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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2013
Pension Plans
 
Employee benefit plans  
Schedule of components of net periodic benefit cost

 

 

 

Years ended December 31,

 

 

 

2013

 

2012

 

2011

 

Service cost

 

$

4,551

 

7,431

 

5,713

 

Interest cost

 

5,203

 

5,729

 

5,452

 

Expected return on plan assets

 

(8,551

)

(7,793

)

(6,009

)

Net amortization and deferral

 

1,356

 

2,600

 

516

 

Net periodic pension cost

 

$

2,559

 

7,967

 

5,672

 

Schedule of other changes in the defined benefit pension plans' plan assets and benefit obligations recognized in other comprehensive income

 

 

 

Years ended December 31,

 

 

 

2013

 

2012

 

2011

 

Net loss/ (gain)

 

$

(27,568

)

11,167

 

29,319

 

Prior service cost (credit)

 

(14

)

(26,919

)

 

Amortization of prior service cost

 

2,321

 

160

 

160

 

Total recognized in other comprehensive income

 

$

(25,261

)

(15,592

)

29,479

 

Total recognized in net periodic pension cost and other comprehensive income/ (loss)

 

$

(22,702

)

(7,625

)

35,151

 

Schedule of defined benefit pension plans' funded status

 

 

 

December 31,

 

 

 

2013

 

2012

 

Change in benefit obligation:

 

 

 

 

 

Benefit obligation at beginning of year

 

$

129,802

 

$

131,927

 

Service cost

 

4,551

 

7,431

 

Interest cost

 

5,203

 

5,729

 

Amendments (1)

 

(14

)

(26,919

)

Actuarial (gain)/ loss

 

(14,422

)

14,527

 

Benefits paid

 

(3,353

)

(2,893

)

Benefit obligation at end of year

 

$

121,767

 

129,802

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets at beginning of year

 

115,489

 

105,159

 

Actual return on plan assets

 

18,020

 

8,393

 

Employer contributions

 

335

 

4,830

 

Benefits paid

 

(3,353

)

(2,893

)

Fair value of plan assets at end of period

 

$

130,491

 

115,489

 

Funded status at end of year

 

$

8,724

 

(14,313

)

 

 

(1)         The Retirement Plan was amended to freeze all benefits earned through March 31, 2013 based on the plan formula using years of service and average monthly compensation as of March 31, 2013.  The amendments also provide that, for service commencing January 1, 2013, benefits will be earned equal to 1% of career average pay for each year that a participant completes at least 1,000 hours of service.  Also, effective April 1, 2013, participants who are eligible to receive required minimum distributions due to attaining age 70 ½ will be required to begin receiving benefits even though they remain employed by us.

Schedule of assumptions used to develop the net periodic pension cost

 

 

 

Years ended December 31,

 

 

 

2013

 

2012

 

2011

 

Discount rate

 

4.06

%

4.39

%

5.57

%

Expected long-term rate of return on assets

 

7.50

%

7.50

%

7.50

%

Rate of increase in compensation levels

 

3.00

%

3.00

%

3.00

%

Schedule of assumptions used to determine benefit obligations

 

 

 

Years ended December 31,

 

 

 

2013

 

2012

 

2011

 

Discount rate

 

4.86

%

4.06

%

4.39

%

Expected long-term rate of return on assets

 

7.50

%

7.50

%

7.50

%

Rate of increase in compensation levels

 

3.00

%

3.00

%

3.00

%

Schedule of certain information related to pension plans

 

 

 

December 31,

 

 

 

2013

 

2012

 

Projected benefit obligation

 

$

121,767

 

129,802

 

Accumulated benefit obligation

 

121,767

 

129,599

 

Fair value of plan assets

 

130,491

 

115,489

 

Schedule of weighted average asset allocation of defined benefit plans

 

 

 

Target

 

December 31,

 

 

 

Allocation

 

2013

 

2012

 

Debt securities

 

20 – 50%

 

20

%

25

%

Equity securities

 

30 – 60%

 

66

%

57

%

Other

 

5 – 50%

 

14

%

18

%

Total

 

 

 

100

%

100

%

Schedule of allocation of plan assets

 

 

 

December 31,

 

 

 

2013

 

2012

 

Mutual funds — debt

 

$

25,708

 

29,057

 

Mutual funds — equity

 

86,300

 

65,346

 

Cash

 

18,483

 

21,086

 

Postretirement Healthcare Plan
 
Employee benefit plans  
Schedule of components of net periodic benefit cost

 

 

 

Years ended December 31,

 

 

 

2013

 

2012

 

2011

 

Service cost

 

$

 

 

 

Interest cost

 

63

 

66

 

86

 

Amortization of net loss

 

53

 

50

 

52

 

Net period benefit cost

 

$

116

 

116

 

138

 

Schedule of other changes in the defined benefit pension plans' plan assets and benefit obligations recognized in other comprehensive income

 

 

 

Years ended December 31,

 

 

 

2013

 

2012

 

2011

 

Net loss/ (gain)

 

$

(136

)

64

 

(26

)

Total recognized in other comprehensive income

 

$

(136

)

64

 

(26

)

Total recognized in net periodic benefit cost and other comprehensive income

 

$

(20

)

180

 

112

 

Schedule of defined benefit pension plans' funded status

 

 

 

December 31,

 

 

 

2013

 

2012

 

Change in benefit obligation:

 

 

 

 

 

Benefit obligation at beginning of year

 

$

1,620

 

1,588

 

Service cost

 

 

 

Interest cost

 

63

 

66

 

Actuarial (gain)/ loss

 

(83

)

114

 

Benefits paid

 

(175

)

(148

)

Benefit obligation at end of year

 

$

1,425

 

1,620

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

 

Employer contributions

 

176

 

148

 

Benefits paid

 

(176

)

(148

)

Fair value of plan assets at end of year

 

$

 

 

Funded status at year end

 

$

(1,425

)

(1,620

)

Schedule of assumptions used to develop the net periodic pension cost

 

 

 

Years ended December 31,

 

 

 

2013

 

2012

 

2011

 

Discount rate

 

4.06

%

4.39

%

5.57

%

Monthly cost of healthcare insurance per beneficiary (1) 

 

$

351

 

327

 

320

 

Annual rate of increase in healthcare costs

 

4.00

%

4.00

%

4.00

%

 

 

(1)         Not in thousands

Schedule of accumulated benefit obligation in excess of plan assets

 

 

 

December 31,

 

 

 

2013

 

2012

 

Projected benefit obligation

 

$

1,425

 

1,620

 

Accumulated benefit obligation

 

1,425

 

1,620

 

Fair value of plan assets

 

 

 

Schedule of activity under option plans

The following table summarizes the activity in our option plans during the years ended December 31, 2013, 2012 and 2011 (Amounts in this table are not in thousands):

 

 

 

Years ended December 31,

 

 

 

2013

 

2012

 

2011

 

 

 

Number

 

Weighted
average
exercise
price

 

Number

 

Weighted
average
exercise
price

 

Number

 

Weighted
average
exercise
price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

 

7,044,753

 

$

11.21

 

6,902,247

 

$

11.00

 

4,184,873

 

$

9.56

 

Granted (1)

 

590,300

 

12.44

 

573,373

 

11.70

 

3,207,191

 

12.28

 

Exercised (2)

 

(727,415

)

10.13

 

(323,790

)

7.48

 

(380,778

)

6.06

 

Forfeited

 

(91,344

)

11.82

 

(107,077

)

11.31

 

(109,039

)

11.21

 

Balance at end of year

 

6,816,294

 

$

11.46

 

7,044,753

 

$

11.21

 

6,902,247

 

$

11.00

 

Exercisable at end of year

 

2,916,621

 

$

10.97

 

2,959,834

 

$

10.61

 

2,631,198

 

$

10.11

 

 

 

(1)         Weighted average fair value of options at grant date: $1.03, $1.23 and $2.16, respectively.

(2)         The total intrinsic value of options exercised was $2.7 million, $1.5 million and $2.3 million, respectively.

Schedule of number of options outstanding, number of options exercisable, and weighted average remaining life of all option grants

 

 

 

Exercise
price
$7.48

 

Exercise
price
$9.79

 

Exercise
price
$9.86

 

Exercise
price
$10.19

 

Exercise
price
$11.12

 

Exercise
price
$11.33

 

Exercise
price
$11.49

 

 

 

Options outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of options

 

391,343

 

413,379

 

213,106

 

338,060

 

345,618

 

252,220

 

482,244

 

 

 

Weighted average remaining contract life (years)

 

5.25

 

5.00

 

2.25

 

1.25

 

4.25

 

1.00

 

6.25

 

 

 

Options exercisable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of options

 

183,316

 

272,905

 

213,106

 

338,060

 

345,618

 

252,220

 

174,501

 

 

 

Weighted average remaining term - vested (years)

 

5.25

 

5.00

 

2.25

 

1.25

 

4.25

 

1.00

 

6.25

 

 

 

 

 

 

Exercise
price
$11.51

 

Exercise
price
$11.70

 

Exercise
price
$12.12

 

Exercise
price
$12.17

 

Exercise
price
$12.32

 

Exercise
price
$12.44

 

Exercise
price
$12.48

 

Total
$11.46

 

Options outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of options

 

301,077

 

549,955

 

524,879

 

21,500

 

2,392,863

 

585,550

 

4,500

 

6,816,294

 

Weighted average remaining contract life (years)

 

3.25

 

8.50

 

7.25

 

7.50

 

7.50

 

9.50

 

3.50

 

6.29

 

Options exercisable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of options

 

301,077

 

91,257

 

114,176

 

71

 

571,534

 

54,280

 

4,500

 

2,916,621

 

Weighted average remaining term - vested (years)

 

3.25

 

8.50

 

7.25

 

7.50

 

7.50

 

9.50

 

3.50

 

4.39