HollyFrontier 2013 Annual Report Download - page 97

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89
The following table sets forth the changes in the benefit obligation and plan assets of our post-retirement healthcare plans for the
years ended December 31, 2013 and 2012:
Years Ended December 31,
2013 2012
(In thousands)
Change in plans' benefit obligation
Post-retirement plans' benefit obligation - beginning of year $ 26,797 $ 77,303
Service cost 1,112 1,892
Interest cost 665 3,519
Participant contributions 564 760
Amendments (820)(49,399)
Settlements (8,627) —
Benefits paid (1,585)(1,275)
Actuarial gain (2,391)(6,003)
Post-retirement plans' benefit obligation - end of year $ 15,715 $ 26,797
Change in plan assets
Fair value of plan assets - beginning of year $ — $ —
Employer contributions 9,648 515
Participant contributions 564 760
Settlements (8,627) —
Benefits paid (1,585)(1,275)
Fair value of plan assets - end of year $ — $ —
Funded status
Under-funded balance $ (15,715) $ (26,797)
Amounts recognized in consolidated balance sheets
Accrued post-retirement liability $ (15,715) $ (26,797)
Amounts recognized in accumulated other comprehensive
income (loss)
Cumulative actuarial loss $ (1,022) $ (5,359)
Prior service credit 47,098 52,174
Total $ 46,076 $ 46,815
Benefit payments, which reflect expected future service, are expected to be paid as follows: $1.4 million in 2014; $1.2 million in
2015; $1.2 million in 2016; $1.2 million in 2017; $1.3 million in 2018; and $6.6 million in 2019 through 2023.
The weighted average assumptions used to determine end of period benefit obligations:
December 31,
2013 2012
Discount rate 4.25% 3.45%
Current health care trend rate 8.00% 8.10%
Ultimate health care trend rate 5.00% 5.00%
Year rate reaches ultimate trend rate 2045 2023
Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued