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Pension Plans and Other Postretirement Benefits | 6 Months Ended
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Jun. 30, 2014
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 frozen defined benefit plan for employees hired on or before December 31, 1998; and certain employees participate in a supplemental defined contribution plan or a frozen 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 following periods:
|  |  | Defined Benefit Plan
|  |  | Three Months Ended |  |  | Six Months Ended
|  |  | June 30, |  |  | June 30,
|  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013
Components of net periodic pension (income) expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit accrual |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | - |
Other expenses |  |  |  | 90 |  |  |  |  | 90 |  |  |  |  | 180 |  |  |  |  | 180 |
Interest cost |  |  |  | 419 |  |  |  |  | 343 |  |  |  |  | 839 |  |  |  |  | 685 |
Expected return on plan assets |  |  |  | (600 | ) |  |  |  | (559 | ) |  |  |  | (1,201 | ) |  |  |  | (1,119 | )
Settlement loss |  |  |  | 190 |  |  |  |  | 229 |  |  |  |  | 379 |  |  |  |  | 487 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Actuarial loss |  |  |  | 343 |  |  |  |  | 400 |  |  |  |  | 686 |  |  |  |  | 801 |
Net periodic pension expense |  |  | $ | 442 |  |  |  | $ | 503 |  |  |  | $ | 883 |  |  |  | $ | 1,034 |
|  |  | Supplemental Defined Benefit Plans
|  |  | Three Months Ended |  |  | Six Months Ended
|  |  | June 30, |  |  | June 30,
|  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013
Components of net periodic pension (income) expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit accrual |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | - |
Other expenses |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Interest cost |  |  |  | 179 |  |  |  |  | 153 |  |  |  |  | 358 |  |  |  |  | 307 |
Expected return on plan assets |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Settlement loss |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  |  | - |  |  |  |  | 32 |  |  |  |  | - |  |  |  |  | 63 |
Actuarial loss |  |  |  | 40 |  |  |  |  | 51 |  |  |  |  | 79 |  |  |  |  | 102 |
Net periodic pension expense |  |  | $ | 219 |  |  |  | $ | 236 |  |  |  | $ | 437 |  |  |  | $ | 472 |
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. In December 2013, the Company announced the elimination of postretirement medical coverage for all remaining eligible participants effective March 31, 2014. As a result of this plan change, prior service cost will be amortized as a credit over the average working lifetime of active eligible participants. As a result of the changes in the plan for other postretirement benefits, the Company recorded a reduction in its expenses of $556 and $186 for the six months ended June 30, 2014 and 2013, respectively. Funding of the previously established Health Reimbursement Accounts (“HRAs”) was $132 and $90 for the six months ended June 30, 2014 and 2013, respectively. The following table summarizes the components of the net periodic benefit for postretirement benefits other than pensions for the following periods:
|  |  | Three Months Ended |  |  | Six Months Ended
|  |  | June 30, |  |  | June 30,
|  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013
Components of net periodic benefit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | - |
Interest cost |  |  |  | 11 |  |  |  |  | 23 |  |  |  |  | 23 |  |  |  |  | 46 |
Amortization of prior service credit |  |  |  | (157 | ) |  |  |  | - |  |  |  |  | (314 | ) |  |  |  | - |
Amortization of prior gain |  |  |  | (61 | ) |  |  |  | (59 | ) |  |  |  | (123 | ) |  |  |  | (118 | )
Net periodic income |  |  | $ | (207 | ) |  |  | $ | (36 | ) |  |  | $ | (414 | ) |  |  | $ | (72 | )
2014 Contributions In 2014, 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 2014 |  |  | $ | - |  |  |  |  | N/A |  |  |  |  | N/A |
Contributions made in the six months |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ended June 30, 2014 |  |  |  | - |  |  |  | $ | 664 |  |  |  | $ | 93 |
Expected contributions (approximations) for the year ended December 31, 2014 as of the time of : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
This Form 10-Q (1) |  |  |  | 2,000 |  |  |  |  | 1,320 |  |  |  |  | 217 |
2013 Form 10-K (2) |  |  |  | 2,000 |  |  |  |  | 1,320 |  |  |  |  | 217 |
___________________________________________________________________ N/A - Not applicable.
| (1) | HMEC’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014.
| (2) | HMEC’s Annual Report on Form 10-K for the year ended December 31, 2013, specifically “Notes to Consolidated Financial Statements — Note 9 — Pension Plans and Other Postretirement Benefits”.

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