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Pension, Savings and Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2012
Pension, savings and postretirement benefits  
Schedule of disclosures related to the pension plans and the postretirement health care coverage

 

 

 

 

 

 

 

 

Postretirement

 

 

 

Pension Plans

 

Healthcare Coverage

 

 

 

2012

 

2011

 

2012

 

2011

 

Projected benefit obligation at beginning of year

 

$

25,590

 

$

21,284

 

$

12,524

 

$

11,968

 

Service cost

 

455

 

287

 

256

 

179

 

Interest cost

 

1,141

 

1,090

 

527

 

573

 

Plan amendments

 

951

 

—

 

—

 

—

 

Actuarial loss

 

1,766

 

3,633

 

1,286

 

274

 

Benefits paid

 

(735

)

(704

)

(502

)

(470

)

Projected benefit obligation at end of year

 

29,168

 

25,590

 

14,091

 

12,524

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

19,609

 

19,328

 

—

 

—

 

Employer contributions

 

1,500

 

1,293

 

502

 

471

 

Actual return on plan assets

 

1,998

 

(308

)

—

 

—

 

Benefits paid

 

(735

)

(704

)

(502

)

(471

)

Fair value of plan assets at end of year

 

22,372

 

19,609

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Unfunded benefit obligation at end of year

 

$

(6,796

)

$

(5,981

)

$

(14,091

)

$

(12,524

)

Schedule of the components of the unfunded benefit obligations of the hourly and salaried defined benefit plans

 

 

 

 

2012

 

2011

 

 

 

Hourly

 

Salaried

 

 

 

Hourly

 

Salaried

 

 

 

 

 

Plan

 

Plan

 

Total

 

Plan

 

Plan

 

Total

 

Projected benefit obligation

 

$

20,474

 

$

8,694

 

$

29,168

 

$

17,775

 

$

7,815

 

$

25,590

 

Fair value of plan assets

 

15,602

 

6,770

 

22,372

 

13,687

 

5,922

 

19,609

 

Unfunded benefit obligation

 

$

(4,872

)

$

(1,924

)

$

(6,796

)

$

(4,088

)

$

(1,893

)

$

(5,981

)

Schedule of the components of cost recognized in other comprehensive loss

 

 

 

 

 

 

Post

 

 

 

 

 

Pension

 

Retirement

 

 

 

 

 

Plans

 

Health

 

Total

 

Balance at December 31, 2010

 

$

(8,269

)

$

(1,874

)

$

(10,143

)

Recognized in other comprehensive loss

 

(4,826

)

(376

)

(5,202

)

Balance at December 31, 2011

 

(13,095

)

(2,250

)

(15,345

)

Recognized in other comprehensive loss

 

22

 

(1,251

)

(1,229

)

Balance at December 31, 2012

 

$

(13,073

)

$

(3,501

)

$

(16,574

)

Schedule of the estimated amount that will be amortized from accumulated other comprehensive loss into net periodic cost in 2013

 

 

 

 

 

 

Post

 

 

 

Pension

 

Retirement

 

 

 

Plans

 

Health

 

Prior service cost/(gain)

 

$

—

 

$

(172

)

Actuarial loss

 

420

 

284

 

Total

 

$

420

 

$

112

 

Schedule of weighted average assumptions used in determining the year-end benefit obligation

 

 

 

 

Hourly

 

Salaried

 

Postretirement

 

 

 

Pension Plan

 

Pension Plan

 

Healthcare

 

 

 

2012

 

2011

 

2012

 

2011

 

2012

 

2011

 

Discount rate

 

3.75

%

4.25

%

4.0

%

4.50

%

3.5

%

4.25

%

Expected return on plan assets

 

7.5

%

8.00

%

7.5

%

8.00

%

N/A

 

N/A

 

Schedule of weighted average assumptions used to determine net periodic cost

Weighted-average assumptions used to determine net periodic cost for the years ended December 31 are as follows:

 

 

 

Hourly

 

Salaried

 

 

 

Pension Plan

 

Pension Plan

 

 

 

2012

 

2011

 

2010

 

2012

 

2011

 

2010

 

Discount rate

 

3.75

%

4.25

%

5.50

%

4.0

%

4.50

%

5.50

%

Expected return on plan assets

 

7.5

%

8.00

%

8.00

%

7.5

%

8.00

%

8.00

%

 

 

 

Postretirement Health

 

 

 

2012

 

2011

 

2010

 

Discount rate

 

3.5

%

4.25

%

5.50

%

Expected return on plan assets

 

N/A

 

N/A

 

N/A

 

Schedule of allocation by asset category

 

 

 

 

Fair Value Measurements at

 

 

 

December 31, 2012

 

 

 

 

 

Allocation

 

 

 

 

 

 

 

 

 

Total

 

Percent

 

Level 1

 

Level 2

 

Level 3

 

Equity mutual funds

 

$

11,344

 

51

%

$

11,344

 

$

—

 

$

—

 

Fixed income mutual funds

 

7,193

 

32

%

7,193

 

—

 

—

 

Money market funds

 

644

 

3

%

644

 

—

 

—

 

Stable value

 

3,191

 

14

%

—

 

3,191

 

—

 

 

 

$

22,372

 

100

%

$

19,181

 

$

3,191

 

$

—

 

 

 

 

Fair Value Measurements at

 

 

 

December 31, 2011

 

 

 

 

 

Allocation

 

 

 

 

 

 

 

 

 

Total

 

Percent

 

Level 1

 

Level 2

 

Level 3

 

Equity mutual funds

 

$

9,858

 

50

%

$

9,858

 

$

—

 

$

—

 

Fixed income mutual funds

 

6,211

 

32

%

6,211

 

—

 

—

 

Money market funds

 

384

 

2

%

384

 

—

 

—

 

Stable value

 

3,156

 

16

%

—

 

3,156

 

—

 

 

 

$

19,609

 

100

%

$

16,453

 

$

3,156

 

$

—

 

Schedule of benefit payments, which reflect future service as appropriate, which are expected to be paid

 

 

 

 

 

 

Post

 

 

 

Pension

 

Retirement

 

Years ending

 

Plans

 

Health

 

2013

 

$

1,337

 

$

626

 

2014

 

1,349

 

672

 

2015

 

1,354

 

709

 

2016

 

1,403

 

750

 

2017

 

1,445

 

784

 

2018-2022

 

7,756

 

4,228

 

Pension plans
 
Pension, savings and postretirement benefits  
Schedule of the components of cost recognized in the statement of operations

 

 

 

 

December 31,

 

 

 

2012

 

2011

 

2010

 

Service cost

 

$

455

 

$

287

 

$

361

 

Interest cost

 

1,141

 

1,090

 

1,123

 

Expected return on assets

 

(1,641

)

(1,549

)

(1,389

)

Curtailment of hourly plan

 

1,325

 

—

 

—

 

Amortization of unrecognized prior service costs

 

244

 

170

 

170

 

Amortization of unrecognized loss

 

813

 

495

 

358

 

Net periodic cost

 

$

2,337

 

$

493

 

$

623

 

Postretirement health cost coverage
 
Pension, savings and postretirement benefits  
Schedule of the components of cost recognized in the statement of operations

 

 

 

 

December 31,

 

 

 

2012

 

2011

 

2010

 

Service cost

 

$

256

 

$

179

 

$

201

 

Interest cost

 

527

 

573

 

612

 

Amortization of unrecognized prior service costs

 

(172

)

(172

)

(212

)

Amortization of unrecognized loss

 

208

 

70

 

91

 

Effect of curtailments and settlements

 

—

 

—

 

(714

)

Net periodic cost (income)

 

$

819

 

$

650

 

$

(22

)