Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

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



	(In thousands) Years Ended December 31,
	2013			2012			2011
Service cost	$	843		$	749		$	523
Interest cost	1,160			1,167			1,043
Expected return on plan assets	(1,222		)	(1,060		)	(1,053		)
Amortization of actuarial losses	1,093			1,147			430
Net periodic pension cost	$	1,874		$	2,003		$	943

The components of the reclassifications of net actuarial losses from accumulated other comprehensive loss to net income for 2013 were as follows:



	(In thousands) Year Ended December 31,
	2013
Amortization of actuarial loss - total before tax ⁽¹⁾	$	1,093
Tax benefit	(408		)
Net of tax	$	685


(1)	The amortization expense is included in the computation of periodic pension cost and is a decrease to net income upon reclassification from accumulated other comprehensive loss.

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



	(In thousands) December 31,
	2013			2012
Change in benefit obligation⁽¹⁾
Beginning benefit obligation (January 1)	$	31,142		$	28,605
Service cost	843			749
Interest cost	1,160			1,167
Actuarial (gain) loss	(3,372		)	1,633
Benefits paid	(1,335		)	(1,012		)
Ending benefit obligation (December 31)	$	28,438		$	31,142
Change in plan assets
Beginning fair value of plan assets (January 1)	$	14,687		$	11,945
Return on assets	2,509			1,513
Employer contribution	2,506			2,241
Benefits paid	(1,335		)	(1,012		)
Ending fair value of plan assets (December 31)	$	18,367		$	14,687
Funded status (under funded)	$	(10,071	)	$	(16,455	)
Amounts recognized in the consolidated balance sheet
Current liabilities	$	497		$	672
Non-current liabilities	$	9,574		$	15,783
Unrecognized loss included in accumulated other comprehensive loss
Beginning unrecognized loss, before tax (January 1)	$	11,934		$	11,902
Amortization	(1,093		)	(1,147		)
Liability (gain) loss	(3,372		)	1,633
Asset (gain) loss	(1,286		)	(454		)
Ending unrecognized loss, before tax (December 31)	$	6,183		$	11,934
Tax impact	(2,321		)	(4,466		)
Unrecognized loss included in accumulated other comprehensive loss, net of tax	$	3,862		$	7,468
Prepaid benefit cost included in other assets	$	1,135		$	913
Accrued benefit cost included in other liabilities	$	5,024		$	5,433


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

Our Pension Plan asset allocations at December 31, 2013 and 2012, 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



	(In thousands) Year Ended December 31, 2013
	Level 1		Level 2		Level 3		Total
Cash and other investments	$	716	$	—	$	—	$	716
Fixed income securities	3,328		—		—		3,328
Equities⁽¹⁾	10,674		3,649		—		14,323
Total	$	14,718	$	3,649	$	—	$	18,367



	(In thousands) Year Ended December 31, 2012
	Level 1		Level 2		Level 3		Total
Cash and other investments	$	2,905	$	—	$	—	$	2,905
Fixed income securities	—		860		—		860
Equities⁽¹⁾	8,441		2,481		—		10,922
Total	$	11,346	$	3,341	$	—	$	14,687


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

The weighted-average assumptions used to determine the net periodic benefit costs under the two plans were as follows:



	Years Ended December 31,
	2013		2012		2011
Discount rate used to determine pension expense
Pension Plan	4.00	%	4.30	%	5.50	%
LaBarge Retirement Plan	3.10	%	3.75	%	4.75	%

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



	December 31,
	2013		2012		2011
Discount rate used to determine value of obligations
Pension Plan	4.75	%	4.00	%	4.30	%
LaBarge Retirement Plan	4.00	%	3.10	%	3.75	%
Long-term rate of return - Pension Plan only	8.00	%	8.50	%	8.50	%

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