Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2012

The components of net periodic pension cost for both plans are as follows:


	(In thousands)
	Years Ended December 31,
	2012			2011			2010
Service cost	$	749		$	523		$	463
Interest cost		1,167			1,043			894
Expected return on plan assets		(1,060	)		(1,053	)		(932	)
Amortization of actuarial losses		1,147			430			371

Net periodic pension cost	$	2,003		$	943		$	796

The obligations and funded status of both plans are as follows:


	(In thousands)
	December 31,
	2012			2011
Change in benefit obligation ⁽¹⁾
Beginning benefit obligation (January 1)	$	28,605		$	17,079
Benefit obligation related to the LaBarge Acquisition		—			5,589
Service cost		749			523
Interest cost		1,167			1,043
Actuarial loss		1,633			5,144
Benefits paid		(1,012	)		(773	)

Benefit obligation (December 31)	$	31,142		$	28,605


Change in plan assets
Beginning fair value of plan assets (January 1)	$	11,945		$	12,019
Return on assets		1,513			(959	)
Employer contribution		2,241			1,658
Benefits paid		(1,012	)		(773	)

Fair value of plan assets (December 31)	$	14,687		$	11,945


Funded status (under funded)	$	(16,455	)	$	(16,661	)


Amounts recognized in the consolidated balance sheet
Current liabilities	$	672		$	640

Non-current liabilities	$	15,783		$	16,021


Unrecognized loss included in accumulated other comprehensive loss
Unrecognized loss (January 1), before tax	$	11,902		$	5,176
Amortization		(1,147	)		(430	)
Liability loss		1,633			5,144
Asset (gain) loss		(454	)		2,012

Unrecognized loss (December 31), before tax	$	11,934		$	11,902
Tax impact		(4,466	)		(4,577	)

Unrecognized loss included in accumulated other comprehensive loss, net of tax	$	7,468		$	7,325


Prepaid benefit cost included in other assets	$	913		$	811

Accrued benefit cost included in other liabilities	$	5,433		$	5,569

⁽¹⁾	Projected benefit obligation equals the accumulated benefit obligation for the plans.

Our Pension Plan asset allocations at December 31, 2012 and 2011, by asset category, were as follows:

⁽¹⁾	Our overall investment strategy is to achieve an asset allocation within the following ranges to achieve an appropriate rate of return relative to risk

⁽¹⁾	Represents mutual funds and commingled accounts which invest primarily in equities, but may also hold fixed income securities, cash and other investments.

The following weighted-average assumptions were used to determine the net periodic benefit cost under the two plans for:


	Years Ended December 31,
	2012			2011			2010
Discount rate used to determine pension expense
Pension Plan		4.30	%		5.50	%		6.00	%
LaBarge Retirement Plan		3.75	%		4.75	%		—

The following weighted-average assumptions were used to determine the benefit obligations under the two plans at:


	December 31,
	2012			2011			2010
Discount rate used to determine value of obligations
Pension Plan		4.00	%		4.30	%		5.50	%
LaBarge Retirement Plan		3.10	%		3.75	%		—
Long-term rate of return - Pension Plan only		8.50	%		8.50	%		8.50	%

The following benefit payments under both plans, which reflect expected future service, as appropriate, are expected to be paid: