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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2014
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
 
2014
2013
 
2014
2013
Change in benefit obligation:
 
 
 
 
 
Benefit obligation at beginning of year
$
238,319

$
174,954

 
$
134,652

$
149,263

Service cost
5,605

4,735

 
1,591

2,527

Interest cost
11,629

8,908

 
6,420

5,681

Plan amendments
(5,308
)
—

 
—

—

Medicare Part D
—

—

 
273

—

Actuarial loss (gain)
32,772

(21,539
)
 
17,669

(24,170
)
Acquisition
84,743

82,988

 
2,857

6,544

Benefits paid
(11,895
)
(11,727
)
 
(4,681
)
(5,193
)
Settlements
(19,573
)
—

 
—

—

Benefit obligation at end of year
$
336,292

$
238,319

 
$
158,781

$
134,652
Schedule of Changes in Fair Value of Plan Assets
 
Pension
 
OPEB
 
2014
2013
 
2014
2013
Change in plan assets:
 
 
 
 
 
Fair value of plan assets at beginning of year
$
199,304

$
96,234

 
$
—

$
—

Actual return on plan assets
16,118

21,675

 
—

—

Acquisition
115,982

81,992

 
—

—

Employer contributions
5,584

11,130

 
4,681

5,193

Benefits paid
(11,895
)
(11,727
)
 
(4,681
)
(5,193
)
Settlements
(19,573
)
—

 
—

—

Fair value of assets at end of year
$
305,520

$
199,304

 
$
—

$
—
Schedule of Amounts Recognized in Balance Sheet
 
Pension
 
OPEB
 
2014
2013
 
2014
2013
Funded status of plans:
 
 
 
 
 
Funded status
$
(30,772
)
$
(39,015
)
 
$
(158,781
)
$
(134,652
)
Amounts recognized in the Consolidated Balance Sheets:
 

 

 
 

 

Non-current assets
$
30,842

$
2,547

 
$
—

$
—

Current liabilities
(1,744
)
(1,714
)
 
(6,118
)
(5,368
)
Non-current liabilities
(59,870
)
(39,848
)
 
(152,663
)
(129,284
)
Net amount recognized
$
(30,772
)
$
(39,015
)
 
$
(158,781
)
$
(134,652
)
Amounts recognized in accumulated other comprehensive loss (pre-tax):
 

 
 
 

 
Net loss
$
63,360

$
45,642

 
$
79,720

$
65,754

Prior service cost (benefit)
1,335

376

 
(15,751
)
(19,595
)
 
$
64,695

$
46,018

 
$
63,969

$
46,159
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
 
2014
2013
 
2014
2013
 
2014
2013
Sebree hourly pension plan
$
90,320

$
80,369

 
$
90,320

$
80,369

 
$
84,432

$
82,916

CAWV hourly pension plan
61,989

66,866

 
61,989

66,852

 
55,273

64,905

Salaried pension plan
71,017

66,686

 
68,247

60,870

 
49,367

51,483

CASC pension plan
85,605

—

 
82,556

—

 
116,448

—

SERB plan
27,361

24,398

 
25,851

23,369

 
—

—

Total
$
336,292

$
238,319

 
$
328,963

$
231,460

 
$
305,520

$
199,304
Schedule of Net Benefit Cost
Net Periodic Benefit Cost:
 
Year Ended December 31,
 
Pension
 
OPEB
 
2014
2013
2012
 
2014
2013
2012
Service cost
$
5,605

$
4,735

$
2,802

 
$
1,591

$
2,527

$
1,790

Interest cost
11,629

8,908

6,871

 
6,420

5,681

5,512

Expected return on plan assets
(14,694
)
(10,592
)
(6,962
)
 
—

—

—

Amortization of prior service costs
77

113

137

 
(3,844
)
(3,995
)
(4,250
)
Amortization of net loss
1,907

3,152

3,642

 
3,704

5,022

6,195

Net periodic benefit cost
4,524

6,316

6,490

 
7,871

9,235

9,247

Settlements
4,701

—

—

 
—

—

—

Curtailment cost
263

(18
)
—

 
—

(20
)
—

Total net periodic benefit cost
$
9,488

$
6,298

$
6,490

 
$
7,871

$
9,215

$
9,247
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Other changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (pre-tax):
 
Year Ended December 31,
 
Pension
 
OPEB
 
2014
2013
 
2014
2013
Net loss (gain)
$
24,326

$
(32,624
)
 
$
17,669

$
(24,171
)
Prior service cost (benefit)
1,299

—

 
—

—

Amortization of net loss, including recognition due to settlement
(6,608
)
(3,152
)
 
(3,704
)
(5,022
)
Amortization of prior service benefit (cost), including recognition due to curtailment
(340
)
(95
)
 
3,844

4,015

Total amount recognized in other comprehensive loss
18,677

(35,871
)
 
17,809

(25,178
)
Net periodic benefit cost
9,488

6,298

 
7,871

9,215

Total recognized in net periodic benefit cost and other comprehensive loss
$
28,165

$
(29,573
)
 
$
25,680

$
(15,963
)
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 2015:
 
Pension
 
OPEB
Amortization of net loss
$
3,601

 
$
4,712

Amortization of prior service cost (benefit)
99

 
(3,845
)
Weighted average assumptions used in calculating benefit obligation and net periodic benefit cost
Weighted average assumptions used to determine benefit obligations at December 31:
 
Pension
 
OPEB
 
2014
2013
 
2014
2013
Discount rate
4.05%
4.89%
 
4.00%
4.99%
Rate of compensation increase (1)
3%/4%
3%/4%
 
3%/4%
3%/4%
Measurement date
12/31/2014
12/31/2013
 
12/31/2014
12/31/2013

(1)
The rate of compensation increase is 3% per year for first four years and 4% per year for year five and thereafter.

Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31:
 
Pension
 
OPEB
 
2014
2013
2012
 
2014
2013
2012
Measurement date
12/31/2013

12/31/2012

12/31/2011

 
12/31/2013

12/31/2012

12/31/2011

Fiscal year end
12/31/2014

12/31/2013

12/31/2012

 
12/31/2014

12/31/2013

12/31/2012

Discount rate
4.89
%
4.00
%
4.25
%
 
4.99
%
4.01
%
3.83
%
Rate of compensation increase (1)
3%/4%

3%/4%

3%/4%

 
3%/4%

3%/4%

3%/4%

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

—

—


(1)
For 2014, the rate of compensation increase is 3% per year for first four years and 4% per year for year five and thereafter. 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.
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 2014:
 
1% Increase
 
1% Decrease
Effect on total of service and interest cost
$
1,258

 
$
(1,019
)
Effect on accumulated postretirement benefit obligation
24,815

 
(20,140
)
Schedule of Matching Contribution to Defined Contribution Plans
Employee and matching contributions are considered fully vested immediately upon participation in the plan.
 
2014
2013
2012
Company matching contribution to defined contribution (401(k)) plans
$
1,547

$
1,138

$
748
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, 2014
December 31, 2013
Equities:
 
 
 
U.S. equities
50
%
42
%
43
%
International equities
15
%
18
%
20
%
Fixed income
35
%
40
%
37
%
 
 

100
%
100
%
Fair Value of Pension Plans’ assets included under the fair value hierarchy:
As of December 31, 2014
Level 1
Level 2
Level 3
Total
Equities:
 
 
 
 
U.S. equities
$
79,148

$
—

$
—

$
79,148

International equities
33,720

—

—

33,720

Fixed income
76,204

—

—

76,204

Plan receivable (1)
—

—

116,448

116,448

Total
$
189,072

$
—

$
116,448

$
305,520

As of December 31, 2013
 

 

 

 

Equities:
 

 

 

 

U.S. equities
$
86,323

$
—

$
—

$
86,323

International equities
40,093

—

—

40,093

Fixed income
72,888

—

—

72,888

Total
$
199,304

$
—

$
—

$
199,304



(1)
Represents the receivable to the Century Aluminum of South Carolina defined benefit plan related to pension funding obligations under the Stock Purchase Agreement. Amount is subject to final approval by the parties which is expected in the second quarter of 2015.
Schedule Of Expected Benefit Plan Contributions
We expect to make the following contributions for 2015:
 
2015
Expected pension plan contributions
$
5,306

Expected OPEB benefits payments
6,118
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
2015
$
17,487

 
$
6,118

2016
17,965

 
6,605

2017
18,191

 
7,212

2018
19,958

 
7,691

2019
19,830

 
8,216

2020 – 2024
97,247

 
43,357
Schedule of Multiemployer Plans
Century’s participation in the plan for the year ended December 31, 2014, is outlined in the table below.
Fund
Steelworkers Pension Trust
EIN / PN
23-6648508/499
Pension Protection Act Zone Status 2014 (1)
Green
Pension Protection Act Zone Status 2013 (1)
Green
Subject to Financial Improvement/Rehabilitation Plan
No
Contributions of Century Aluminum 2014
$2,164
Contributions of Century Aluminum 2013
$2,171
Contributions of Century Aluminum 2012
$2,282
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 2014 and 2013 is for the plan's year-end December 31, 2013 and December 31, 2012, 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.