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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Benefit Plans [Abstract]  
Components of net periodic benefit cost
The following tables provide the components of aggregate annual net periodic benefit cost, changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheet:

 
 
Pension and Supplemental
  
Other Postretirement
 
  
  
Executive Retirement Plans
   
Benefits
 
Components of Net Periodic Benefit Cost for fiscal year ending
 
 
 
12/31/2013
  
12/31/2012
  
12/31/2011
  
12/31/2013
  
12/31/2012
  
12/31/2011
 
 
 
(In thousands)
 
1. Company Service Cost
 
$
11,338
  
$
9,662
  
$
8,917
  
$
812
  
$
1,226
  
$
1,090
 
2. Interest Cost
  
15,289
   
16,481
   
16,098
   
618
   
1,144
   
1,350
 
3. Expected Return on Assets
  
(20,144
)
  
(18,211
)
  
(17,373
)
  
(3,679
)
  
(3,162
)
  
(3,299
)
4. Other Adjustments
  
-
   
-
   
-
   
-
   
-
   
-
 
Subtotal
  
6,483
   
7,932
   
7,642
   
(2,249
)
  
(792
)
  
(859
)
5. Amortization of :
                        
a. Net Transition Obligation/(Asset)
  
-
   
-
   
-
   
-
   
-
   
-
 
b. Net Prior Service Cost/(Credit)
  
503
   
665
   
661
   
(6,649
)
  
(6,217
)
  
(6,217
)
c. Net Losses/(Gains)
  
6,145
   
5,829
   
4,010
   
-
   
797
   
632
 
Total Amortization
  
6,648
   
6,494
   
4,671
   
(6,649
)
  
(5,420
)
  
(5,585
)
6. Net Periodic Benefit Cost
  
13,131
   
14,426
   
12,313
   
(8,898
)
  
(6,212
)
  
(6,445
)
7. Cost of settlements or curtailments
  
-
   
-
   
-
   
-
   
-
   
-
 
8. Total Expense for Year
 
$
13,131
  
$
14,426
  
$
12,313
  
$
(8,898
)
 
$
(6,212
)
 
$
(6,445
)
Development of funded status
Development of Funded Status
 
 
 
Pension and Supplemental
  
Other Postretirement
 
 
 
Executive Retirement Plans
  
Benefits
 
 
 
12/31/2013
  
12/31/2012
  
12/31/2013
  
12/31/2012
 
 
 
(In thousands)
 
 
 
  
  
  
 
Actuarial Value of Benefit Obligations
 
  
  
  
 
1. Measurement Date
 
12/31/2013
  
12/31/2012
  
12/31/2013
  
12/31/2012
 
2. Accumulated Benefit Obligation
 
$
304,825
  
$
331,985
  
$
15,764
  
$
16,284
 
 
                
Funded Status/Asset (Liability) on the Consolidated Balance Sheet
                
1. Projected Benefit Obligation
 
$
(317,606
)
 
$
(362,657
)
 
$
(15,764
)
 
$
(16,284
)
2. Plan Assets at Fair Value
  
355,704
   
340,335
   
62,298
   
49,391
 
3. Funded Status - Overfunded/Asset
 
$
38,098
   
N/
A
 
$
46,534
  
$
33,107
 
4. Funded Status - Underfunded/Liability
  
N/
A
 
$
(22,322
)
  
N/
A
  
N/
A
 
 
Pension and Supplemental
Other Postretirement
  
Executive Retirement Plans
  
Benefits
Accumulated Other Comprehensive Income
 
 
   
  
    
 
   
 
 
 
 
12/31/2013
  
12/31/2012
  
12/31/2013
  
12/31/2012
 
 
 
(In thousands)
 
1. Net Actuarial (Gain)/Loss
 
$
49,925
  
$
106,661
  
$
(9,439
)
 
$
1,985
 
2. Net Prior Service Cost/(Credit)
  
(4,782
)
  
1,775
   
(31,938
)
  
(38,587
)
3. Net Transition Obligation/(Asset)
  
-
   
-
   
-
   
-
 
4. Total at Year End
 
$
45,143
  
$
108,436
  
$
(41,377
)
 
$
(36,602
)
Change in projected benefit obligation
The changes in the projected benefit obligation are as follows:

Change in Projected Benefit/Accumulated Benefit Obligation
 
 
 
12/31/2013
  
12/31/2012
  
12/31/2013
  
12/31/2012
 
 
 
(In thousands)
 
1. Benefit Obligation at Beginning of Year
 
$
362,657
  
$
318,048
  
$
16,284
  
$
25,007
 
2. Company Service Cost
  
11,338
   
9,662
   
812
   
1,226
 
3. Interest Cost
  
15,289
   
16,481
   
618
   
1,144
 
4. Plan Participants' Contributions
  
-
   
-
   
299
   
356
 
5. Net Actuarial (Gain)/Loss due to Assumption Changes
  
(44,205
)
  
37,418
   
(1,414
)
  
(6,517
)
6. Net Actuarial (Gain)/Loss due to Plan Experience
  
1,353
   
634
   
101
   
(497
)
7. Benefit Payments from Fund (1)
  
(22,497
)
  
(19,483
)
  
(871
)
  
(661
)
8. Benefit Payments Directly by Company
  
(275
)
  
(265
)
  
(65
)
  
(42
)
9. Plan Amendments
  
(6,054
)
  
162
   
-
   
(3,732
)
10. Other Adjustment
  
-
   
-
   
-
   
-
 
11. Benefit Obligation at End of Year
 
$
317,606
  
$
362,657
  
$
15,764
  
$
16,284
 
 
(1) In 2013, includes lump sum payments of $13.8 million from our pension plan to eligible participants, which were former employees with vested benefits of $200 thousand or less.   In 2014, former employees with vested benefits of $500 thousand or less may elect this option. In 2012, includes lump sum payments of $12.0 million from our pension plan to eligible participants, which were former employees with vested benefits of $100 thousand or less.
Change in plan assets
The changes in the fair value of the net assets available for plan benefits are as follows:
 
 
Pension and Supplemental
Other Postretirement
   
Executive Retirement Plans
  
Benefits
Change in Plan Assets
 
 
12/31/2013
  
12/31/2012
  
12/31/2013
  
12/31/2012
 
 
 
(In thousands)
 
1. Fair Value of Plan Assets at Beginning of Year
 
$
340,335
  
$
305,748
  
$
49,391
  
$
42,578
 
2. Company Contributions
  
10,275
   
15,265
   
-
   
-
 
3. Plan Participants' Contributions
  
-
   
-
   
299
   
356
 
4. Benefit Payments from Fund
  
(22,497
)
  
(19,483
)
  
(871
)
  
(661
)
5. Benefit Payments paid directly by Company
  
(275
)
  
(265
)
  
(65
)
  
(42
)
6. Actual Return on Assets
  
27,866
   
39,070
   
13,778
   
7,474
 
7. Other Adjustment
  
-
   
-
   
(234
)
  
(314
)
8. Fair Value of Plan Assets at End of Year
 
$
355,704
  
$
340,335
  
$
62,298
  
$
49,391
 
Change in accumulated other comprehensive income (AOCI)
Change in Accumulated Other Comprehensive Income (AOCI)
 
 
 
12/31/2013
  
12/31/2012
  
12/31/2013
  
12/31/2012
 
 
 
(In thousands)
 
1. AOCI in Prior Year
 
$
108,436
  
$
97,576
  
$
(36,602
)
 
$
(26,964
)
2. Increase/(Decrease) in AOCI
                
a. Recognized during year - Prior Service (Cost)/Credit
  
(503
)
  
(665
)
  
6,649
   
6,217
 
b. Recognized during year - Net Actuarial (Losses)/Gains
  
(6,145
)
  
(5,829
)
  
-
   
(797
)
c. Occurring during year - Prior Service Cost
  
(6,054
)
  
162
   
-
   
(3,732
)
d. Occurring during year - Net Actuarial Losses/(Gains)
  
(50,574
)
  
17,192
   
(11,411
)
  
(11,326
)
e. Other adjustments
  
(17
)
  
-
   
(13
)
  
-
 
3. AOCI in Current Year
 
$
45,143
  
$
108,436
  
$
(41,377
)
 
$
(36,602
)
 
Amortizations expected to be recognized during next fiscal year
 
Amortizations Expected to be Recognized During Next Fiscal Year Ending
           
 
12/31/2014
    
12/31/2014
   
 
(In thousands)
   
1. Amortization of Net Transition Obligation/(Asset)
 
$
-
    
$
-
    
2. Amortization of Prior Service Cost/(Credit)
  
(169
)
    
(6,649
)
    
3. Amortization of Net Losses/(Gains)
  
1,164
     
(292
)
    
Actuarial assumptions
The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions.
 
 
 
Pension and Supplemental
  
Other Postretirement
 
 
Executive Retirement Plans
   
Benefits
 
Actuarial Assumptions
 
 
 
12/31/2013
  
12/31/2012
  
12/31/2013
  
12/31/2012
 
Weighted-Average Assumptions Used to Determine
 
  
  
  
 
Benefit Obligations at year end
 
  
  
  
 
1. Discount Rate
  
5.15
%
  
4.25
%
  
4.75
%
  
3.85
%
2. Rate of Compensation Increase
  
3.00
%
  
3.00
%
  
N/
A
  
N/
A
 
                
Weighted-Average Assumptions Used to Determine
                
Net Periodic Benefit Cost for Year
                
1. Discount Rate
  
4.25
%
  
5.25
%
  
3.85
%
  
4.75
%
2. Expected Long-term Return on Plan Assets
  
6.00
%
  
6.00
%
  
7.50
%
  
7.50
%
3. Rate of Compensation Increase
  
3.00
%
  
3.00
%
  
N/
A
  
N/
A
 
                
Assumed Health Care Cost Trend Rates at year end
                
1. Health Care Cost Trend Rate Assumed for Next Year
  
N/
A
  
N/
A
  
7.00
%
  
7.50
%
2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate)
  
N/
A
  
N/
A
  
5.00
%
  
5.00
%
3. Year That the Rate Reaches the Ultimate Trend Rate
  
N/
A
  
N/
A
  
2018
   
2018
 
Weighted-average asset allocations
The weighted-average asset allocations of the plans are as follows:

 
 
  
  
Other Postretirement
 
  
 
Pension Plan
   
Benefits
 
Plan Assets
 
 
 
12/31/2013
  
12/31/2012
  
12/31/2013
  
12/31/2012
 
Allocation of Assets at year end
 
  
  
  
 
1. Equity Securities
  
43
%
  
40
%
  
100
%
  
100
%
2. Debt Securities
  
57
%
  
60
%
  
0
%
  
0
%
3. Other
  
0
%
  
0
%
  
0
%
  
0
%
4. Total
  
100
%
  
100
%
  
100
%
  
100
%
 
Fair value of plan assets
The following table sets forth by level, within the fair value hierarchy, the pension plan assets at fair value as of December 31, 2013 and 2012.
 
Assets at Fair Value as of December 31, 2013
 
 
 
  
  
  
 
Pension Plan
 
Level 1
  
Level 2
  
Level 3
  
Total
 
 
 
(In thousands)
 
Domestic Mutual Funds
 
$
51,240
  
$
-
  
$
-
  
$
51,240
 
International Mutual Funds
  
39,814
   
-
   
-
   
39,814
 
Common Stocks
  
60,332
   
-
   
-
   
60,332
 
Corporate Bonds
  
-
   
134,012
   
-
   
134,012
 
U.S. Government Securities
  
18,819
   
-
   
-
   
18,819
 
Municipals
  
-
   
33,402
   
-
   
33,402
 
Foreign Bonds
  
-
   
15,961
   
-
   
15,961
 
Foreign Stocks
  
2,124
   
-
   
-
   
2,124
 
Total Assets at fair value
 
$
172,329
  
$
183,375
  
$
-
  
$
355,704
 
 
Assets at Fair Value as of December 31, 2012
 
 
                
Pension Plan
 
Level 1
  
Level 2
  
Level 3
  
Total
 
 
 
(In thousands)
 
Domestic Mutual Funds
 
$
45,071
  
$
-
  
$
-
  
$
45,071
 
International Mutual Funds
  
39,479
   
-
   
-
   
39,479
 
Common Stocks
  
54,210
   
-
   
-
   
54,210
 
Corporate Bonds
  
-
   
130,643
   
-
   
130,643
 
U.S. Government Securities
  
25,859
   
-
   
-
   
25,859
 
Municipals
  
-
   
26,595
   
-
   
26,595
 
Foreign Bonds
  
-
   
17,710
   
-
   
17,710
 
Foreign Stocks
  
768
   
-
   
-
   
768
 
Total Assets at fair value
 
$
165,387
  
$
174,948
  
$
-
  
$
340,335
 

The following table sets forth by level, within the fair value hierarchy, the postretirement plan assets at fair value as of December 31, 2013 and 2012.

Assets at Fair Value as of December 31, 2013
 
 
 
  
  
  
 
Postretirement Plan
 
Level 1
  
Level 2
  
Level 3
  
Total
 
 
 
(In thousands)
 
Domestic Mutual Funds
 
$
45,585
  
$
-
  
$
-
  
$
45,585
 
International Mutual Funds
  
16,713
   
-
   
-
   
16,713
 
Total Assets at fair value
 
$
62,298
  
$
-
  
$
-
  
$
62,298
 

Assets at Fair Value as of December 31, 2012
 
 
 
  
  
  
 
Postretirement Plan
 
Level 1
  
Level 2
  
Level 3
  
Total
 
 
 
(In thousands)
 
Domestic Mutual Funds
 
$
34,720
  
$
-
  
$
-
  
$
34,720
 
International Mutual Funds
  
14,671
   
-
   
-
   
14,671
 
Total Assets at fair value
 
$
49,391
  
$
-
  
$
-
  
$
49,391
 
Minimum and maximum allocation ranges for fixed income securities and equity securities
The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives.  To achieve these goals the minimum and maximum allocation ranges for fixed income securities and equity securities are:
 
 
Minimum
  
Maximum
 
Fixed income
  
40
%
  
100
%
Equity
  
0
%
  
60
%
Cash equivalents
  
0
%
  
10
%

The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives.  To achieve these goals the minimum and maximum allocation ranges for fixed income securities and equity securities are:

 
 
Minimum
  
Maximum
 
Fixed income
  
0
%
  
10
%
Equity
  
90
%
  
100
%
Actual and estimated future contributions and actual and estimated future benefit payments
The following tables show the estimated future contributions and estimated future benefit payments.

 
 
Pension and Supplemental
  
Other Postretirement
 
 
 
Executive Retirement Plans
   
Benefits
 
Company Contributions
 
 
 
12/31/2013
  
12/31/2013
 
 
 
(In thousands)
  
 
Company Contributions for the Year Ending:
  
 
1. Current
 
$
10,275
  
$
-
 
2. Current + 1
  
2,158
   
-
 
 
        
 
        
Benefit Payments (Total)
 
 
 
12/31/2013
  
12/31/2013
 
 
 
(In thousands)
 
Actual Benefit Payments for the Year Ending:
     
1. Current
 
$
22,773
  
$
638
 
Expected Benefit Payments for the Year Ending:
     
2. Current + 1
  
12,538
   
793
 
3. Current + 2
  
13,240
   
832
 
4. Current + 3
  
13,743
   
870
 
5. Current + 4
  
14,872
   
942
 
6. Current + 5
  
16,105
   
1,160
 
7. Current + 6 - 10
  
99,395
   
7,558
 
Effect of a 1% change in the health care trend rate assumption
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A 1% change in the health care trend rate assumption would have the following effects on other postretirement benefits:
 
 
1-Percentage
  
1-Percentage
 
 
Point Increase
  
Point Decrease
 
 
(In thousands)
 
 
 
  
 
Effect on total service and interest cost components
 
$
301
  
$
(233
)
Effect on postretirement benefit obligation
  
2,525
   
(1,971
)