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Employee Retirement and Profit Sharing Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Retirement and Profit Sharing Plan Expenses

During 2013, 2012 and 2011, our retirement and profit sharing plan expenses were as follows:

 

     Year Ended December 31  
     2013      2012      2011  
     (In thousands)  

Defined benefit plans

    $ 10,400       $ 12,969       $ 12,129   

Defined contribution plans

      17,619         17,637         21,482   

Multiemployer pension and certain union plans

      29,148         27,016         24,612   
  

 

 

     

 

 

     

 

 

  

Total

    $ 57,167       $ 57,622       $ 58,223   
  

 

 

     

 

 

     

 

 

  

Summary of Assumptions Used to Determine Benefit Obligations

A summary of our key actuarial assumptions used to determine benefit obligations as of December 31, 2013 and 2012 follows:

 

     December 31  
     2013     2012  

Weighted average discount rate

      4.90 %      3.70 % 

Rate of compensation increase

      4.00 %      4.00 % 
Summary of Assumptions Used to Determine Net Periodic Benefit Cost

A summary of our key actuarial assumptions used to determine net periodic benefit cost for 2013, 2012 and 2011 follows:

 

     Year Ended December 31  
     2013     2012     2011  

Weighted average discount rate

      3.70 %      4.50 %      5.28 % 

Expected return on plan assets

      7.50 %      7.67 %      7.67 % 

Rate of compensation increase

      4.00 %      4.00 %      4.00 % 
Pension Plans With an Accumulated Benefit Obligation in Excess of Plan Assets

Pension plans with an accumulated benefit obligation in excess of plan assets follows:

 

     December 31  
     2013      2012  
     (In millions)  

Projected benefit obligation

    $ 282.6       $ 347.8   

Accumulated benefit obligation

      279.4         340.8   

Fair value of plan assets

      258.3         251.1   
Fair Values by Category of Inputs

The fair values by category of inputs as of December 31, 2013 were as follows (in thousands):

 

     Fair Value as of
December 31, 2013		      Level 1      Level 2      Level 3  

Equity Securities:

            

Common Stock

    $ 177       $ 177       $ —         $ —     

Index Funds:

            

U.S. Equities(a)

      133,763         —           133,763         —     

International Equities(b)

      27,571         —           27,571         —     

Equity Funds(c)

      8,712         —           8,712         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Equity Securities

      170,223         177         170,046         —     

Fixed Income:

            

Bond Funds(d)

      92,103         —           92,103         —     

Diversified Funds(e)

      3,093         —           0         3,093   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Fixed Income

      95,196         —           92,103         3,093   

Cash Equivalents:

            

Short-term Investment Funds(f)

      3,840         —           3,840         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Cash Equivalents

      3,840         —           3,840         —     

Other Investments:

            

Partnerships/Joint Ventures(g)

      864         —           —         864   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Other Investments

      864         —           —         864   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 270,123       $ 177       $ 265,989       $ 3,957   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Represents a pooled/separate account that tracks the Dow Jones U.S. Total Stock Market Index.
(b)

Represents a pooled/separate account that tracks the MSCI EAFE Index.
(c)

Represents a pooled/separate account comprised of approximately 90% U.S. large-cap stocks and 10% in international stocks.
(d)

Represents a pooled/separate account which tracks the overall performance of the Barclays Capital Long Term Government/Credit Index.
(e)

Represents a pooled/separate account investment in the General Investment Account of an investment manager. The account primarily invests in fixed income debt securities, such as high grade corporate bonds, government bonds and asset-backed securities.
(f)

Investment is comprised of high grade money market instruments with short-term maturities and high liquidity.
(g)

The majority of the total partnership balance is a partnership comprised of a portfolio of two limited partnership funds that invest in public and private equity.

 

The fair values by category of inputs as of December 31, 2012 were as follows (in thousands):

 

     Fair Value as of
December 31, 2012		      Level 1      Level 2      Level 3  

Equity Securities:

            

Common Stock

    $ 112       $ 112       $ —        $ —    

Index Funds:

            

U.S. Equities(a)

      119,377         —           119,377         —     

International Equities(b)

      22,373         —           22,373         —     

Equity Funds(c)

      7,320         —           7,320         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Equity Securities

      149,182         112         149,070         —     

Fixed Income:

            

Bond Funds(d)

      93,200         —           93,200         —     

Diversified Funds(e)

      2,938         —           —           2,938   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Fixed Income

      96,138         —           93,200         2,938   

Cash Equivalents:

            

Short-term Investment Funds(f)

      4,327         —           4,327         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Cash Equivalents

      4,327         —           4,327         —     

Other Investments:

            

Partnerships/Joint Ventures(g)

      1,447         —           —           1,447   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Other Investments

      1,447         —           —           1,447   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 251,094       $ 112       $ 246,597       $ 4,385   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Represents a pooled/separate account that tracks the Dow Jones U.S. Total Stock Market Index.
(b)

Represents a pooled/separate account that tracks the MSCI EAFE Index.
(c)

Represents a pooled/separate account comprised of approximately 90% U.S. large-cap stocks and 10% in international stocks.
(d)

Represents a pooled/separate account which tracks the overall performance of the Barclays Capital Long Term Government/Credit Index.
(e)

Represents a pooled/separate account investment in the General Investment Account of an investment manager. The account primarily invests in fixed income debt securities, such as high grade corporate bonds, government bonds and asset-backed securities.
(f)

Investment is comprised of high grade money market instruments with short-term maturities and high liquidity.
(g)

The majority of the total partnership balance is a partnership comprised of a portfolio of two limited partnership funds that invest in public and private equity.
Reconciliation of Change in Fair Value Measurement of Defined Benefit Plans

A reconciliation of the change in the fair value measurement of the defined benefit plans’ consolidated assets using significant unobservable inputs (Level 3) during the years ended December 31, 2013 and 2012 is as follows (in thousands):

 

     Diversified
Funds		     Partnerships/
Joint Ventures		     Total  

Balance at December 31, 2011

    $ 3,266      $ 1,580      $ 4,846   

Actual return on plan assets:

       

Relating to instruments still held at reporting date

      (212 )      131        (81 ) 

Purchases, sales and settlements (net)

      (695 )      —          (695 ) 

Transfers in and/or out of Level 3

      579        (264 )      315   
  

 

 

    

 

 

    

 

 

  

Balance at December 31, 2012

    $ 2,938      $ 1,447      $ 4,385   

Actual return on plan assets:

       

Relating to instruments still held at reporting date

      119        (306 )      (187 ) 

Purchases, sales and settlements (net)

      (828 )      —          (828 ) 

Transfers in and/or out of Level 3

      864        (277 )      587   
  

 

 

    

 

 

    

 

 

  

Balance at December 31, 2013

    $ 3,093      $ 864      $ 3,957   
  

 

 

    

 

 

    

 

 

  
Schedule of Information Regarding Participation in Multiemployer Pension Plans

The last column in the table lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject.

 

Pension Fund

   Employer
Identification
Number		     Pension
Plan
Number		     PPA Zone Status   FIP /
RP Status
Pending/
Implemented		   Extended
Amortization
Provisions		   Expiration
Date of
Associated
Collective-
Bargaining
Agreement(s)
      2013   2012      

Western Conference of Teamsters Pension Plan(1)

     91-6145047        001      Green   Green   N/A   No   May 31, 2014 –
October 31, 2016

Central States, Southeast and Southwest Areas Pension Plan(2)

     36-6044243        001      Red   Red   Implemented   No   March 31, 2014 –
March 11, 2017

Retail, Wholesale & Department Store International Union and Industry Pension Fund(3)

     63-0708442        001      Green   Green   N/A   Yes   February 1, 2014 –
August 27, 2017

Dairy Industry – Union Pension Plan for Philadelphia Vicinity(4)

     23-6283288        001      Red   Red   Implemented   Yes   June 30, 2014 –
September 30,
2017

 

(1)

We are party to approximately 30 collective bargaining agreements that require contributions to this plan. These agreements cover a large number of employee participants and expire on various dates between 2014 and 2016. We do not believe that any one agreement is substantially more significant than another as none of these agreements individually represent greater than 15% of the total employee participants covered under this plan.
(2)

There are approximately 30 collective bargaining agreements that govern our participation in this plan. The agreements expire on various dates between 2014 and 2017. The agreements expiring in 2015 represent approximately 30% of our total employee participants in this plan, and the agreements expiring in 2016 represent approximately 43% of our total participants in the plan. The remaining agreements have a wide variety of expiration dates between 2014 and 2017 and do not individually represent a significant percentage of our overall participants to this plan.
(3)

We are subject to approximately 10 collective bargaining agreements with respect to this plan. Approximately 25% and 53% of our employee participants in this plan are covered by the agreements expiring in 2014 and 2015, respectively.
(4)

We are party to three collective bargaining agreements with respect to this plan. The agreement expiring in September 2017 is the most significant as more than 85% of our employee participants in this plan are covered by that agreement.
Schedule of Information Regarding Contribution in Multiemployer Pension Plans

Information regarding our contributions to our multiemployer pension plans is shown in the table below. There are no changes which materially affected the comparability of our contributions to each of these plans during the years ended December 31, 2013, 2012 and 2011.

 

Pension Fund

    Employer
Identification
Number		      Pension
Plan
Number		      Dean Foods Company Contributions
(in millions)		  
         2013      2012      2011      Surcharge
Imposed(3)		  

Western Conference of Teamsters Pension Plan

      91-6145047         001       $ 13.5       $ 12.7       $ 13.1         No   

Central States, Southeast and Southwest Areas Pension Plan

      36-6044243         001         11.1         9.5         8.6         No   

Retail, Wholesale & Department Store International Union and Industry Pension Fund(1)

      63-0708442         001         1.3         1.3         1.2         No   

Dairy Industry – Union Pension Plan for Philadelphia Vicinity(1)

      23-6283288         001         1.8         1.8         1.5         Yes   

Other Funds(2)

            1.4         1.7         0.2      
        

 

 

     

 

 

     

 

 

     

Total Contributions

          $ 29.1       $ 27.0       $ 24.6      
        

 

 

     

 

 

     

 

 

     

 

(1)

During the 2012 and 2011 plan years, our contributions to these plans exceeded 5% of total plan contributions. At the date of filing of this Annual Report on Form 10-K, Forms 5500 were not available for the plan years ending in 2013.
(2)

Amounts shown represent our contributions to all other multiemployer pension and other postretirement benefit plans, which are immaterial both individually and in the aggregate to our Consolidated Financial Statements.
(3)

Federal law requires that contributing employers to a plan in Critical status pay to the plan a surcharge to help correct the plan’s financial situation. The amount of the surcharge is equal to a percentage of the amount we would otherwise be required to contribute to the plan and ceases once our related collective bargaining agreements are amended to comply with the provisions of the rehabilitation plan.