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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
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:
 
2014
 
2013
 
2012
Change in benefit obligation:
 
 
 
 
 
Benefit obligation at beginning of year
$
163,876

 
$
178,158

 
$
157,855

Interest cost
8,002

 
7,341

 
7,801

Actuarial (gain) loss
34,438

 
(15,333
)
 
18,436

Benefits paid
(6,679
)
 
(6,290
)
 
(5,934
)
Benefit obligation at end of year
199,637

 
163,876

 
178,158

Change in plan assets:
 
 
 
 
 
Fair value of plan assets at beginning of year
164,769

 
145,901

 
137,253

Actual return on plan assets
9,428

 
24,489

 
13,931

Employer contributions
667

 
669

 
651

Benefits paid
(6,679
)
 
(6,290
)
 
(5,934
)
Fair value of plan assets at end of year
168,185

 
164,769

 
145,901

Funded status of the plan at end of year and accrued (benefit) liability recognized
$
31,452

 
$
(893
)
 
$
32,257

Accumulated benefit obligation at end of year
$
199,637

 
$
163,876

 
$
178,158
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
 
2014
 
2013
 
2014
 
2013
Projected benefit obligation
$
179,970

 
$
147,403

 
$
19,667

 
$
16,473

Accumulated benefit obligation
179,970

 
147,403

 
19,667

 
16,473

Fair value of plan assets
168,185

 
164,769

 
—

 
—

Funded status of the plan at end of year and accrued (benefit) liability recognized
11,785

 
(17,366
)
 
19,667

 
16,473
Net Periodic Benefit Cost (Benefit)
The components of the combined net periodic cost (benefit) for the Corporation’s defined benefit pension plans were as follows:
 
2014
 
2013
 
2012
Expected return on plan assets, net of expenses
$
(12,514
)
 
$
(11,087
)
 
$
(10,412
)
Interest cost on projected benefit obligation
8,002

 
7,341

 
7,801

Net amortization and deferral
2,687

 
6,558

 
5,709

Net periodic cost (benefit)
$
(1,825
)
 
$
2,812

 
$
3,098
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:
 
2014
 
2013
 
2012
Net actuarial gain (loss)
$
(34,837
)
 
$
35,293

 
$
(9,405
)
Deferred tax (expense) benefit
12,193

 
(12,353
)
 
3,292

Other comprehensive income (loss), net of tax
$
(22,644
)
 
$
22,940

 
$
(6,113
)
Defined Benefit Pension Plans Not Recognized as Component of Combined Net Period Benefit Cost
The Corporation expects to recognize approximately $7.0 million of the net actuarial loss reported in the following table as of December 31, 2014 as a component of net periodic benefit cost during 2015.
 
2014
 
2013
Net actuarial loss
$
(75,038
)
 
$
(40,201
)
Deferred tax benefit
26,263

 
14,070

Amounts included in accumulated other comprehensive loss, net of tax
$
(48,775
)
 
$
(26,131
)
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.
 
2014
 
2013
 
2012
Benefit obligations:
 
 
 
 
 
Discount rate
4.20
%
 
5.00
%
 
4.20
%
Net periodic benefit cost:
 
 
 
 
 
Discount rate
5.00
%
 
4.20
%
 
5.05
%
Expected return on plan assets
7.75

 
7.75

 
7.75
Fair Value of Plan Assets
The major categories of assets in the Corporation’s Retirement Plan as of year-end are 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 18 - Fair Value Measurements). The Corporation’s Restoration Plan is unfunded.
 
2014
 
2013
Level 1:
 
 
 
Mutual funds
$
165,429

 
$
163,046

Cash and cash equivalents
1,447

 
91

Level 2:
 
 
 
Corporate bonds and notes
653

 
893

U.S. government agency securities
394

 
473

States and political subdivisions
262

 
266

Total fair value of plan assets
$
168,185

 
$
164,769
Expected Future Benefit Payments Related to Defined Benefit Plans
As of December 31, 2014, expected future benefit payments related to the Corporation’s defined benefit plans were as follows:
2015
$
8,429

2016
11,991

2017
9,532

2018
9,988

2019
10,413

2020 through 2024
57,255

 
$
107,608
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, 2012
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

Authorized
—

 
—

 
—

 
—

 
—

 
—

Granted
(955,443
)
 
5,643

 
32,050

 
78.92

 
917,750

 
78.93

Stock options exercised
—

 
—

 
—

 
—

 
(560,291
)
 
52.04

Stock awards/units vested
—

 
—

 
(56,300
)
 
52.46

 
—

 
—

Forfeited
66,267

 
—

 
—

 
—

 
(66,267
)
 
62.21

Canceled/expired
—

 
—

 
—

 
—

 
—

 
—

Balance, December 31, 2014
1,973,427

 
38,867

 
175,490

 
$
60.55

 
5,029,882

 
$
58.99
Options Outstanding and Exercisable
Other information regarding options outstanding and exercisable as of December 31, 2014 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

 
946,265

 
$
48.26

 
5.58
 
760,240

 
$
49.91

50.01

 
to
 
55.00

 
2,273,190

 
52.61

 
5.58
 
1,907,700

 
52.24

55.01

 
to
 
60.00

 
334,075

 
57.63

 
1.88
 
334,075

 
57.63

70.01

 
to
 
75.00

 
576,602

 
71.38

 
8.84
 
140,613

 
71.38

75.01

 
to
 
80.00

 
899,750

 
78.94

 
9.80
 
—

 
—

 
 
 
 
Total
 
5,029,882

 
58.99

 
6.46
 
3,142,628

 
53.11
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:
 
2014
 
2013
 
2012
New shares issued from available authorized shares
—

 
153,275

 
207,586

Issued from available treasury stock
601,851

 
1,179,551

 
15,600

Total
601,851

 
1,332,826

 
223,186

Proceeds from stock option exercises
$
29,158

 
$
68,653

 
$
10,516

Intrinsic value of stock options exercised
13,714

 
20,506

 
1,538

Fair value of stock awards/units vested
4,346

 
1,918

 
1,649
Stock-Based Compensation Expense
Stock-based compensation expense and the related income tax benefit was as follows:
 
2014
 
2013
 
2012
Stock options
$
9,142

 
$
8,814

 
$
9,663

Non-vested stock awards/stock units
2,920

 
2,819

 
2,843

Deferred stock-units
441

 
330

 
330

Total
$
12,503

 
$
11,963

 
$
12,836

Income tax benefit
$
4,376

 
$
4,187

 
$
4,493
Unrecognized Stock-Based Compensation Expense
Unrecognized stock-based compensation expense at December 31, 2014 was as follows:
Stock options
$
22,066

Non-vested stock awards/stock units
2,437

Total
$
24,503
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.
 
2014
 
2013
 
2012
Weighted-average risk-free interest rate
2.33
%
 
2.65
%
 
1.85
%
Dividend yield
2.71

 
2.92

 
3.28

Weighted-average expected market price volatility
26.66

 
24.20

 
28.06

Weighted-average expected term
7.1 years

 
6.7 years

 
6.2 years