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Pension Plans (Tables) | 12 Months Ended
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Dec. 31, 2013
Compensation And Retirement Disclosure [Abstract] |
Components of Net Periodic Benefit Cost | Net periodic pension cost for the Plan consists of the following components for the years ended December 31:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Service cost |  | $ | 222 |  |  | $ | 1,300 |  |  | $ | 1,003 |
Interest cost |  |  | 1,251 |  |  |  | 1,411 |  |  |  | 1,373 |
Expected return on plan assets |  |  | (1,436 | ) |  |  | (1,186 | ) |  |  | (1,089 | )
Recognized net actuarial loss |  |  | 493 |  |  |  | 750 |  |  |  | 412 |
Net periodic pension cost |  | $ | 530 |  |  | $ | 2,275 |  |  | $ | 1,699 |
Projected Benefit Obligation and Fair Value of Plan Assets | The following tables set forth benefit obligations, plan assets and the accrued benefit cost of the Plan at December 31:
|  | 2013 |  |  | 2012 |
Projected benefit obligation at beginning of the year |  | $ | 31,590 |  |  | $ | 30,863 |
Service cost |  |  | 222 |  |  |  | 1,300 |
Interest cost |  |  | 1,251 |  |  |  | 1,411 |
Actuarial (gain) loss |  |  | (4,901 | ) |  |  | 4,859 |
Gain on curtailment |  |  | 0 |  |  |  | (6,275 | )
Benefits paid |  |  | (637 | ) |  |  | (568 | )
Projected benefit obligation at end of year |  | $ | 27,525 |  |  | $ | 31,590 |
Fair value of plan assets at beginning of the year |  | $ | 18,406 |  |  | $ | 15,077 |
Actual return on plan assets |  |  | 3,154 |  |  |  | 1,748 |
Employer contributions |  |  | 1,576 |  |  |  | 2,149 |
Benefits paid |  |  | (637 | ) |  |  | (568 | )
Fair value of plan assets at end of the year |  | $ | 22,499 |  |  | $ | 18,406 |
Unfunded pension obligation |  | $ | 5,026 |  |  | $ | 13,184 |
Amount Recognized in Accumulated Other Comprehensive Loss Related to Pension Plan | In accordance with ASC 715-20, the Company recognizes the underfunded status of the Plan as a liability. The amount recognized in Accumulated other comprehensive loss related to the Plan at December 31 is comprised of the following:
|  | 2013 |  |  | 2012 |
Balance at January 1 |  | $ | (6,305 | ) |  | $ | (8,000 | )
Reclassification adjustments: |  |  |  |  |  |  |  |
Pretax amortized net actuarial loss |  |  | 493 |  |  |  | 750 |
Tax provision |  |  | (187 | ) |  |  | (284 | )
|  |  | 306 |  |  |  | 466 |
Adjustment to recognize gain (loss)on unfunded pension obligations: |  |  |  |  |  |  |  |
Pretax gain (loss) |  |  | 6,619 |  |  |  | (4,297 | )
Tax (benefit) provision |  |  | (2,506 | ) |  |  | 1,627 |
|  |  | 4,113 |  |  |  | (2,670 | )
Adjustment to recognize the gain on curtailment of the pension plan: |  |  |  |  |  |  |  |
Pretax curtailment gain |  |  | 0 |  |  |  | 6,275 |
Tax provision |  |  | 0 |  |  |  | (2,376 | )
|  |  | 0 |  |  |  | 3,899 |
Balance at December 31 |  | $ | (1,886 | ) |  | $ | (6,305 | )
Accumulated Benefit Obligations in Excess of Plan Assets | The Plan had accumulated benefit obligations in excess of Plan assets as follows:
|  | 2013 |  |  | 2012 |
Accumulated benefit obligation |  | $ | 27,525 |  |  | $ | 31,590 |
Fair market value of assets |  |  | 22,499 |  |  |  | 18,406 |
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted-average assumptions used to determine benefit obligations at December 31 are as follows:
|  | 2013 |  | 2012
Discount rate |  | 5.00% |  | 4.00%
Rate of compensation increase |  | n/a |  | n/a
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 are as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Discount rate |  |  | 4.00 | % |  |  | 4.50 | % |  |  | 5.60 | %
Rate of compensation increase |  |  | n/a |  |  |  | 2.50 |  |  |  | 3.50 |
Expected long-term return on plan assets |  |  | 8.00 |  |  |  | 8.00 |  |  |  | 8.00 |
Fair Value of the Company's Pension Plan Assets | The fair value of the Company’s pension plan assets as of December 31, 2013 and 2012, by category, are as follows:
|  | At December 31, 2013 |
|  | 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 |  | $ | 1,127 |  |  | $ | 1,127 |  |  | $ | 0 |  |  | $ | 0 |
Equity Securities |  |  | 7,455 |  |  |  | 7,455 |  |  |  | 0 |  |  |  | 0 |
U.S. Treasury Bonds |  |  | 4,161 |  |  |  | 4,161 |  |  |  | 0 |  |  |  | 0 |
Mutual Funds - Equity |  |  | 6,776 |  |  |  | 6,776 |  |  |  | 0 |  |  |  | 0 |
Corporate Bonds |  |  | 2,950 |  |  |  | 0 |  |  |  | 2,950 |  |  |  | 0 |
Mortgage-Backed Securities |  |  | 30 |  |  |  | 0 |  |  |  | 30 |  |  |  | 0 |
Total |  | $ | 22,499 |  |  | $ | 19,519 |  |  | $ | 2,980 |  |  | $ | 0 |
|  | At December 31, 2012 |
|  | 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 |  | $ | 464 |  |  | $ | 464 |  |  | $ | 0 |  |  | $ | 0 |
Equity Securities |  |  | 6,121 |  |  |  | 6,121 |  |  |  | 0 |  |  |  | 0 |
U.S. Treasury Bonds |  |  | 4,205 |  |  |  | 4,205 |  |  |  | 0 |  |  |  | 0 |
Mutual Funds - Equity |  |  | 4,944 |  |  |  | 4,944 |  |  |  | 0 |  |  |  | 0 |
Corporate Bonds |  |  | 2,640 |  |  |  | 0 |  |  |  | 2,640 |  |  |  | 0 |
Mortgage-Backed Securities |  |  | 32 |  |  |  | 0 |  |  |  | 32 |  |  |  | 0 |
Total |  | $ | 18,406 |  |  | $ | 15,734 |  |  | $ | 2,672 |  |  | $ | 0 |
Weighted-Average Asset Allocations of Pension Plan Assets | The Company’s pension plan weighted-average asset allocations at December 31, 2013 and 2012, by asset category, are as follows:
|  | Plan assets at December 31 |
|  | 2013 |  |  | 2012 |
Asset category |  |  |  |  |  |  |  |
Equity securities |  |  | 63 | % |  |  | 60 | %
Debt securities |  |  | 32 |  |  |  | 37 |
Cash and equivalents |  |  | 5 |  |  |  | 3 |
|  |  | 100 | % |  |  | 100 | %
Weighted-Average Target Allocations of Pension Plans | 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:
|  | Range |  |  | Target |
Equities |  |  | 30-80 | % |  |  | 60 | %
Fixed Income |  |  | 20-70 | % |  |  | 40 | %
Cash Equivalents |  |  | 0-10 | % |  |  |  |
Aggregate Benefits Expected to be Paid Out of Plan Assets | 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:
Year |  | Pension Benefits |
2014 |  | $ | 715,302 |
2015 |  |  | 776,134 |
2016 |  |  | 852,886 |
2017 |  |  | 926,748 |
2018 |  |  | 1,005,382 |
2019-2023 |  |  | 6,482,705 |

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- Definition Disclosures of the pension accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets as of the measurement date of each statement of financial position. + References No definition available. + 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 and tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References No definition available. + Details
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