PBF Energy 2015 Annual Report Download - page 169
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PBF ENERGY INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 52
during 2013 to include all corporate employees, amended in 2014 to include Delaware City and Toledo employees
and amended in 2015 to include Chalmette 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, 2015 and 2014 were as
follows:
Pension Plans
Post-Retirement
Medical Plan
2015 2014 2015 2014
Change in benefit obligation:
Benefit obligation at beginning of year $ 81,098 $ 53,350 $ 14,740 $ 8,225
Service cost 24,298 19,407 967 1,099
Interest cost 2,974 2,404 558 520
Plan amendments — 529 1,533 3,911
Benefit payments (2,231)(2,634)(381)(215)
Actuarial loss (gain) (6,128) 8,042 312 1,200
Projected benefit obligation at end of year $ 100,011 $ 81,098 $ 17,729 $ 14,740
Change in plan assets:
Fair value of plan assets at beginning of year $ 40,956 $ 25,050 $ — $ —
Actual return on plan assets (13) 1,822 — —
Benefits paid (2,231)(2,634)(381)(215)
Employer contributions 18,790 16,718 381 215
Fair value of plan assets at end of year $ 57,502 $ 40,956 $ — $ —
Reconciliation of funded status:
Fair value of plan assets at end of year $ 57,502 $ 40,956 $ — $ —
Less benefit obligations at end of year 100,011 81,098 17,729 14,740
Funded status at end of year $(42,509)$ (40,142)$ (17,729)$ (14,740)
The accumulated benefit obligations for the Company’s Pension Plans exceed the fair value of the assets of those
plans at December 31, 2015 and 2014. The accumulated benefit obligation for the defined benefit plans
approximated $80,897 and $66,576 at December 31, 2015 and 2014, respectively.