PBF Energy 2013 Annual Report Download - page 142

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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- 46
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
2014 $ 6,493 $ 176
2015 3,758 278
2016 4,922 329
2017 7,123 445
2018 9,161 528
Years 2019-2024 58,480 4,330
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 $15,500 to the Company’s Pension Plans during 2014.
The components of net periodic benefit cost were as follows for the years ended December 31, 2013, 2012 and
2011:
Pension Benefits
Post Retirement
Medical Plan
2013 2012 2011 2013 2012 2011
Components of net period
benefit cost:
Service cost $ 14,794 $ 11,437 $ 8,678 $ 726 $ 633 $ 540
Interest cost 992 502 140 334 395 381
Expected return on plan
assets (550) (323) (38)———
Amortization of prior
service cost 111111———
Amortization of actuarial
loss 4213056———
Net periodic benefit cost $ 15,668 $ 11,657 $ 8,847 $ 1,060 $ 1,028 $ 921
The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2013,
2012 and 2011 were as follows:
Pension Benefits
Post Retirement
Medical Plan
2013 2012 2011 2013 2012 2011
Prior service costs (credits) $—$—$—$
(860)$ — $ —
Net actuarial loss (gain) 8,235 6,817 661 (1,654)(189) 738
Amortization of losses and prior
service cost (432) (41) (67)———
Total changes in other
comprehensive loss (income) $ 7,803 $ 6,776 $ 594 $ (2,514)$ (189) $ 738