Pension and Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2013
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Compensation And Retirement Disclosure [Abstract] |
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Schedule of Changes in Projected Benefit Obligations |
The following tables set forth the plans’ changes in benefit
obligations, plan assets and funded status on the measurement
dates, December 31, 2013 and 2012, and amounts recognized in
our consolidated balance sheets as of those dates.
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Pension Benefits |
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Other Benefits |
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2013 |
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2012 |
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2013 |
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2012 |
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Change in projected benefit obligation:
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Projected benefit obligation at beginning of year
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$ |
8,535 |
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$ |
7,886 |
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n/a |
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|
n/a |
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Accumulated postretirement benefit obligation
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n/a |
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n/a |
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$ |
89 |
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$ |
146 |
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Projected benefit obligation from acquisition
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24,364 |
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— |
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— |
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— |
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Service cost
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126 |
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|
58 |
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|
— |
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— |
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Interest cost
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676 |
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328 |
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3 |
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6 |
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Amendments
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— |
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— |
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44 |
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— |
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Actuarial (gain)/loss
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(509 |
) |
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629 |
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8 |
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(43 |
) |
Administrative expenses
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(126 |
) |
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— |
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— |
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— |
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Benefits paid
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(755 |
) |
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(366 |
) |
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(28 |
) |
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(20 |
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Projected benefit obligation at end of year
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32,311 |
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8,535 |
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116 |
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89 |
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Change in plan assets:
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Fair value of plan assets at beginning of year
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5,549 |
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5,020 |
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— |
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— |
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Fair value of plan assets from acquisition
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18,654 |
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— |
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— |
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— |
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Actual return on plan assets
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2,291 |
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603 |
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— |
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— |
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Employer contribution
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209 |
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292 |
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28 |
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20 |
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Administrative expenses
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(126 |
) |
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— |
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— |
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— |
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Benefits paid
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(755 |
) |
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(366 |
) |
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(28 |
) |
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(20 |
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Fair value of plan assets at end of year
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25,822 |
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5,549 |
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— |
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— |
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Funded status
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$ |
(6,489 |
) |
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$ |
(2,986 |
) |
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$ |
(116 |
) |
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$ |
(89 |
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Defined benefit liabilities included in accounts payable and
accrued expenses
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$ |
— |
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$ |
— |
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$ |
(21 |
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$ |
(15 |
) |
Defined benefit liabilities included in other liabilities
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(6,489 |
) |
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(2,986 |
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(95 |
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(74 |
) |
Deferred tax benefit (expense) associated with AOCL
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608 |
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1,505 |
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(18 |
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(45 |
) |
AOCL, net of tax
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856 |
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2,257 |
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(27 |
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(67 |
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Net amount recognized
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$ |
(5,025 |
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$ |
776 |
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$ |
(161 |
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$ |
(201 |
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Other comprehensive (income) loss:
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Net loss (gain)
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$ |
(1,926 |
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$ |
404 |
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$ |
8 |
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$ |
(43 |
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Prior service cost
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— |
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— |
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44 |
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— |
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Amortization of prior service cost
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(1 |
) |
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(1 |
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— |
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— |
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Amortization of net actuarial loss
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(370 |
) |
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(332 |
) |
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14 |
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8 |
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Total recognized in other comprehensive (income) loss
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$ |
(2,297 |
) |
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$ |
71 |
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$ |
66 |
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$ |
(35 |
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Accumulated other comprehensive (income) loss:
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Net (gain) loss
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$ |
1,460 |
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$ |
3,757 |
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$ |
(89 |
) |
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$ |
(112 |
) |
Prior service cost
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4 |
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5 |
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44 |
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— |
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Amount recognized in accumulated other comprehensive (income)
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$ |
1,464 |
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$ |
3,761 |
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$ |
(45 |
) |
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$ |
(112 |
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Weighted-average assumptions used to determine benefit obligations
for the year ended December 31:
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Discount rate
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4.50 |
% |
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3.75 |
% |
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4.50 |
% |
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3.75 |
% |
Compensation increase rate
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n/a |
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n/a |
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n/a |
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n/a |
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Components of Pension and Employee Benefit Expenses |
The details of net periodic benefit cost for pension benefits
included in the accompanying Consolidated Statements of Income for
the years ended December 31, 2013 and 2012 are as follows:
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2013 |
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2012 |
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Service cost
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$ |
126 |
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$ |
58 |
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Interest cost
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|
676 |
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|
328 |
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Expected return on plan assets
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(871 |
) |
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(377 |
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Net amortization and deferral
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370 |
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333 |
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Net periodic benefit cost
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$ |
301 |
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$ |
342 |
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Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost |
Weighted-average assumptions used to determine net periodic benefit
costs for the years ended December 31:
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Discount rate
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3.75% to 4.50% |
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4.25% |
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Expected return on assets
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7.50% |
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7.50% |
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Compensation increase rate
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n/a |
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n/a |
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Details of Defined Benefit Pension Plan Asset Allocation by Asset Category |
Our defined benefit pension plan asset allocation by asset
category is as follows:
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Target
Allocation
2014 |
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Percentage of
Plan Assets |
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2013 |
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2012 |
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Asset Category:
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Equity securities
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70 |
% |
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64% - 73 |
% |
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69 |
% |
Debt securities
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30 |
% |
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27% - 36 |
% |
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31 |
% |
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Total
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100 |
% |
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100 |
% |
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100 |
% |
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Disclosure of Fair Value Measurements of Pension Plan Assets |
The levels assigned to the defined benefit plan assets as of
December 31, 2013, are summarized in the tables below:
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Pension assets, at fair value:
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Cash and cash equivalents
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$ |
1,106 |
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$ |
— |
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$ |
— |
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$ |
1,106 |
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Equity securities
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17,590 |
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— |
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— |
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17,590 |
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Debt securities
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7,126 |
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— |
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— |
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7,126 |
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Total assets
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$ |
25,822 |
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$ |
— |
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$ |
— |
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$ |
25,822 |
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The levels assigned to the defined benefit plan assets as of
December 31, 2012, are summarized in the tables below:
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Pension assets, at fair value:
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Cash and cash equivalents
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$ |
156 |
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$ |
— |
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$ |
— |
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$ |
156 |
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Equity securities
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|
3,840 |
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— |
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— |
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|
3,840 |
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Debt securities
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1,553 |
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— |
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— |
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1,553 |
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Total assets
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$ |
5,549 |
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$ |
— |
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$ |
— |
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$ |
5,549 |
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Summary of Pension Fund General Information |
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Pension Fund
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EIN/Pension
Plan Number |
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Pension
Protection
Act Zone
Status
2012 |
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FIF/RP Status Pending/
Implemented
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Surcharge
Imposed |
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Expiration
of Collective
Bargaining
Agreement |
Sheet Metal Workers’ National Pension Fund
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52-6112463/001 |
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Red |
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FIF: did not disclose |
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No |
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various |
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RP: Yes - Implemented |
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Sheet Metal Workers Local 224 Pension Plan
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|
31-6171353/001 |
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Red |
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FIF: Yes - Implemented |
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No |
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May 31, 2016 |
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RP: Yes - Implemented |
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Sheet Metal Workers Local No. 20, Indianapolis Area Pension
fund
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|
51-0168516/001 |
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Green |
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Is not subject |
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No |
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May 31, 2014 |
Sheet Metal Workers Local No. 177 Pension Fund
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62-6093256/001 |
|
Green |
|
Is not subject |
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|
No |
|
|
not available |
|