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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2012
Employee Benefit Plans [Abstract]  
Reconciliation of Changes in Plan's Benefit Obligations and Fair Value of Assets

 

 

 

 

 

 

 

 

 

 

(In thousands)

2012

2011

Reconciliation of benefit obligation

 

 

 

 

Benefit obligation at beginning of year

$

9,240 

$

9,109 

Service cost including expenses

 

48 

 

50 

Interest cost

 

478 

 

473 

Actuarial loss

 

1,559 

 

138 

Benefits paid

 

(524)

 

(530)

Benefit obligation at year-end

$

10,801 

$

9,240 

Reconciliation of fair value of plan assets

 

 

 

 

Fair value of plan assets at beginning of year

$

8,806 

$

9,404 

Actual return on plan assets

 

1,132 

 

(70)

Employer contributions

 

5,000 

 

Benefits paid

 

(526)

 

(528)

Fair value of plan assets at year-end

$

14,412 

$

8,806 

Funded status at year end

$

3,611 

$

(434)

 

Net Periodic Benefit Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

2012

2011

2010

Interest cost

$

478 

$

473 

$

482 

Expected return on plan assets

 

(600)

 

(642)

 

(600)

Service costs

 

48 

 

50 

 

54 

Net loss amortization

 

326 

 

252 

 

242 

Net periodic pension cost

$

252 

$

133 

$

178 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

2012

 

2011

 

2010

Net loss (gain) 

$

1,016 

$

861 

$

(23)

Net loss amortization

 

(326)

 

(252)

 

(242)

Total recognized in other comprehensive income

$

690 

$

609 

$

(265)

Total recognized in net periodic pension cost and other comprehensive income

$

942 

$

742 

$

(87)

 

Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

2011

2010

Benefit obligations

 

 

 

 

 

 

 

Discount rate

 

3.98 

%

5.24 

%

5.26 

%

Net periodic benefit cost

 

 

 

 

 

 

 

Discount rate

 

5.24 

%

5.26 

%

5.80 

%

Expected long-term return on plan assets

 

7.00 

%

7.00 

%

7.00 

%

 

Fair Value of Pension Plan Assets by Asset Category

 

The fair value of Pension Plan assets at December 31, 2012 by asset category are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using:

 

 

 

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

(In thousands)

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)

Cash

$

$

$

$

Money Market Funds

 

5,301 

 

5,301 

 

 

Equity Securities:

 

 

 

 

 

 

 

 

Large Cap Equity Mutual Funds

 

2,104 

 

2,104 

 

 

Small Cap Equity Mutual Funds

 

75 

 

75 

 

 

Domestic Equities

 

205 

 

205 

 

 

Global Equity Mutual Funds

 

577 

 

577 

 

 

International Equity Mutual Funds

 

1,651 

 

1,651 

 

 

Absolute Return Funds

 

446 

 

446 

 

 

Fixed Income:

 

 

 

 

 

 

 

 

International Bond Mutual Funds

 

364 

 

364 

 

 

Taxable Bond Mutual Funds

 

3,689 

 

3,689 

 

 

Total

$

14,412 

$

14,412 

$

$

 

 

The fair value of Pension Plan assets at December 31, 2011 by asset category are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using:

 

 

 

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

(In thousands)

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)

Cash

$

13 

$

13 

$

$

Money Market Funds

 

258 

 

258 

 

 

Equity Securities:

 

 

 

 

 

 

 

 

Large Cap Equity Mutual Funds

 

2,425 

 

2,425 

 

 

Small Cap Equity Mutual Funds

 

80 

 

80 

 

 

Domestic Equities

 

223 

 

223 

 

 

Global Equity Mutual Funds

 

506 

 

506 

 

 

International Equity Mutual Funds

 

822 

 

822 

 

 

Absolute Return Funds

 

419 

 

419 

 

 

Fixed Income:

 

 

 

 

 

 

 

 

International Bond Mutual Funds

 

419 

 

419 

 

 

Taxable Bond Mutual Funds

 

3,641 

 

3,641 

 

 

Total

$

8,806 

$

8,806 

$

$

 

Estimated Future Benefit Payments Expected to be Paid Under the Plan

 

 

 

 

 

 

 

 

Pension

(In thousands)

 

Benefits

2013

$

508 

2014

 

541 

2015

 

556 

2016

 

578 

2017

 

619 

Years 2018 to 2022

$

3,385 

 

Summary of Expense Relating to Various Employee Benefit Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

2012

2011

2010

Pension plan

$

252 

$

133 

$

178 

401(k)

 

590 

 

622 

 

554 

Total

$

842 

$

755 

$

732