Annual report pursuant to Section 13 and 15(d)

Employee Retirement Plans (Tables)

v2.4.0.8
Employee Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Pension benefits
  
Employee retirement plans  
Schedule of reconciliation of the beginning and ending balances of the projected benefit obligation, fair value of plan assets, funded status of plans, and amounts recognized in the consolidated balance sheets

 

 

 
   December 31  
 
   2013   2012  

Change in projected benefit obligation:

              

Benefit obligation at beginning of year

   $ 36,209   $ 32,800  

Service cost

     246     268  

Interest cost

    
1,449		    
1,482		  

Actuarial (gain) loss

     (5,031 )   2,944  

Benefits paid

     (1,158 )   (1,285 )
           
​ ​ ​ ​ ​ ​ ​ ​

Benefit obligation at end of year

     31,715     36,209  

Change in plan assets:

              

Fair value of plan assets at beginning of year

     21,808     18,637  

Actual return on plan assets

     3,160     2,442  

Employer contributions through December 31

     828     2,014  

Benefits paid

     (1,158 )   (1,285 )
           
​ ​ ​ ​ ​ ​ ​ ​

Fair value of plan assets at end of year

     24,638     21,808  
           
​ ​ ​ ​ ​ ​ ​ ​

Funded Status: accrued pension liability

   $ (7,077 ) $ (14,401 )
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of components of net periodic cost

 

 

 
   2013   2012   2011  

Component of net periodic pension cost:

                    

Service cost

  
$
246		  
$
268		  
$
961		  

Interest cost

     1,449     1,482     1,539  

Expected return on plan assets

     (1,409 )   (1,274 )   (1,357 )

Amortization of net loss

     1,205     770     454  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net periodic pension cost

   $ 1,491     1,246   $ 1,597  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Schedule of assumptions used in determining net periodic costs and summary of healthcare cost trend rates

 

 

 
   Year ended December 31  
 
   2013   2012   2011  

Discount rates

     4.1 %   4.6 %   5.5 %

Rates of increase in compensation levels:

    
 		    
 		    
 		  

Salaried

     3.5     3.5     3.5  

Hourly

     N/A     N/A     N/A  

Expected long-term rate of return on assets

    
7.25		    
7.25		    
8.0		  
Schedule of expected benefit payments

 

 

2014

   $ 1,330  

2015

     1,340  

2016

     1,360  

2017

     1,400  

2018

     1,440  

2019 - 2023

     8,250  
Schedule of weighted-average asset allocation and actual allocation for the qualified pension plans by asset category

 

 

 
   Target   2013   2012  

Large Cap Equity

     37 % $ 7,373     30 % $ 6,766     31 %

Mid Cap Equity

     4 %   938     4 %   859     4 %

Small Cap Equity

     3 %   935     4 %   876     4 %

International Equity

     12 %   2,485     10 %   2,448     11 %

Emerging markets Equity

     2 %   617     2 %   598     3 %

Fixed Income and Cash Equivalents

     34 %   9,830     40 %   8,019     37 %

Real Estate

     8 %   2,460     10 %   2,242     10 %
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

     100 % $ 24,638     100 % $ 21,808     100 %
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
Schedule of fair values of the Company's pension plan assets

The fair values of the Company's pension plan assets as of December 31, 2013 are as follows:

 
   Balance as of
December 31, 2013		   Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		   Significant Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs (Level 3)		  

Assets:

                          

Equity holdings

  
$
13,582		  
$
—		  
$
13,582		  
$
—		  

Fixed-income holdings

     9,830     —     9,830     —  

Alternative investments

     1,226     —     —     1,226  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total pension plan assets

   $ 24,638   $ —   $ 23,412   $ 1,226  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

        The fair values of the Company's pension plan assets as of December 31, 2012 are as follows:

 
   Balance as of
December 31,
2012		   Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		   Significant Other
Observable Inputs
(Level 2)		   Significant
Unobservable
Inputs (Level 3)		  

Assets:

                          

Equity holdings

  
$
12,672		  
$
—		  
$
12,672		  
$
—		  

Fixed-income holdings

     8,019     —     8,019     —  

Alternative investments

     1,117     —     —     1,117  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total pension plan assets

   $ 21,808   $ —   $ 20,691   $ 1,117  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Schedule of reconciliation of the fair value measurements using significant unobservable inputs (Level 3)

 

 

 
   December 31,  
 
   2013   2012  

Balance, beginning of year

   $ 1,117   $ 1,096  

Deposits

     41     187  

Actual return on plan assets held at reporting date

    
149		    
125		  

Withdrawals

     (81 )   (291 )
           
​ ​ ​ ​ ​ ​ ​ ​

Balance, end of year

   $ 1,226   $ 1,117  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Postretirement benefits
  
Employee retirement plans  
Schedule of reconciliation of the beginning and ending balances of the projected benefit obligation, fair value of plan assets, funded status of plans, and amounts recognized in the consolidated balance sheets

 

 

 
   December 31  
 
   2013   2012  

Change in projected benefit obligation:

              

Benefit obligation at beginning of year

   $ 6,812   $ 8,402  

Service cost

    
250		    
281		  

Interest cost

     245     360  

Participant contributions

     100     103  

Changes in actuarial assumptions

     (2,085 )   (1,590 )

Benefits paid

     (448 )   (744 )
           
​ ​ ​ ​ ​ ​ ​ ​

Projected benefit obligation at end of year

   $ 4,874   $ 6,812  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Amounts recognized in the consolidated balance sheets consisted of:

              

Accrued expenses and other current liabilities

   $ 220   $ 271  

Retiree health benefit obligation

     4,654     6,541  
           
​ ​ ​ ​ ​ ​ ​ ​

 

   $ 4,874   $ 6,812  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of components of net periodic cost

 

 

 
   2013   2012   2011  

Component of net postretirement health benefit cost:

                    

Service cost

   $ 250   $ 281   $ 263  

Interest cost

     245     360     407  

Amortization of net gain

     (172 )   (17 )   (61 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net postretirement healthcare benefit cost

   $ 323   $ 624   $ 609  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Schedule of assumptions used in determining net periodic costs and summary of healthcare cost trend rates

 

 

 
   Year Ended
December 31		  
 
   2013   2012   2011  

Discount rate

     3.7 %   4.4 %   5.5 %

Immediate healthcare cost trend rate

     7.0     8.0     9.0  

Ultimate healthcare cost trend rate

     4.5     4.5     5.0  

Assumed annual reduction in trend rate

     *     **     ***  

Participation

     80     80     80  
*
Health Care Cost Trend rate is assumed to be 7.0% beginning in 2013 gradually reducing to an ultimate rate of 4.5% in 2020.

**
Health Care Cost Trend rate is assumed to be 8.0% beginning in 2012 gradually reducing to an ultimate rate of 4.5% in 2019.

***
Health Care Cost Trend rate is assumed to be 9.0% beginning in 2011 gradually reducing to an ultimate rate of 5.0% in 2017.
Schedule of effect of one percentage point change in the healthcare cost trend rate

 

 

 
   1%
Increase		   1%
Decrease		  

Effect on total service and interest cost

   $ 51   $ (44 )

Effect on postretirement benefit obligation

     555     (482 )