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EMPLOYEE BENEFIT PLANS (Tables) (Pension Plan)
 12 Months Ended
Dec. 31, 2013
Pension Plan
  
Employee Benefit Plans  
Summary of Benefit Plans for Employees

The following sets forth changes in benefit obligations and plan assets for the years ended December 31, 2013 and 2012 and the funded status of the Pension Plan reconciled with the amounts reported in our consolidated financial statements at December 31, 2013 and 2012, respectively (dollars in thousands):

 

 

 

2013

 

2012

 

 

 

 

 

 

 

Change in benefit obligations:

 

 

 

 

 

Benefit obligations at beginning of year

 

$

86,468

 

$

73,730

 

Service cost

 

2,783

 

2,682

 

Interest cost

 

3,640

 

3,246

 

Actuarial (gain) loss

 

(5,479)

 

8,318

 

Benefits paid

 

(1,750)

 

(1,508)

 

Benefit obligations at end of year

 

85,662

 

86,468

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets at beginning of year

 

55,390

 

46,192

 

Employer contribution

 

2,400

 

5,029

 

Actual return on plan assets

 

11,440

 

5,677

 

Benefits paid

 

(1,750)

 

(1,508)

 

Fair value of plan assets at end of year

 

67,480

 

55,390

 

 

 

 

 

 

 

Funded status at the end of year

 

$

(18,182)

 

$

(31,078)

 

 

 

 

 

 

 

Amounts recognized in balance sheet:

 

 

 

 

 

Non-current liability

 

$

(18,182)

 

$

(31,078)

 

 

 

$

(18,182)

 

$

(31,078)

 

Amounts recognized in accumulated other comprehensive income consists of:

 

 

 

 

 

Net actuarial loss

 

$

(18,230)

 

$

(33,356)

 

 

 

 

 

 

 

Weighted-average assumptions to determine benefit obligations as of December 31,

 

 

 

 

 

Discount rate

 

4.89%

 

3.99%

 

Expected rate of return on plan assets

 

8.00%

 

8.00%

 

 

 

 

 

 

 

Weighted-average assumptions used to determine net periodic benefit cost for the year ended December 31,

 

 

 

 

 

Discount rate

 

3.99%

 

4.49%

 

Expected return on plan assets

 

8.00%

 

7.90%

 
Components of Net Periodic Benefit Cost

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

(in thousands)

 

 

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

Service cost

 

  $

2,783

 

  $

2,682 

 

  $

2,312 

 

Interest cost

 

3,640

 

3,246 

 

3,184 

 

Expected return on plan assets

 

(4,446)

 

(3,882) 

 

(3,877) 

 

Amortization of net loss

 

2,653

 

1,788 

 

537 

 

Net periodic benefit cost

 

  $

4,630

 

  $

3,834 

 

  $

2,156 

 
Schedule of Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income

 

 

 

2013

 

2012

 

 

 

(in thousands)

 

Other changes in plan assets and benefit obligation recognized in accumulated other comprehensive income:

 

 

 

 

 

Net actuarial gain (loss)

 

  $

12,472

 

  $

(6,524)

 

Reversal of amortization item:

 

 

 

 

 

Net actuarial loss

 

2,653

 

1,788

 

Total recognized in accumulated other comprehensive income (loss)

 

15,125

 

(4,736)

 

Net periodic benefit cost

 

(4,630)

 

(3,834)

 

Total recognized in net periodic benefit cost and accumulated other comprehensive income (loss)

 

  $

10,495

 

  $

(8,570)

 
Schedule of Estimated Future Benefit Payments

Estimated future benefit payments as of December 31, 2013 are as follows (in thousands):

 

Year Ending
December 31,

 

 

 

 

 

 

 

2014

 

  $

2,067

 

2015

 

2,362

 

2016

 

2,692

 

2017

 

3,068

 

2018

 

3,479

 

2019-2023

 

24,354

 

 

 

  $

38,022
Schedule of Policy Statement's Asset Allocation Guidelines

 

 

 

Percentage of Total Portfolio

 

 

 

Minimum

 

Target

 

Maximum

 

 

 

 

 

 

 

 

 

Domestic equity securities

 

50%

 

70%

 

90%

 

Foreign equity securities

 

0%

 

10%

 

20%

 

Fixed income securities/cash

 

5%

 

20%

 

40%
Schedule of Actual Asset Allocations

 

Asset allocations as of December 31,

 

2013

 

2012

 

 

 

 

 

 

 

Domestic equity securities

 

71%

 

64%

 

Foreign equity securities

 

13%

 

16%

 

Fixed income securities/cash

 

16%

 

20%

 

 

 

100%

 

100%

 
Schedule of Fair Value of Plan Assets

As required by FASB ASC 715, the following information discloses the fair values of the Pension Plan assets, by asset category, for the periods indicated (in thousands):

 

 

 

December 31, 2013

 

December 31, 2012

 

 

 

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

 

Significant
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

 

Significant
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 $

1,625

 

 $

-  

 

 $

-

 

 $

652

 

 $

-

 

 $

-

 

Equity securities (a):
U.S. large-cap growth

 

9,406

 

-  

 

-

 

6,210

 

-

 

-

 

U.S. large-cap value

 

17,731

 

-  

 

-

 

8,219

 

-

 

-

 

U.S. small/mid-cap blend

 

10,512

 

-  

 

-

 

-

 

-

 

-

 

International large-cap core

 

4,970

 

-  

 

-

 

-

 

-

 

-

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities (b)

 

1,426

 

-  

 

-

 

1,781

 

-

 

-

 

Corporate bonds (c)

 

-

 

1,623  

 

-

 

-

 

2,266

 

-

 

Preferred stock

 

-

 

107  

 

-

 

-

 

-

 

-

 

Taxable municipal bonds (c)

 

-

 

162  

 

-

 

-

 

202

 

-

 

International bonds (c)

 

-

 

569  

 

-

 

-

 

579

 

-

 

Equity mutual funds (d):

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. large-cap growth

 

-

 

1,446  

 

-

 

-

 

3,458

 

-

 

U.S. large-cap value

 

-

 

1,398  

 

-

 

-

 

1,661

 

-

 

U.S. large-cap blend

 

-

 

-  

 

-

 

-

 

2,180

 

-

 

U.S. mid-cap growth

 

-

 

4,752  

 

-

 

-

 

4,497

 

-

 

U.S. mid-cap value

 

-

 

-  

 

-

 

-

 

4,439

 

-

 

U.S. small-cap growth

 

-

 

1,389  

 

-

 

-

 

1,099

 

-

 

U.S. small-cap value

 

-

 

1,331  

 

-

 

-

 

1,158

 

-

 

U.S. small-cap blend

 

-

 

-  

 

-

 

-

 

2,232

 

-

 

International

 

-

 

-  

 

-

 

-

 

5,185

 

-

 

International small/mid-cap blend

 

-

 

1,916  

 

-

 

-

 

1,686

 

-

 

Emerging Markets

 

-

 

1,805  

 

-

 

-

 

2,241

 

-

 

Fixed income mutual funds (d):

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bond

 

-

 

2,617  

 

-

 

-

 

799

 

-

 

Mortgage backed-securities

 

-

 

1,075  

 

-

 

-

 

1,265

 

-

 

Short term investment grade bond

 

-

 

1,009  

 

-

 

-

 

1,673

 

-

 

Intermediate investment grade bond

 

-

 

-  

 

-

 

-

 

1,023

 

-

 

High yield bond

 

-

 

684  

 

-

 

-

 

553

 

-

 

International bond

 

-

 

207  

 

-

 

-

 

262

 

-

 

Stock market index options (e):

 

 

 

 

 

 

 

 

 

 

 

 

 

Puts

 

-

 

46  

 

-

 

-

 

63

 

-

 

Calls

 

-

 

(407) 

 

-

 

-

 

(53)

 

-

 

Accrued income (f)

 

-

 

81  

 

-

 

-

 

60

 

-

 

Total

 

  $

45,670

 

  $

21,810  

 

 $

-

 

 $

16,862

 

 $

38,528

 

 $

-

 

 

(a)           Equity securities include investments in publicly traded common stock and preferred stock.  Publicly-traded common stocks are traded on a national securities exchange and investments in common and preferred stocks are valued using quoted market prices multiplied by the number of shares owned.

 

(b)          U.S. Treasury securities include agency and treasury debt.  These investments are valued using dealer quotes in an active market.

 

(c)           Bonds are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer spreads, and/or other applicable reference data. The corporate bonds and notes category is primarily comprised of U.S. dollar denominated, investment grade securities. Less than 5 percent of the securities have a rating below investment grade.

 

(d)          Mutual funds are valued daily in actively traded markets by an independent custodian for the investment manager.  For purposes of calculating the value, portfolio securities and other assets for which market quotes are readily available are valued at market value.  Market value is generally determined on a basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.  Investments initially valued in currencies other than the U.S. dollars are converted to the U.S. dollar using exchange rates obtained from pricing services.

 

(e)           Options are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, reported trades, issuer spreads, and/or other applicable reference data.

 

(f)            Accrued income represents dividends declared, but not received, on equity securities owned at December 31, 2013.