XML 86 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]  
Summary Of Asset Allocation
As of December 31, 2013 and 2012, these assets were allocated among asset categories as follows:

Asset Category
 
2013
  
2012
  
Current Minimum,
Target and
Maximum Allocation Policy
 
U.S. equity securities
  
51
%
  
44
%
  
30% — 50% — 70
%
International equity securities
  
21
%
  
18
%
  
0% — 20% — 30
%
Debt securities
  
28
%
  
26
%
  
15% — 30% — 55
%
Cash and cash equivalents
  
%
  
12
%
  
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
 
 
 
2013
  
2012
  
2013
  
2012
  
2013
  
2012
 
Change in benefit obligation
 
  
  
  
  
  
 
Benefit obligation at beginning of year
 
$
266,911
  
$
216,926
  
$
1,746
  
$
1,645
  
$
2,854
  
$
3,014
 
Service cost
  
12,824
   
10,206
   
   
   
   
 
Interest cost
  
11,400
   
10,506
   
70
   
73
   
112
   
133
 
Actuarial loss (gain)
  
(35,767
)
  
34,084
   
(138
)  
131
   
(600
)
  
(235
)
Gross benefits paid
  
(5,408
)
  
(4,811
)
  
(149
)
  
(103
)
  
(59
)
  
(58
)
Benefit obligation at end of year
 
$
249,960
  
$
266,911
  
$
1,529
  
$
1,746
  
$
2,307
  
$
2,854
 
 
                        
Accumulated benefit obligation at end of year
 
$
200,577
  
$
214,951
  
$
1,529
  
$
1,746
  
$
  
$
 
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
  
5.0
%
  
4.1
%
  
5.0
%
  
4.1
%
  
5.0
%
  
4.1
%
Rate of compensation increase
  
4.25
%
  
4.25
%
  
   
   
   
 
Health care cost trend rate
                        
Initial rate
  
   
   
   
   
7.0
%
  
7.5
%
Ultimate rate
  
   
   
   
   
5.0
%
  
5.0
%
Years to ultimate
  
   
   
   
   
2018
   
2018
 
Increase
 
$
  
$
  
$
  
$
  
$
202
  
$
267
 
Decrease
  
   
   
   
   
(178
)
  
(234
)
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
 
$
  
$
  
$
  
$
  
$
202
  
$
267
 
Decrease
  
   
   
   
   
(178
)
  
(234
)
Summary Of Change In Plan Assets
Change in plan assets
                        
Fair value of plan assets at beginning of year
 
$
217,811
  
$
174,223
  
$
  
$
  
$
  
$
 
Actual return on plan assets
  
42,120
   
23,399
   
   
   
   
 
Employer contribution
  
   
25,000
   
149
   
103
   
59
   
58
 
Gross benefits paid
  
(5,408
)
  
(4,811
)
  
(149
)
  
(103
)
  
(59
)
  
(58
)
Fair value of plan assets at end of year
 
$
254,523
  
$
217,811
  
$
  
$
  
$
  
$
 
Summary Of Funded Status At End Of Year
 
 
  
Other Postretirement
Benefits
 
 
 
Pension Benefits
  
Postretirement
 
 
 
Pension Plan
  
SERP
  
Welfare Plan
 
 
 
2013
  
2012
  
2013
  
2012
  
2013
  
2012
 
Funded status at end of year
 
  
  
  
  
  
 
Fair value of plan assets
 
$
254,523
  
$
217,811
  
$
  
$
  
$
  
$
 
Benefit obligations
  
249,960
   
266,911
   
1,529
   
1,746
   
2,307
   
2,854
 
Funded status and amount recognized at end of year
 
$
4,563
  
$
(49,100
)
 
$
(1,529
)
 
$
(1,746
)
 
$
(2,307
)
 
$
(2,854
)
Amounts Recognized In The Consolidated Balance Sheets
Amounts recognized in the consolidated balance sheets
                        
Noncurrent asset
 
$
4,563
  
$
  
$
  
$
  
$
  
$
 
Current liability
  
   
   
(140
)
  
(101
)
  
(197
)
  
(223
)
Long-term liability
  
   
(49,100
)
  
(1,389
)
  
(1,645
)
  
(2,110
)
  
(2,631
)
Amounts Recognized In Accumulated Other Comprehensive Income
Amounts recognized in accumulated other comprehensive income
                        
Net actuarial loss (gain)
 
$
32,760
  
$
102,795
  
$
402
  
$
559
  
$
(6,364
)
 
$
(6,378
)
Prior service cost (credit)
  
   
   
   
   
   
 
Accumulated other compensation income
 
$
32,760
  
$
102,795
  
$
402
  
$
559
  
$
(6,364
)
 
$
(6,378
)
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, 2013 and 2012 were as follows (in thousands):

 
Pension Benefits
 
 
Pension Plan
 
SERP
 
 
2013
 
2012
 
2013
 
2012
 
Projected benefit obligation in excess of plan assets
 
 
 
 
Projected benefit obligation at end of year
$
 
 
$
 
266,911
 
$
 
1,529
 
$
 
1,746
 
Fair value of plan assets at end of year
  
   
217,811
   
   
 
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, 2013 and 2012 were as follows (in thousands):

 
Pension Benefits
 
 
Pension Plan
 
SERP
 
 
2013
 
2012
 
2013
 
2012
 
Accumulated benefit obligation in excess of plan assets
 
 
 
 
Projected benefit obligation at end of year
$
 
 
$
 
 
$
 
1,529
 
$
 
1,746
 
Accumulated benefit obligation at end of year
  
   
   
1,529
   
1,746
 
Fair value of plan assets at end of year
  
   
   
   
 
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, 2013 and 2012 (in thousands):
 
 
 
 
Other Postretirement
Benefits
 
Pension Benefits
Postretirement
 
Pension Plan
SERP
Welfare Plan
 
 
2013
  
2012
  
2013
  
2012
  
2013
  
2012
 
Expected employer contributions
 
  
  
  
  
  
 
First year
 
$
  
$
3,400
  
$
144
  
$
101
  
$
202
  
$
223
 
Expected Benefit Payments
 
  
Other Postretirement
Benefits
 
 
 
Pension Benefits
  
Postretirement
 
 
 
Pension Plan
  
SERP
  
Welfare Plan
 
 
 
2013
  
2012
  
2013
  
2012
  
2013
  
2012
 
Expected benefit payments (gross)
 
  
  
  
  
  
 
Year one
 
$
6,538
  
$
6,213
  
$
144
  
$
101
  
$
215
  
$
237
 
Year two
  
6,996
   
6,545
   
142
   
100
   
218
   
242
 
Year three
  
7,598
   
6,992
   
149
   
98
   
219
   
245
 
Year four
  
8,321
   
7,579
   
154
   
105
   
229
   
245
 
Year five
  
9,140
   
8,265
   
151
   
109
   
226
   
255
 
Next five years
  
59,242
   
53,734
   
663
   
616
   
976
   
1,154
 
Summary Of Expected Federal Subsidy
 
  
Other Postretirement
Benefits
 
 
 
Pension Benefits
  
Postretirement
 
 
 
Pension Plan
  
SERP
  
Welfare Plan
 
 
 
2013
  
2012
  
2013
  
2012
  
2013
  
2012
 
Expected federal subsidy
 
  
  
  
  
  
 
Year one
 
$
  
$
  
$
  
$
  
$
(13
)
 
$
(14
)
Year two
  
   
   
   
   
(13
)
  
(14
)
Year three
  
   
   
   
   
(13
)
  
(14
)
Year four
  
   
   
   
   
(12
)
  
(14
)
Year five
  
   
   
   
   
(12
)
  
(14
)
Next five years
  
   
   
   
   
(55
)
  
(62
)
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
  
4.1
%
  
4.6
%
  
5.5
%
  
4.1
%
  
4.6
%
  
5.5
%
Expected long-term rate of return on plan assets
  
7.5
%
  
7.5
%
  
7.5
%
  
   
   
 
Rate of compensation increase
  
4.25
%
  
4.25
%
  
4.25
%
  
   
   
 
Components Of Net Periodic Benefit Cost
Components of net periodic benefit cost
 
  
  
  
  
  
 
Service cost
 
$
12,824
  
$
10,206
  
$
7,303
  
$
  
$
  
$
 
Interest cost
  
11,400
   
10,506
   
9,693
   
70
   
73
   
80
 
Expected return on plan assets
  
(16,127
)
  
(12,872
)
  
(11,283
)
  
   
   
 
Amortization:
                        
Actuarial loss
  
8,276
   
7,395
   
2,859
   
19
   
14
   
7
 
Prior service credit
  
   
   
(38
)
  
   
   
 
Net periodic benefit cost
  
16,373
   
15,235
   
8,534
   
89
   
87
   
87
 
 
                        
Other changes in plan assets and benefit obligations recognized in other comprehensive income
                        
Current year actuarial loss (gain)
  
(61,759
)
  
23,557
   
46,444
   
(138
)
  
131
   
156
 
Recognition of actuarial loss
  
(8,276
)
  
(7,395
)
  
(2,859
)
  
(19
)
  
(14
)
  
(7
)
Recognition of prior service credit
  
   
   
38
   
   
   
 
Total recognized in other comprehensive income
  
(70,035
)
  
16,162
   
43,623
   
(157
)
  
117
   
149
 
 
                        
Total recognized in net periodic benefit cost and other comprehensive income
 
$
(53,662
)
 
$
31,397
  
$
52,157
  
$
(68
)
 
$
204
  
$
236
 
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 2014 are as follows (in thousands):

 
Pension Benefits
 
 
Pension Plan
 
SERP
 
Actuarial loss
 
$
784
  
$
16
 
Prior service credit
  
   
 
 
 
$
784
  
$
16
 
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
  
4.1
%
  
4.6
%
  
5.5
%
Health care cost trend rate:
            
Initial rate
  
7.5
%
  
7.5
%
  
8.0
%
Ultimate rate
  
5.0
%
  
5.0
%
  
5.0
%
Years to ultimate
  
2018
   
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 aggregate service and interest cost
            
Increase
 
$
10
  
$
13
  
$
16
 
Decrease
  
(9
)
  
(11
)
  
(14
)
Components Of Net Periodic Benefit Cost
Components of net periodic benefit cost
 
  
  
 
Service cost
 
$
  
$
  
$
 
Interest cost
  
112
   
133
   
164
 
Curtailment loss
  
   
   
119
 
Amortization:
            
Actuarial gain
  
(620
)
  
(618
)
  
(593
)
Prior service cost
  
   
   
40
 
Net periodic benefit cost
  
(508
)
  
(485
)
  
(270
)
 
            
Other changes in benefit obligations recognized in other comprehensive income
            
Current year actuarial gain
  
(600
)
  
(235
)
  
182
 
Recognition of actuarial gain
  
620
   
618
   
593
 
Recognition of prior service cost
  
   
   
(158
)
Adjustment for actual Medicare Part D reimbursement
  
(5
)
  
(10
)
  
(3
)
Total recognized in other comprehensive income
  
15
   
373
   
614
 
 
  
)
         
Total recognized in net periodic benefit cost and other comprehensive income
 
$
(493
)
 
$
(112
)
 
$
344
 
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 2014 are as follows (in thousands):

 
Other Postretirement Benefits
 
Postretirement Welfare Plan
Actuarial gain
 
$
(649
)
Prior service cost
  
 
 
 
$
(649
)