PBF Energy 2013 Annual Report Download - page 143

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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- 47
The pre-tax amounts in accumulated other comprehensive loss as of December 31, 2013 and 2012 that have not
yet been recognized as components of net periodic costs were as follows:
Pension Benefits
Post Retirement
Medical Plan
2013 2012 2013 2012
Prior service (costs) credits $ (92)$ (103) $ 860 $ —
Net actuarial (loss) gain (16,419)(8,306) 1,126 (528)
Total $ (16,511)$ (8,409) $ 1,986 $ (528)
The following pre-tax amounts included in accumulated other comprehensive loss as of December 31, 2013 are
expected to be recognized as components of net period benefit cost during the year ended December 31, 2014:
Pension Benefits
Post Retirement
Medical Plan
Amortization of prior service costs (credits) $ 11 $ (81)
Amortization of net actuarial loss (gain) 889 (21)
Total $ 900 $ (102)
The weighted average assumptions used to determine the benefit obligations as of December 31, 2013 and 2012
were as follows:
Pension Benefits Post Retirement Medical Plan
2013 2012 2013 2012
Discount rate 4.55% 3.45% 4.55% 3.45%
Rate of compensation increase 4.64% 4% — —
The discount rate assumptions used to determine the defined benefit and Post Retirement Medical plans obligations
as of December 31, 2013 and 2012 were based on the Mercer Yield Curve. The Mercer Yield Curve is developed
from a portfolio of high-quality investment grade bonds. To determine the discount rate, each year’s projected cash
flow for the defined benefit and Post Retirement Medical plans is discounted at a spot (zero-coupon) rate appropriate
for that maturity; the discount rate is the single equivalent rate that produces the same discounted present value.
The weighted average assumptions used to determine the net periodic benefit costs 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
Discount rate 3.45% 4.45% 5.25% 3.45% 4.45% 5.25%
Expected long-term rate of return
on plan assets 3.50% 4.25% 4.25% — — —
Rate of compensation increase 4% 4% 4% — — —