PBF Energy 2012 Annual Report Download - page 134
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PBF ENERGY INC. AND SUBSIDIARIES
(COMBINED AND CONSOLIDATED WITH PBF ENERGY COMPANY LLC AND SUBSIDIARIES)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT AND BARREL DATA)
16 - EMPLOYEE BENEFIT PLANS (Continued)
Defined Benefit and Post Retiree Medical Plans (Continued)
The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the
Company’s Pension and Post Retirement Medical Plans as of and for the years ended December 31, 2012 and
2011 were as follows:
Pension Plans
Post Retirement
Medical Plan
2012 2011 2012 2011
Change in benefit obligation:
Benefit obligation at beginning of year .............. $11,409 $ 2,052 $ 8,912 $ 7,273
Service cost ............................... 11,437 8,678 633 540
Interest cost ............................... 502 140 395 381
Direct benefit payments ..................... (48) — (21) —
Actuarial loss (gain) ........................ 6,916 539 (189) 718
Projected benefit obligation at end of year ........... $30,215 $11,409 $ 9,730 $ 8,912
Change in plan assets:
Fair value of plan assets at beginning of year ......... $ 4,758 $ 441 $ — $ —
Actual return on plan assets .................. 422 (83) — —
Benefits paid .............................. (48) — (21) —
Employer contributions ...................... 5,100 4,400 21 —
Fair value of plan assets at end of year .............. $10,232 $ 4,758 $ — $ —
Reconciliation of funded status:
Fair value of plan assets at end of year .............. $10,232 $ 4,758 $ — $ —
Less benefit obligations at end of year .............. 30,215 11,409 9,730 8,912
Funded status at end of year ...................... $(19,983) $ (6,651) $(9,730) $(8,912)
The accumulated benefit obligations for the Company’s Pension Plans exceed the fair value of the assets of those
plans at December 31, 2012 and 2011. The accumulated benefit obligation for the defined benefit plans
approximated $24,555 and $8,979 at December 31, 2012 and 2011, respectively.
Benefit payments, which reflect expected future services, that the Company expects to pay are as follows for the
years ended December 31:
Pension Benefits
Post Retirement
Medical Plan
2013 ................................... $ 2,942 $ 87
2014 ................................... 2,116 168
2015 ................................... 3,216 301
2016 ................................... 4,180 401
2017 ................................... 5,948 565
Years 2018-2023 ......................... 44,921 5,487
F-42