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Pension Plans | 12 Months Ended
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Dec. 31, 2011
Pension Plans [Abstract] |
Pension Plans | Note C—Pension Plans PLP-USA hourly employees of the Company who meet specific requirements as to age and service are covered by a defined benefit pension plan. The Company uses a December 31 measurement date for its plan. Net periodic pension cost for PLP-USA’s pension plan consists of the following components for the years ended December 31:
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Service cost |  | $ | 1,003 |  |  | $ | 813 |  |  | $ | 908 |
Interest cost |  |  | 1,373 |  |  |  | 1,195 |  |  |  | 1,195 |
Expected return on plan assets |  |  | (1,089 | ) |  |  | (960 | ) |  |  | (759 | )
Recognized net actuarial loss |  |  | 412 |  |  |  | 280 |  |  |  | 562 |
Net periodic pension cost |  | $ | 1,699 |  |  | $ | 1,328 |  |  | $ | 1,906 |
The following tables set forth benefit obligations, plan assets and the accrued benefit cost of PLP-USA’s pension plan at December 31:
|  |  | September 30, |  |  |  | September 30, |
|  | 2011 |  |  | 2010 |
Projected benefit obligation at beginning of the year |  | $ | 23,665 |  |  | $ | 21,718 |
Service cost |  |  | 1,003 |  |  |  | 813 |
Interest cost |  |  | 1,373 |  |  |  | 1,195 |
Actuarial (gain) loss |  |  | 5,364 |  |  |  | 415 |
Benefits paid |  |  | (542 | ) |  |  | (476 | )
Projected benefit obligation at end of year |  | $ | 30,863 |  |  | $ | 23,665 |
Fair value of plan assets at beginning of the year |  | $ | 14,192 |  |  | $ | 13,040 |
Actual return on plan assets |  |  | 297 |  |  |  | 1,628 |
Employer contributions |  |  | 1,130 |  |  |  | — |
Benefits paid |  |  | (542 | ) |  |  | (476 | )
Fair value of plan assets at end of the year |  | $ | 15,077 |  |  | $ | 14,192 |
Unfunded pension obligation |  | $ | (15,786 | ) |  | $ | (9,473 | )
In accordance with ASC 715-20, the Company recognizes the underfunded status of its PLP-USA pension plan as a liability. The amount recognized in accumulated other comprehensive loss related to PLP-USA’s pension plan at December 31 is comprised of the following:
|  |  | September 30, |  |  |  | September 30, |
|  | 2011 |  |  | 2010 |
Balance at January 1 |  | $ | (4,431 | ) |  | $ | (4,762 | )
Reclassification adjustments: |  |  |  |  |  |  |  |
Pretax amortized net actuarial loss |  |  | 412 |  |  |  | 280 |
Tax provision |  |  | (156 | ) |  |  | (106 | )
|  |  | 256 |  |  |  | 174 |
Adjustment to recognize (loss) gain on unfunded pension obligations: |  |  |  |  |  |  |  |
Pretax (loss) gain |  |  | (6,156 | ) |  |  | 253 |
Tax provision (benefit) |  |  | 2,331 |  |  |  | (96 | )
|  |  | (3,825 | ) |  |  | 157 |
Balance at December 31 |  | $ | (8,000 | ) |  | $ | (4,431 | )
The estimated net loss for the PLP-USA pension plan that will be amortized from accumulated other comprehensive income into periodic benefit cost for 2012 is $.7 million. There is no prior service cost to be amortized in the future. The PLP-USA pension plan had accumulated benefit obligations in excess of plan assets as follows:
|  |  | September 30, |  |  |  | September 30, |
|  | 2011 |  |  | 2010 |
Accumulated benefit obligation |  | $ | 26,302 |  |  | $ | 19,915 |
Fair market value of assets |  |  | 15,077 |  |  |  | 14,192 |
Weighted-average assumptions used to determine benefit obligations at December 31 are as follows:
|  |  | September 30, |  |  |  | September 30, |
|  | 2011 |  |  | 2010 |
Discount rate |  |  | 4.50 | % |  |  | 5.60 | %
Rate of compensation increase |  |  | 2.50 |  |  |  | 3.50 |
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 are as follows:
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Discount rate |  |  | 5.60 | % |  |  | 6.00 | % |  |  | 5.75 | %
Rate of compensation increase |  |  | 3.50 |  |  |  | 3.50 |  |  |  | 3.50 |
Expected long-term return on plan assets |  |  | 8.00 |  |  |  | 8.00 |  |  |  | 8.00 |
The net periodic pension cost for 2011 was based on a long-term asset rate of return of 8.0%. This rate is based upon management’s estimate of future long-term rates of return on similar assets and is consistent with historical returns on such assets. Using the plan’s current mix of assets and based on the average historical returns for such mix, an expected long-term rate-of-return of 8.0% is justified. At December 31, 2011, the fair value of the Company’s pension plan assets included inputs in Level 1: Quoted market prices in active markets for identical assets or liabilities, and Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. The fair value of the Company’s pension plan assets as of December 31, 2011 and 2010, by category, are as follows:
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | At December 31, 2011 |
|  | Total Assets at Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Asset Category |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 304 |  |  | $ | 304 |  |  | $ | — |  |  | $ | — |
Equity Securities |  |  | 5,445 |  |  |  | 5,445 |  |  |  | — |  |  |  | — |
U.S. Treasury Bonds |  |  | 1,880 |  |  |  | 1,880 |  |  |  |  |  |  |  |  |
Agency Bonds |  |  | 905 |  |  |  | 905 |  |  |  |  |  |  |  |  |
Etf-Equity |  |  | 458 |  |  |  | 458 |  |  |  | — |  |  |  | — |
Mutual Funds—Equity |  |  | 3,226 |  |  |  | 3,226 |  |  |  | — |  |  |  | — |
Corporate Bonds |  |  | 2,827 |  |  |  | — |  |  |  | 2,827 |  |  |  | — |
Mortgage-Backed Securities |  |  | 32 |  |  |  | — |  |  |  | 32 |  |  |  | — |
Total |  | $ | 15,077 |  |  | $ | 12,218 |  |  | $ | 2,859 |  |  | $ | — |
|  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |  |  |  | September 30, |
|  | At December 31, 2010 |
|  | Total Assets at Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Asset Category |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 374 |  |  | $ | 374 |  |  | $ | — |  |  | $ | — |
Equity Securities |  |  | 5,060 |  |  |  | 5,060 |  |  |  | — |  |  |  | — |
U.S. Treasury Securities |  |  | 2,535 |  |  |  | 2,535 |  |  |  | — |  |  |  | — |
Mutual Funds |  |  | 3,446 |  |  |  | 3,446 |  |  |  | — |  |  |  | — |
Corporate Bonds |  |  | 2,726 |  |  |  | — |  |  |  | 2,726 |  |  |  | — |
Mortgage-Backed Securities |  |  | 51 |  |  |  | — |  |  |  | 51 |  |  |  | — |
Total |  | $ | 14,192 |  |  | $ | 11,415 |  |  | $ | 2,777 |  |  | $ | — |
The Company’s pension plan weighted-average asset allocations at December 31, 2011 and 2010, by asset category, are as follows:
|  |  | September 30, |  |  |  | September 30, |
|  | Plan assets at December 31 |
|  | 2011 |  |  | 2010 |
Asset category |  |  |  |  |  |  |  |
Equity securities |  |  | 61 | % |  |  | 60 | %
Debt securities |  |  | 37 |  |  |  | 37 |
Cash and equivalents |  |  | 2 |  |  |  | 3 |
|  |  | 100 | % |  |  | 100 | %
Management seeks to maximize the long-term total return of financial assets consistent with the fiduciary standards of ERISA. The ability to achieve these returns is dependent upon the need to accept moderate risk to achieve long-term capital appreciation. In recognition of the expected returns and volatility from financial assets, retirement plan assets are invested in the following ranges with the target allocation noted:
|  |  | September 30, |  |  |  | September 30, |
|  | Range |  |  | Target |
Equities |  |  | 30-80 | % |  |  | 60 | %
Fixed Income |  |  | 20-70 | % |  |  | 40 | %
Cash Equivalents |  |  | 0-10 | % |  |  |  |
Investment in these markets is projected to provide performance consistent with expected long-term returns with appropriate diversification. The Company’s policy is to fund amounts deductible for federal income tax purposes. The Company expects to contribute $2.2 million to its pension plan in 2012. The benefits expected to be paid out of the plan assets in each of the next five years and the aggregate benefits expected to be paid for the subsequent five years are as follows:
|  |  | September 30, |
Year |  | Pension Benefits |
2012 |  | $ | 586,567 |
2013 |  |  | 669,868 |
2014 |  |  | 740,561 |
2015 |  |  | 809,830 |
2016 |  |  | 906,945 |
2017-2021 |  |  | 6,239,015 |
The Company also provides retirement benefits through various defined contribution plans including PLP-USA’s Profit Sharing Plan. Expense for these defined contribution plans was $4.8 million in 2011, $4.6 million in 2010 and $3.7 million in 2009. Further, the Company also provides retirement benefits through the Supplemental Profit Sharing Plan. To the extent an employee’s award under PLP-USA’s Profit Sharing Plan exceeds the maximum allowable contribution permitted under existing tax laws, the excess is accrued for (but not funded) under a non-qualified Supplemental Profit Sharing Plan. The return under this Supplemental Profit Sharing Plan is calculated at a weighted average of the one year Treasury Bill rate plus 1%. At December 31, 2011 and 2010, the interest rate for the Supplemental Profit Sharing Plan was 1.29% and 1.47%, respectively. Expense for the Supplemental Profit Sharing Plan was $.3 million for 2011, $.3 million for 2010 and $.3 million for 2009. The Supplemental Profit Sharing Plan unfunded status as of December 31, 2011 and 2010 was $2.2 million and $1.9 million and is included in Other noncurrent liabilities.

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