13.	Benefit Plans

We have a non-contributory defined benefit pension plan covering substantially all domestic employees, as well as a supplemental executive retirement plan. We also offer both medical and dental benefits for retired domestic employees and their eligible spouses under a postretirement benefit plan. 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 sheets:

	Pension and Supplemental Executive Retirement Plans									Other Postretirement Benefits
Components of Net Periodic Benefit Cost for fiscal year ending
	12/31/2014			12/31/2013			12/31/2012			12/31/2014			12/31/2013			12/31/2012
	(In thousands)
1. Company Service Cost	$	8,565		$	11,338		$	9,662		$	659		$	812		$	1,226
2. Interest Cost		15,987			15,289			16,481			653			618			1,144
3. Expected Return on Assets		(21,030	)		(20,144	)		(18,211	)		(4,648	)		(3,679	)		(3,162	)
4. Other Adjustments		-			-			-			-			-			-
Subtotal		3,522			6,483			7,932			(3,336	)		(2,249	)		(792	)
5. Amortization of :
a. Net Transition Obligation/(Asset)		-			-			-			-			-			-
b. Net Prior Service Cost/(Credit)		(930	)		503			665			(6,649	)		(6,649	)		(6,217	)
c. Net Losses/(Gains)		1,083			6,145			5,829			(435	)		-			797
Total Amortization		153			6,648			6,494			(7,084	)		(6,649	)		(5,420	)
6. Net Periodic Benefit Cost		3,675			13,131			14,426			(10,420	)		(8,898	)		(6,212	)
7. Cost of settlements or curtailments		302			-			-			-			-			-
8. Total Expense for Year	$	3,977		$	13,131		$	14,426		$	(10,420	)	$	(8,898	)	$	(6,212	)

Development of Funded Status
	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
	12/31/2014			12/31/2013			12/31/2014			12/31/2013
	(In thousands)

Actuarial Value of Benefit Obligations
1.Measurement Date	12/31/2014			12/31/2013			12/31/2014			12/31/2013
2. Accumulated Benefit Obligation	$	366,440		$	304,825		$	18,225		$	15,764

Funded Status/Asset (Liability) on the Consolidated Balance Sheet
1. Projected Benefit Obligation	$	(379,324	)	$	(317,606	)	$	(18,225	)	$	(15,764	)
2. Plan Assets at Fair Value		378,701			355,704			66,940			62,298
3. Funded Status - Overfunded/Asset		N/A		$	38,098		$	48,715		$	46,534
4. Funded Status - Underfunded/Liability		(623	)		N/A			N/A			N/A

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
Accumulated Other Comprehensive Income
	12/31/2014			12/31/2013			12/31/2014			12/31/2013
	(In thousands)
1. Net Actuarial (Gain)/Loss	$	93,243		$	49,925		$	(8,222	)	$	(9,439	)
2. Net Prior Service Cost/(Credit)		(3,853	)		(4,782	)		(25,289	)		(31,938	)
3. Net Transition Obligation/(Asset)		-			-			-			-
4. Total at Year End	$	89,390		$	45,143		$	(33,511	)	$	(41,377	)

The amortization of gains and losses resulting from actual experience different from assumed experience or changes in assumptions including discount rates is included as a component of Net Periodic Benefit Cost/(Income) for the year. The gain or loss in excess of a 10% corridor is amortized by the average remaining service period of participating employees expected to receive benefits under the plan.

The changes in the projected benefit obligation are as follows:

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
Change in Projected Benefit/Accumulated Benefit Obligation
	12/31/2014			12/31/2013			12/31/2014			12/31/2013
	(In thousands)
1. Benefit Obligation at Beginning of Year	$	317,606		$	362,657		$	15,764		$	16,284
2. Company Service Cost		8,565			11,338			659			812
3. Interest Cost		15,987			15,289			653			618
4. Plan Participants' Contributions		-			-			336			299
5. Net Actuarial (Gain)/Loss due to Assumption Changes		59,901			(44,205	)		2,276			(1,414	)
6. Net Actuarial (Gain)/Loss due to Plan Experience		(55	)		1,353			(855	)		101
7. Benefit Payments from Fund (1)		(21,539	)		(22,497	)		(645	)		(871	)
8. Benefit Payments Directly by Company		(1,404	)		(275	)		-			(65	)
9. Plan Amendments		(1	)		(6,054	)		-			-
10. Other Adjustment		264			-			37			-
11. Benefit Obligation at End of Year	$	379,324		$	317,606		$	18,225		$	15,764

(1) In 2014, includes lump sum payments of $11.8 million from our pension plan to eligible participants, which were former employees with vested benefits. 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 the fourth quarter of 2014, the Society of Actuaries released new mortality tables as a result of their detailed study on the future life expectancies of pension plan participants. We have used these new mortality tables in calculating our year-end 2014 retirement program obligations. If all pension plan participants elected to receive their pension benefits in monthly payments, the new tables would have increased year-end obligations by $23.2 million. However, based on our experience, we estimate that 75% of our active pension plan participants will elect to receive their pension benefits in a lump sum, which under the terms of the pension plan, are calculated based on mortality assumptions prescribed by the IRS, not the Society of Actuaries. The combined effect of the new Society of Actuaries mortality tables and the 75% lump-sum election assumption was a net increase in year-end obligations of $14.6 million. In addition, the benefit obligation will also change due to changes in the actuarial assumptions applied, as shown in the table below, to determine the outstanding liability.

The changes in the fair value of the net assets available for plan benefits are as follows:

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
Change in Plan Assets
	12/31/2014			12/31/2013			12/31/2014			12/31/2013
	(In thousands)
1. Fair Value of Plan Assets at Beginning of Year	$	355,704		$	340,335		$	62,298		$	49,391
2. Company Contributions		9,504			10,275			-			-
3. Plan Participants' Contributions		-			-			336			299
4. Benefit Payments from Fund		(21,539	)		(22,497	)		(645	)		(871	)
5. Benefit Payments paid directly by Company		(1,404	)		(275	)		-			(65	)
6. Actual Return on Assets		36,436			27,866			5,250			13,778
7. Other Adjustment		-			-			(299	)		(234	)
8. Fair Value of Plan Assets at End of Year	$	378,701		$	355,704		$	66,940		$	62,298

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
Change in Accumulated Other Comprehensive Income (AOCI)
	12/31/2014			12/31/2013			12/31/2014			12/31/2013
	(In thousands)
1. AOCI in Prior Year	$	45,143		$	108,436		$	(41,377	)	$	(36,602	)
2. Increase/(Decrease) in AOCI
a. Recognized during year - Prior Service (Cost)/Credit		930			(503	)		6,649			6,649
b. Recognized during year - Net Actuarial (Losses)/Gains		(1,083	)		(6,145	)		435			-
c. Occurring during year - Prior Service Cost		(1	)		(6,054	)		-			-
d. Occurring during year - Net Actuarial Losses/(Gains)		44,703			(50,574	)		782			(11,411	)
f. Occuring during year - Net Settlement Losses/(Gains)		(302	)		-			-			-
e. Other adjustments		-			(17	)		-			(13	)
3. AOCI in Current Year	$	89,390		$	45,143		$	(33,511	)	$	(41,377	)

Amortizations Expected to be Recognized During Next Fiscal Year Ending
	12/31/2015			12/31/2015
	(In thousands)
1. Amortization of Net Transition Obligation/(Asset)	$	-		$	-
2. Amortization of Prior Service Cost/(Credit)		(846	)		(6,649	)
3. Amortization of Net Losses/(Gains)		4,837			(142	)

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 Executive Retirement Plans						Other Postretirement Benefits
Actuarial Assumptions
	12/31/2014			12/31/2013			12/31/2014			12/31/2013
Weighted-Average Assumptions Used to Determine
Benefit Obligations at year end
1. Discount Rate		4.25	%		5.15	%		4.00	%		4.75	%
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		5.15	%		4.25	%		4.75	%		3.85	%
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	%		7.00	%
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			2019			2018

In selecting a discount rate, we performed a hypothetical cash flow bond matching exercise, matching our expected pension plan and postretirement medical plan cash flows, respectively, against a selected portfolio of high quality corporate bonds. The modeling was performed using a bond portfolio of noncallable bonds with at least $50 million outstanding. The average yield of these hypothetical bond portfolios was used as the benchmark for determining the discount rate. In selecting the expected long-term rate of return on assets, we considered the average rate of earnings expected on the classes of funds invested or to be invested to provide for the benefits of these plans. This included considering the trusts' targeted asset allocation for the year and the expected returns likely to be earned over the next 20 years.

The year-end asset allocations of the plans are as follows:

	Pension Plan						Other Postretirement Benefits
Plan Assets
	12/31/2014			12/31/2013			12/31/2014			12/31/2013
Allocation of Assets at year end
1. Equity Securities		22	%		43	%		100	%		100	%
2. Debt Securities		78	%		57	%		0	%		0	%
3. Total		100	%		100	%		100	%		100	%

In accordance with fair value guidance, we applied the following fair value hierarchy in order to measure fair value of our benefit plan assets:

Level 1 – Quoted prices for identical instruments in active markets that we have the ability to access. Financial assets utilizing Level 1 inputs include equity securities, mutual funds, money market funds, certain U.S. Treasury securities and ETF’s.

Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the financial instrument. The observable inputs are used in valuation models to calculate the fair value of the financial instruments. Financial assets utilizing Level 2 inputs include certain municipal, corporate and foreign bonds, obligations of U.S. government corporations and agencies, and pooled equity accounts.

Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Level 3 inputs reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. There are no securities that utilize Level 3 inputs.

To determine the fair value of securities in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. In addition, on a quarterly basis, we perform quality controls over values received from the pricing source (the “Trustee”) which include comparing values to other independent pricing sources. In addition, we review annually the Trustee’s auditor’s report on internal controls in order to determine that their controls around valuing securities are operating effectively. We have not made any adjustments to the prices obtained from the independent sources.

The following table sets forth by level, within the fair value hierarchy, the pension plan assets at fair value as of December 31, 2014 and 2013.

Assets at Fair Value as of December 31, 2014

Pension Plan	Level 1		Level 2		Level 3		Total
	(In thousands)
Domestic Mutual Funds	$	9,913	$	-	$	-	$	9,913
Corporate Bonds		-		200,732		-		200,732
U.S. Government Securities		5,327		1,234		-		6,561
Municipals		-		65,214		-		65,214
Foreign Bonds		-		23,028		-		23,028
ETF's		5,636		-		-		5,636
Pooled Equity Accounts		-		67,617		-		67,617
Total Assets at fair value	$	20,876	$	357,825	$	-	$	378,701

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		9,574		9,245		-		18,819
Municipals		-		33,402		-		33,402
Foreign Bonds		-		15,961		-		15,961
Foreign Stocks		2,124		-		-		2,124
Total Assets at fair value	$	163,084	$	192,620	$	-	$	355,704

During the year ended December 31, 2014, we changed the classification of our U.S. government corporation and agency securities from Level 1 to Level 2 in the fair value hierarchy. The fair value of our U.S. government corporations and agencies, in current market conditions, is determined from quoted prices for similar instruments in active markets, which is in accordance with our policy for determining fair value for Level 2 securities. The classification of these securities in the fair value table as of December 31, 2013 has been revised to conform to the 2014 presentation, as we believe the most appropriate classification for these securities was Level 2 at that date. There were no other transfers between Level 1 and Level 2 during the year ended December 31, 2014.

The pension plan has implemented a strategy to reduce risk through the use of a targeted funded ratio. The liability driven component is key to the asset allocation. The liability driven component seeks to align the duration of the fixed income asset allocation with the expected duration of the plan liabilities or benefit payments. Overall asset allocation is dynamic and specifies target allocation weights and ranges based on the funded status.

An improvement in funding status results in the de-risking of the portfolio, allocating more funds to fixed income and less to equity. A decline in funding status would result in a higher allocation to equity. The maximum equity allocation is 40%.

The equity investments utilize combinations of mutual funds, ETFs, and pooled equity account structures. Within the equity investments; return seeking growth investments allocate to global quality growth and global low volatility investments and return seeking bridge investments allocate to enduring asset investments and durable company investments.

The fixed income objective is to preserve capital and to provide monthly cash flows for the payment of plan liabilities. Fixed income investments can include government, government agencies, corporate, mortgage backed, asset backed, municipal securities, and other classes of bonds. The duration of the fixed income portfolio has an objective of being within one year of the duration of the accumulated benefit obligation. The fixed income investments have an objective of a weighted average credit of A3/A-/A- by Moody’s, S&P, and Fitch, respectively.

The following table sets forth by level, within the fair value hierarchy, the postretirement plan assets at fair value as of December 31, 2014 and 2013.

Assets at Fair Value as of December 31, 2014

Postretirement Plan	Level 1		Level 2		Level 3		Total
	(In thousands)
Domestic Mutual Funds	$	50,710	$	-	$	-	$	50,710
International Mutual Funds		16,230		-		-		16,230
Total Assets at fair value	$	66,940	$	-	$	-	$	66,940

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

Our postretirement plan portfolio is designed to achieve the following objectives over each market cycle and for at least 5 years:

·	Total return should exceed growth in the Consumer Price Index by 5.75% annually

·	Achieve competitive investment results

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
Equities (long only)		70	%		100	%
Real estate		0	%		15	%
Commodities		0	%		10	%
Fixed income/Cash		0	%		10	%

Given the long term nature of this portfolio and the lack of any immediate need for significant cash flow, it is anticipated that the equity investments will consist of growth stocks and will typically be at the higher end of the allocation ranges above.

Investment in international oriented funds is limited to a maximum of 30% of the equity range. The current international allocation is invested in two mutual funds with 4% of the equity allocation in a fund which has the objective of investing primarily in equity securities of emerging market countries, and 21% of the equity allocation in a fund investing in securities of companies based outside the United States. It invests in companies primarily based in Europe and the Pacific Basin, and primarily in equity investments although it may also hold cash, money market instruments, and fixed income securities depending on market conditions.

The following tables show the current and estimated future contributions and benefit payments.

	Pension and Supplemental Executive Retirement Plans		Other Postretirement Benefits
Company Contributions
	12/31/2014		12/31/2014
	(In thousands)
Company Contributions for the Year Ending:
1. Current	$	9,504	$	-
2. Current + 1		17,000		-

	Pension and Supplemental Executive Retirement Plans		Other Postretirement Benefits
Benefit Payments (Total)
	12/31/2014		12/31/2014
	(In thousands)
Actual Benefit Payments for the Year Ending:
1. Current	$	22,942	$	272
Expected Benefit Payments for the Year Ending:
2. Current + 1		22,966		781
3. Current + 2		23,159		837
4. Current + 3		24,356		912
5. Current + 4		25,683		1,136
6. Current + 5		27,217		1,238
7. Current + 6 - 10		135,585		8,138

Health care sensitivities

For measurement purposes, a 7.0% health care trend rate was used for benefits for retirees before they reach age 65 for 2014. In 2015, the rate is assumed to be 7.0%, decreasing to 5.0% by 2019 and remaining at this level beyond.

Assumed health care cost trend rates have a significant effect on the amounts reported for the postretirement plan. A 1% point change in the health care trend rate assumption would have the following effects on other postretirement benefits:

	1-Percentage Point Increase			1-Percentage Point Decrease
	(In thousands)

Effect on total service and interest cost components		$	259	$	(201	)
Effect on postretirement benefit obligation			2,963		(2,466	)

We have a profit sharing and 401(k) savings plan for employees. At the discretion of the Board of Directors, we may make a contribution of up to 5% of each participant's eligible compensation. We provide a matching 401(k) savings contribution for employees' on their before-tax contributions at a rate of 80% of the first $1,000 contributed and 40% of the next $2,000 contributed. For employees hired after January 1, 2014, the match is 100% up to 4% contributed. We recognized expenses related to these plans of $5.0 million, $5.3 million and $3.1 million in 2014, 2013 and 2012, respectively.