XML 65 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]  
Schedule of reconciliation of the projected benefit obligation, plan assets and funded status of the pension plan
The following table provides a reconciliation of the projected benefit obligation, plan assets and funded status of the pension plan at December 31,:

 
2011
 
2012
 
 
 
 
Accumulated Benefit Obligation
$
82,289

 
$
85,363

 
 
 
 
Change in benefit obligation
 

 
 

Projected benefit obligation at beginning of year
$
66,136

 
$
82,289

Service cost
281

 
277

Interest cost
3,519

 
3,429

Actuarial loss
15,305

 
2,790

Benefits paid
(2,952
)
 
(3,422
)
 
 
 
 
Projected benefit obligation at end of year
$
82,289

 
$
85,363

 
 
 
 
Change in plan assets
 

 
 

Fair value of plan assets at beginning of year
$
55,309

 
$
51,822

Actual gain (loss) on plan assets
(2,145
)
 
5,866

Employer contributions
1,610

 
8,497

Benefits paid
(2,952
)
 
(3,422
)
Fair value of plan assets at end of year
$
51,822

 
$
62,763

 
 
 
 
Funded status
$
(30,467
)
 
$
(22,600
)
Schedule of amounts recognized in the consolidated balance sheets
Amounts recognized in the consolidated balance sheets consist of the following at December 31,:

 
2011
 
2012
 
 
 
 
Accrued long-term pension liability
$
30,467

 
$
22,600

Accumulated other comprehensive loss
(49,563
)
 
(48,176
)
Schedule of actuarial assumptions used
The following actuarial assumptions were used to determine our net periodic pension benefit cost for the years ended December 31,:

 
2010
 
2011
 
2012
 
 
 
 
 
 
Discount rate
5.86
%
 
5.41
%
 
4.30
%
Expected return on plan assets
8.00
%
 
8.00
%
 
8.00
%
Rate of compensation increase
N/A

 
N/A

 
N/A

 
The following actuarial assumptions were used to determine our accumulated and projected benefit obligations as of December 31,:

 
2011
 
2012
 
 
 
 
Discount rate
4.30
%
 
3.90
%
Expected return on plan assets
8.00
%
 
8.00
%
Schedule of plan assets and benefit obligations recognized in other comprehensive income
Other changes in plan assets and benefit obligations recognized in other comprehensive income in 2012 are as follows:
 
Current year actuarial loss
$
(1,489
)
Amortization of actuarial loss
2,876

Total recognized in other comprehensive loss
$
1,387

Schedule of net benefit cost
Net periodic pension cost for the years ended December 31, consists of the following:

 
 
2010
 
2011
 
2012
 
 
 
 
 
 
 
Service cost
 
$
219

 
$
281

 
$
277

Interest cost on projected benefit obligation
 
3,585

 
3,519

 
3,429

Return on plan assets
 
(4,227
)
 
(4,378
)
 
(4,566
)
Amortization of loss
 
1,313

 
1,578

 
2,876

Net periodic pension cost
 
$
890

 
$
1,000

 
$
2,016

Schedule of allocation of plan assets
The allocation of pension plan assets by category is as follows at December 31,:

 
Percentage of Pension
Plan Assets
 
Target
Allocation
 
2011
 
2012
 
2013
 
 
 
 
 
 
Equity securities
69
%
 
76
%
 
75
%
Debt securities
31

 
24

 
25

Total
100
%
 
100
%
 
100
%
The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2011 and December 31, 2012:

December 31, 2011
Level 1
 
Level 2
 
Total
 
 
 
 
 
 
Common Stock
$
21,893

 
$

 
$
21,893

Money Market Fund

 
12,461

 
12,461

Mutual Funds
14,112

 

 
14,112

Fixed Income Securities
3,356

 

 
3,356

 
$
39,361

 
$
12,461

 
$
51,822



December 31, 2012
Level 1
 
Level 2
 
Total
 
 
 
 
 
 
Common Stock
$
25,124

 
$

 
$
25,124

Money Market Fund

 
5,209

 
5,209

Mutual Funds
22,810

 

 
22,810

Fixed Income Securities
9,620

 

 
9,620

 
$
57,554

 
$
5,209

 
$
62,763

The following table sets forth the fair value of Plan assets as of December 31,:

 
2011
 
2012
 
 
 
 
Common Stock
$
21,893

 
$
25,124

Money Market Fund
12,461

 
5,209

Mutual Funds
14,112

 
22,810

Fixed Income Securities
3,356

 
9,620

 
 
 
 
Total Assets at Fair Value
$
51,822

 
$
62,763

Schedule of expected benefit payments

The following table summarizes the benefits expected to be paid by our pension plan in each of the next five years and in aggregate for the following five years.  The expected benefit payments are estimated based on the same assumptions used to measure the Company’s projected benefit obligation at December 31, 2012 and reflect the impact of expected future employee service.
 
2013

$2,503

2014
2,901

2015
2,989

2016
2,756

2017
3,359

2018-2022
21,336