XML 58 R46.htm IDEA: XBRL DOCUMENT v2.4.1.9
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2014
Employee Benefit Plans [Abstract]  
Assets Measured at Fair Value on a Recurring Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

Level 1 Inputs

 

 

Level 2 Inputs

 

 

Level 3 Inputs

 

 

Total Fair Value

(All Amounts in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds

 

$

464 

 

$

 -

 

$

 -

 

$

464 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Equity Mutual Funds

 

 

21,255 

 

 

 -

 

 

 -

 

 

21,255 

International  Equity Mutual Funds

 

 

4,222 

 

 

 -

 

 

 -

 

 

4,222 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Fixed Income Funds

 

 

9,831 

 

 

 -

 

 

 -

 

 

9,831 

Total Assets at Fair Value

 

$

35,772 

 

$

 -

 

$

 -

 

$

35,772 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 

 

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)

 

2014

 

 

2013

 

 

2014

 

 

2013

Change in Projected Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

Projected Benefit Obligation at Beginning of Year

$

32,897 

 

$

36,617 

 

$

12,530 

 

$

13,084 

Service Cost

 

588 

 

 

671 

 

 

22 

 

 

16 

Interest Cost

 

1,500 

 

 

1,335 

 

 

521 

 

 

531 

Actuarial Loss (Gain)

 

3,113 

 

 

(4,367)

 

 

(342)

 

 

(611)

Benefits Paid and Expected Expenses

 

(1,363)

 

 

(1,359)

 

 

(646)

 

 

(539)

Medicare Part D Reimbursements

 

 -

 

 

-

 

 

42 

 

 

49 

Projected Benefit Obligation at End of Year

$

36,735 

 

$

32,897 

 

$

12,127 

 

$

12,530 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Plan Assets at Beginning of Year

$

34,414 

 

$

28,913 

 

$

 -

 

$

 -

Actual Return on Plan Assets

 

2,125 

 

 

5,274 

 

 

 -

 

 

              -

Employer Contributions

 

600 

 

 

1,600 

 

 

604 

 

 

490 

Benefits Paid and Actual Expenses

 

(1,367)

 

 

(1,373)

 

 

(646)

 

 

(539)

Medicare Part D reimbursements

 

 -

 

 

-

 

 

42 

 

 

49 

Fair Value of Plan Assets at End of Year

$

35,772 

 

$

34,414 

 

$

 -

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

(Unfunded) Funded Status

$

(963)

 

$

1,517 

 

$

(12,127)

 

$

(12,530)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Assumptions

 

 

 

 

 

 

 

 

 

 

 

Discount Rate

 

4.00% 

 

 

4.75% 

 

 

4.00% 

 

 

4.75% 

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,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

Prior Service Credit (Cost)

$

13 

 

$

16 

 

$

(1,087)

 

$

(1,187)

Net Loss

 

(8,130)

 

 

(4,768)

 

 

(2,855)

 

 

(3,278)

Accumulated Other Comprehensive Loss

$

(8,117)

 

$

(4,752)

 

$

(3,942)

 

$

(4,465)

 

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:

 

 

2014

 

 

2013

 

 

2012

 

 

2014

 

 

2013

 

 

2012

 

Service cost

 

$

588 

 

$

671 

 

$

649 

 

$

22 

 

$

16 

 

$

(6)

 

Interest cost

 

 

1,500 

 

 

1,335 

 

 

1,426 

 

 

521 

 

 

531 

 

 

471 

 

Expected return on plan assets

 

(2,453)

 

 

(2,229)

 

 

(1,987)

 

 

 -

 

 

 -

 

 

 -

 

Amortization of prior service cost

 

(3)

 

 

(3)

 

 

(3)

 

 

100 

 

 

100 

 

 

(12)

 

Amortization of Net Loss

 

 

83 

 

 

888 

 

 

778 

 

 

80 

 

 

365 

 

 

201 

 

Net periodic benefit cost (credit)

 

$

(285)

 

$

662 

 

$

863 

 

$

723 

 

$

1,012 

 

$

654 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Assumptions

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

Discount Rate

 

 

4.75 

%

 

3.75 

%

 

4.50 

%

 

4.75 

%

 

3.75 

%

 

4.50 

%

Expected Return on Plan Assets

 

 

7.25 

%

 

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, 2014

 

$

61 

 

$

(51)

Change in postretirement benefit obligation as of December 31, 2014

$

1,599 

 

$

(1,331)

 

Expected Future Benefit Payments

 

 

 

 

 

 

 

(All Amounts in Thousands)

 

 

 

 

 

 

Fiscal Year Beginning

 

Retirement Plan

 

Postretirement Benefits

2015

 

$

1,662 

 

$

606 

2016

 

$

1,756 

 

$

621 

2017

 

$

1,782 

 

$

645 

2018

 

$

1,877 

 

$

651 

2019

 

$

1,988 

 

$

676 

2020-2024

 

$

12,097 

 

$

3,473 

 

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

 

 

 

 

 

2014

 

2013

 

2012

 

 

MM&P (1)

WSC

13-100310

Green

Yes

$        609

 

$        664

 

$        996

No

9/30/2025 & 9/30/2025

 

SCI

 

 

 

$        378

 

$        468

 

$        298

 

6/30/2027

 

CGL

 

 

 

$        790

 

$        950

 

$     1,039

 

9/30/2025 & 6/30/2020

MEBA (2)

WSC

51-029896

Green

No

$        272

 

$        259

 

$        311

No

9/30/2020

 

SCI

 

 

 

$        127

 

$        125

 

$          68

 

6/30/2017

 

CGL

 

 

 

$        257

 

$        249

 

$        242

 

9/30/2020 & 6/30/2020

ARA (3)

WSC

13-161999

Green

No

$             -

 

$             -

 

$            2

No

*

 

CGL

 

 

 

$          54

 

$          54

 

$          52

 

9/30/15 & 6/30/17

SPP (4)

WSC

13-100329

Green

No

$          86

 

$          80

 

$          81

No

9/30/2017 & 12/31/2016

 

SCI

 

 

 

$          85

 

$          72

 

$          20

 

6/30/2017

 

CGL

 

 

 

$          90

 

$          90

 

$          86

 

12/31/2016 & 6/30/2017

 

Total Contributions

 

 

$     2,748

 

$     3,011

 

$     3,195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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