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Pension and Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2014
Compensation and Retirement Disclosure [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, 2014, 2013 and 2012, and amounts recognized in our consolidated balance sheets as of those dates.
|  | Pension Benefits |  |  | Other Benefits |
(Table only in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 32,311 |  |  | $ | 8,535 |  |  | $ | 7,886 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Accumulated postretirement benefit obligation |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  | $ | 116 |  |  | $ | 89 |  |  | $ | 146 |
Projected benefit obligation from acquisition |  |  | — |  |  |  | 24,364 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Service cost |  |  | 204 |  |  |  | 126 |  |  |  | 58 |  |  |  | — |  |  |  | — |  |  |  | — |
Interest cost |  |  | 1,428 |  |  |  | 676 |  |  |  | 328 |  |  |  | 5 |  |  |  | 3 |  |  |  | 6 |
Amendments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | 44 |  |  |  | — |
Actuarial (gain)/loss |  |  | 6,015 |  |  |  | (509 | ) |  |  | 629 |  |  |  | 38 |  |  |  | 8 |  |  |  | (43 | )
Administrative expenses |  |  | (174 | ) |  |  | (126 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Benefits paid |  |  | (1,576 | ) |  |  | (755 | ) |  |  | (366 | ) |  |  | (28 | ) |  |  | (28 | ) |  |  | (20 | )
Projected benefit obligation at end of year |  |  | 38,208 |  |  |  | 32,311 |  |  |  | 8,535 |  |  |  | 155 |  |  |  | 116 |  |  |  | 89 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 25,822 |  |  |  | 5,549 |  |  |  | 5,020 |  |  |  | — |  |  |  | — |  |  |  | — |
Fair value of plan assets from acquisition |  |  | — |  |  |  | 18,654 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | 1,404 |  |  |  | 2,291 |  |  |  | 603 |  |  |  | — |  |  |  | — |  |  |  | — |
Employer contribution |  |  | 1,826 |  |  |  | 209 |  |  |  | 292 |  |  |  | 28 |  |  |  | 28 |  |  |  | 20 |
Administrative expenses |  |  | (174 | ) |  |  | (126 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Benefits paid |  |  | (1,576 | ) |  |  | (755 | ) |  |  | (366 | ) |  |  | (28 | ) |  |  | (28 | ) |  |  | (20 | )
Fair value of plan assets at end of year |  |  | 27,302 |  |  |  | 25,822 |  |  |  | 5,549 |  |  |  | — |  |  |  | — |  |  |  | — |
Funded status |  | $ | (10,906 | ) |  | $ | (6,489 | ) |  | $ | (2,986 | ) |  | $ | (155 | ) |  | $ | (116 | ) |  | $ | (89 | )
Defined benefit liabilities included in accounts payable and accrued expenses |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (25 | ) |  | $ | (21 | ) |  | $ | (15 | )
Defined benefit liabilities included in other liabilities |  |  | (10,906 | ) |  |  | (6,489 | ) |  |  | (2,986 | ) |  |  | (130 | ) |  |  | (95 | ) |  |  | (74 | )
Deferred tax benefit (expense) associated with accumulated other comprehensive loss (income) |  |  | 2,983 |  |  |  | 608 |  |  |  | 1,505 |  |  |  | 8 |  |  |  | (18 | ) |  |  | (45 | )
Accumulated other comprehensive loss (income), net of tax |  |  | 4,865 |  |  |  | 856 |  |  |  | 2,257 |  |  |  | 14 |  |  |  | (27 | ) |  |  | (67 | )
Net amount recognized |  | $ | (3,058 | ) |  | $ | (5,025 | ) |  | $ | 776 |  |  | $ | (133 | ) |  | $ | (161 | ) |  | $ | (201 | )
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | 6,561 |  |  | $ | (1,926 | ) |  | $ | 404 |  |  | $ | 38 |  |  | $ | 8 |  |  | $ | (43 | )
Prior service cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | 44 |  |  |  | — |
Amortization of prior service cost |  |  | (4 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  | (6 | ) |  |  | — |  |  |  | — |
Amortization of net actuarial loss |  |  | (173 | ) |  |  | (370 | ) |  |  | (332 | ) |  |  | 11 |  |  |  | 14 |  |  |  | 8 |
Total recognized in other comprehensive income |  | $ | 6,384 |  |  | $ | (2,297 | ) |  | $ | 71 |  |  | $ | 67 |  |  | $ | 66 |  |  | $ | (35 | )
Accumulated other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (gain) loss |  | $ | 7,848 |  |  | $ | 1,460 |  |  | $ | 3,757 |  |  | $ | (40 | ) |  | $ | (89 | ) |  | $ | (112 | )
Prior service cost |  |  | — |  |  |  | 4 |  |  |  | 5 |  |  |  | 62 |  |  |  | 44 |  |  |  | — |
Amount recognized in accumulated other comprehensive income (loss) |  | $ | 7,848 |  |  | $ | 1,464 |  |  | $ | 3,761 |  |  | $ | 22 |  |  | $ | (45 | ) |  | $ | (112 | )
Weighted-average assumptions used to determine benefit obligations for the year ended December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.75 | % |  |  | 4.50 | % |  |  | 3.75 | % |  |  | 3.75 | % |  |  | 4.50 | % |  |  | 3.75 | %
Compensation increase rate |  |  | n/a |  |  |  | n/a |  |  |  | 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, 2014, 2013 and 2012 are as follows:
(Table only in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Service cost |  | $ | 204 |  |  | $ | 126 |  |  | $ | 58 |
Interest cost |  |  | 1,428 |  |  |  | 676 |  |  |  | 328 |
Expected return on plan assets |  |  | (1,950 | ) |  |  | (871 | ) |  |  | (377 | )
Net amortization and deferral |  |  | 177 |  |  |  | 370 |  |  |  | 333 |
Net periodic benefit cost |  | $ | (141 | ) |  | $ | 301 |  |  | $ | 342 |
Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost |
(Table only in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Service cost |  | $ | 204 |  |  | $ | 126 |  |  | $ | 58 |
Interest cost |  |  | 1,428 |  |  |  | 676 |  |  |  | 328 |
Expected return on plan assets |  |  | (1,950 | ) |  |  | (871 | ) |  |  | (377 | )
Net amortization and deferral |  |  | 177 |  |  |  | 370 |  |  |  | 333 |
Net periodic benefit cost |  | $ | (141 | ) |  | $ | 301 |  |  | $ | 342 |
Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.50 | % |  |  | 3.75% to 4.50% |  |  |  | 4.25 | %
Expected return on assets |  |  | 7.50 | % |  |  | 7.50% |  |  |  | 7.50 | %
Compensation increase rate |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Details of Defined Benefit Pension Plan Asset Allocation by Asset Category | by an underlying inflation rate. Our defined benefit pension plan asset allocation by asset category is as follows:
|  | Target Allocation 2015 |  |  | Percentage of Plan Assets |
|  |  | 2014 |  |  | 2013 |
Asset Category: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  | 70 | % |  |  | 64% - 67 | % |  |  | 64% - 73 | %
Debt securities |  |  | 30 | % |  |  | 33% - 36 | % |  |  | 27% - 36 | %
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, 2014, are summarized in the tables below:
(Table only in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Pension assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,310 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,310 |
Equity securities |  |  | 18,274 |  |  |  | — |  |  |  | — |  |  |  | 18,274 |
Debt securities |  |  | 7,718 |  |  |  | — |  |  |  | — |  |  |  | 7,718 |
Total assets |  | $ | 27,302 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,302 |
The levels assigned to the defined benefit plan assets as of December 31, 2013, are summarized in the tables below:
(Table only in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Pension assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,106 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,106 |
Equity securities |  |  | 17,590 |  |  |  | — |  |  |  | — |  |  |  | 17,590 |
Debt securities |  |  | 7,126 |  |  |  | — |  |  |  | — |  |  |  | 7,126 |
Total assets |  | $ | 25,822 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,822 |
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 |  | Yellow |  | FIF: Yes -Implemented RP: Yes - Implemented |  |  | No |  |  | various
Sheet Metal Workers Local 224 Pension Plan |  | 31-6171353/001 |  | Red |  | RP: Yes - Implemented |  |  | No |  |  | May 31, 2016
Sheet Metal Workers Local No. 20, Indianapolis Area Pension fund |  | 51-0168516/001 |  | Green |  | Is not subject |  |  | No |  |  | May 31, 2017
Sheet Metal Workers Local No. 177 Pension Fund |  | 62-6093256/001 |  | Green |  | Is not subject |  |  | No |  |  | May 1, 2018

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