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Other Postretirement Benefits | 12 Months Ended
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Dec. 31, 2013
Other Postretirement Benefits [Abstract] |
Other Postretirement Benefits | 9. OTHER POSTRETIREMENT BENEFITS The Company has an unfunded postretirement healthcare plan which provides health insurance to certain employees and their spouses upon retirement. This 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 accumulated postretirement benefit obligation related to the Company's unfunded postretirement healthcare benefits at December 31 (in thousands):
|  | 2013 |  |  | 2012 |  |  | 2011 |
Projected benefit obligation at January 1 | $ | 5,954 |  | $ | 5,120 |  | $ | 5,201 |
Service cost |  | 16 |  |  | 15 |  |  | 13 |
Interest cost |  | 203 |  |  | 224 |  |  | 278 |
Plan amendments and curtailments |  | 603 |  |  | – |  |  | – |
Actuarial (gain) loss |  | (553 | ) |  | 899 |  |  | (80 | )
Benefits paid |  | (323 | ) |  | (304 | ) |  | (292 | )
Projected benefit obligation at December 31 |  | 5,900 |  |  | 5,954 |  |  | 5,120 |
Fair value of plan assets |  | – |  |  | – |  |  | – |
Under funded status |  | (5,900 | ) |  | (5,954 | ) |  | (5,120 | )
Unamortized prior service cost |  | 603 |  |  | – |  |  | (1 | )
Unrecognized actuarial loss |  | 1,653 |  |  | 2,329 |  |  | 1,541 |
Net amount recognized | $ | (3,644 | ) | $ | (3,625 | ) | $ | (3,580 | )
Amounts recognized in the consolidated financial statements consisted of (in thousands):
|  | 2013 |  |  | 2012 |  |  | 2011 |
Accrued postretirement benefit liability |  |  |  |  |  |  |  |  |
Current portion | $ | (356 | ) | $ | (322 | ) | $ | (303 | )
Long term portion |  | (5,544 | ) |  | (5,632 | ) |  | (4,817 | )
Pre-tax accumulated other comprehensive loss – |  |  |  |  |  |  |  |  |
unamortized post-retirement healthcare costs |  | 2,256 |  |  | 2,329 |  |  | 1,540 |
Net amount recognized | $ | (3,644 | ) | $ | (3,625 | ) | $ | (3,580 | )
Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands):
|  | 2013 |  |  | 2012 |  |  | 2011 |
Service cost | $ | 16 |  | $ | 15 |  | $ | 13 |
Interest cost |  | 203 |  |  | 224 |  |  | 278 |
Amortization of unrecognized prior service cost |  | – |  |  | (1 | ) |  | (1 | )
Loss amortization |  | 123 |  |  | 111 |  |  | 125 |
Net periodic benefit cost | $ | 342 |  | $ | 349 |  | $ | 415 |
Assumptions used to calculate the benefit obligation: |  |  |  |  |  |  |  |  |
Discount rate |  | 4.5 | % |  | 3.5 | % |  | 4.5 | %
Annual rate of increase in the per capita cost of: |  |  |  |  |  |  |  |  |
Medical costs before age 65 1 |  | 8.5 | % |  | 9.0 | % |  | 10.0 | %
Medical costs after age 65 1 |  | 7.3 | % |  | 7.5 | % |  | 8.0 | %
Prescription drug costs 1 |  | 7.8 | % |  | 8.0 | % |  | 9.0 | %
1 It was assumed that these rates would gradually decline to 5% by 2021. A 1% change in the annual medical inflation rate issued would have the following impact on the amounts reported at December 31 are as follows (in thousands):
|  | 2013 |  |  | 2012 |
Effect on accumulated |  |  |  |  |  |
postretirement benefit obligation |  |  |  |  |  |
1% increase | $ | 697 |  | $ | 706 |
1% decrease | $ | (597 | ) | $ | (643 | )
Effect on annual service and interest |  |  |  |  |  |
costs |  |  |  |  |  |
1% increase | $ | 27 |  | $ | 30 |
1% decrease | $ | (23 | ) | $ | (27 | )
The measurement date used to determine postretirement benefit obligation measures was December 31. Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands):
2014 | $ | 356
2015 | $ | 362
2016 | $ | 359
2017 | $ | 372
2018 | $ | 377
Years 2019 - 2023 | $ | 1,986

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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 25 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6410138&loc=d3e79691-111665 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6410195&loc=d3e80090-111668 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 112 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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