Defined Benefit Pension and Other Post Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2012

Defined Contribution Plans/ Defined Benefit Pension and Other Post Retirement Plans [Abstract]

Reconciliation of beginning and ending balances of projected benefit obligation and fair value of plan assets and accumulated benefit obligation

The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2012 and 2011, and the accumulated benefit obligation at December 31, 2012 and 2011, are as follows:

	2012			2011
Funded Status
Projected Benefit Obligation
As of January 1	$	271,134		$	572,097
Pension settlement		–			(339,799	)
Actuarial loss		24,330			34,784
Interest cost		12,498			13,265
Benefits paid		(9,791	)		(9,213	)
As of December 31	$	298,171		$	271,134
Fair Value of Plan Assets
As of January 1	$	158,823		$	380,010
Pension settlement		–			(238,833	)
Actual return (loss) on plan assets		23,323			(298	)
Employer contributions		19,226			27,157
Benefits paid		(9,791	)		(9,213	)
As of December 31	$	191,581		$	158,823
Funded Status as of December 31	$	(106,590	)	$	(112,311	)
Accumulated Benefit Obligation	$	298,171		$	271,134

Amounts recognized in consolidated balance sheets

Amounts recognized in the consolidated balance sheets as of December 31, 2012 and 2011 consist of:

	2012		2011
Short-term pension obligation	$	20,000	$	19,300
Pension obligation		86,590		93,012
Accumulated other comprehensive loss		144,738		133,992

Weighted average assumptions used to determine net periodic benefit cost

Weighted average assumptions used to determine net periodic benefit cost for years ended December 31, 2012, 2011 and 2010 are as follows:

	2012			2011			2010
Discount rate		4.69	%		5.89	%		6.18	%
Expected long-term rate of return on assets		8.00	%		8.00	%		8.50	%

Net periodic pension cost (credit) includes subsequent to Pension plan split and to Pension plan split

The net periodic pension cost includes the following components for the years ended December 31, 2012 and 2011, subsequent to the Pension Plan split, and for the year ended December 31, 2010, prior to the Pension Plan split when the Company was the sole plan sponsor:

	2012			2011			2010
Interest cost on projected benefit obligation	$	12,498		$	13,265		$	32,829
Expected return on plan assets		(13,618	)		(11,865	)		(32,015	)
Amortization of net loss		3,878			2,725			4,568
Net periodic pension cost		2,758			4,125			5,382
Settlement charge		–			28,699			–
Net periodic pension cost after settlement charge	$	2,758		$	32,824		$	5,382

Expected benefit payments net of administrative expenses

The expected benefit payments, net of administrative expenses, under the plan are as follows:

2013	$	11,886
2014		12,676
2015		13,542
2016		14,472
2017		15,397

Pension Plan weighted-average target allocation and actual asset allocations

The Pension Plan weighted-average target allocation and actual asset allocations at December 31, 2012 and 2011 by asset category are as follows:

Asset category	Target Allocation			Actual
				2012			2011
Domestic equity investments		40.0	%		38.6	%		39.6	%
Fixed income investments		30.0	%		28.4	%		29.7	%
International equity investments		20.0	%		22.6	%		19.5	%
Opportunistic investments		10.0	%		10.0	%		11.2	%
Cash		–			0.4	%		–
Total		100.0	%		100.0	%		100.0	%