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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]  
Summary Of Asset Allocation
The fair value of plan assets was $217,811,000 and $174,223,000 at December 31, 2012 and 2011 respectively. As of December 31, 2012 and 2011, these assets were allocated among asset categories as follows:
 
Asset Category
 
2012
 
 
2011
 
 
Current Minimum, Target
and
Maximum Allocation Policy
 
U.S. equity securities
 
 
44
%
 
 
43
%
 
 
30% — 50% — 70
%
International equity securities
 
 
18
%
 
 
16
%
 
 
0% — 20% — 30
%
Debt securities
 
 
26
%
 
 
25
%
 
 
15% — 30% — 55
%
Cash and cash equivalents
 
 
12
%
 
 
16
%
 
 
0% — 0% — 5
%
 
 
 
100
%
 
 
100
%
 
 
 
 
 
Schedule Of Change In Benefit Obligation
The following table presents the change in benefit obligation and plan assets for the Company's defined benefit plans and postretirement benefit plan (in thousands):
 
Other Postretirement
Benefits
Pension Benefits
Postretirement
Pension Plan
SERP
Welfare Plan
2012
2011
2012
2011
2012
2011
Change in benefit obligation
 
 
 
 
 
 
Benefit obligation at beginning of year
$
216,926
$
170,742
$
1,645
$
1,511
$
3,014
$
2,790
Service cost
10,206
7,303
Interest cost
10,506
9,693
73
80
133
164
Actuarial loss (gain)
34,084
33,662
131
157
(235
)
182
Gross benefits paid
(4,811
)
(4,474
)
(103
)
(103
)
(58
)
(122
)
Benefit obligation at end of year
$
266,911
$
216,926
$
1,746
$
1,645
$
2,854
$
3,014
Accumulated benefit obligation at end of year
$
214,951
$
179,190
$
1,746
$
1,645
$
$
 
Weighted-Average Assumption Used To Determine Benefit Obligation And Net Periodic Benefit Cost
Weighted-average assumption used to determine benefit obligation at end of year
Discount rate
4.1
%
4.6
%
4.1
%
4.6
%
4.1
%
4.6
%
Rate of compensation increase
4.25
%
4.25
%
Health care cost trend rate
Initial rate
7.5
%
7.5
%
Ultimate rate
5.0
%
5.0
%
Years to ultimate
2017
2017
 
Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rate
Effect of one-percentage-point change in assumed health care cost trend rate on postretirement obligation
Increase
$
$
$
$
$
267
$
285
Decrease
(234
)
(250
)
 
Summary Of Change In Plan Assets
Change in plan assets
Fair value of plan assets at beginning of year
$
174,223
$
152,696
$
$
$
$
Actual return on plan assets
23,399
(1,499
)
Employer contribution
25,000
27,500
103
103
58
122
Gross benefits paid
(4,811
)
(4,474
)
(103
)
(103
)
(58
)
(122
)
Fair value of plan assets at end of year
$
217,811
$
174,223
$
$
$
$
 
Summary Of Funded Status At End Of Year
The following table presents the funded status and amounts recognized in the Company's consolidated balance sheet for the Company's defined benefit plans and postretirement benefit plan at December 31, 2012 and 2011 (in thousands):
 
 
 
 
 
 
 
 
 
Other Postretirement
Benefits
 
 
 
 
 
 
Pension Benefits
 
 
Postretirement
 
 
 
Pension Plan
 
 
SERP
 
 
Welfare Plan
 
 
 
2012
 
 
2011
 
 
2012
 
 
2011
 
 
2012
 
 
2011
 
Funded status at end of year
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets
 
$
217,811
 
 
$
174,223
 
 
$
 
 
$
 
 
$
 
 
$
 
Benefit obligations
 
 
266,911
 
 
 
216,926
 
 
 
1,746
 
 
 
1,645
 
 
 
2,854
 
 
 
3,014
 
Funded status and amount recognized at end of year
 
$
(49,100
)
 
$
(42,703
)
 
$
(1,746
)
 
$
(1,645
)
 
$
(2,854
)
 
$
(3,014
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts Recognized In The Consolidated Balance Sheets
Amounts recognized in the consolidated balance sheets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current liability
 
$
 
 
$
 
 
$
(101
)
 
$
(102
)
 
$
(223
)
 
$
(256
)
Long-term liability
 
 
(49,100
)
 
 
(42,703
)
 
 
(1,645
)
 
 
(1,543
)
 
 
(2,631
)
 
 
(2,758
)
 
Amounts Recognized In Accumulated Other Comprehensive Income
Amounts recognized in accumulated other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
 
$
102,795
 
 
$
86,633
 
 
$
559
 
 
$
442
 
 
$
(6,378
)
 
$
(6,751
)
Prior service cost (credit)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated other compensation income
 
$
102,795
 
 
$
86,633
 
 
$
559
 
 
$
442
 
 
$
(6,378
)
 
$
(6,751
)
 
Projected Benefit Obligation In Excess Of Plan Assets
The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, 2012 and 2011 were as follows (in thousands):
 
 
 
Pension Benefits
 
 
 
Pension Plan
 
 
SERP
 
 
 
2012
 
 
2011
 
 
2012
 
 
2011
 
Projected benefit obligation in excess of plan assets
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation at end of year
 
$
266,911
 
 
$
216,926
 
 
$
1,746
 
 
$
1,645
 
Fair value of plan assets at end of year
 
 
217,811
 
 
 
174,223
 
 
 
 
 
 
 
 
Accumulated Benefit Obligation In Excess Of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2012 and 2011 were as follows (in thousands):
 
 
 
Pension Benefits
 
 
 
Pension Plan
 
 
SERP
 
 
 
2012
 
 
2011
 
 
2012
 
 
2011
 
Accumulated benefit obligation in excess of plan assets
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation at end of year
 
$
 
 
$
216,926
 
 
$
1,746
 
 
$
1,645
 
Accumulated benefit obligation at end of year
 
 
 
 
 
179,190
 
 
 
1,746
 
 
 
1,645
 
Fair value of plan assets at end of year
 
 
 
 
 
174,223
 
 
 
 
 
 
 
 
Schedule Of Employer Contribution
The following tables presents the expected cash flows for the Company's defined benefit plans and postretirement benefit plan at December 31, 2012 and 2011 (in thousands):
 
 
 
 
 
 
 
 
 
Other Postretirement
Benefits
 
 
 
 
 
 
Pension Benefits
 
 
Postretirement
 
 
 
Pension Plan
 
 
SERP
 
 
Welfare Plan
 
 
 
2012
 
 
2011
 
 
2012
 
 
2011
 
 
2012
 
 
2011
 
Expected employer contributions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First year
 
$
3,400
 
 
$
11,800
 
 
$
101
 
 
$
102
 
 
$
223
 
 
$
256
 
 
Expected Benefit Payments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Postretirement
Benefits
 
 
 
 
 
 
 
Pension Benefits
 
 
Postretirement
 
 
 
Pension Plan
 
 
SERP
 
 
Welfare Plan
 
 
 
 
2012
 
 
 
2011
 
 
 
2012
 
 
 
2011
 
 
 
2012
 
 
 
2011
 
Expected benefit payments (gross)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year one
 
$
6,213
 
 
$
5,142
 
 
$
101
 
 
$
102
 
 
$
237
 
 
$
271
 
Year two
 
 
6,545
 
 
 
5,590
 
 
 
100
 
 
 
100
 
 
 
242
 
 
 
264
 
Year three
 
 
6,992
 
 
 
6,113
 
 
 
98
 
 
 
98
 
 
 
245
 
 
 
268
 
Year four
 
 
7,579
 
 
 
6,649
 
 
 
105
 
 
 
97
 
 
 
245
 
 
 
271
 
Year five
 
 
8,265
 
 
 
7,252
 
 
 
109
 
 
 
105
 
 
 
255
 
 
 
271
 
Next five years
 
 
53,734
 
 
 
47,701
 
 
 
616
 
 
 
597
 
 
 
1,154
 
 
 
1,343
 
 
Summary Of Expected Federal Subsidy
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Postretirement
Benefits
 
 
 
 
 
 
 
Pension Benefits
 
 
Postretirement
 
 
 
Pension Plan
 
 
SERP
 
 
Welfare Plan
 
 
 
 
2012
 
 
 
2011
 
 
 
2012
 
 
 
2011
 
 
 
2012
 
 
 
2011
 
Expected federal subsidy
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year one
 
$
 
 
$
 
 
$
 
 
$
 
 
$
(14
)
 
$
(15
)
Year two
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(14
)
 
 
(15
)
Year three
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(14
)
 
 
(15
)
Year four
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(14
)
 
 
(15
)
Year five
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(14
)
 
 
(15
)
Next five years
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(62
)
 
 
(67
)
 
Components Of Net Periodic Benefit Cost
The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the Company's defined benefit plans for the years ended December 31, 2012, 2011 and 2010 were as follows (in thousands):
 
 
 
Pension Benefits
 
 
 
Pension Plan
 
 
SERP
 
 
 
2012
 
 
2011
 
 
2010
 
 
2012
 
 
2011
 
 
2010
 
Components of net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
10,206
 
 
$
7,303
 
 
$
6,883
 
 
$
 
 
$
 
 
$
 
Interest cost
 
 
10,506
 
 
 
9,693
 
 
 
9,399
 
 
 
73
 
 
 
80
 
 
 
84
 
Expected return on plan assets
 
 
(12,872
)
 
 
(11,283
)
 
 
(9,329
)
 
 
 
 
 
 
 
 
 
Amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actuarial loss
 
 
7,395
 
 
 
2,859
 
 
 
3,162
 
 
 
14
 
 
 
7
 
 
 
2
 
Prior service credit
 
 
 
 
 
(38
)
 
 
(89
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost
 
 
15,235
 
 
 
8,534
 
 
 
10,026
 
 
 
87
 
 
 
87
 
 
 
86
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other changes in plan assets and benefit obligations recognized in other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current year actuarial loss
 
 
23,557
 
 
 
46,444
 
 
 
8,145
 
 
 
131
 
 
 
156
 
 
 
102
 
Recognition of actuarial loss
 
 
(7,395
)
 
 
(2,859
)
 
 
(3,162
)
 
 
(14
)
 
 
(7
)
 
 
(2
)
Recognition of prior service credit
 
 
 
 
 
38
 
 
 
89
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total recognized in other comprehensive income
 
 
16,162
 
 
 
43,623
 
 
 
5,072
 
 
 
117
 
 
 
149
 
 
 
100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total recognized in net periodic benefit cost and other comprehensive income
 
$
31,397
 
 
$
52,157
 
 
$
15,098
 
 
$
204
 
 
$
236
 
 
$
186
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average assumptions used to determine net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
 
4.6
%
 
 
5.5
%
 
 
6.1
%
 
 
4.6
%
 
 
5.5
%
 
 
6.1
%
Expected long-term rate of return on plan assets
 
 
7.5
%
 
 
7.5
%
 
 
7.5
%
 
 
 
 
 
 
 
 
 
Rate of compensation increase
 
 
4.25
%
 
 
4.25
%
 
 
4.0
%
 
 
 
 
 
 
 
 
 
Pension Benefits [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Weighted-Average Assumption Used To Determine Benefit Obligation And Net Periodic Benefit Cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average assumptions used to determine net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
 
4.6
%
 
 
5.5
%
 
 
6.1
%
 
 
4.6
%
 
 
5.5
%
 
 
6.1
%
Expected long-term rate of return on plan assets
 
 
7.5
%
 
 
7.5
%
 
 
7.5
%
 
 
 
 
 
 
 
 
 
Rate of compensation increase
 
 
4.25
%
 
 
4.25
%
 
 
4.0
%
 
 
 
 
 
 
 
 
 
 
Estimated Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Into Net Periodic Benefit Cost
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2013 are as follows (in thousands):
 
 
 
Pension Benefits
 
 
 
Pension Plan
 
 
SERP
 
Actuarial loss
 
$
8,224
 
 
$
19
 
Prior service credit
 
 
 
 
 
 
 
 
$
8,224
 
 
$
19
 
 
Other Postretirement Benefits [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Weighted-Average Assumption Used To Determine Benefit Obligation And Net Periodic Benefit Cost
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average assumptions used to determine net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
 
4.6
%
 
 
5.5
%
 
 
6.1
%
Health care cost trend rate:
 
 
 
 
 
 
 
 
 
 
 
 
Initial rate
 
 
7.5
%
 
 
8.0
%
 
 
7.5
%
Ultimate rate
 
 
5.0
%
 
 
5.0
%
 
 
5.0
%
Years to ultimate
 
 
2017
 
 
 
2017
 
 
 
2015
 
 
Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rate
Effect of one-percentage-point change in assumed health care cost trend rate on aggregate service and interest cost
 
 
 
 
 
 
 
 
 
 
 
 
Increase
 
$
13
 
 
$
16
 
 
$
14
 
Decrease
 
 
(11
)
 
 
(14
)
 
 
(12
)
 
Components Of Net Periodic Benefit Cost
The components of net periodic benefit cost and other changes in benefit obligations recognized in other comprehensive income for the Company's postretirement benefit plan for the years ended December 31, 2012, 2011 and 2010 were as follows (in thousands):
 
 
 
Other Postretirement Benefits
 
 
 
Postretirement Welfare Plan
 
 
 
2012
 
 
2011
 
 
2010
 
Components of net periodic benefit cost
 
 
 
 
 
 
 
 
 
Service cost
 
$
 
 
$
 
 
$
 
Interest cost
 
 
133
 
 
 
164
 
 
 
154
 
Curtailment loss
 
 
 
 
 
119
 
 
 
 
Amortization:
 
 
 
 
 
 
 
 
 
 
 
 
Actuarial gain
 
 
(618
)
 
 
(593
)
 
 
(660
)
Prior service cost
 
 
 
 
 
40
 
 
 
560
 
 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost
 
 
(485
)
 
 
(270
)
 
 
54
 
 
 
 
 
 
 
 
 
 
 
 
 
Other changes in benefit obligations recognized in other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
Current year actuarial gain
 
 
(235
)
 
 
182
 
 
 
(3,109
)
Recognition of actuarial gain
 
 
618
 
 
 
593
 
 
 
660
 
Recognition of prior service cost
 
 
 
 
 
(158
)
 
 
(40
)
Adjustment for actual Medicare Part D reimbursement
 
 
(10
)
 
 
(3
)
 
 
(10
)
 
 
 
 
 
 
 
 
 
 
 
 
Total recognized in other comprehensive income
 
 
373
 
 
 
614
 
 
 
(2,499
)
 
 
 
 
 
 
 
 
 
 
 
 
Total recognized in net periodic benefit cost and other comprehensive income
 
$
(112
)
 
$
344
 
 
$
(2,445
)
 
Estimated Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Into Net Periodic Benefit Cost
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2013 are as follows (in thousands):

 
 
 
Other Postretirement Benefits
 
 
 
Postretirement Welfare Plan
 
Actuarial gain
 
$
(620
)
Prior service cost
 
 
 
 
 
$
(620
)