Employee Benefit Plans

6 Months Ended

Jun. 30, 2012

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Pension expense is a component of employee benefits expense. For the three and six month periods ended June 30, 2012 and 2011 the components of pension expense are as follows:

	Three Months Ended June 30						Six months ended June 30,
	2012			2011			2012			2011
Service cost	$	3,548		$	4,062		$	6,375		$	6,633
Interest cost	5,646			7,398			10,142			11,905
Expected return on assets	(6,755		)	(8,422		)	(12,134		)	(14,353		)
Amortization of prior service cost	52			66			105			105
Amortization of net actuarial loss	2,738			1,582			5,475			3,191
Total pension expense	$	5,229		$	4,686		$	9,963		$	7,481

The assumed discount rate for 2012 is 4.75 percent, the expected long-term rate of return on plan assets is 7.50 percent and the assumed rate of salary increases is 4.00 percent. For 2011 the assumed discount rate was 5.50 percent, expected long-term rate of return was 7.75 percent and the assumed rate of salary increases was 4.50 percent.