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Multiemployer Pension Plans
6 Months Ended
Jun. 30, 2013
Compensation and Retirement Disclosure [Abstract]  
Multiemployer Pension Plans
MULTI-EMPLOYER PENSION PLANS
During the six months ended June 30, 2013, the Company received notification from the American Maritime Officers Pension Plan (the "AMOPP”) that based on an actuarial valuation performed as of September 30, 2012, if the Company chooses to withdraw from the AMOPP, its withdrawal liability will be $45.6 million. That liability may change in future years based on various factors, primarily employee census. As of June 30, 2013, the Company has no intention to withdraw from the AMOPP and no deficit amounts have been invoiced. Depending upon the results of the future actuarial valuations and the ten-year rehabilitation plan, it is possible that the AMOPP will experience further funding deficits, requiring the Company to recognize additional payroll related operating expenses in the periods invoices are received or contribution levels are increased.
During the six months ended June 30, 2013, the Company also received notification from the United Kingdom Merchant Navy Officers Pension Fund ("MNOPF") that the results of a 2012 actuarial valuation indicated that an additional net funding deficit of $182.6 million (£120.0 million) had developed since the previous actuarial valuation in 2009 and the Company's allocable share of the additional deficit is $2.7 million (£1.8 million). The Company will recognize additional payroll related operating expenses in the period the deficit invoice is received from the MNOPF, which is expected to be before the end of 2013. Depending upon the results of the future actuarial valuations, it is possible that the MNOPF will experience further funding deficits, requiring the Company to recognize additional payroll related operating expenses in the periods invoices are received.