XML 63 R44.htm IDEA: XBRL DOCUMENT v2.4.0.8
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2013
Employee Benefit Plans [Abstract]  
Assets Measured at Fair Value on a Recurring Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

Level 1 Inputs

 

 

Level 2 Inputs

 

 

Level 3 Inputs

 

 

Total Fair Value

(All Amounts in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds

 

$

344 

 

$

 -

 

$

 -

 

$

344 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Equity Mutual Funds

 

$

20,939 

 

$

 -

 

$

 -

 

$

20,939 

International  Equity Mutual Funds

 

$

3,676 

 

$

 -

 

$

 -

 

$

3,676 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Fixed Income Funds

 

$

9,455 

 

$

 -

 

$

 -

 

$

9,455 

Total Assets at Fair Value

 

$

34,414 

 

$

 -

 

$

 -

 

$

34,414 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

 

Level 1 Inputs

 

 

Level 2 Inputs

 

 

Level 3 Inputs

 

 

Total Fair Value

(All Amounts in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds

 

$

236 

 

$

 -

 

$

 -

 

$

236 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Equity Mutual Funds

 

$

17,631 

 

$

 -

 

$

 -

 

$

17,631 

International  Equity Mutual Funds

 

$

2,614 

 

$

 -

 

$

 -

 

$

2,614 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Fixed Income Funds

 

$

8,432 

 

$

 -

 

$

 -

 

$

8,432 

Total Assets at Fair Value

 

$

28,913 

 

$

 -

 

$

 -

 

$

28,913 

 

Changes in Benefit Obligations and Fair Value of Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Retirement Plan

 

Postretirement Benefits

 

Year Ended December 31,

 

Year Ended December 31,

(All Amounts in Thousands)

 

2013

 

 

2012

 

 

2013

 

 

2012 

Change in Projected Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

Projected Benefit Obligation at Beginning of Year

$

36,617 

 

$

32,496 

 

$

13,084 

 

$

11,898 

Service Cost (Credit)

 

671 

 

 

649 

 

 

16 

 

 

(6)

Interest Cost

 

1,335 

 

 

1,426 

 

 

531 

 

 

471 

Plan Amendments

 

 -

 

 

 -

 

 

 -

 

 

1,318 

Actuarial Loss (Gain)

 

(4,367)

 

 

3,371 

 

 

(611)

 

 

(133)

Benefits Paid and Expected Expenses

 

(1,359)

 

 

(1,325)

 

 

(539)

 

 

(506)

Medicare Part D Reimbursements

 

 -

 

 

-

 

 

49 

 

 

41 

Projected Benefit Obligation at End of Year

$

32,897 

 

$

36,617 

 

$

12,530 

 

$

13,083 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Plan Assets at Beginning of Year

$

28,913 

 

$

25,645 

 

$

 -

 

$

 -

Actual Return on Plan Assets

 

5,274 

 

 

2,994 

 

 

 -

 

 

 -

Employer Contribution

 

1,600 

 

 

1,600 

 

 

490 

 

 

464 

Benefits Paid and Actual Expenses

 

(1,373)

 

 

(1,326)

 

 

(539)

 

 

(505)

Medicare Part D reimbursements

 

 -

 

 

-

 

 

49 

 

 

41 

Fair Value of Plan Assets at End of Year

$

34,414 

 

$

28,913 

 

$

 -

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status

$

1,517 

 

$

(7,704)

 

$

(12,530)

 

$

(13,083)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Assumptions

 

 

 

 

 

 

 

 

 

 

 

Discount Rate

 

4.75% 

 

 

3.75% 

 

 

4.75% 

 

 

3.75% 

Rate of Compensation Increase

 

4.50% 

 

 

4.50% 

 

 

N/A

 

 

N/A

 

Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Thousands)

Retirement Plan

 

Postretirement Benefits

 

 

Year Ended December 31,

 

 

Year Ended December 31,

 

 

2013

 

 

2012

 

 

2013

 

 

2012

Prior Service Credit (Cost)

$

16 

 

$

19 

 

$

(1,187)

 

$

(1,288)

Net Loss

 

(4,768)

 

 

(13,054)

 

 

(3,278)

 

 

(4,253)

Change in Other Comprehensive Loss

$

(4,752)

 

$

(13,035)

 

$

(4,465)

 

$

(5,541)

 

Components of Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Plan

 

Postretirement Benefits

 

(All Amounts in Thousands)

 

 

Years Ended December 31,

 

Years Ended December 31,

 

Components of net periodic benefit cost:

 

 

2013

 

 

2012

 

 

2011

 

 

2013

 

 

2012

 

 

2011

 

Service cost

 

$

671 

 

$

649 

 

$

542 

 

$

16 

 

$

(6)

 

$

41 

 

Interest cost

 

 

1,335 

 

 

1,426 

 

 

1,496 

 

 

531 

 

 

471 

 

 

565 

 

Expected return on plan assets

 

(2,229)

 

 

(1,987)

 

 

(1,907)

 

 

 -

 

 

 -

 

 

 -

 

Amortization of prior service cost

 

(3)

 

 

(3)

 

 

(3)

 

 

100 

 

 

(12)

 

 

(11)

 

Amortization of Net Loss

 

 

888 

 

 

778 

 

 

380 

 

 

365 

 

 

201 

 

 

213 

 

Net periodic benefit cost

 

$

662 

 

$

863 

 

$

508 

 

$

1,012 

 

$

654 

 

$

808 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The assumptions used in the measurement of net pension cost are shown in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Assumptions

 

 

2013

 

2012

 

2011

 

2013

 

2012

 

2011

Discount Rate

 

 

3.75 

%

 

4.50 

%

 

5.50 

%

 

4.75 

%

 

3.75 

%

 

5.50 

%

Expected Return on Plan Assets

 

 

7.75 

%

 

7.75 

%

 

7.75 

%

 

N/A

%

 

N/A

%

 

N/A

%

Rate of Compensation Increase

 

 

4.50 

%

 

4.50 

%

 

4.50 

%

 

N/A

%

 

N/A

%

 

N/A

%

 

One Percent Change in Assumed Health Care Cost Trend Rates

 

 

 

 

 

 

 

(All Amounts in Thousands)

 

1% Increase

 

1% Decrease

Change in total service and interest cost components

 

 

 

 

 

 

  for the year ended December 31, 2013

 

$

64 

 

$

(53)

Change in postretirement benefit obligation as of December 31, 2013

$

1,542 

 

$

(1,293)

 

Expected Future Benefit Payments

 

 

 

 

 

 

 

(All Amounts in Thousands)

 

 

 

 

 

 

Fiscal Year Beginning

 

Retirement Plan

 

Postretirement Benefits

2014

 

$

1,654 

 

$

691 

2015

 

$

1,697 

 

$

705 

2016

 

$

1,789 

 

$

717 

2017

 

$

1,810 

 

$

742 

2018

 

$

1,903 

 

$

752 

2019-2023

 

$

11,197 

 

$

3,996 

 

Multi-employer Pension and Other Postretirement Benefit Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan

 

Company

EIN

Pension Protection Act Zone Status

FIP/RP Status Pending/       Implemented (5)

 

Contribution Amount (In Thousands)

 

Surcharge Imposed

Expiration Date

 

 

 

 

 

 

 

 

2013

 

 

2012

 

 

2011

 

 

 

MM&P

(1)

WSC

13-100310

Green

Yes

 

$

664 

 

$

996 

 

$

1,297 

 

No

9/30/2025 & 9/30/2025

 

 

SCI

 

 

 

 

$

468 

 

$

298 

 

$

280 

 

 

6/30/27

 

 

CGL

 

 

 

 

$

950 

 

$

1,039 

 

$

1,029 

 

 

9/30/2025 & 6/30/2020

MEBA

(2)

WSC

51-029896

Green

No

 

$

259 

 

$

311 

 

$

408 

 

No

9/30/20

 

 

SCI

 

 

 

 

$

125 

 

$

68 

 

$

62 

 

 

6/30/17

 

 

CGL

 

 

 

 

$

249 

 

$

242 

 

$

237 

 

 

9/30/2020 & 6/30/2020

ARA

(3)

WSC

13-161999

Green

No

 

$

 -

 

$

 

$

20 

 

No

*

 

 

CGL

 

 

 

 

$

54 

 

$

52 

 

$

51 

 

 

9/30/15 & 6/30/17

SPP

(4)

WSC

13-100329

Green

No

 

$

80 

 

$

81 

 

$

61 

 

No

9/30/2017 & 12/31/2016

 

 

SCI

 

 

 

 

$

72 

 

$

20 

 

$

18 

 

 

6/30/17

 

 

CGL

 

 

 

 

$

90 

 

$

86 

 

$

85 

 

 

12/31/2016 & 6/30/2017

 

 

Total Contributions

 

 

 

$

3,011 

 

$

3,195 

 

$

3,548 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Masters, Mates & Pilots Pension Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

MEBA Pension Trust

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)

American Radio Association Pension Trust

 

 

 

 

 

 

 

 

 

 

 

 

 

(4)

Seafarers Pension Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

Financial Improvement Plan/Rehabilitation Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*In full force and effect until otherwise noted