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Pension and Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2012
Pension and Employee Benefit Plans [Abstract] |
Schedule of changes in projected benefit obligations | The following tables set forth the plans’ changes in benefit obligations, plan assets and funded status on the measurement dates, December 31, 2012 and 2011, and amounts recognized in our consolidated balance sheets as of those dates.
|  | Pension Benefits |  |  | Other Benefits |
$ in thousands |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 7,886 |  |  | $ | 7,157 |  |  |  | n/a |  |  |  | n/a |
Accumulated post retirement benefit obligation |  |  | n/a |  |  |  | n/a |  |  | $ | 146 |  |  | $ | 156 |
Service cost |  |  | 58 |  |  |  | 41 |  |  |  | — |  |  |  | — |
Interest cost |  |  | 328 |  |  |  | 367 |  |  |  | 6 |  |  |  | 7 |
Actuarial (gain)/loss |  |  | 629 |  |  |  | 631 |  |  |  | (43 | ) |  |  | 12 |
Benefits paid |  |  | (366 | ) |  |  | (310 | ) |  |  | (20 | ) |  |  | (29 | )
Projected benefit obligation at end of year |  |  | 8,535 |  |  |  | 7,886 |  |  |  | 89 |  |  |  | 146 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 5,020 |  |  |  | 5,144 |  |  |  | — |  |  |  | — |
Actual return (loss) on plan assets |  |  | 603 |  |  |  | (212 | ) |  |  | — |  |  |  | — |
Employer contribution |  |  | 292 |  |  |  | 398 |  |  |  | 20 |  |  |  | 29 |
Benefits paid |  |  | (366 | ) |  |  | (310 | ) |  |  | (20 | ) |  |  | (29 | )
Fair value of plan assets at end of year |  |  | 5,549 |  |  |  | 5,020 |  |  |  | — |  |  |  | — |
Funded status |  | $ | (2,986 | ) |  | $ | (2,866 | ) |  | $ | (89 | ) |  | $ | (146 | )
Defined benefit liabilities included in accounts payable and accrued expenses |  | $ | — |  |  | $ | — |  |  | $ | (15 | ) |  | $ | (25 | )
Defined benefit liabilities included in other liabilities |  |  | (2,986 | ) |  |  | (2,866 | ) |  |  | (74 | ) |  |  | (121 | )
Deferred tax benefit/ (expense) associated with AOCL |  |  | 1,505 |  |  |  | 1,476 |  |  |  | (45 | ) |  |  | (31 | )
AOCL, net of tax |  |  | 2,257 |  |  |  | 2,215 |  |  |  | (67 | ) |  |  | (46 | )
Net amount recognized |  | $ | 776 |  |  | $ | 825 |  |  | $ | (201 | ) |  | $ | (223 | )
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | 404 |  |  | $ | 1,231 |  |  | $ | (43 | ) |  | $ | 12 |
Amortization of prior service cost |  |  | (1 | ) |  |  | (1 | ) |  |  | — |  |  |  | — |
Amortization of net actuarial loss |  |  | (332 | ) |  |  | (251 | ) |  |  | 8 |  |  |  | 10 |
Total recognized in other comprehensive income |  | $ | 71 |  |  | $ | 979 |  |  | $ | (35 | ) |  | $ | 22 |
Accumulated other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | 3,756 |  |  | $ | 3,685 |  |  | $ | (112 | ) |  | $ | (77 | )
Prior service cost |  |  | 5 |  |  |  | 6 |  |  |  | — |  |  |  | — |
Amount recognized in accumulated other comprehensive income (loss) |  | $ | 3,761 |  |  | $ | 3,691 |  |  | $ | (112 | ) |  | $ | (77 | )
Weighted-average assumptions used to determine benefit obligations for the year ended December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.75 | % |  |  | 4.25 | % |  |  | 3.75 | % |  |  | 4.25 | %
Compensation increase rate |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Components of pension and employee benefit expenses | The details of net periodic benefit cost for pension benefits included in the accompanying Consolidated Statements of Income for the years ended December 31, 2012 and 2011 are as follows:
$ in thousands |  | 2012 |  |  | 2011 |
Service cost |  | $ | 58 |  |  | $ | 41 |
Interest cost |  |  | 328 |  |  |  | 367 |
Expected return on plan assets |  |  | (377 | ) |  |  | (388 | )
Net amortization and deferral |  |  | 333 |  |  |  | 252 |
Net periodic benefit cost |  | $ | 342 |  |  | $ | 272 |
Weighted-average assumptions used to determine net periodic benefit cost |
Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31: |  |  |  |  |  |  |  |
Discount rate |  |  | 4.25 | % |  |  | 5.25 | %
Expected return on assets |  |  | 7.50 | % |  |  | 7.50 | %
Compensation increase rate |  |  | N/A |  |  |  | N/A |
Details of defined benefit pension plan asset allocation by asset category | Our defined benefit pension plan asset allocation by asset category is as follows:
|  | Target Allocation 2013 |  |  | Percentage of Plan Assets |
|  |  | 2012 |  |  | 2011 |
Asset Category: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  | 70 | % |  |  | 69 | % |  |  | 61 | %
Debt securities |  |  | 30 | % |  |  | 31 | % |  |  | 39 | %
Total |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Disclosure of Fair Value Measurements of Pension Plan Assets | The levels assigned to the defined benefit plan assets as of December 31, 2012, are summarized in the tables below:
$ in thousands |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Pension assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash in money market fund |  | $ | 156 |  |  | $ | — |  |  | $ | — |  |  | $ | 156 |
U.S. government and agency securities |  |  | 169 |  |  |  | — |  |  |  | — |  |  |  | 169 |
Mutual funds |  |  | 5,224 |  |  |  | — |  |  |  | — |  |  |  | 5,224 |
Total assets |  | $ | 5,549 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,549 |
The levels assigned to the defined benefit plan assets as of December 31, 2011, are summarized in the tables below:
$ in thousands |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Pension assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash in money market fund |  | $ | 323 |  |  | $ | — |  |  | $ | — |  |  | $ | 323 |
U.S. government and agency securities |  |  | 172 |  |  |  | — |  |  |  | — |  |  |  | 172 |
Corporate bonds and notes |  |  | — |  |  |  | 348 |  |  |  | — |  |  |  | 348 |
Mutual funds |  |  | 4,177 |  |  |  | — |  |  |  | — |  |  |  | 4,177 |
Total assets |  | $ | 4,672 |  |  | $ | 348 |  |  | $ | — |  |  | $ | 5,020 |
Summary of Pension Fund general information |
Pension Fund |  | EIN/Pension Plan Number |  |  | Pension Protection Act Zone Status 2012 |  | FIF/RP Status Pending/ Implemented |  | Surcharge Imposed |  |  | Expiration of Collective Bargaining Agreement
Sheet Metal Workers’ National Pension Fund |  |  | 52-6112463/001 |  |  | Red |  | FIF: did not disclose |  |  | No |  |  | various
|  |  | RP: Yes - Implemented |  |
Sheet Metal Workers Local 224 Pension Plan |  |  | 31-6171353/001 |  |  | Red |  | FIF: Yes - Implemented |  |  | No |  |  | May 31, 2013
|  |  | RP: Yes - Implemented |  |
Sheet Metal Workers Local No. 20, Indianapolis Area Pension fund |  |  | 51-0168516/001 |  |  | Green |  | Is not subject |  |  | No |  |  | May 31, 2014
Sheet Metal Workers Local No. 177 Pension Fund |  |  | 62-6093256/001 |  |  | Green |  | Is not subject |  |  | No |  |  | not available

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
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