|
PENSION AND POSTRETIREMENT BENEFITS (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Pension And Postretirement Benefits Tables |
|
| Schedule of change in projected benefit obligation, plan assets, and reconciliation of funded status |
The following provides information on
the pension plan and postretirement medical and life insurance plan as of December 31, 2013 and for the period from November 26,
2013 to December 31, 2013:
| |
|
|
|
|
|
|
|
| |
|
Pension |
|
Postretirement |
|
| |
|
Period Ended December 31, 2013 |
|
Period Ended December 31, 2013 |
|
| Change in projected benefit obligation: |
|
|
|
|
|
|
|
| Benefit obligation at beginning of period |
|
$ |
24,651 |
|
$ |
6,015 |
|
| Service cost |
|
|
48 |
|
|
6 |
|
| Interest cost |
|
|
187 |
|
|
41 |
|
| Actuarial loss |
|
|
(408 |
) |
|
176 |
|
| Benefits and expenses paid |
|
|
(163 |
) |
|
(29 |
) |
| Participant contributions |
|
|
|
|
|
2 |
|
| Employer implicit subsidy fulfilled |
|
|
|
|
|
(5 |
) |
| Projected benefit obligation at end of period |
|
$ |
24,315 |
|
$ |
6,206 |
|
| Change in plan assets |
|
|
|
|
|
|
|
| Fair value of plan assets at beginning of period |
|
$ |
19,981 |
|
$ |
|
|
| Actual return on plan assets |
|
|
472 |
|
|
|
|
| Employer contributions |
|
|
|
|
|
27 |
|
| Employer implicit subsidy contribution |
|
|
|
|
|
5 |
|
| Participant contributions |
|
|
|
|
|
2 |
|
| Employer implicit subsidy fulfilled |
|
|
|
|
|
(5 |
) |
| Benefits paid |
|
|
(123 |
) |
|
(29 |
) |
| Expenses paid |
|
|
(40 |
) |
|
|
|
| Fair value of plan assets at end of period |
|
$ |
20,290 |
|
$ |
|
|
| Reconciliation of funded status |
|
|
|
|
|
|
|
| Benefit obligation at end of period |
|
$ |
(24,315 |
) |
$ |
(6,206 |
) |
| Fair value of assets at end of period |
|
|
20,290 |
|
|
|
|
| Funded status |
|
|
(4,025 |
) |
|
(6,206 |
) |
| Unrecognized actuarial (gain) loss |
|
|
(634 |
) |
|
176 |
|
| Net accrued benefit cost |
|
$ |
(4,659 |
) |
$ |
(6,030 |
) |
|
| Schedule of balance sheet presentation |
|
|
Pension |
|
Postretirement |
|
| |
|
Period Ended December 31, 2013 |
|
Period Ended December 31, 2013 |
|
| Balance sheet presentation |
|
|
|
|
|
|
|
| Accounts payable, accrued expenses and other liabilities(A) |
|
|
4,025 |
|
|
6,206 |
|
| Accumulated other comprehensive income |
|
|
634 |
|
|
(176 |
) |
| Net accrued benefit cost |
|
$ |
4,659 |
|
$ |
6,030 |
|
| |
|
| (A) |
Reconciliation of total funded status to pension and other postretirement benefit obligations balance (Note 2): |
| |
|
|
|
|
| Pension |
|
$ |
4,025 |
|
| Postretirement |
|
|
6,206 |
|
| Other |
|
|
240 |
|
| |
|
$ |
10,471 |
|
|
| Schedule of components of net periodic benefit cost |
| Components of net periodic benefit cost |
|
|
|
|
|
|
|
| Service cost |
|
$ |
48 |
|
$ |
6 |
|
| Interest cost |
|
|
187 |
|
|
41 |
|
| Expected return on plan assets |
|
|
(246 |
) |
|
|
|
| Net periodic benefit cost |
|
$ |
(11 |
) |
$ |
47 |
|
|
| Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income |
| Other changes in plan assets and benefit obligations recognized in other comprehensive income |
|
|
|
|
|
|
|
| Net actuarial cost |
|
$ |
(634 |
) |
$ |
176 |
|
| Total recognized in other comprehensive income |
|
$ |
(634 |
) |
$ |
176 |
|
|
| Schedule of comparison of obligations to plan assets |
| Comparison of obligations to plan assets |
|
|
|
|
|
|
|
| Projected and accumulated benefit obligation |
|
$ |
24,315 |
|
$ |
6,206 |
|
| Fair value of plan assets |
|
$ |
20,290 |
|
$ |
|
|
|
| Schedule of assumptions used to calculate net periodic benefit cost |
The following assumptions were used to
calculate the net periodic benefit cost for New Medias defined benefit pension and post retirement plans:
| |
|
|
|
|
|
|
|
| |
|
Pension |
|
Postretirement |
|
| |
|
Period Ended December 31,
2013
|
|
Period Ended December 31,
2013
|
|
| Weighted average discount rate |
|
5.0 |
% |
|
4.5 |
% |
|
| Rate of increase in future compensation levels |
|
0.0 |
% |
|
0.0 |
% |
|
| Expected return on assets |
|
8.0 |
% |
|
0.0 |
% |
|
| Current year trend |
|
0.0 |
% |
|
7.8 |
% |
|
| Ultimate year trend |
|
0.0 |
% |
|
4.8 |
% |
|
| Year of ultimate trend |
|
|
|
|
2025 |
|
|
|
| Schedule of health care cost trend rates |
The effect of a 1% increase and decrease in health care rates are presented as follows:
| |
|
|
|
|
| |
|
Postretirement |
|
| |
|
Period Ended December 31, 2013 |
|
| Effect of 1% increase in health care cost trend rates |
|
|
|
|
| Accumulated pension benefit obligation (APBO) |
|
$ |
6,611 |
|
| Dollar change |
|
$ |
405 |
|
| Percent change |
|
|
6.5 |
% |
| Effect of 1% decrease in health care cost trend rates |
|
|
|
|
| APBO |
|
$ |
5,863 |
|
| Dollar change |
|
$ |
(343 |
) |
| Percent change |
|
|
(5.5 |
%) |
| |
|
|
|
|
|
| Schedule of fair value of plan assets measured on a recurring basis |
The fair value of plan assets is measured
on a recurring basis using quoted market prices in active markets for identical assets, a Level 1 input. The pension plans
assets by asset category are as follows:
| |
|
|
|
|
|
|
|
| |
|
Period Ended December 31, 2013 |
|
| |
|
Amount |
|
Percent |
|
| Equity mutual funds |
|
$ |
14,738 |
|
|
72.6 |
% |
| Fixed income mutual funds |
|
|
4,021 |
|
|
19.8 |
% |
| Cash and cash equivalents |
|
|
803 |
|
|
4.0 |
% |
| Other |
|
|
728 |
|
|
3.6 |
% |
| Total |
|
$ |
20,290 |
|
|
100.0 |
% |
|
| Schedule of expected benefit payments |
The following benefit payments, which
reflect expected future services, as appropriate, are expected to be paid as follows:
| |
|
|
|
|
|
|
|
| |
|
Pension |
|
Postretirement |
|
| 2014 |
|
$ |
1,461 |
|
$ |
412 |
|
| 2015 |
|
|
1,508 |
|
|
410 |
|
| 2016 |
|
|
1,536 |
|
|
410 |
|
| 2017 |
|
|
1,545 |
|
|
379 |
|
| 2018 |
|
|
1,565 |
|
|
390 |
|
| 2019-2023 |
|
|
8,126 |
|
|
1,584 |
|
| Employer contribution expected to be paid during the year ending December 31, 2014 |
|
$ |
1,501 |
|
$ |
412 |
|
|