|
EMPLOYEE BENEFIT PLANS (Tables)
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12 Months Ended |
|
Dec. 31, 2013
|
| EMPLOYEE BENEFIT PLANS |
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| Net periodic benefit cost recognized for the plans |
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Pension Benefits |
|
Other Benefits |
|
|
(In thousands) |
|
12 Months
Ended
December 31,
2013 |
|
From
Inception
August 31,
2012 through
December 31,
2012 |
|
|
|
March 30,
2012 through
August 30,
2012 |
|
52 Weeks
Ended
March 29,
2012 |
|
12 Months
Ended
December 31,
2013 |
|
From
Inception
August 31,
2012 through
December 31,
2012 |
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|
March 30,
2012 through
August 30,
2012 |
|
52 Weeks
Ended
March 29,
2012 |
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(Successor)
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(Successor))
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(Predecessor)
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(Predecessor)
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(Successor)
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(Successor)
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(Predecessor)
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(Predecessor)
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Components of net periodic benefit cost: |
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Service cost |
|
$ |
180 |
|
$ |
59 |
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|
$ |
76 |
|
$ |
180 |
|
$ |
195 |
|
$ |
61 |
|
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|
$ |
74 |
|
$ |
149 |
|
|
Interest cost |
|
|
4,513 |
|
|
1,484 |
|
|
|
|
1,962 |
|
|
4,640 |
|
|
870 |
|
|
306 |
|
|
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|
435 |
|
|
1,122 |
|
|
Expected return on plan assets |
|
|
(4,707 |
) |
|
(1,442 |
) |
|
|
|
(1,811 |
) |
|
(4,465 |
) |
|
— |
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— |
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— |
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— |
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|
Amortization of net (gain) loss |
|
|
— |
|
|
— |
|
|
|
|
899 |
|
|
5 |
|
|
(78 |
) |
|
— |
|
|
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|
88 |
|
|
— |
|
|
Amortization of prior service credit |
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— |
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— |
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— |
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— |
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— |
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— |
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(448 |
) |
|
(984 |
) |
|
Settlement |
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— |
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(15 |
) |
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— |
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— |
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— |
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— |
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— |
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— |
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Net periodic benefit cost |
|
$ |
(14 |
) |
$ |
86 |
|
|
|
$ |
1,126 |
|
$ |
360 |
|
$ |
987 |
|
$ |
367 |
|
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|
$ |
149 |
|
$ |
287 |
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| Summary of changes in other comprehensive income: |
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Pension Benefits |
|
Other Benefits |
|
|
(In thousands) |
|
12 Months
Ended
December 31,
2013 |
|
From
Inception
August 31,
2012 through
December 31,
2012 |
|
|
|
March 30,
2012 through
August 30,
2012 |
|
12 Months
Ended
December 31,
2013 |
|
From
Inception
August 31,
2012 through
December 31,
2012 |
|
|
|
March 30,
2012 through
August 30,
2012 |
|
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|
(Successor)
|
|
(Successor)
|
|
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|
(Predecessor)
|
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(Successor)
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(Successor)
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(Predecessor)
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Net (gain) loss |
|
$ |
(12,537 |
) |
$ |
(4,118 |
) |
|
|
$ |
— |
|
$ |
(1,271 |
) |
$ |
(3,161 |
) |
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|
$ |
— |
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|
Net prior service credit |
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— |
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— |
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— |
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(15,197 |
) |
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— |
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(771 |
) |
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Merger push-down accounting adjustment |
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— |
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— |
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(20,741 |
) |
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— |
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— |
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|
3,804 |
|
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Amortization of net gain (loss) |
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|
— |
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|
— |
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(899 |
) |
|
78 |
|
|
— |
|
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|
(88 |
) |
|
Amortization of prior service credit |
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— |
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— |
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— |
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— |
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— |
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|
448 |
|
|
Allocated tax expense |
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|
8,442 |
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— |
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— |
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|
6,782 |
|
|
— |
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|
— |
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Settlement |
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— |
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|
15 |
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— |
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— |
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— |
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— |
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Total recognized in other comprehensive income |
|
$ |
(4,095 |
) |
$ |
(4,103 |
) |
|
|
$ |
(21,640 |
) |
$ |
(9,608 |
) |
$ |
(3,161 |
) |
|
|
$ |
3,393 |
|
|
Net periodic benefit cost |
|
|
(14 |
) |
|
86 |
|
|
|
|
1,126 |
|
|
987 |
|
|
367 |
|
|
|
|
149 |
|
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Total recognized in net periodic benefit cost and other comprehensive income |
|
$ |
(4,109 |
) |
$ |
(4,017 |
) |
|
|
$ |
(20,514 |
) |
$ |
(8,621 |
) |
$ |
(2,794 |
) |
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|
$ |
3,542 |
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| Schedule of plan's change in benefit obligations and plan assets and the accrued liability for benefit costs included in the Consolidated Balance Sheets |
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|
Pension Benefits |
|
Other Benefits |
|
|
(In thousands) |
|
12 Months
Ended
December 31,
2013 |
|
From
Inception
August 31,
2012 through
December 31,
2012 |
|
|
|
March 30,
2012 through
August 30,
2012 |
|
12 Months
Ended
December 31,
2013 |
|
From
Inception
August 31,
2012 through
December 31,
2012 |
|
|
|
March 30,
2012 through
August 30,
2012 |
|
|
|
(Successor)
|
|
(Successor)
|
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|
(Predecessor)
|
|
(Successor)
|
|
(Successor)
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|
(Predecessor)
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|
Change in benefit obligation: |
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|
Benefit obligation at beginning of period |
|
$ |
109,718 |
|
$ |
112,822 |
|
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|
$ |
96,672 |
|
$ |
22,765 |
|
$ |
25,816 |
|
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|
$ |
24,538 |
|
|
Service cost |
|
|
180 |
|
|
59 |
|
|
|
|
76 |
|
|
195 |
|
|
61 |
|
|
|
|
74 |
|
|
Interest cost |
|
|
4,513 |
|
|
1,484 |
|
|
|
|
1,962 |
|
|
870 |
|
|
306 |
|
|
|
|
435 |
|
|
Plan participant's contributions |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
562 |
|
|
196 |
|
|
|
|
227 |
|
|
Actuarial (gain) loss |
|
|
(10,022 |
) |
|
(3,465 |
) |
|
|
|
15,161 |
|
|
(1,271 |
) |
|
(3,161 |
) |
|
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|
1,828 |
|
|
Plan amendment |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
(15,197 |
) |
|
— |
|
|
|
|
(771 |
) |
|
Benefits paid |
|
|
(5,408 |
) |
|
(862 |
) |
|
|
|
(1,007 |
) |
|
(2,206 |
) |
|
(453 |
) |
|
|
|
(515 |
) |
|
Administrative expenses |
|
|
(98 |
) |
|
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Settlement |
|
|
— |
|
|
(320 |
) |
|
|
|
(42 |
) |
|
— |
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|
— |
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— |
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|
Benefit obligation at end of period |
|
$ |
98,883 |
|
$ |
109,718 |
|
|
|
$ |
112,822 |
|
$ |
5,718 |
|
$ |
22,765 |
|
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|
$ |
25,816 |
|
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|
Pension Benefits |
|
Other Benefits |
|
|
(In thousands) |
|
12 Months
Ended
December 31,
2013 |
|
From
Inception
August 31,
2012
through
December 31,
2012 |
|
|
|
March 30,
2012
through
August 30,
2012 |
|
12 Months
Ended
December 31,
2013 |
|
From
Inception
August 31,
2012
through
December 31,
2012 |
|
|
|
March 30,
2012
through
August 30,
2012 |
|
|
|
(Successor)
|
|
(Successor)
|
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|
(Predecessor)
|
|
(Successor)
|
|
(Successor)
|
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(Predecessor)
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|
Change in plan assets: |
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|
Fair value of plan assets at beginning of period |
|
$ |
68,219 |
|
$ |
66,059 |
|
|
|
$ |
64,236 |
|
$ |
— |
|
$ |
— |
|
|
|
$ |
— |
|
|
Actual return on plan assets gain |
|
|
7,223 |
|
|
2,095 |
|
|
|
|
977 |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
Employer contribution |
|
|
3,722 |
|
|
1,247 |
|
|
|
|
1,895 |
|
|
1,644 |
|
|
257 |
|
|
|
|
288 |
|
|
Plan participants' contributions |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
562 |
|
|
196 |
|
|
|
|
227 |
|
|
Benefits paid |
|
|
(5,408 |
) |
|
(862 |
) |
|
|
|
(1,007 |
) |
|
(2,206 |
) |
|
(453 |
) |
|
|
|
(515 |
) |
|
Administrative expense |
|
|
(98 |
) |
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
Settlement |
|
|
— |
|
|
(320 |
) |
|
|
|
(42 |
) |
|
— |
|
|
— |
|
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|
— |
|
| |
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| |
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|
Fair value of plan assets at end of period |
|
$ |
73,658 |
|
$ |
68,219 |
|
|
|
$ |
66,059 |
|
$ |
— |
|
$ |
— |
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|
|
$ |
— |
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| |
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Net liability for benefit cost: |
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|
|
|
|
|
|
|
|
|
|
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|
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|
Funded status |
|
$ |
(25,225 |
) |
$ |
(41,499 |
) |
|
|
$ |
(46,763 |
) |
$ |
(5,718 |
) |
$ |
(22,765 |
) |
|
|
$ |
(25,816 |
) |
| |
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|
Pension Benefits |
|
Other Benefits |
|
|
(In thousands) |
|
December 31,
2013 |
|
December 31,
2012 |
|
|
|
August 30,
2012 |
|
December 31,
2013 |
|
December 31,
2012 |
|
|
|
August 30,
2012 |
|
|
|
(Successor)
|
|
(Successor)
|
|
|
|
(Predecessor)
|
|
(Successor)
|
|
(Successor)
|
|
|
|
(Predecessor)
|
|
|
Amounts recognized in the Balance Sheet: |
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|
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|
|
|
|
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|
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|
|
|
|
|
|
Accrued expenses and other liabilities |
|
$ |
(154 |
) |
$ |
(154 |
) |
|
|
$ |
(40 |
) |
$ |
(612 |
) |
$ |
(885 |
) |
|
|
$ |
(1,016 |
) |
|
Other long-term liabilities |
|
|
(25,071 |
) |
|
(41,345 |
) |
|
|
|
(46,723 |
) |
|
(5,106 |
) |
|
(21,880 |
) |
|
|
|
(24,800 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net liability recognized |
|
$ |
(25,225 |
) |
$ |
(41,499 |
) |
|
|
$ |
(46,763 |
) |
$ |
(5,718 |
) |
$ |
(22,765 |
) |
|
|
$ |
(25,816 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate accumulated benefit obligation |
|
$ |
(98,883 |
) |
$ |
(109,718 |
) |
|
|
$ |
(112,822 |
) |
$ |
(5,718 |
) |
$ |
(22,765 |
) |
|
|
$ |
(25,816 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets |
|
|
|
|
|
|
|
|
|
|
Pension Benefits |
|
|
(In thousands) |
|
December 31, 2013 |
|
December 31, 2012 |
|
|
|
(Successor)
|
|
(Successor)
|
|
|
Aggregated accumulated benefit obligation |
|
$ |
(98,883 |
) |
$ |
(109,718 |
) |
|
Aggregated projected benefit obligation |
|
|
(98,883 |
) |
|
(109,718 |
) |
|
Aggregated fair value of plan assets |
|
|
73,658 |
|
|
68,219 |
|
|
| Schedule of components of amounts recognized in accumulated other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits |
|
Other Benefits |
|
|
(In thousands) |
|
December 31,
2013 |
|
December 31,
2012 |
|
|
|
August 30,
2012 |
|
December 31,
2013 |
|
December 31,
2012 |
|
|
|
August 30,
2012 |
|
|
|
(Successor)
|
|
(Successor)
|
|
|
|
(Predecessor)
|
|
(Successor)
|
|
(Successor)
|
|
|
|
(Predecessor)
|
|
|
Net actuarial (gain) loss |
|
$ |
(12,537 |
) |
$ |
(4,118 |
) |
|
|
$ |
— |
|
$ |
(1,271 |
) |
$ |
(3,161 |
) |
|
|
$ |
— |
|
|
Prior service credit |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
(15,197 |
) |
|
— |
|
|
|
|
— |
|
|
| Schedule of amounts in accumulated other comprehensive income expected to be recognized in components of net periodic pension cost |
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Pension Benefits |
|
Other Benefits |
|
|
Net actuarial gain |
|
$ |
(1,031 |
) |
$ |
(348 |
) |
|
Net prior service credit |
|
|
— |
|
|
(1,665 |
) |
|
| Schedule of weighted-average assumptions used to determine benefit obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits |
|
Other Benefits |
|
|
(In thousands) |
|
December 31,
2013 |
|
December 31,
2012 |
|
|
|
August 30,
2012 |
|
December 31,
2013 |
|
December 31,
2012 |
|
|
|
August 30,
2012 |
|
|
|
(Successor)
|
|
(Successor)
|
|
|
|
(Predecessor)
|
|
(Successor)
|
|
(Successor)
|
|
|
|
(Predecessor)
|
|
|
Discount rate |
|
|
4.73 |
% |
|
4.17 |
% |
|
|
|
3.99 |
% |
|
4.00 |
% |
|
3.90 |
% |
|
|
|
3.65 |
% |
|
Rate of compensation increase |
|
|
N/A |
|
|
N/A |
|
|
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
|
|
N/A |
|
|
| Schedule of weighted-average assumptions used to determine net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits |
|
Other Benefits |
|
|
(In thousands) |
|
12 Months
Ended
December 31,
2013 |
|
From
Inception
August 31,
2012
through
December 31,
2012 |
|
|
|
March 30,
2012
through
August 30,
2012 |
|
52 Weeks
Ended March 29, 2012 |
|
12 Months
Ended
December 31,
2013 |
|
From
Inception
August 31,
2012
through
December 31,
2012 |
|
|
|
March 30,
2012
through
August 30,
2012 |
|
52 Weeks
Ended
March 29,
2012 |
|
|
|
(Successor)
|
|
(Successor)
|
|
|
|
(Predecessor)
|
|
(Predecessor)
|
|
(Successor)
|
|
(Successor)
|
|
|
|
(Predecessor)
|
|
(Predecessor)
|
|
|
Discount rate |
|
|
4.17 |
% |
|
3.99 |
% |
|
|
|
4.86 |
% |
|
5.86 |
% |
|
3.90 |
% |
|
3.65 |
% |
|
|
|
4.42 |
% |
|
5.51 |
% |
|
Weighted average expected long-term return on plan assets |
|
|
7.27 |
% |
|
7.27 |
% |
|
|
|
7.27 |
% |
|
8.00 |
% |
|
N/A |
|
|
N/A |
|
|
|
|
N/A |
|
|
N/A |
|
|
Rate of compensation increase |
|
|
N/A |
|
|
N/A |
|
|
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
|
|
N/A |
|
|
N/A |
|
|
| Schedule of benefits expected to be paid |
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Pension Benefits |
|
Other Benefits
Net of Medicare
Part D Adjustments |
|
Medicare Part D
Adjustments |
|
|
2014 |
|
$ |
2,664 |
|
$ |
738 |
|
$ |
19 |
|
|
2015 |
|
|
3,438 |
|
|
631 |
|
|
— |
|
|
2016 |
|
|
3,057 |
|
|
630 |
|
|
— |
|
|
2017 |
|
|
4,260 |
|
|
613 |
|
|
— |
|
|
2018 |
|
|
4,178 |
|
|
548 |
|
|
— |
|
|
Years 2019 - 2023 |
|
|
29,293 |
|
|
1,953 |
|
|
— |
|
|
| Schedule of target allocations for plan assets |
|
|
|
|
|
|
Asset Category |
|
Target
Allocation |
|
|
Fixed(1) |
|
|
16 |
% |
|
Equity Securities—U.S. |
|
|
25 |
% |
|
Equity Securities—International |
|
|
15 |
% |
|
Collective trust fund |
|
|
25 |
% |
|
Private Real Estate |
|
|
14 |
% |
|
Commodities broad basket |
|
|
5 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
100 |
% |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
- (1)
- Includes U.S. Treasury Securities and Bond market fund.
|
| Schedule of fair value of the pension plan assets |
The fair value of the pension plan assets at December 31, 2013, by asset class are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2013 Using |
|
|
(In thousands) |
|
Total Carrying
Value at
December 31, 2013 |
|
Quoted prices in
active market
(Level 1) |
|
Significant other
observable inputs
(Level 2) |
|
Significant
unobservable inputs
(Level 3) |
|
|
Cash and cash equivalents |
|
$ |
265 |
|
$ |
265 |
|
$ |
— |
|
$ |
— |
|
|
U.S. Treasury Securities |
|
|
1,557 |
|
|
1,557 |
|
|
— |
|
|
— |
|
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. companies |
|
|
19,654 |
|
|
19,654 |
|
|
— |
|
|
— |
|
|
International companies |
|
|
11,281 |
|
|
11,281 |
|
|
— |
|
|
— |
|
|
Bond market fund |
|
|
9,655 |
|
|
9,655 |
|
|
— |
|
|
— |
|
|
Collective trust fund |
|
|
17,958 |
|
|
— |
|
|
17,958 |
|
|
— |
|
|
Commodities broad basket fund |
|
|
3,459 |
|
|
3,459 |
|
|
— |
|
|
— |
|
|
Private real estate |
|
|
9,829 |
|
|
— |
|
|
9,829 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at fair value |
|
$ |
73,658 |
|
$ |
45,871 |
|
$ |
27,787 |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
The fair value of the pension plan assets at December 31, 2012, by asset class are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2012 Using |
|
|
(In thousands) |
|
Total Carrying
Value at
December 31, 2012 |
|
Quoted prices in
active market
(Level 1) |
|
Significant other
observable inputs
(Level 2) |
|
Significant
unobservable inputs
(Level 3) |
|
|
Cash and cash equivalents |
|
$ |
19 |
|
$ |
19 |
|
$ |
— |
|
$ |
— |
|
|
U.S. Treasury Securities |
|
|
1,668 |
|
|
1,668 |
|
|
— |
|
|
— |
|
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. companies |
|
|
15,993 |
|
|
2,184 |
|
|
13,809 |
|
|
— |
|
|
International companies |
|
|
11,098 |
|
|
11,098 |
|
|
— |
|
|
— |
|
|
Public REITs |
|
|
1,229 |
|
|
— |
|
|
1,229 |
|
|
|
|
|
Bond market fund |
|
|
6,222 |
|
|
6,222 |
|
|
— |
|
|
— |
|
|
Collective trust fund |
|
|
17,551 |
|
|
— |
|
|
17,551 |
|
|
— |
|
|
Commodities broad basket fund |
|
|
3,304 |
|
|
3,304 |
|
|
— |
|
|
— |
|
|
High yield bond fund |
|
|
3,104 |
|
|
— |
|
|
3,104 |
|
|
— |
|
|
Private real estate |
|
|
8,031 |
|
|
— |
|
|
8,031 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at fair value |
|
$ |
68,219 |
|
$ |
24,495 |
|
$ |
43,724 |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|