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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2012
Change in Projected Benefit Obligation and Plan Assets

Change in projected benefit obligation and plan assets:

 

     2012     2011  

Projected benefit obligation, beginning of year

   $ 25,828      $ 29,197   

Service cost

     889        3,059   

Interest cost

     712        1,225   

Actuarial loss

     3,059        301   

Benefits paid

     (29     (16

Amendments

            2,432   

Curtailment charge

            1,022   

Settlement loss

     (3,718     (11,392
  

 

 

   

 

 

 

Projected benefit obligation, end of year

   $ 26,741      $ 25,828   
  

 

 

   

 

 

 

Fair value of assets, beginning of year

   $ 60,953      $ 70,189   

Actual return on assets

     3,543        2,697   

Settlements

     (3,718     (11,392

Benefits and expenses paid

     (681     (541
  

 

 

   

 

 

 

Fair value of assets, end of year

   $ 60,097      $ 60,953   
  

 

 

   

 

 

 

Funded status at end of year

   $ 33,356      $ 35,125   
  

 

 

   

 

 

 

Ratio of plan assets to projected benefit obligation

     225     236
Amounts Not Yet Reflected in Net Periodic Pension Cost included in Accumulated Other Comprehensive Loss

Amounts not yet reflected in net periodic pension cost and included in accumulated other comprehensive loss at December 31 are as follows:

 

     2012      2011  

Prior service cost

   $          $ 2,502   

Loss

     8,652            7,378   
  

 

 

    

 

  

 

 

 

Accumulated other comprehensive loss

   $ 8,652          $ 9,880   
  

 

 

    

 

  

 

 

 
Net Periodic Pension Cost (Credit) And Other Amounts Recognized In Other Comprehensive Loss (Income)

A summary of the net periodic pension cost and other amounts recognized in other comprehensive loss (income) are as follows:

 

     2012     2011     2010  

Service cost

   $ 889      $ 3,059      $ 1,864   

Interest cost

     712        1,225        1,479   

Expected return on assets

     (2,315     (3,038     (4,243

Prior service costs

     440        649        695   

Amortization of loss

     48                 

Settlement loss

     1,162        3,698        2,791   

One-time charge in connection with an increase in benefits for certain participants

            1,401          

Curtailment charge

     2,063        2,173        1,346   
  

 

 

   

 

 

   

 

 

 

Net periodic pension cost

   $ 2,999      $ 9,167      $ 3,932   
  

 

 

   

 

 

   

 

 

 

Other changes in Plan Assets and Obligations recognized in Other Comprehensive Income:

      

Prior service cost

     (2,503     (769     (282

Loss (gain)

     1,275        (2,531     (2,368
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income

     (1,228     (3,300     (2,650
  

 

 

   

 

 

   

 

 

 

Total net periodic pension cost and other comprehensive income

   $ 1,771      $ 5,867      $ 1,282   
  

 

 

   

 

 

   

 

 

Plan Assets At Fair Value

The following tables sets forth by level within the fair value hierarchy:

Assets at Fair Value as of December 31, 2012

 

Asset Category:    Level 1      Level 2      Level 3      Total  

Common/collective trusts(a)

   $       $ 34,936       $       $ 34,936   

Mutual funds(b)

             23,756                 23,756   

Money market funds

     478                         478   

Other

                     927         927   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 478       $ 58,692       $ 927       $ 60,097   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) Common/collective trusts invest in 67% U.S. short maturity fixed income investments, 25% U. S. large cap equities and 8% international equities.
(b) One hundred percent of mutual funds invest in a short term fixed income fund.

 

Assets at Fair Value as of December 31, 2011

 

Asset Category:    Level 1      Level 2      Level 3      Total  

Cash

   $ 401       $       $       $ 401   

Common/collective trusts(a)

             35,805                 35,805   

Mutual funds(b)

             23,878                 23,878   

Money market funds

     59                         59   

Other

                     810         810   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 460       $ 59,683       $ 810       $ 60,953   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) Common/collective trusts invest in 67% U.S. short maturity fixed income investments, 25% U. S. large cap equities and 8% international equities.
(b) One hundred percent of mutual funds invest in a short term fixed income fund.
Fair Value Of The Plan's Level Three Assets

The following table sets forth a summary of changes in the fair value of the Plan’s level 3 assets for the year ended December 31, 2012 and 2011:

 

      2012     2011  

Balance, beginning of year

   $ 810      $ 582   

Cash receipts

     110        110   

Unrealized gains relating to instruments still held at the reporting date

     117        228   

Transfers to Level 1

     (110     (110
  

 

 

   

 

 

 

Balance, end of year

   $ 927      $ 810   
  

 

 

   

 

 

 
Expected Benefit Payments

The Company does not anticipate making any contributions to the plan during 2013. Expected benefit payments for the next ten years are as follows:

 

Year Ended

   Expected Benefit
Payments
 

2013

     11,941   

2014

     675   

2015

     648   

2016

     743   

2017

     1,380   

2018-2022

     5,810   
Benefit Obligation
 
Assumptions

Assumptions used to develop end of period benefit obligations:

 

     2012     2011  

Discount rate

     3.27        4.19

Rate of compensation increase

     N/A           3.75
Net Periodic Benefit Cost
 
Assumptions

Assumptions used to develop net periodic pension cost:

 

     2012     2011     2010  

Average discount rate

     3.50     4.59     5.06

Expected long term rate of return on plan assets

     4.75     5.00     6.00

Rate of compensation increase

     N/A        3.75     3.75