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Post Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]  
Components of multiemployer plans
The decrease in covered employees corresponded to a decrease in overall business at the Company's Columbus, Ohio facility.
Pension Fund
 
EIN/Pension Plan Number
 
Pension Protection Act Zone Status
 
FIP/RP Status Pending/ Implemented
 
Contributions of the Company
 
Surcharge Imposed
 
Expiration Date of Collective Bargaining Agreement
 
 
2012
 
2011
 
 
2012
 
2011
 
 
IAM National Pension Fund / National Pension Plan (A)
 
51-6031295 - 002
 
Green as of 12/31/11
 
Green as of 12/31/10
 
No
 
$443,000
 
$416,000
 
No
 
8/10/2013
 
 
 
 
 
 
Total Contributions:
 
$443,000
 
$416,000
 
 
 
 

(A) The National Pension Plan utilized a five year amortization extension in accordance with § 431(d) of the Internal Revenue Code of 1986 ("the Code") to amortize its losses from 2008. The plan re-certified its zone status after using the amortization provisions of the Code. The Company's contributions to the plan did not represent more than 5% of total contributions to the plan as indicated in the plan's most recently available annual report for the plan year ended December 31, 2011. Under the terms of the collective-bargaining agreement, the Company is required to make contributions to the plan for each hour worked up to a maximum of 40 hours per week, at the following rates: $1.15 per hour from August 9, 2010 through August 7, 2011; $1.20 per hour from August 8, 2011 through August 12, 2012; and, $1.25 per hour from August 13, 2012 through August 10, 2013.
Reconciliation of changes in benefit obligation, amounts included in AOCI and assumptions used
The funded status of the Company's post retirement health and life insurance benefits plan as of December 31, 2012 and 2011 and reconciliation with the amounts recognized in the consolidated balance sheets are provided below.
 
Post Retirement Benefits
 
2012
 
2011
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
$
9,582,000

 
$
10,837,000

Interest cost
364,000

 
531,000

Unrecognized (gain) loss
792,000

 
(1,260,000
)
Benefits paid
(751,000
)
 
(526,000
)
Benefit obligation at end of year
$
9,987,000

 
$
9,582,000

Plan Assets

 

 
 
 
 
Amounts recorded in accumulated other comprehensive income:
  
   
 
 
Prior service credit
$
(9,082,000
)
 
$
(9,579,000
)
Net loss
4,595,000

 
3,963,000

Total
$
(4,487,000
)
 
$
(5,616,000
)
Weighted-average assumptions as of December 31:
 
 
 
Discount rate used to determine benefit obligation and net
   periodic benefit cost
3.6
%
 
4.1
%
Components of postretirement expense
The components of expense for all of the Company's post retirement benefit plans for the years ended December 31, 2012 and 2011 are as follows:
 
 
2012
 
2011
Pension expense:
 
 
 
 
Multi-employer plan
 
$
443,000

 
$
416,000

Defined contribution plans
 
527,000

 
517,000

Total pension expense
 
970,000

 
933,000

 
 
 
 
 
Health and life insurance:
 
 
 
 
Interest cost
 
364,000

 
531,000

Amortization of prior service costs
 
(496,000
)
 
(496,000
)
Amortization of net loss
 
159,000

 
219,000

Net periodic benefit cost
 
27,000

 
254,000

 
 
 
 
 
Total post retirement benefits expense
 
$
997,000

 
$
1,187,000

Effect of changing health care cost trend rate
The effect of changing the health care cost trend rate by one-percentage point for each future year is as follows:
 
1- Percentage
Point Increase
 
1-Percentage
Point Decrease
Effect on total of service and interest cost components
$
37,000

 
$
(48,000
)
Effect on post retirement benefit obligation
$
990,000

 
$
(1,400,000
)

Estimated future benefit payments
The estimated future benefit payments of the health care plan are as follows:
2013
$
1,065,000

2014
$
563,000

2015
$
567,000

2016
$
528,000

2017
$
521,000

2018 - 2022
$
2,471,000