
of U.S. employees. The benefits under the plans are based on years
of service and salary levels. Certain plans covering hourly employees
provide benefits of stated amounts for each year of service. In
addition, the Company also sponsors an unfunded supplemental retirement
plan to provide senior management with benefits in excess of limits
under the federal tax law and increased benefits to reflect a service
adjustment factor. Net periodic pension cost for defined benefit
plans included the following components for the years ended December
31, 2001, 2000, and 1999.
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Changes in benefit obligation and plan assets, and a reconciliation
of the funded status at December 31, 2001 and 2000, are as follows:
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The Company has recorded the following amounts pursuant to SFAS
No. 87, “Employers’ Accounting for Pensions,” to
reflect the minimum pension obligation at December 31:
Presented below are the projected benefit obligation, accumulated
benefit obligation, and fair value of plan assets for the pension
plans with accumulated benefit obligations in excess of plan assets
at December 31:
The weighted-average discount rate and rate of increase in future
compensation levels used in determining the actuarial present value
of the projected benefit obligation together with the expected long-term
rate of return on assets is presented below.
Total pension (income) expense in 2001, 2000, and 1999 was $(10,613,000),
$(9,234,000), and $(1,214,000), respectively.
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