Employee Benefit Plans
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12 Months Ended |
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Dec. 31, 2013
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Compensation Related Costs [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Profit Sharing Plan. The Company has a noncontributory profit sharing plan. All employees, other than temporary employees, working 20 hours or more per week are eligible to participate in the profit sharing plan. The Company’s Board of Directors authorize contributions to the profit sharing plan that are not to exceed, on an individual basis, the lesser of 100% of compensation or $40 annually. Participants become 100% vested upon the completion of three years of vesting service. The Company accrued contribution expense for this plan of $1,555, $2,063 and $1,480 in 2013, 2012 and 2011, respectively. Savings Plan. In addition, the Company has a contributory employee savings plan. Eligibility requirements for this plan are the same as those for the profit sharing plan discussed in the preceding paragraph. Employee participation in the plan is at the option of the employee. The Company contributes $1.25 for each $1.00 of employee contributions up to 4% of the participating employee’s compensation. The Company accrued contribution expense for this plan of $4,067, $4,034 and $3,905 in 2013, 2012 and 2011, respectively. Postretirement Healthcare Plan. The Company sponsors a contributory defined benefit healthcare plan (the “Plan”) for active employees and employees and directors retiring from the Company at the age of at least 55 years and with at least 15 years of continuous service. Retired Plan participants contribute the full cost of benefits based on the average per capita cost of benefit coverage for both active employees and retired Plan participants. The Plan’s unfunded benefit obligation of $4,870 and $4,432 as of December 31, 2013 and 2012, respectively, is included in accounts payable and accrued expenses in the Company’s consolidated balance sheets. Net periodic benefit costs of $571, $561 and $507 for the years ended December 31, 2013, 2012 and 2011, respectively, are included in employee benefits expense in the Company’s consolidated statements of income. Weighted average actuarial assumptions used to determine the postretirement benefit obligation at December 31, 2013 and 2012, and the net periodic benefit costs for the year then ended, included a discount rate of 4.3% and a 5.0% annual increase in the per capita cost of covered healthcare benefits. The estimated effect of a one percent increase or a one percent decrease in the assumed healthcare cost trend rate would not significantly impact the service and interest cost components of the net periodic benefit cost or the accumulated postretirement benefit obligation. Future benefit payments are expected to be $175, $163, $149, $181, $213 and $1,252 for 2014, 2015, 2016, 2017, 2018, and 2019 through 2023, respectively. At December 31, 2013, the Company had accumulated other comprehensive loss related to the Plan of $2,412, or $1,463 net of related income tax benefit, comprised of net actuarial losses of $2,045 and unamortized transition asset of $367. The Company estimates $147 will be amortized from accumulated other comprehensive loss into net period benefit costs in 2014. |