Employee Benefit Plans

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2012 and 2011 the components of pension expense are as follows:

	Three Months Ended September 30						Nine months ended September 30
	2012			2011			2012			2011
Service cost	$	4,012		$	3,316		$	10,387		$	9,949
Interest cost	7,151			5,953			17,293			17,858
Expected return on assets	(8,637		)	(7,178		)	(20,770		)	(21,530		)
Amortization of prior service cost	53			53			158			158
Amortization of net actuarial loss	2,796			1,596			8,270			4,786
Total pension expense	$	5,375		$	3,740		$	15,338		$	11,221

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.