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Pension Plans and Other Postretirement Benefits | 6 Months Ended
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Jun. 30, 2013
Compensation and Retirement Disclosure [Abstract] |
Pension Plans and Other Postretirement Benefits |
Note 5 - Pension Plans and Other Postretirement Benefits The Company has the following retirement plans: a defined contribution plan; a 401(k) plan; a defined benefit plan for employees hired on or before December 31, 1998; and certain employees participate in a supplemental defined contribution plan or a supplemental defined benefit plan or both. Defined Benefit Plan and Supplemental Defined Benefit Plans The following tables summarize the components of net periodic pension cost recognized for the defined benefit plan and the supplemental defined benefit plans for the three and six months ended June 30, 2013 and 2012.
|  | Defined Benefit Plan |
|  | Three Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Components of net periodic pension (income) expense: |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit accrual |  | $ | - |  | $ | - |  | $ | - |  | $ | - |
Other expenses |  |  | 90 |  |  | 90 |  |  | 180 |  |  | 180 |
Interest cost |  |  | 343 |  |  | 357 |  |  | 685 |  |  | 714 |
Expected return on plan assets |  |  | (559) |  |  | (606) |  |  | (1,119) |  |  | (1,212) |
Settlement loss |  |  | 229 |  |  | 459 |  |  | 487 |  |  | 918 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | - |  |  | - |  |  | - |  |  | - |
Actuarial loss |  |  | 400 |  |  | 513 |  |  | 801 |  |  | 1,026 |
Net periodic pension expense |  | $ | 503 |  | $ | 813 |  | $ | 1,034 |  | $ | 1,626 |
|  | Supplemental Defined Benefit Plans |
|  | Three Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Components of net periodic pension (income) expense: |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit accrual |  | $ | - |  | $ | - |  | $ | - |  | $ | - |
Other expenses |  |  | - |  |  | - |  |  | - |  |  | - |
Interest cost |  |  | 153 |  |  | 167 |  |  | 307 |  |  | 335 |
Expected return on plan assets |  |  | - |  |  | - |  |  | - |  |  | - |
Settlement loss |  |  | - |  |  | - |  |  | - |  |  | - |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | 32 |  |  | 31 |  |  | 63 |  |  | 62 |
Actuarial loss |  |  | 51 |  |  | 245 |  |  | 102 |  |  | 490 |
Net periodic pension expense |  | $ | 236 |  | $ | 443 |  | $ | 472 |  | $ | 887 |
Postretirement Benefits Other Than Pensions In addition to providing pension benefits, the Company also provides certain health care and life insurance benefits to a closed group of eligible employees. Effective January 1, 2007, the Company eliminated the previous group health insurance benefits for retirees 65 years of age and over, including elimination of pharmacy benefits for Medicare eligible retirees, and established a Health Reimbursement Account (“HRA”) for each eligible participant in that closed group. Funding of HRA accounts was $90 and $88 for the six months ended June 30, 2013 and 2012, respectively. The following table summarizes the components of the net periodic benefit for postretirement benefits other than pensions for the three and six months ended June 30, 2013 and 2012.
|  | Three Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Components of net periodic benefit: |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | - |  | $ | - |  | $ | - |  | $ | - |
Interest cost |  |  | 23 |  |  | 23 |  |  | 46 |  |  | 46 |
Amortization of prior service cost |  |  | - |  |  | - |  |  | - |  |  | - |
Amortization of prior gain |  |  | (59) |  |  | (130) |  |  | (118) |  |  | (261) |
Net periodic income |  | $ | (36) |  | $ | (107) |  | $ | (72) |  | $ | (215) |
2013 Contributions In 2013, there is no minimum funding requirement for the Company’s defined benefit plan. The following table discloses the minimum funding requirements, contributions made and expected full year contributions for the Company’s plans.
|  | Defined Benefit Pension Plans |  |  |  |
|  | Defined |  | Supplemental |  | Other |
|  | Benefit |  | Defined Benefit |  | Postretirement |
|  | Plan |  | Plans |  | Benefits |
Minimum funding requirement for 2013 |  | $ | - |  |  | N/A |  |  | N/A |
Contributions made in the six months ended June 30, 2013 |  |  | - |  | $ | 656 |  | $ | 215 |
Expected contributions (approximations) for the year ended December 31, 2013 as of the time of : |  |  |  |  |  |  |  |  |  |
This Form 10-Q (1) |  |  | 3,000 |  |  | 1,320 |  |  | 480 |
2012 Form 10-K (2) |  |  | 2,500 |  |  | 1,320 |  |  | 480 |
N/A - Not applicable.
| (1) | HMEC’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013.
| (2) | HMEC’s Annual Report on Form 10-K for the year ended December 31, 2012, specifically “Notes to Consolidated Financial Statements — Note 9 — Pension Plans and Other Postretirement Benefits”.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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