PBF Energy 2012 Annual Report Download - page 135
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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 Company’s funding policy for its defined benefit plans is to contribute amounts sufficient to meet legal
funding requirements, plus any additional amounts that may be appropriate considering the funded status of the
plans, tax consequences, the cash flow generated by the Company and other factors. The Company plans to
contribute approximately $11,100 to the Company’s Pension Plans during 2013.
The components of net periodic benefit cost were as follows for the years ended December 31, 2012, 2011 and
2010:
Pension Benefits
Post Retirement
Medical Plan
2012 2011 2010 2012 2011 2010
Components of net period benefit cost:
Service cost ..................... $11,437 $8,678 $347 $ 633 $540 $—
Interest cost ..................... 502 140 40 395 381 —
Expected return on plan assets ....... (323) (38) (15) — — —
Amortization of prior service cost .... 11 11 — — — —
Amortization of actuarial loss ....... 30 56 — — — —
Net periodic benefit cost ............... $11,657 $8,847 $372 $1,028 $921 $—
The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2012,
2011 and 2010 were as follows:
Pension Benefits
Post Retirement
Medical Plan
2012 2011 2010 2012 2011 2010
Prior service costs ....................... $ — $— $ (125) $ — $— $—
Net actuarial loss (gain) .................. 6,817 661 (909) (189) 738 —
Amortization of losses ................... (41) (67) — — — —
Total changes in other comprehensive loss . . . $6,776 $594 $(1,034) $(189) $738 $—
The pre-tax amounts in accumulated other comprehensive loss as of December 31, 2012 and 2011 that have not
yet been recognized as components of net periodic costs were as follows:
Pension Benefits
Post Retirement
Medical Plan
2012 2011 2012 2011
Prior service costs .................................. $ (103) $ (114) $ — $ —
Net actuarial loss ................................... (8,306) (1,519) (528) (738)
Total ............................................. $(8,409) $(1,633) $(528) $(738)
F-43