PBF Energy 2013 Annual Report Download - page 141

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PBF ENERGY INC. AND
PBF HOLDING COMPANY LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 45
became eligible to participate in the Company’s defined benefit plans upon commencement of normal operations.
The Company did not assume any of the employees’ pension liability accrued prior to the respective acquisitions.
The Company formed the Post Retirement Medical Plan on December 31, 2010 to provide health care coverage
continuation from date of retirement to age 65 for qualifying employees associated with the Paulsboro acquisition.
The Company credited the qualifying employees with their prior service under Valero which resulted in the
recognition of a liability for the projected benefit obligation. The Post Retirement Medical Plan was amended
during 2013 to include all corporate employees.
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, 2013 and 2012 were as
follows:
Pension Plans
Post Retirement
Medical Plan
2013 2012 2013 2012
Change in benefit obligation:
Benefit obligation at beginning of year $ 30,215 $ 11,409 $ 9,730 $ 8,912
Service cost 14,794 11,437 726 633
Interest cost 992 502 334 395
Plan amendments ——
(860)—
Benefit payments (663)(48)(51)(21)
Actuarial loss (gain) 8,012 6,916 (1,654)(189)
Projected benefit obligation at end of year $ 53,350 $ 30,215 $ 8,225 $ 9,730
Change in plan assets:
Fair value of plan assets at beginning of year $ 10,232 $ 4,758 $ — $ —
Actual return on plan assets 33 422 — —
Benefits paid (663)(48)(51)(21)
Employer contributions 15,448 5,100 51 21
Fair value of plan assets at end of year $ 25,050 $ 10,232 $ — $ —
Reconciliation of funded status:
Fair value of plan assets at end of year $ 25,050 $ 10,232 $ — $ —
Less benefit obligations at end of year 53,350 30,215 8,225 9,730
Funded status at end of year $(28,300)$ (19,983)$ (8,225)$ (9,730)
The accumulated benefit obligations for the Company’s Pension Plans exceed the fair value of the assets of those
plans at December 31, 2013 and 2012. The accumulated benefit obligation for the defined benefit plans
approximated $45,005 and $24,555 at December 31, 2013 and 2012, respectively.