Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

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



	(In thousands) Years Ended December 31,
	2014			2013			2012
Service cost	$	693		$	843		$	749
Interest cost	1,278			1,160			1,167
Expected return on plan assets	(1,400		)	(1,222		)	(1,060		)
Amortization of actuarial losses	419			1,093			1,147
Net periodic pension cost	$	990		$	1,874		$	2,003

The components of the reclassifications of net actuarial losses from accumulated other comprehensive loss to net income for 2014 were as follows:



	(In thousands) Year Ended December 31,
	2014
Amortization of actuarial loss - total before tax ⁽¹⁾	$	419
Tax benefit	(156		)
Net of tax	$	263


(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,
	2014			2013
Change in benefit obligation⁽¹⁾
Beginning benefit obligation (January 1)	$	28,438		$	31,142
Service cost	693			843
Interest cost	1,278			1,160
Actuarial (gain) loss	4,117			(3,372		)
Benefits paid	(1,227		)	(1,335		)
Ending benefit obligation (December 31)	$	33,299		$	28,438
Change in plan assets
Beginning fair value of plan assets (January 1)	$	18,367		$	14,687
Return on assets	669			2,509
Employer contribution	1,916			2,506
Benefits paid	(1,227		)	(1,335		)
Ending fair value of plan assets (December 31)	$	19,725		$	18,367
Funded status (under funded)	$	(13,574	)	$	(10,071	)
Amounts recognized in the consolidated balance sheet
Current liabilities	$	464		$	497
Non-current liabilities	$	13,110		$	9,574
Unrecognized loss included in accumulated other comprehensive loss
Beginning unrecognized loss, before tax (January 1)	$	6,183		$	11,934
Amortization	(419		)	(1,093		)
Liability (gain) loss	4,117			(3,372		)
Asset (gain) loss	733			(1,286		)
Ending unrecognized loss, before tax (December 31)	$	10,614		$	6,183
Tax impact	(3,970		)	(2,321		)
Unrecognized loss included in accumulated other comprehensive loss, net of tax	$	6,644		$	3,862
Prepaid benefit cost included in other assets	$	1,832		$	1,135
Accrued benefit cost included in other liabilities	$	4,795		$	5,024


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

Our Pension Plan asset allocations at December 31, 2014 and 2013, 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, 2014
	Level 1		Level 2		Level 3		Total
Cash and other investments	$	886	$	—	$	—	$	886
Fixed income securities	3,896		—		—		3,896
Equities⁽¹⁾	9,687		5,257		—		14,944
Total	$	14,469	$	5,257	$	—	$	19,726



	(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


(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,
	2014		2013		2012
Discount rate used to determine pension expense
Pension Plan	4.75	%	4.00	%	4.30	%
LaBarge Retirement Plan	4.00	%	3.10	%	3.75	%

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



	December 31,
	2014		2013		2012
Discount rate used to determine value of obligations
Pension Plan	4.25	%	4.75	%	4.00	%
LaBarge Retirement Plan	3.70	%	4.00	%	3.10	%
Long-term rate of return - Pension Plan only	7.50	%	8.00	%	8.50	%

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