XML 116 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Employee Benefit Plans
12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans
Employee Benefit Plans
Pension and other postretirement benefit plans
The Company has noncontributory defined benefit pension plans and other postretirement benefit plans for certain eligible employees. The Company uses a measurement date of December 31 for all of its pension and postretirement benefit plans.

Defined pension plan benefits to all nonunion and certain union employees hired after December 31, 2005, were discontinued. In 2010, all benefit and service accruals for nonunion and certain union plans were frozen. In 2011 and 2012, all benefit and service accruals for certain additional union employees were frozen. These employees will be eligible to receive additional defined contribution plan benefits.

Effective January 1, 2010, eligibility to receive retiree medical benefits was modified at certain of the Company's businesses. Employees who attain age 55 with 10 years of continuous service by December 31, 2010, will be provided the current retiree medical insurance benefits or can elect the new benefit, if desired, regardless of when they retire. All other current employees must meet the new eligibility criteria of age 60 and 10 years of continuous service at the time they retire. These employees will be eligible for a specified company funded Retiree Reimbursement Account. Employees hired after December 31, 2009, will not be eligible for retiree medical benefits at certain of the Company's businesses.

In 2012, the Company modified health care coverage for certain retirees. Effective January 1, 2013, post-65 coverage is replaced by a fixed-dollar subsidy for retirees and spouses to be used to purchase individual insurance through an exchange.

Changes in benefit obligation and plan assets for the years ended December 31, 2013 and 2012, and amounts recognized in the Consolidated Balance Sheets at December 31, 2013 and 2012, were as follows:
 
 
Pension Benefits
Other
Postretirement Benefits
 
2013

2012

2013

2012

 
(In thousands)
Change in benefit obligation:
 
 
 
 
Benefit obligation at beginning of year
$
459,111

$
435,618

$
103,358

$
110,689

Service cost
155

1,078

1,675

1,747

Interest cost
16,249

17,598

3,215

4,166

Plan participants' contributions


1,472

2,688

Amendments



(11,418
)
Actuarial (gain) loss
(44,551
)
30,939

(20,985
)
3,469

Benefits paid
(28,192
)
(26,122
)
(7,009
)
(7,983
)
Benefit obligation at end of year
402,772

459,111

81,726

103,358

Change in net plan assets:
 

 

 

 

Fair value of plan assets at beginning of year
309,184

278,000

74,361

68,085

Actual gain on plan assets
35,539

34,493

13,819

6,497

Employer contribution
18,313

22,813

1,900

5,074

Plan participants' contributions


1,472

2,688

Benefits paid
(28,192
)
(26,122
)
(7,009
)
(7,983
)
Fair value of net plan assets at end of year
334,844

309,184

84,543

74,361

Funded status - (under) over
$
(67,928
)
$
(149,927
)
$
2,817

$
(28,997
)
Amounts recognized in the Consolidated Balance Sheets at December 31:
 

 

 

 

Other assets (noncurrent)
$

$

$
9,679

$

Other accrued liabilities (current)


(381
)
(655
)
Other liabilities (noncurrent)
(67,928
)
(149,927
)
(6,481
)
(28,342
)
Net amount recognized
$
(67,928
)
$
(149,927
)
$
2,817

$
(28,997
)
Amounts recognized in accumulated other comprehensive (income) loss consist of:
 

 

 

 

Actuarial loss
$
135,061

$
202,406

$
11,314

$
43,589

Prior service cost (credit)
365

437

(17,137
)
(18,594
)
Total
$
135,426

$
202,843

$
(5,823
)
$
24,995



Employer contributions and benefits paid in the preceding table include only those amounts contributed directly to, or paid directly from, plan assets. Accumulated other comprehensive (income) loss in the above table includes amounts related to regulated operations, which are recorded as regulatory assets (liabilities) and are expected to be reflected in rates charged to customers over time. For more information on regulatory assets (liabilities), see Note 6.

Unrecognized pension actuarial losses in excess of 10 percent of the greater of the projected benefit obligation or the market-related value of assets are amortized on a straight-line basis over the expected average remaining service lives of active participants for non-frozen plans and over the average life expectancy of plan participants for frozen plans. The market-related value of assets is determined using a five-year average of assets. Unrecognized postretirement net transition obligation was amortized over a 20-year period ending 2012.

The pension plans all have accumulated benefit obligations in excess of plan assets. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for these plans at December 31 were as follows:

 
2013

2012

 
(In thousands)
Projected benefit obligation
$
402,772

$
459,111

Accumulated benefit obligation
$
402,772

$
459,111

Fair value of plan assets
$
334,844

$
309,184



Components of net periodic benefit cost for the Company's pension and other postretirement benefit plans for the years ended December 31 were as follows:

 
Pension Benefits
Other
Postretirement Benefits
 
2013

2012

2011

2013

2012

2011

 
(In thousands)
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
$
155

$
1,078

$
2,252

$
1,675

$
1,747

$
1,443

Interest cost
16,249

17,598

19,500

3,215

4,166

4,700

Expected return on assets
(19,917
)
(23,536
)
(22,809
)
(4,343
)
(4,890
)
(5,051
)
Amortization of prior service cost (credit)
71

(46
)
45

(1,457
)
(1,438
)
(2,677
)
Recognized net actuarial loss
7,173

7,070

4,656

1,814

2,134

753

Curtailment loss (gain)

(1,023
)
1,218




Amortization of net transition obligation




2,128

2,125

Net periodic benefit cost, including amount capitalized
3,731

1,141

4,862

904

3,847

1,293

Less amount capitalized
727

937

1,196

164

910

(50
)
Net periodic benefit cost
3,004

204

3,666

740

2,937

1,343

Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive (income) loss:
 

 

 

 

 

 

Net (gain) loss
(60,173
)
19,982

76,310

(30,461
)
1,863

23,863

Prior service credit




(11,418
)

Amortization of actuarial loss
(7,173
)
(7,070
)
(4,656
)
(1,814
)
(2,134
)
(753
)
Amortization of prior service (cost) credit
(71
)
1,069

(1,263
)
1,457

1,438

2,677

Amortization of net transition obligation




(2,128
)
(2,125
)
Total recognized in accumulated other comprehensive (income) loss
(67,417
)
13,981

70,391

(30,818
)
(12,379
)
23,662

Total recognized in net periodic benefit cost and accumulated other comprehensive (income) loss
$
(64,413
)
$
14,185

$
74,057

$
(30,078
)
$
(9,442
)
$
25,005



The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2014 are $4.8 million and $71,000, respectively. The estimated net loss and prior service credit for the other postretirement benefit plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2014 are $793,000 and $1.4 million, respectively. Prior service cost is amortized on a straight line basis over the average remaining service period of active participants.

Weighted average assumptions used to determine benefit obligations at December 31 were as follows:
 
Pension Benefits
Other
Postretirement Benefits
 
2013

2012

2013

2012

Discount rate
4.53
%
3.65
%
4.48
%
3.67
%
Expected return on plan assets
7.00
%
7.00
%
6.00
%
6.00
%
Rate of compensation increase
N/A

N/A

3.00
%
4.00
%

Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31 were as follows:
 
Pension Benefits
Other
Postretirement Benefits
 
2013

2012

2013

2012

Discount rate
3.65
%
4.16
%
3.67
%
4.13
%
Expected return on plan assets
7.00
%
7.75
%
6.00
%
6.75
%
Rate of compensation increase
N/A*

N/A*

4.00
%
4.00
%
* Effective September 30, 2012, all benefit and service accruals for a union plan were frozen. Compensation increases had previously been frozen for all other plans.


The expected rate of return on pension plan assets is based on the targeted asset allocation range of 60 percent to 70 percent equity securities and 30 percent to 40 percent fixed-income securities and the expected rate of return from these asset categories. The expected rate of return on other postretirement plan assets is based on the targeted asset allocation range of 65 percent to 75 percent equity securities and 25 percent to 35 percent fixed-income securities and the expected rate of return from these asset categories. The expected return on plan assets for other postretirement benefits reflects insurance-related investment costs.

Health care rate assumptions for the Company's other postretirement benefit plans as of December 31 were as follows:
 
 
 
2013

 
 
 
2012

Health care trend rate assumed for next year
6.0
%
-
7.0
%
 
6.0
%
-
8.0
%
Health care cost trend rate - ultimate
5.0
%
-
6.0
%
 
5.0
%
-
6.0
%
Year in which ultimate trend rate achieved
 

2017

 


 
2017



The Company's other postretirement benefit plans include health care and life insurance benefits for certain retirees. The plans underlying these benefits may require contributions by the retiree depending on such retiree's age and years of service at retirement or the date of retirement. The accounting for the health care plans anticipates future cost-sharing changes that are consistent with the Company's expressed intent to generally increase retiree contributions each year by the excess of the expected health care cost trend rate over six percent.

Assumed health care cost trend rates may have a significant effect on the amounts reported for the health care plans. A one percentage point change in the assumed health care cost trend rates would have had the following effects at December 31, 2013:

 
1 Percentage
 Point Increase

1 Percentage Point
 Decrease

 
(In thousands)
Effect on total of service and interest cost components
$
159

$
(135
)
Effect on postretirement benefit obligation
$
3,352

$
(2,920
)


The Company's pension assets are managed by 16 outside investment managers. The Company's other postretirement assets are managed by one outside investment manager. The Company's investment policy with respect to pension and other postretirement assets is to make investments solely in the interest of the participants and beneficiaries of the plans and for the exclusive purpose of providing benefits accrued and defraying the reasonable expenses of administration. The Company strives to maintain investment diversification to assist in minimizing the risk of large losses. The Company's policy guidelines allow for investment of funds in cash equivalents, fixed-income securities and equity securities. The guidelines prohibit investment in commodities and futures contracts, equity private placement, employer securities, leveraged or derivative securities, options, direct real estate investments, precious metals, venture capital and limited partnerships. The guidelines also prohibit short selling and margin transactions. The Company's practice is to periodically review and rebalance asset categories based on its targeted asset allocation percentage policy.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The ASC establishes a hierarchy for grouping assets and liabilities, based on the significance of inputs.

The estimated fair values of the Company's pension plans' assets are determined using the market approach.

The carrying value of the pension plans' Level 1 and Level 2 cash equivalents approximates fair value and is determined using observable inputs in active markets or the net asset value of shares held at year end, which is determined using other observable inputs including pricing from outside sources. Units of this fund can be redeemed on a daily basis at their net asset value and have no redemption restrictions. The assets are invested in high quality, short-term instruments of domestic and foreign issuers.

The estimated fair value of the pension plans' Level 1 equity securities is based on the closing price reported on the active market on which the individual securities are traded.

The estimated fair value of the pension plans' Level 1 and Level 2 collective and mutual funds are based on the net asset value of shares held at year end, based on either published market quotations on active markets or other known sources including pricing from outside sources.

The estimated fair value of the pension plans' Level 2 corporate and municipal bonds is determined using other observable inputs, including benchmark yields, reported trades, broker/dealer quotes, bids, offers, future cash flows and other reference data.

The estimated fair value of the pension plans' Level 1 U.S. Treasury securities are valued based on quoted prices on an active market.

The estimated fair value of the pension plans' Level 2 U.S. Treasury securities are valued mainly using other observable inputs, including benchmark yields, reported trades, broker/dealer quotes, bids, offers, to be announced prices, future cash flows and other reference data. Some of these securities are valued using pricing from outside sources.

Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value. For the years ended December 31, 2013 and 2012, there were no transfers between Levels 1 and 2.

The fair value of the Company's pension plans' assets (excluding cash) by class were as follows:

 
Fair Value Measurements at
December 31, 2013, Using
 
 
Quoted Prices in Active Markets for Identical Assets
 (Level 1)

Significant Other Observable Inputs
 (Level 2)

Significant Unobservable
 Inputs
 (Level 3)

Balance at December 31, 2013

 
(In thousands)
Assets:
 
 
 
 
Cash equivalents
$

$
9,406

$

$
9,406

Equity securities:
 
 
 
 

U.S. companies
62,599



62,599

International companies
39,437



39,437

Collective and mutual funds*
116,265

42,483


158,748

Corporate bonds

42,721


42,721

Municipal bonds

7,561


7,561

U.S. Treasury securities
7,487

4,335


11,822

Total assets measured at fair value
$
225,788

$
106,506

$

$
332,294

* Collective and mutual funds invest approximately 11 percent in common stock of mid-cap U.S. companies, 34 percent in common stock of large-cap U.S. companies, 11 percent in U.S. Treasuries, 27 percent in corporate bonds and 17 percent in other investments.



The fair value of the Company's pension plans' assets by class were as follows:


 
Fair Value Measurements at
December 31, 2012, Using
 
 
Quoted Prices in Active Markets for Identical Assets
 (Level 1)

Significant Other Observable Inputs
 (Level 2)

Significant Unobservable
 Inputs
 (Level 3)

Balance at December 31, 2012

 
(In thousands)
Assets:
 
 
 
 
Cash equivalents
$
2,145

$
10,460

$

$
12,605

Equity securities:
 
 
 
 

U.S. companies
86,981



86,981

International companies
39,818



39,818

Collective and mutual funds*
82,787

20,065


102,852

Corporate bonds

45,112


45,112

Municipal bonds

9,302


9,302

U.S. Treasury securities
7,980

4,534


12,514

Total assets measured at fair value
$
219,711

$
89,473

$

$
309,184

* Collective and mutual funds invest approximately 12 percent in common stock of mid-cap U.S. companies, 26 percent in common stock of large-cap U.S. companies, 13 percent in U.S. Treasuries, 41 percent in corporate bonds and 8 percent in other investments.



The following table sets forth a summary of changes in the fair value of the pension plans' Level 3 assets for the year ended December 31, 2012:

 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
 
Corporate Bonds

 
(In thousands)

Balance at beginning of year
$
289

Total realized/unrealized losses
(47
)
Purchases, issuances and settlements (net)
(242
)
Balance at end of year
$



The estimated fair values of the Company's other postretirement benefit plans' assets are determined using the market approach.

The estimated fair value of the other postretirement benefit plans' Level 1 and Level 2 cash equivalents is valued at the net asset value of shares held at year end, based on published market quotations on active markets, or using other known sources including pricing from outside sources. Units of this fund can be redeemed on a daily basis at their net asset value and have no redemption restrictions. The assets are invested in high-quality, short-term money market instruments that consist of municipal obligations.

The estimated fair value of the other postretirement benefit plans' Level 1 equity securities is based on the closing price reported on the active market on which the individual securities are traded.

The estimated fair value of the other postretirement benefit plans' Level 2 insurance contract is based on contractual cash surrender values that are determined primarily by investments in managed separate accounts of the insurer. These amounts approximate fair value. The managed separate accounts are valued based on other observable inputs or corroborated market data.

Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value. For the years ended December 31, 2013 and 2012, there were no transfers between Levels 1 and 2.

The fair value of the Company's other postretirement benefit plans' assets (excluding cash) by asset class were as follows:

 
Fair Value Measurements at
December 31, 2013, Using
 
 
Quoted Prices in Active Markets for Identical Assets
 (Level 1)

Significant Other Observable Inputs
 (Level 2)

Significant Unobservable
 Inputs
 (Level 3)

Balance at December 31, 2013

 
(In thousands)
Assets:
 
 
 
 
Cash equivalents
$

$
2,142

$

$
2,142

Equity securities:






 

U.S. companies
2,802



2,802

International companies
221



221

Insurance contract*

79,374


79,374

Total assets measured at fair value
$
3,023

$
81,516

$

$
84,539

* The insurance contract invests approximately 55 percent in common stock of large-cap U.S. companies, 12 percent in U.S. Treasuries, 8 percent in mortgage-backed securities, 8 percent in common stock of mid-cap U.S. companies, 9 percent in corporate bonds and 8 percent in other investments.



The fair value of the Company's other postretirement benefit plans' assets by asset class were as follows:

 
Fair Value Measurements at
December 31, 2012, Using
 
 
Quoted Prices in Active Markets for Identical Assets
 (Level 1)

Significant Other Observable Inputs
 (Level 2)

Significant Unobservable
 Inputs
 (Level 3)

Balance at December 31, 2012

 
(In thousands)
Assets:
 
 
 
 
Cash equivalents
$
1,053

$
1,991

$

$
3,044

Equity securities:
 
 
 
 

U.S. companies
2,207



2,207

International companies
260



260

Insurance contract*

68,850


68,850

Total assets measured at fair value
$
3,520

$
70,841

$

$
74,361


* The insurance contract invests approximately 51 percent in common stock of large-cap U.S. companies, 15 percent in U.S. Treasuries, 10 percent in mortgage-backed securities, 11 percent in corporate bonds and 13 percent in other investments.



The Company expects to contribute approximately $32.5 million to its defined benefit pension plans and approximately $1.5 million to its postretirement benefit plans in 2014.

The following benefit payments, which reflect future service, as appropriate, and expected Medicare Part D subsidies are as follows:
Years
Pension
Benefits

Other Postretirement Benefits

Expected
Medicare
Part D Subsidy

 
(In thousands)
2014
$
23,391

$
5,596

$
237

2015
23,645

5,584

230

2016
23,911

5,583

221

2017
24,439

5,543

211

2018
24,814

5,483

200

2019 - 2023
130,026

26,038

823



Nonqualified benefit plans
In addition to the qualified plan defined pension benefits reflected in the table at the beginning of this note, the Company also has unfunded, nonqualified benefit plans for executive officers and certain key management employees that generally provide for defined benefit payments at age 65 following the employee's retirement or to their beneficiaries upon death for a 15-year period. The Company's net periodic benefit cost for these plans was $7.3 million, $8.1 million and $8.1 million in 2013, 2012 and 2011, respectively. The total projected benefit obligation for these plans was $106.9 million and $113.0 million at December 31, 2013 and 2012, respectively. The accumulated benefit obligation for these plans was $99.7 million and $107.5 million at December 31, 2013 and 2012, respectively. A weighted average discount rate of 4.32 percent and 3.44 percent at December 31, 2013 and 2012, respectively, and a rate of compensation increase of 4.00 percent and 3.00 percent at December 31, 2013 and 2012, were used to determine benefit obligations. A discount rate of 3.44 percent and 4.00 percent at December 31, 2013 and 2012, respectively, and a rate of compensation increase of 3.00 percent and 4.00 percent at December 31, 2013 and 2012, were used to determine net periodic benefit cost.

The amount of benefit payments for the unfunded, nonqualified benefit plans are expected to aggregate $5.7 million in 2014; $6.7 million in 2015; $6.5 million in 2016; $6.7 million in 2017; $7.2 million in 2018 and $37.5 million for the years 2019 through 2023.

In 2012, the Company established a nonqualified defined contribution plan for certain key management employees. Costs incurred under this plan for 2013 and 2012 were $304,000 and $84,000, respectively.

The Company had investments of $98.1 million and $84.4 million at December 31, 2013 and 2012, respectively, consisting of equity securities of $53.5 million and $41.9 million, respectively, life insurance carried on plan participants (payable upon the employee's death) of $31.4 million and $32.7 million, respectively, and other investments of $13.2 million and $9.8 million, respectively. The Company anticipates using these investments to satisfy obligations under these plans.

Defined contribution plans
The Company sponsors various defined contribution plans for eligible employees and the costs incurred under these plans were $33.2 million in 2013, $29.3 million in 2012 and $27.1 million in 2011.

Multiemployer plans
The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects:

Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers
If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers
If the Company chooses to stop participating in some of its multiemployer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability

The Company's participation in these plans is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2013 and 2012 is for the plan's year-end at December 31, 2012, and December 31, 2011, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded.

 
EIN/Pension Plan Number
Pension Protection Act Zone Status
FIP/RP Status Pending/Implemented
Contributions
Surcharge Imposed
Expiration Date of Collective Bargaining Agreement
Pension Fund
2013

2012

2013

2012

2011

 
 
 
 
 
(In thousands)
 
 
Edison Pension Plan
93-6061681-001
Green as of 12/31/2013
Green as of 12/31/2012
No
$
6,358

$
5,171

$
2,700

No
12/31/2014
IBEW Local 38 Pension Plan
34-6574238-001
Yellow as of 4/30/2013
Yellow as of 4/30/2012
Implemented
1,041

2,771

1,469

No
4/27/2014
IBEW Local No. 82 Pension Plan
31-6127268-001
Red as of 6/30/2013
Red as of 6/30/2012
Implemented
1,284

1,093

1,331

No
11/30/2014
IBEW Local 648 Pension Plan
31-6134845-001
Red as of 2/28/2013
Red as of 2/29/2012
Implemented
1,489

564

722

No
8/31/2015
Laborers Pension Trust Fund for Northern California
94-6277608-001
Yellow as of 5/31/2013
Yellow as of 5/31/2012
Implemented
921

567

628

No
6/30/2016
National Electrical Benefit Fund
53-0181657-001
Green
Green
No
5,883

5,603

4,841

No
5/31/2012*–
8/31/2017
OE Pension Trust Fund
94-6090764-001
Yellow
Yellow as of 12/31/2012
Implemented
1,510

1,156

1,367

No
6/30/2013*–
3/31/2016
Operating Engineers Local 800 & WY Contractors Association, Inc. Pension Plan for Wyoming
83-6011320-001
Red as of 12/31/2013
Red as of 12/31/2012
Implemented
76

91

96

No
10/31/2005*
Operating Engineers Pension Trust
95-6032478-001
Red as of 6/30/2013
Red as of 6/30/2012
Implemented
493

761

458

No
7/1/2013*–
7/20/2014
Pension and Retirement Plan of Plumbers and Pipefitters Union Local No. 525
88-6003864-001
Green as of 6/30/2012
Green as of 6/30/2011
No
1,657

1,202

759

No
5/31/2010*
Sheet Metal Workers' Pension Plan of Southern CA, AZ and NV
95-6052257-001
Red as of 12/31/2013
Red as of 12/31/2012
Implemented
512

467

336

No
6/30/2014
Other funds
 
 
 
 
18,036

15,333

14,451

 
 
Total contributions
$
39,260

$
34,779

$
29,158

 
 
* Plan includes collective bargaining agreements which have expired. The agreements contain provisions that automatically renew the existing contracts in lieu of a new negotiated collective bargaining agreement.


The Company was listed in the plans' Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years:

Pension Fund
Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of December 31 of the Plan's Year-End)
Edison Pension Plan
2012 and 2011
IBEW Local 38 Pension Plan
2012 and 2011
IBEW Local No. 82 Pension Plan
2012 and 2011
Local Union No. 124 IBEW Pension Trust Fund
2012 and 2011
Local Union 212 IBEW Pension Trust Fund
2012 and 2011
IBEW Local Union No. 357 Pension Plan A
2012 and 2011
IBEW Local 648 Pension Plan
2012 and 2011
Idaho Plumbers and Pipefitters Pension Plan
2012 and 2011
Minnesota Teamsters Construction Division Pension Fund
2012 and 2011
Operating Engineers Local 800 & WY Contractors Association, Inc. Pension Plan for Wyoming
2012 and 2011
Pension and Retirement Plan of Plumbers and Pipefitters Union Local No. 525
2012 and 2011


The Company also contributes to a number of multiemployer other postretirement plans under the terms of collective-bargaining agreements that cover its union-represented employees. These plans provide benefits such as health insurance, disability insurance and life insurance to retired union employees. Many of the multiemployer other postretirement plans are combined with active multiemployer health and welfare plans. The Company's total contributions to its multiemployer other postretirement plans, which also includes contributions to active multiemployer health and welfare plans, were $37.1 million, $31.4 million and $24.0 million for the years ended December 31, 2013, 2012 and 2011, respectively.

Amounts contributed in 2013, 2012 and 2011 to defined contribution multiemployer plans were $20.6 million, $18.7 million and $15.3 million, respectively.