Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Combined Activity in Corporations Defined Benefit Pension Plans

The Corporation uses a December 31 measurement date for its defined benefit plans. Combined activity in the Corporation’s defined benefit pension plans was as follows:

	2013			2012			2011
Change in benefit obligation:
Benefit obligation at beginning of year	$	178,158		$	157,855		$	145,246
Interest cost	7,341			7,801			7,892
Actuarial (gain) loss	(15,333		)	18,436			10,383
Benefits paid	(6,290		)	(5,934		)	(5,666		)
Benefit obligation at end of year	163,876			178,158			157,855
Change in plan assets:
Fair value of plan assets at beginning of year	145,901			137,253			141,050
Actual return on plan assets	24,489			13,931			(3,776		)
Employer contributions	669			651			5,645
Benefits paid	(6,290		)	(5,934		)	(5,666		)
Fair value of plan assets at end of year	164,769			145,901			137,253
Funded status of the plan at end of year and accrued (benefit) liability recognized	$	(893	)	$	32,257		$	20,602
Accumulated benefit obligation at end of year	$	163,876		$	178,158		$	157,855

Disaggregated Information Related to Corporations Defined Benefit Pension Plans

Certain disaggregated information related to the Corporation’s defined benefit pension plans as of year-end was as follows:

	Retirement Plan					Restoration Plan
	2013			2012		2013		2012
Projected benefit obligation	$	147,403		$	160,738	$	16,473	$	17,420
Accumulated benefit obligation	147,403			160,738		16,473		17,420
Fair value of plan assets	164,769			145,901		—		—
Funded status of the plan at end of year and accrued (benefit) liability recognized	(17,366		)	14,837		16,473		17,420

Net Periodic Benefit Cost (Benefit)

The components of the combined net periodic benefit cost (benefit) for the Corporation’s defined benefit pension plans were as follows:

	2013			2012			2011
Expected return on plan assets, net of expenses	$	(11,087	)	$	(10,412	)	$	(11,434	)
Interest cost on projected benefit obligation	7,341			7,801			7,892
Net amortization and deferral	6,558			5,709			3,130
Net periodic cost (benefit)	$	2,812		$	3,098		$	(412	)

Defined Benefit Pension Plans Recognized as Component of Other Comprehensive Income

Amounts related to the Corporation’s defined benefit pension plans recognized as a component of other comprehensive income were as follows:

	2013			2012			2011
Net actuarial gain (loss)	$	35,293		$	(9,405	)	$	(22,463	)
Deferred tax (expense) benefit	(12,353		)	3,292			7,862
Other comprehensive income (loss), net of tax	$	22,940		$	(6,113	)	$	(14,601	)

Defined Benefit Pension Plans Not Recognized as Component of Combined Net Period Benefit Cost

The Corporation expects to recognize approximately $2.7 million of the net actuarial loss reported in the following table as of December 31, 2013 as a component of net periodic benefit cost during 2014.

	2013			2012
Net actuarial loss	$	(40,201	)	$	(75,494	)
Deferred tax benefit	14,070			26,423
Amounts included in accumulated other comprehensive loss, net of tax	$	(26,131	)	$	(49,071	)

Weighted-Average Assumptions Used to Determine Benefit Obligations

The weighted-average assumptions used to determine the benefit obligations as of the end of the years indicated and the net periodic benefit cost for the years indicated are presented in the table below. Because the plans were frozen, increases in compensation are not considered after 2001.

	2013		2012		2011
Benefit obligations:
Discount rate	5.00	%	4.20	%	5.05	%
Net periodic benefit cost:
Discount rate	4.20	%	5.05	%	5.55	%
Expected return on plan assets	7.75		7.75		8.25

Fair Value of Plan Assets

The major categories of assets in the Corporation’s Retirement Plan as of year-end is presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 “Fair Value Measurements and Disclosures,” utilized to measure fair value (see Note 17 - Fair Value Measurements). The Corporation’s Restoration Plan is unfunded.

	2013		2012
Level 1:
Mutual funds	$	163,046	$	141,115
Cash and cash equivalents	91		2,466
Level 2:
Corporate bonds and notes	893		1,350
U.S. government agency securities	473		696
States and political subdivisions	266		274
Total fair value of plan assets	$	164,769	$	145,901

Expected Future Benefit Payments Related to Defined Benefit Plans

As of December 31, 2013, expected future benefit payments related to the Corporation’s defined benefit plans were as follows:

2014	$	7,755
2015	8,333
2016	10,482
2017	9,292
2018	9,700
2019 through 2023	53,581
	$	99,143

Summary of Activity in Corporation's Active Stock Plans

A combined summary of activity in the Corporation’s active stock plans is presented in the following table.

				Non-Vested Stock Awards/Stock Units Outstanding				Stock Options Outstanding
	Shares Available for Grant		Director Deferred Stock Units Outstanding	Number of Shares		Weighted- Average Grant-Date Fair Value		Number of Shares		Weighted- Average Exercise Price
Balance, January 1, 2011	2,759,347		16,515	227,550		$	51.10	4,383,885		$	52.08
Granted	(868,267	)	5,577	56,300		48.00		806,390		48.02
Stock options exercised	—		—	—		—		(148,203	)	50.18
Stock awards vested	—		—	(114,320	)	50.19		—		—
Forfeited	73,250		—	—		—		(73,250	)	51.43
Canceled/expired	(875	)	—	—		—		—		—
Balance, December 31, 2011	1,963,455		22,092	169,530		50.33		4,968,822		51.49
Granted	(825,542	)	5,632	49,130		54.56		770,780		54.56
Stock options exercised	—		—	—		—		(206,336	)	50.96
Stock awards vested	—		—	(30,100	)	52.44		—		—
Forfeited	19,750		—	—		—		(19,750	)	50.49
Canceled/expired	(250	)	—	—		—		—		—
Balance, December 31, 2012	1,157,413		27,724	188,560		51.67		5,513,516		51.94
Authorized	2,293,660		—	—		—		—		—
Granted	(635,360	)	5,500	38,010		71.39		591,850		71.38
Stock options exercised	—		—	—		—		(1,319,786	)	52.02
Stock awards vested	—		—	(26,830	)	50.64		—		—
Forfeited	46,890		—	—		—		(46,890	)	46.05
Canceled/expired	—		—	—		—		—		—
Balance, December 31, 2013	2,862,603		33,224	199,740		$	55.32	4,738,690		$	54.35

Options Outstanding and Exercisable

Other information regarding options outstanding and exercisable as of December 31, 2013 is as follows:

					Options Outstanding				Options Exercisable
Range of Exercise Prices					Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life in Years	Number of Shares	Weighted- Average Exercise Price
$	45.01	to	$	50.00	1,082,490	$	48.29	6.45	697,440	$	49.66
50.01		to	55.00		2,638,965	52.48		6.37	1,896,857	51.87
55.01		to	60.00		425,775	57.66		2.87	424,525	57.66
70.01		to	75.00		591,460	71.38		9.83	—	—
			Total		4,738,690	54.35		6.51	3,018,822	52.17

Shares Issued in Connection With Stock Compensation Awards

Shares issued in connection with stock compensation awards are issued from available treasury shares. If no treasury shares are available, new shares are issued from available authorized shares. Shares issued in connection with stock compensation awards along with other related information were as follows:

	2013		2012		2011
New shares issued from available authorized shares	153,275		207,586		140,739
Issued from available treasury stock	1,179,551		15,600		29,824
Total	1,332,826		223,186		170,563
Proceeds from stock option exercises	$	68,653	$	10,516	$	7,438
Intrinsic value of stock options exercised	20,506		1,538		1,475
Fair value of stock awards/units vested	1,918		1,649		6,161

Stock-Based Compensation Expense

Stock-based compensation expense and the related income tax benefit was as follows:

	2013		2012		2011
Stock options	$	8,814	$	9,663	$	10,834
Non-vested stock awards/stock units	2,819		2,843		4,799
Deferred stock-units	330		330		330
Total	$	11,963	$	12,836	$	15,963
Income tax benefit	$	4,187	$	4,493	$	5,587

Unrecognized Stock-Based Compensation Expense

Unrecognized stock-based compensation expense at December 31, 2013 was as follows:

Stock options	$	16,476
Non-vested stock awards/stock units	2,828
Total	$	19,304

Assumptions Used to Determine The Fair Value of Options Granted

The assumptions used to determine the fair value of options granted are detailed in the table below.

	2013		2012		2011
Weighted-average risk-free interest rate	2.65	%	1.85	%	2.23	%
Dividend yield	2.92		3.28		2.84
Weighted-average expected market price volatility	24.20		28.06		29.43
Weighted-average expected term	6.7 years		6.2 years		6.3 years