XML 70 R44.htm IDEA: XBRL DOCUMENT v2.4.0.8
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Schedule of Changes in Projected Benefit Obligations
 
The change in benefit obligations and change in plan assets as of December 31 are as follows:

 
Pension
 
OPEB
 
2013
2012
 
2013
2012
Change in benefit obligation:
 
 
 
 
 
Benefit obligation at beginning of year
$
174,954

$
164,565

 
$
149,263

$
134,289

Service cost
4,735

2,802

 
2,527

1,790

Interest cost
8,908

6,871

 
5,681

5,512

Medicare Part D
—

—

 
—

210

Actuarial loss (gain)
(21,539
)
8,611

 
(24,170
)
11,725

Acquisition
82,988

—

 
6,544

—

Benefits paid
(11,727
)
(7,895
)
 
(5,193
)
(4,263
)
Benefit obligation at end of year
$
238,319

$
174,954

 
$
134,652

$
149,263
Schedule of Changes in Fair Value of Plan Assets
 
Pension
 
OPEB
 
2013
2012
 
2013
2012
Change in plan assets:
 
 
 
 
 
Fair value of plan assets at beginning of year
$
96,234

$
84,967

 
$
—

$
—

Actual return on plan assets
21,675

10,607

 
—

—

Acquisition
81,992

—

 
—

—

Employer contributions
11,130

8,555

 
5,193

4,263

Benefits paid
(11,727
)
(7,895
)
 
(5,193
)
(4,263
)
Fair value of assets at end of year
$
199,304

$
96,234

 
$
—

$
—
Schedule of Amounts Recognized in Balance Sheet
 
Pension
 
OPEB
 
2013
2012
 
2013
2012
Funded status of plans:
 
 
 
 
 
Funded status
$
(39,015
)
$
(78,720
)
 
$
(134,652
)
$
(149,263
)
Amounts recognized in the Consolidated Balance Sheets
 

 

 
 

 

Non-current assets
$
2,547

$
—

 
$
—

$
—

Current liabilities
(1,714
)
(10,842
)
 
(5,368
)
(6,158
)
Non-current liabilities
(39,848
)
(67,878
)
 
(129,284
)
(143,105
)
Net amount recognized
$
(39,015
)
$
(78,720
)
 
$
(134,652
)
$
(149,263
)
Amounts recognized in accumulated other comprehensive loss (pre-tax):
 

 
 
 

 
Net loss
$
45,642

$
81,417

 
$
65,754

$
94,947

Prior service cost (benefit)
376

472

 
(19,595
)
(23,611
)
 
$
46,018

$
81,889

 
$
46,159

$
71,336
Schedule of Accumulated and Projected Benefit Obligations
Our pension plans’ projected benefit obligation, accumulated benefit obligation, and fair value of plan assets as of December 31 are as follows:
 
 
Projected Benefit Obligation
 
Accumulated Benefit Obligation
 
Fair Value of Plan assets
 
2013
2012
 
2013
2012
 
2013
2012
Sebree hourly pension plan
$
80,369

$
—

 
$
80,369

$
—

 
$
82,916

$
—

CAWV hourly pension plan
66,866

78,812

 
66,852

78,171

 
64,905

53,909

Salaried pension plan
66,686

69,726

 
60,870

63,344

 
51,483

42,325

SERB plan
24,398

26,416

 
23,369

25,096

 
—

—

Total
$
238,319

$
174,954

 
$
231,460

$
166,611

 
$
199,304

$
96,234
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Components of net periodic benefit cost and other amounts recognized in other comprehensive loss:
    
Net Periodic Benefit Cost:
 
Year Ended December 31,
 
Pension
 
OPEB
 
2013
2012
2011
 
2013
2012
2011
Service cost
$
4,735

$
2,802

$
3,133

 
$
2,527

$
1,790

$
1,668

Interest cost
8,908

6,871

6,976

 
5,681

5,512

5,728

Expected return on plan assets
(10,592
)
(6,962
)
(6,631
)
 
—

—

—

Amortization of prior service costs
113

137

137

 
(3,995
)
(4,250
)
(32,814
)
Amortization of net loss
3,152

3,642

1,863

 
5,022

6,195

15,063

Net periodic benefit cost
6,316

6,490

5,478

 
9,235

9,247

(10,355
)
Special termination benefits
—

—

1,147

 
—

—

—

Curtailment cost
(18
)
—

—

 
(20
)
—

—

Total net periodic benefit cost
$
6,298

$
6,490

$
6,625

 
$
9,215

$
9,247

$
(10,355
)

Other changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (pre-tax):
 
Year Ended December 31,
 
Pension
 
OPEB
 
2013
2012
 
2013
2012
Net loss (gain)
$
(32,624
)
$
4,966

 
$
(24,171
)
$
11,725

Amortization of net loss
(3,152
)
(3,642
)
 
(5,022
)
(6,195
)
Amortization of prior service benefit (cost)
(95
)
(137
)
 
4,015

4,250

Total amount recognized in other comprehensive loss
(35,871
)
1,187

 
(25,178
)
9,780

Net periodic benefit cost
6,298

6,490

 
9,215

9,247

Total recognized in net periodic benefit cost and other comprehensive loss
$
(29,573
)
$
7,677

 
$
(15,963
)
$
19,027
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2014:
 
Pension
 
OPEB
Amortization of net loss
$
1,702

 
$
3,511

Amortization of prior service cost (benefit)
116

 
(3,993
)
Weighted average assumptions used to determine benefit obligations
Weighted average assumptions used to determine benefit obligations at December 31:
 
Pension
 
OPEB
 
2013
2012
 
2013
2012
Discount rate
4.89%
4.00%
 
4.99%
3.98%
Rate of compensation increase (1)
3%/4%
3%/4%
 
3%/4%
3%/4%
Measurement date
12/31/2013
12/31/2012
 
12/31/2013
12/31/2012


(1)
Rate of compensation increase assumption is 3% per year for first five years and then 4% per year for year six and thereafter.
Weighted average assumptions used in calculating net periodic benefit cost

Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31:
 
Pension
 
OPEB
 
2013
2012
2011
 
2013
2012
2011
Measurement date
12/31/2012

12/31/2011

12/31/2010

 
12/31/2012

12/31/2011

12/31/2010

Fiscal year end
12/31/2013

12/31/2012

12/31/2011

 
12/31/2013

12/31/2012

12/31/2011

Discount rate
4.00
%
4.25
%
5.49
%
 
4.01
%
3.83
%
5.23
%
Rate of compensation increase (1)
3%/4%

3%/4%

3%/3%/4%

 
3%/4%

3%/4%

3%/3%/4%

Expected return on plan assets
7.25
%
8.00
%
8.00
%
 
—

—

—



(1)
For 2013 and 2012, the rate of compensation increase is 3% per year for first five years and 4% per year for year six and thereafter. For 2011, the rate of compensation increase is for 3% per year for years 1 and 2 and 4% per year for year 3 and thereafter.
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage-point change in the assumed health care cost trend rate would have had the following effects in 2013:
 
1% Increase
 
1% Decrease
Effect on total of service and interest cost
$
1,585

 
$
(1,256
)
Effect on accumulated postretirement benefit obligation
19,465

 
(16,095
)
Schedule Of Matching Contribution To Defined Contribution Plans
Employee and matching contributions are considered fully vested immediately upon participation in the plan.

 
2013
2012
2011
Company matching contribution to defined contribution (401(k)) plans
$
1,138

$
748

$
640
Schedule of Allocation of Plan Assets
The Pension Plans’ long-term strategic asset allocation policy targets are as follows:
 
Pension Plan Asset Allocation
 
Policy Target
December 31, 2013
December 31, 2012
Equities:
 
 
 
U.S. equities
50
%
43
%
50
%
International equities
15
%
20
%
16
%
Fixed income
35
%
37
%
34
%
 
 

100
%
100
%
Schedule Of Fair Value Of Pension Plan Assets By Asset Category Under Fair Value Hierarchy
Fair Value of Pension Plans’ assets included in Level 1 under the fair value hierarchy:
As of December 31, 2013
Total
Equities:
 
U.S. equities
$
86,323

International equities
40,093

Fixed income
72,888

Total
$
199,304

As of December 31, 2012
 

Equities:
 

U.S. equities
$
47,728

International equities
15,318

Fixed income
32,734

Cash deposit in transit
454

Total
$
96,234
Schedule of Expected Benefit Plan Contributions
We expect to make the following contributions for 2014:
 
2014
Expected pension plan contributions
$
10,094

Expected OPEB benefits payments
5,370
Schedule of Expected Benefit Payments
The following table provides the estimated future benefit payments for the pension and other postretirement benefit plans:
 
Pension Benefits
 
OPEB Benefits
2014
$
12,913

 
$
5,370

2015
13,185

 
5,978

2016
13,440

 
6,641

2017
13,849

 
7,174

2018
14,317

 
7,784

2019 – 2023
77,708

 
44,393
Schedule Of Multi-Employer Pension Plan
Century’s participation in the plan for the year ended December 31, 2013, is outlined in the table below.
Fund
Steelworkers Pension Trust
EIN / PN
23-6648508/499
Pension Protection Act Zone Status 2013 (1)
Green
Pension Protection Act Zone Status 2012 (1)
Green
Subject to Financial Improvement/Rehabilitation Plan
No
Contributions of Century Aluminum 2013 (2)
$2,171
Contributions of Century Aluminum 2012 (2)
$2,282
Contributions of Century Aluminum 2011 (2)
$2,117
Withdrawal from Plan Probable
No
Surcharge Imposed
No
Expiration Date of Collective Bargaining Agreement
April 1, 2015


(1)
The most recent Pension Protection Act zone status available in 2013 and 2012 is for the plan's year-end December 31, 2012 and December 31, 2011, respectively.  The zone status is based on information that Century received from the plan as well as publicly available information per the Department of Labor and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded.
(2)
Our contributions to the Steelworkers Pension Trust are not 5% or more of the total contributions to the plan.