Pension Plan (Tables)

12 Months Ended

Dec. 31, 2014

Reconciliation of Defined Benefit Pension Plan

The following table shows the reconciliation of the defined benefit pension plan as of December 31, 2014 and 2013:

	2014			2013
	(000s)
Change in plan assets:
Fair value of plan assets at beginning of year	$	106,469		$	104,074
Actual return (loss) on plan assets		16,470			8,037
Employer contributions		0			0
Benefits paid		(5,605	)		(5,042	)
Administrative expenses		(637	)		(600	)
Fair value of plan assets at end of year	$	116,697		$	106,469
Change in benefit obligation:
Benefit obligation at beginning of year	$	103,558		$	114,529
Service cost		966			1,060
Interest cost		4,986			4,528
Benefits paid		(5,605	)		(5,042	)
Actuarial (gain) loss		23,437			(11,517	)
Benefit obligation at end of year	$	127,342		$	103,558
Amounts recognized in the Consolidated Balance Sheet:
Other non-current assets	$	0		$	2,911
Other non-current liabilities		10,645			0
Total amounts recognized at end of year	$	10,645		$	2,911

Components of Net Periodic Pension Cost (Benefit)

	2014			2013			2012
	(000s)
Components of net periodic cost (benefit)
Service cost	$	966		$	1,060		$	1,144
Interest cost		4,985			4,528			4,659
Expected return on plan assets		(7,772	)		(7,601	)		(7,301	)
Recognized actuarial loss		1,107			3,305			4,219
Net periodic cost	$	(714	)	$	1,292		$	2,721

Measurement Dates

	2014		2013
Measurement Dates
Benefit obligations		12/31/2014		12/31/2013
Fair value of plan assets		12/31/2014		12/31/2013

Weighted-average Assumptions for Net Periodic Benefit Cost

	2014			2013
Weighted average assumptions as of December 31
Discount rate		3.95	%		4.95	%
Rate of compensation increase		4.00	%		4.00	%

Weighted Average Assumptions

	2014			2013			2012
Weighted-average assumptions for net periodic benefit cost calculations
Discount rate		4.95	%		4.05	%		4.40	%
Expected long-term rate at return on plan assets		7.50	%		7.50	%		8.00	%
Rate of compensation increase		4.00	%		4.00	%		4.00	%

Market Values of Our Pension Plan Assets

The market values of our pension plan assets at December 31, 2014 and December 31, 2013 by asset category are as follows:

December 31, 2014	Total		Level 1		Level 2		Level 3
Equities:
U.S. Large Cap	$	9,212	$	—	$	9,212	$	—
U.S. Mid Cap		2,852		—		2,852		—
U.S. Small Cap		2,626		—		2,626		—
International Developed		6,181		—		6,181		—
Emerging Markets		4,139		—		4,139		—
Fixed income:
Core Fixed Income		27,062		—		27,062		—
Long Duration Fixed Income		61,718		—		61,718		—
Real Estate:
REIT Fund		2,395		—		2,395		—
Cash/Currency:
Cash Equivalents		512		—		512		—
Total market value	$	116,697	$	—	$	116,697	$	—

December 31, 2013	Total		Level 1		Level 2		Level 3
Equities:
U.S. Large Cap	$	8,600	$	—	$	8,600	$	—
U.S. Mid Cap		2,740		—		2,740		—
U.S. Small Cap		2,725		—		2,725		—
International Developed		6,508		—		6,508		—
Emerging Markets		4,154		—		4,154		—
Fixed income:
Core Fixed Income		23,222		—		23,222		—
Long Duration Fixed Income		55,933		—		55,933		—
Real Estate:
REIT Fund		2,124		—		2,124		—
Cash/Currency:
Cash Equivalents		463		—		463		—
Total market value	$	106,469	$	—	$	106,469	$	—

Estimated Future Benefit

There will be benefit payments under this plan beyond 2024.

Estimated Future Benefit Payments (000s)
2015	$	5,967
2016		6,231
2017		6,449
2018		6,661
2019		6,858
2020-2024		35,959
Total	$	68,125

Plan Assets

	2014			2013
Plan Assets
Asset Category
Equity securities		21	%		23	%
Fixed income securities		76	%		74	%
Other		3	%		3	%
Total		100	%		100	%

Asset Allocation Policy and Ranges Established in accordance with Overall Risk and Return Objectives of Portfolio

The following asset allocation policy and ranges have been established in accordance with the overall risk and return objectives of the portfolio:

	As of 12/31/14			Permitted Range
Total Equity		21	%		10-30	%
Total Fixed Income		76	%		70-90	%
Other		3	%		0-10	%