Question-and-Answer Session
Operator
Thank you, sir. We will now begin the question-and-answer session. (Operator Instructions) Your first question comes from Arnie Ursaner - CJS Securities.
Arnie Ursaner - CJS Securities
Greg, you just sort of touched on one of the questions I had, but I want to expand a little bit. On natural gas, you had taken on some hedges at prices that I guess ended up being above market. Can you walk us through the P&L impact you had in Q4 and give us some sense of where your contract levels are now versus current spot market?
Greg Geswein
Well, we never did announce the pricing on that. The impact in the fourth quarter was just under $2 million versus last year. As I said in the comments, we are about 68% hedged in 2009.
Arnie Ursaner - CJS Securities
But your hedges were put in at prices higher than where we are currently in the market, is that correct?
Greg Geswein
Some of them, some of them.
Arnie Ursaner - CJS Securities
Okay. Your pension expense was the other question I had. I’m surprised, given the declines in the market that your pension expense line would be similar to your view is that it would be similar to the ?08 levels?
Greg Geswein
Yes, that’s correct. I mean, some of the losses that you see actually will be amortized over a period of time, so 2009 P&L will only fill part of the loss that we experienced in the portfolio in 2008.
Arnie Ursaner - CJS Securities
My final question relates to how we should think about gross margin. If you are going to run at a 75% utilization versus your normal of 85% to 88%, it seems to me like gross margin recovery would be quite challenging. Can you comment a little more on that, and what sort of margin you think you can get if you run at a 75% operating rate?
Greg Geswein
No, we haven’t given guidance, Arnie, so we’d rather not comment on that.
Operator
Your next question comes from the line of Doug Lane - Jefferies & Co.
Doug Lane - Jefferies & Co.
Just a couple of questions with the impairment and the charges and the write-downs, can you give us a ballpark for what you’re looking for depreciation and amortization this year?
Greg Geswein
It’s obviously going to be a little bit less than it was in 2008 and obviously, with the reduction in CapEx, as well as the half-year convention, so I don’t know if you have that number there, Ken?
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