Schedule of Defined Benefit Plans Disclosures |
A summary of the plans’ net periodic pension cost, benefit
obligations, funded status, and net balance sheet position is as
follows (dollars in thousands):
|
|
2011 |
|
|
2011 |
|
|
2011 |
|
|
2011 |
|
|
2010 |
|
|
2010 |
|
|
2010 |
|
|
|
Elgin |
|
|
Smithville |
|
|
Wrexham |
|
|
Director |
|
|
Elgin |
|
|
Smithville |
|
|
Director |
|
|
|
Plan |
|
|
Plan |
|
|
Plan |
|
|
Plans |
|
|
Plan |
|
|
Plan |
|
|
Plans |
|
Net Periodic
Pension Cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,123 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,091 |
|
Interest cost |
|
|
226 |
|
|
|
669 |
|
|
|
415 |
|
|
|
472 |
|
|
|
231 |
|
|
|
635 |
|
|
|
435 |
|
Expected return on assets |
|
|
(178 |
) |
|
|
(571 |
) |
|
|
(480 |
) |
|
|
— |
|
|
|
(167 |
) |
|
|
(523 |
) |
|
|
— |
|
Amortization of net loss |
|
|
125 |
|
|
|
203 |
|
|
|
— |
|
|
|
507 |
|
|
|
114 |
|
|
|
119 |
|
|
|
— |
|
Pension settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13 |
|
|
|
— |
|
|
|
— |
|
|
|
172 |
|
|
|
$ |
173 |
|
|
$ |
301 |
|
|
$ |
(65 |
) |
|
$ |
2,115 |
|
|
$ |
178 |
|
|
$ |
231 |
|
|
$ |
1,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Benefit
Obligation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation – beginning of year |
|
$ |
4,142 |
|
|
$ |
11,958 |
|
|
$ |
— |
|
|
$ |
7,028 |
|
|
$ |
4,095 |
|
|
$ |
10,821 |
|
|
$ |
6,153 |
|
Benefit obligations – acquisitions |
|
|
— |
|
|
|
— |
|
|
|
13,328 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Service cost |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,123 |
|
|
|
— |
|
|
|
— |
|
|
|
1,091 |
|
Interest on benefit obligations |
|
|
226 |
|
|
|
669 |
|
|
|
415 |
|
|
|
472 |
|
|
|
231 |
|
|
|
635 |
|
|
|
435 |
|
Actuarial losses |
|
|
695 |
|
|
|
2,978 |
|
|
|
192 |
|
|
|
3,043 |
|
|
|
85 |
|
|
|
843 |
|
|
|
— |
|
Pension settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
— |
|
|
|
172 |
|
Net benefit payments |
|
|
(262 |
) |
|
|
(401 |
) |
|
|
(246 |
) |
|
|
(300 |
) |
|
|
(269 |
) |
|
|
(341 |
) |
|
|
(823 |
) |
Benefit obligation – end of year |
|
$ |
4,801 |
|
|
$ |
15,204 |
|
|
$ |
13,689 |
|
|
$ |
11,378 |
|
|
$ |
4,142 |
|
|
$ |
11,958 |
|
|
$ |
7,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Plan
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plan
assets at fair value – beginning of year |
|
$ |
3,342 |
|
|
$ |
8,253 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,189 |
|
|
$ |
7,526 |
|
|
$ |
— |
|
Plan
assets at fair value – acquisitions |
|
|
— |
|
|
|
— |
|
|
|
11,798 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Company contributions |
|
|
156 |
|
|
|
225 |
|
|
|
465 |
|
|
|
300 |
|
|
|
118 |
|
|
|
250 |
|
|
|
823 |
|
Investment (loss) gain |
|
|
(49 |
) |
|
|
(257 |
) |
|
|
(499 |
) |
|
|
— |
|
|
|
304 |
|
|
|
818 |
|
|
|
— |
|
Benefit payments and plan expenses |
|
|
(261 |
) |
|
|
(401 |
) |
|
|
(246 |
) |
|
|
(300 |
) |
|
|
(269 |
) |
|
|
(341 |
) |
|
|
(823 |
) |
Plan assets at fair value – end of year |
|
$ |
3,188 |
|
|
$ |
7,820 |
|
|
$ |
11,518 |
|
|
$ |
— |
|
|
$ |
3,342 |
|
|
$ |
8,253 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded Status: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded benefit obligation |
|
$ |
(1,614 |
) |
|
$ |
(7,384 |
) |
|
$ |
(2,170 |
) |
|
$ |
(11,378 |
) |
|
$ |
(799 |
) |
|
$ |
(3,704 |
) |
|
$ |
(7,028 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized
in balance sheet at year end: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other noncurrent liabilities |
|
$ |
(1,614 |
) |
|
$ |
(7,384 |
) |
|
$ |
(2,170 |
) |
|
$ |
(11,378 |
) |
|
$ |
(799 |
) |
|
$ |
(3,704 |
) |
|
$ |
(7,028 |
) |
Pre-tax components in accumulated other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
actuarial loss |
|
$ |
2,102 |
|
|
$ |
6,291 |
|
|
$ |
1,409 |
|
|
$ |
2,536 |
|
|
$ |
1,304 |
|
|
$ |
2,689 |
|
|
$ |
— |
|
Net
prior service cost |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net transaction (asset) obligations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total amount
recognized |
|
$ |
2,102 |
|
|
$ |
6,291 |
|
|
$ |
1,409 |
|
|
$ |
2,536 |
|
|
$ |
1,304 |
|
|
$ |
2,689 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Benefit Obligation |
|
$ |
4,801 |
|
|
$ |
15,204 |
|
|
$ |
13,689 |
|
|
$ |
3,999 |
|
|
$ |
4,142 |
|
|
$ |
11,958 |
|
|
$ |
4,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salary growth rate |
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
10.0 |
% |
|
|
n/a |
|
|
|
n/a |
|
|
|
10.0 |
% |
Assumed discount rate |
|
|
4.3 |
% |
|
|
4.3 |
% |
|
|
4.7 |
% |
|
|
4.3 |
% |
|
|
5.5 |
% |
|
|
5.5 |
% |
|
|
6.0 |
% |
Expected return on assets |
|
|
5.5 |
% |
|
|
7.0 |
% |
|
|
6.6 |
% |
|
|
n/a |
|
|
|
5.5 |
% |
|
|
7.0 |
% |
|
|
n/a |
|
Pension Plans Fair Value Of Investments |
The following tables summarize the basis used to measure the
pension plans’ assets at fair value as of December 31, 2011
(in thousands):
Elgin Plan
Asset Category |
|
Total |
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
|
Significant
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Term Investment Fund (a) |
|
$ |
169 |
|
|
$ |
— |
|
|
$ |
169 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large
Cap |
|
|
768 |
|
|
|
768 |
|
|
|
— |
|
|
|
— |
|
Mid
Cap |
|
|
86 |
|
|
|
86 |
|
|
|
— |
|
|
|
— |
|
Small
Cap |
|
|
121 |
|
|
|
121 |
|
|
|
— |
|
|
|
— |
|
International |
|
|
607 |
|
|
|
607 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government/Corporate |
|
|
989 |
|
|
|
989 |
|
|
|
— |
|
|
|
— |
|
High
Yield |
|
|
183 |
|
|
|
183 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alternative: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Real Estate |
|
|
88 |
|
|
|
88 |
|
|
|
— |
|
|
|
— |
|
Commodities |
|
|
177 |
|
|
|
177 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
3,188 |
|
|
$ |
3,019 |
|
|
$ |
169 |
|
|
$ |
— |
|
|
(a) |
Represents collective short term investment fund, composed of
high-grade money market instruments with short maturities. |
Smithville Plan
Asset Category |
|
Total |
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
|
Significant
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Term Investment Fund (a) |
|
$ |
328 |
|
|
$ |
— |
|
|
$ |
328 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large
Cap |
|
|
1,895 |
|
|
|
1,895 |
|
|
|
— |
|
|
|
— |
|
Mid
Cap |
|
|
209 |
|
|
|
209 |
|
|
|
— |
|
|
|
— |
|
Small
Cap |
|
|
328 |
|
|
|
328 |
|
|
|
— |
|
|
|
— |
|
International |
|
|
1,535 |
|
|
|
1,535 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
Income: |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
Government/Corporate |
|
|
2,435 |
|
|
|
2,435 |
|
|
|
|
|
|
|
|
|
High
Yield |
|
|
449 |
|
|
|
449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alternative: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Real Estate |
|
|
225 |
|
|
|
225 |
|
|
|
— |
|
|
|
— |
|
Commodities |
|
|
416 |
|
|
|
416 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
7,820 |
|
|
$ |
7,492 |
|
|
$ |
328 |
|
|
$ |
— |
|
|
(a) |
Represents collective short term investment fund, composed of
high-grade money market instruments with short maturities. |
Wrexham Plan
Asset Category |
|
Total |
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
|
Significant
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Term Investment Fund (a) |
|
$ |
800 |
|
|
$ |
— |
|
|
$ |
800 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK |
|
|
3,599 |
|
|
|
3,599 |
|
|
|
— |
|
|
|
— |
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Developed |
|
|
2,008 |
|
|
|
2,008 |
|
|
|
— |
|
|
|
— |
|
Emerging |
|
|
341 |
|
|
|
341 |
|
|
|
— |
|
|
|
— |
|
Global |
|
|
1,604 |
|
|
|
1,604 |
|
|
|
— |
|
|
|
— |
|
Fixed
Income: |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
Government/Corporate |
|
|
1,802 |
|
|
|
1,802 |
|
|
|
— |
|
|
|
— |
|
Aggregate |
|
|
354 |
|
|
|
354 |
|
|
|
— |
|
|
|
— |
|
Index Linked |
|
|
1,010 |
|
|
|
1,010 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
11,518 |
|
|
$ |
10,718 |
|
|
$ |
800 |
|
|
$ |
— |
|
|
(a) |
Represents collective short term investment fund, composed of
high-grade money market instruments with short maturities. |
|