XML 64 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Pension And Other Post-Retirement Benefits
 9 Months Ended
Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]  
Pension And Other Post-Retirement Benefits
The Company sponsors noncontributory defined benefit (pension) plans covering most employees. The plans for salaried and hourly employees currently in effect are based on a formula using the participant’s years of service and compensation or using the participant’s years of service and a dollar amount. The plan is closed to new participants, and based on plan changes announced in 2006, pay for active plan participants was frozen as of December 31, 2007. Beginning in the first quarter of 2014, with the exception of plan participants at two of Tredegar’s U.S. manufacturing facilities, the plan will no longer accrue benefits associated with crediting employees for service, thereby freezing future benefits under the plan.

The components of net periodic benefit cost for our pension and other post-retirement benefit programs reflected in consolidated results are shown below:
 
Pension Benefits
 
Other Post-Retirement Benefits
 
Three Months Ended September 30,
 
Three Months Ended September 30,
(In Thousands)
2014
 
2013
 
2014
 
2013
Service cost
$
109

 
$
1,076

 
$
13

 
$
18

Interest cost
3,365

 
3,039

 
93

 
89

Expected return on plan assets
(4,610
)
 
(4,415
)
 
—

 
—

Amortization of prior service costs, gains or losses and net transition asset
2,388

 
3,892

 
(76
)
 
(41
)
Net periodic benefit cost
$
1,252

 
$
3,592

 
$
30

 
$
66

 
Pension Benefits
 
Other Post-Retirement Benefits
 
Nine Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Service cost
$
758

 
$
2,816

 
$
39

 
$
53

Interest cost
10,048

 
9,253

 
279

 
266

Expected return on plan assets
(13,726
)
 
(13,073
)
 
—

 
—

Amortization of prior service costs, gains or losses and net transition asset
8,016

 
11,271

 
(230
)
 
(122
)
Curtailment charge
81

 
—

 
—

 
—

Net periodic benefit cost
$
5,177

 
$
10,267

 
$
88

 
$
197


Pension and other post-retirement liabilities for continuing operations (included in “Other noncurrent liabilities” in the consolidated balance sheets) are $44.8 million and $50.3 million at September 30, 2014 and December 31, 2013, respectively. The Company’s required contributions are expected to be approximately $0.2 million in 2014. The Company made an additional discretionary contribution of $2.6 million to its underfunded pension plan in September 2014. Tredegar funds its other post-retirement benefits (life insurance and health benefits) on a claims-made basis, which the Company anticipates will be consistent with amounts paid for the year ended December 31, 2013, or $0.3 million .