XML 116 R16.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Employee Retirement Plans | 12 Months Ended
--- | ---
Dec. 31, 2013
Employee Retirement Plans [Abstract] |
Employee Retirement Plans | 8. EMPLOYEE RETIREMENT PLANS Pension The Company has an unfunded supplemental pension plan which provides defined pension benefits to certain salaried employees upon retirement. Benefits under the plan are based on the salaries of individual plan participants in the year they were admitted into the plan. The plan has been frozen and no additional participants will be added to the plan in the future. The following table presents the changes in the plan's projected benefit obligation, fair value of plan assets, and funded status for the years ended December 31 (in thousands):
|  | 2013 |  |  | 2012 |  |  | 2011 |
Projected benefit obligation at January 1 | $ | 2,478 |  | $ | 2,653 |  | $ | 2,730 |
Service cost |  | – |  |  | – |  |  | 41 |
Interest cost |  | 80 |  |  | 110 |  |  | 141 |
Actuarial (gains) losses |  | (58 | ) |  | 50 |  |  | 93 |
Benefits paid |  | (321 | ) |  | (335 | ) |  | (352 | )
Projected benefit obligation at December 31 |  | 2,179 |  |  | 2,478 |  |  | 2,653 |
Fair value of plan assets |  | – |  |  | – |  |  | – |
Under funded status |  | (2,179 | ) |  | (2,478 | ) |  | (2,653 | )
Unamortized prior service cost |  | 39 |  |  | 53 |  |  | 67 |
Unrecognized actuarial gain |  | (188 | ) |  | (130 | ) |  | (180 | )
Net amount recognized | $ | (2,328 | ) | $ | (2,555 | ) | $ | (2,766 | )
Amounts recognized in the consolidated financial statements consisted of (in thousands):
|  | 2013 |  |  | 2012 |  |  | 2011 |
Accrued pension liability: |  |  |  |  |  |  |  |  |
Current portion | $ | (415 | ) | $ | (402 | ) | $ | (435 | )
Long term portion |  | (1,764 | ) |  | (2,076 | ) |  | (2,218 | )
Pre-tax accumulated other comprehensive income – |  |  |  |  |  |  |  |  |
retirement benefit liability adjustment |  | (149 | ) |  | (77 | ) |  | (113 | )
Net amount recognized | $ | (2,328 | ) | $ | (2,555 | ) | $ | (2,766 | )
The plan's accumulated benefit obligation equaled the projected benefit obligation as of December 31, 2013, 2012, and 2011. The measurement date used to determine pension benefit measures was December 31. Components of net periodic pension cost for the years ended December 31 were as follows (in thousands):
|  | 2013 |  |  | 2012 |  |  | 2011 |
Service cost | $ | – |  | $ | – |  | $ | 41 |
Interest cost |  | 80 |  |  | 110 |  |  | 141 |
Amortization of unrecognized prior service cost |  | 14 |  |  | 14 |  |  | 15 |
Gain amortization |  | – |  |  | – |  |  | (218 | )
Net periodic pension cost (income) | $ | 94 |  | $ | 124 |  | $ | (21 | )
Assumptions used to calculate the benefit obligation: |  |  |  |  |  |  |  |  |
Discount rate |  | 4.45 | % |  | 3.50 | % |  | 4.50 | %
Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands):
2014 | $ | 415
2015 | $ | 395
2016 | $ | 372
2017 | $ | 360
2018 | $ | 327
Years 2019 - 2023 | $ | 665
Foreign Pension The Company has another unfunded supplemental pension plan at one of our European subsidiaries which provides defined pension benefits to certain employees upon retirement. The plan has been frozen and no additional participants will be added to the plan in the future. The projected benefit obligation at December 31, 2013 is $441,000. A pre-tax accumulated other comprehensive loss retirement benefit liability adjustment of $73,000 has been recognized in 2013 in the Company's financial statements, for a net liability of $368,000. 401(k) Employees of all U.S. subsidiaries are eligible to participate in the Company's 401(k) Plan. Multiemployer Pension Plans In addition, the Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects:
a) | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.
b) | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.
c) | If the Company chooses to stop participating in some of the 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 for the year ended December 31, 2013 is outlined in the table below. The "EIN/ Pension Plan Number" column provides the Employee Identification Number (EIN) and three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2013 and 2012 is for the plan's year ended December 31, 2012 and 2011, respectively. The zone status is based on information that the Company received from the plans and is certified by the plans' actuaries. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded.
| EIN/ Pension | PPA Zone Status | Surcharge
Pension Fund | Plan Number | 2012 | 2011 | Imposed
National Integrated Group Pension Plan | 22-6190618-001 | Red | Red | Yes
Sheet Metal Workers' National Pension Plan | 52-6112463-001 | Red | Red | Yes
Sheet Metal Workers' Pension Plan of Northern California | 51-6115939-001 | Red | Red | No
At December 31, 2013, the Company employed 2,274 people, of which approximately 14% were represented by unions through various collective bargaining agreements (CBAs). Two of our CBAs expired and were successfully renegotiated in 2013. None of our CBAs expire until June 30, 2016. All multiemployer pension plans' collective bargaining agreements expire February 23, 2015, April 30, 2015, and February 28, 2015, respectively. All of the funds have rehabilitation plans in place. Each plan with a rehabilitation plan requires minimum contributions from the Company. Given the status of these plans, it is reasonably possible that future contributions to the plans will increase although the Company cannot reasonably estimate a possible range of increased contributions as of December 31, 2013. The Company did not contribute more than 5% of any fund's total contributions in any of the three years in the period ended December 31, 2013. The table below sets forth the contributions made by the Company to each multiemployer plan for the years ended December 31 (in thousands):
Pension Fund |  | 2013 |  | 2012 |  | 2011
National Integrated Group Pension Plan | $ | 222 | $ | 202 | $ | 186
Sheet Metal Workers' National Pension Plan |  | 78 |  | 98 |  | 50
Sheet Metal Workers' Pension Plan of Northern California |  | 28 |  | 33 |  | 63
Western Metal Industry Pension Fund |  | – |  | – |  | 8
| $ | 328 | $ | 333 | $ | 307
At the date the financial statements were issued, Forms 5500 were not available for the plan year ended December 31, 2013. Total Retirement Plan Expense Total expense for all retirement plans for the years ended December 31 was (in thousands):
| 2013 |  | 2012 |  | 2011
$ | 2,838 | $ | 2,884 | $ | 2,610

X
- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
Name: | us-gaap_CompensationAndEmployeeBenefitPlansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DefinedBenefitPensionPlansAndDefinedBenefitPostretirementPlansDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration