Pension Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Schedule of Net Funded Status [Table Text Block]



	For the Years Ended December 31,
	2014			2013
	(in thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	43,285		$	40,237
Service cost	6,335			6,291
Interest cost	2,191			1,627
Plan amendments	—			—
Actuarial (gain) loss	8,821			(1,577		)
Benefits paid	(2,765		)	(3,293		)
Projected benefit obligation at end of year	57,867			43,285

Change in plan assets:
Fair value of plan assets at beginning of year	24,658			20,254
Actual return on plan assets	737			2,726
Employer contribution	5,310			4,971
Benefits paid	(2,765		)	(3,293		)
Fair value of plan assets at end of year	27,940			24,658
Funded status at end of year	$	(29,927	)	$	(18,627	)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

Accumulated Benefit Obligation in Excess of Plan Assets for the Pension Plans



	As of December 31,
	2014			2013
	(in thousands)
Projected benefit obligation	$	57,867		$	43,285

Accumulated benefit obligation	$	43,205		$	32,396
Less: Fair value of plan assets	(27,940		)	(24,658		)
Underfunded accumulated benefit obligation	$	15,265		$	7,738

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Pre-tax amounts not yet recognized in net periodic pension costs, but rather recognized in accumulated other comprehensive loss as of December 31, 2014 and 2013, consist of:



	As of December 31,
	2014		2013
	(in thousands)
Unrecognized actuarial losses	$	17,812	$	8,439
Unrecognized prior service costs	118		136
Unrecognized transition obligation	—		—
Accumulated other comprehensive loss	$	17,930	$	8,575

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Pre-tax changes recognized in other comprehensive income (loss) during 2014, 2013, and 2012, were as follows:



	For the Years Ended December 31,
	2014			2013			2012
	(in thousands)
Net actuarial gain (loss)	$	(10,062	)	$	2,766		$	(4,680	)
Prior service cost	—			—			—
Less: Amortization of:
Prior service cost	(17		)	(17		)	(17		)
Actuarial loss	(689		)	(1,222		)	(754		)
Total other comprehensive income (loss)	$	(9,356	)	$	4,005		$	(3,909	)

Components of the net periodic benefit cost for both the Qualified and the Nonqualified Pension Plan

Components of Net Periodic Benefit Cost for the Pension Plans



	For the Years Ended December 31,
	2014			2013			2012
	(in thousands)
Components of net periodic benefit cost:
Service cost	$	6,335		$	6,291		$	4,934
Interest cost	2,191			1,627			1,374
Expected return on plan assets that reduces periodic pension cost	(1,978		)	(1,538		)	(1,165		)
Amortization of prior service cost	17			17			17
Amortization of net actuarial loss	689			1,222			754
Net periodic benefit cost	$	7,254		$	7,619		$	5,914

Schedule of Assumptions Used [Table Text Block]

Weighted-average assumptions to measure the Company’s projected benefit obligation and net periodic benefit cost are as follows:



	As of December 31,
	2014	2013	2012
Projected benefit obligation
Discount rate	4.3%	5.0%	3.9%
Rate of compensation increase	6.2%	6.2%	6.2%
Net periodic benefit cost
Discount rate	5.0%	3.9%	4.7%
Expected return on plan assets ⁽¹⁾	7.5%	7.5%	7.5%
Rate of compensation increase	6.2%	6.2%	6.2%

____________________________________________


(1)	There is no assumed expected return on plan assets for the Nonqualified Pension Plan because there are no plan assets in the Nonqualified Pension Plan.

Schedule of Allocation of Plan Assets [Table Text Block]

The weighted-average asset allocation of the Qualified Pension Plan is as follows:



	Target		As of December 31,
Asset Category	2015		2014		2013
Equity securities	42.0	%	39.6	%	43.6	%
Fixed income securities	35.0	%	33.9	%	32.2	%
Other securities	23.0	%	26.5	%	24.2	%
Total	100.0	%	100.0	%	100.0	%

The fair values of the Company’s Qualified Pension Plan assets as of December 31, 2014 and 2013, utilizing the fair value hierarchy discussed in Note 11 – Fair Value Measurements is as follows:



					Fair Value Measurements Using:
	Actual Asset Allocation		Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
			(in thousands)
December 31, 2014
Cash	—	%	$	—	$	—	$	—	$	—
Equity Securities
Domestic ⁽¹⁾	27.1	%	7,569		5,550		2,019		—
International ⁽²⁾	12.5	%	3,498		3,498		—		—
Total Equity Securities	39.6	%	11,067		9,048		2,019		—
Fixed Income Securities
High-Yield Bonds ⁽³⁾	2.9	%	797		797		—		—
Core Fixed Income ⁽⁴⁾	22.4	%	6,247		6,247		—		—
Floating Rate Corp Loans ⁽⁵⁾	8.6	%	2,413		2,413		—		—
Total Fixed Income Securities	33.9	%	9,457		9,457		—		—
Other Securities:
Commodities ⁽⁶⁾	2.9	%	810		810		—		—
Real Estate ⁽⁷⁾	4.7	%	1,327		—		—		1,327
Hedge Fund ⁽⁸⁾	14.8	%	4,130		593		—		3,537
Collective Investment Trusts ⁽⁹⁾	4.1	%	1,149		—		1,149		—
Total Other Securities	26.5	%	7,416		1,403		1,149		4,864
Total Investments	100.0	%	$	27,940	$	19,908	$	3,168	$	4,864

December 31, 2013
Cash and Money Market Funds	—	%	$	—	$	—	$	—	$	—
Equity Securities
Domestic ⁽¹⁾	29.9	%	7,371		4,888		2,483		—
International ⁽²⁾	13.7	%	3,373		3,373		—		—
Total Equity Securities	43.6	%	10,744		8,261		2,483		—
Fixed Income Securities
High-Yield Bonds ⁽³⁾	5.9	%	1,448		1,448		—		—
Core Fixed Income ⁽⁴⁾	20.3	%	5,006		5,006		—		—
Floating Rate Corp Loans ⁽⁵⁾	6.0	%	1,483		1,483		—		—
Total Fixed Income Securities	32.2	%	7,937		7,937		—		—
Other Securities:
Commodities ⁽⁶⁾	3.8	%	945		945		—		—
Real Estate ⁽⁷⁾	3.5	%	859		—		—		859
Hedge Fund ⁽⁸⁾	14.3	%	3,517		955		—		2,562
Collective Investment Trusts ⁽⁹⁾	2.6	%	656		—		656		—
Total Other Securities	24.2	%	5,977		1,900		656		3,421
Total Investments	100.0	%	$	24,658	$	18,098	$	3,139	$	3,421

____________________________________________

(1)

Level 1 equity securities consist of United States large and small capitalization companies, which are actively traded securities that can be sold upon demand. Level 2 equity securities are investments in a collective investment fund that is valued at net asset value based on the value of the underlying investments and total units outstanding on a daily basis. The objective of this fund is to approximate the S&P 500 by investing in one or more collective investment funds.


(2)	International equity securities consists of a well-diversified portfolio of holdings of mostly large issuers organized in developed countries with liquid markets, commingled with investments in equity securities of issuers located in emerging markets and believed to have strong sustainable financial productivity at attractive valuations.


(3)	High-yield bonds consist of non-investment grade fixed income securities. The investment objective is to obtain high current income. Due to the increased level of default risk, security selection focuses on credit-risk analysis.


(4)	The objective is to achieve value added from sector or issue selection by constructing a portfolio to approximate the investment results of the Barclay's Capital Aggregate Bond Index with a modest amount of variability in duration around the index.


(5)	Investments consist of floating rate bank loans. The interest rates on these loans are typically reset on a periodic basis to account for changes in the level of interest rates.


(6)	Investments with exposure to commodity price movements, primarily through the use of futures, swaps and other commodity-linked securities.


(7)	The investment objective of direct real estate is to provide current income with the potential for long-term capital appreciation. Ownership in real estate entails a long-term time horizon, periodic valuations, and potentially low liquidity.


(8)	The hedge fund portfolio includes an investment in an actively traded global mutual fund that focuses on alternative investments and a hedge fund of funds that invests both long and short using a variety of investment strategies.


(9)	Collective investment trusts invest in short-term investments and are valued at the net asset value of the collective investment trust. The net asset value, as provided by the trustee, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

Included below is a summary of the changes in Level 3 plan assets (in thousands):



Balance at January 1, 2013	$	2,384
Purchases	742
Realized gain on assets	161
Unrealized gain on assets	134
Balance at December 31, 2013	$	3,421
Purchases	1,232
Realized gain on assets	144
Unrealized gain on assets	67
Balance at December 31, 2014	$	4,864

Schedule of Expected Benefit Payments [Table Text Block]

Expected benefit payments over the next 10 years are as follows:



Years Ending December 31,	(in thousands)
2015	$	3,006
2016	$	3,046
2017	$	3,921
2018	$	4,558
2019	$	5,204
2020 through 2024	$	38,427