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Retirement Plans and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2012
Retirement Plans and Other Postretirement Benefits [Abstract]  
Summary of retirement plans and other postretirement benefits
                                 
    Retirement Plans     Other  Postretirement
Benefits
 
(Dollars in thousands)   2012     2011     2012     2011  

Change in benefit obligation:

                               

Benefit obligation at beginning of year

  $ 38,374     $ 32,250     $ 2,344     $ 1,974  

Service cost

    622       556       82       66  

Interest cost

    1,726       1,725       116       117  

Actuarial loss

    3,755       5,368       55       267  

Benefits paid

    (1,598     (1,525     (79     (80
   

 

 

   

 

 

   

 

 

   

 

 

 

Benefit obligation at end of year

  $ 42,879     $ 38,374     $ 2,518     $ 2,344  
   

 

 

   

 

 

   

 

 

   

 

 

 

Change in plan assets:

                               

Fair value of plan assets at beginning of year

  $ 25,213     $ 24,366     $ —       $ —    

Actual return on plan assets

    2,669       127       —         —    

Benefits paid

    (1,598     (1,525     (79     (80

Employer contribution and non-qualified benefit payments

    8,136       2,245       79       80  
   

 

 

   

 

 

   

 

 

   

 

 

 

Fair value of plan assets at end of year

    34,420       25,213       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Funded status

    (8,459     (13,161     (2,518     (2,344

Unrecognized net actuarial loss

    22,576       20,482       850       819  

Unrecognized prior service costs

    (1,825     (2,061     (27     (48
   

 

 

   

 

 

   

 

 

   

 

 

 

Net amount recognized

  $ 12,292     $ 5,260     $ (1,695   $ (1,573
   

 

 

   

 

 

   

 

 

   

 

 

 
Information for the pension plans with an accumulated benefit obligation in excess of plan assets
                 
    At December 31,  
(Dollars in thousands)   2012     2011  

Projected benefit obligation

  $ 41,459     $ 37,307  

Accumulated benefit obligation

    39,912       35,286  

Fair value of plan assets

    34,420       25,213  
Components of net periodic benefit cost
                                                 
    Retirement Plans     Other Postretirement Benefits  
(Dollars in thousands)   2012     2011     2010     2012     2011     2010  

Service cost

  $ 622     $ 556     $ 362     $ 82     $ 66     $ 76  

Interest cost

    1,726       1,725       1,708       116       117       115  

Expected return on plan assets

    (2,254     (1,895     (1,670     —         —         —    

Amortization of net loss

    1,147       728       686       23       15       7  

Accretion of prior service cost

    (235     (235     (236     (20     (20     (20
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

  $ 1,006     $ 879     $ 850     $ 201     $ 178     $ 178  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Expected amortization expense for 2013
                 
(Dollars in thousands)   Retirement
Plans
    Other
Postretirement
Benefits
 

Expected amortization expense for 2013:

               

Amortization (accretion) of net loss

  $ 1,247     $ (24

(Accretion) amortization of prior service cost

    (241     20  
Summary of benefit payments expected to be paid
                 

(Dollars in thousands)

For the fiscal year ending:

  Retirement Plans     Other Postretirement
Benefits
 

2013

  $ 1,905     $ 82  

2014

    1,955       111  

2015

    2,142       122  

2016

    2,268       128  

2017

    2,310       135  

Years 2018-2022

    11,068       750  
Weighted-average assumptions used to determine benefit obligations
                                 
    Retirement Plans     Other  Postretirement
Benefits
 
    2012     2011     2012     2011  

Assumed discount rate

    4.0     4.5     4.0     4.5

Assumed salary increase rate

    3.0       3.0       —         —    
                                 
    Retirement Plans     Other  Postretirement
Benefits
 
    2012     2011     2012     2011  

Assumed discount rate

    4.5     5.5     4.5     5.5

Assumed long-term rate of investment return

    8.0       8.0       —         —    

Assumed salary increase rate

    3.0       3.0       —         —    
Summary of assumed health care cost trend rates
                         

Assumed Health Care Cost Trend Rates

  2012     2011     2010  

Health care cost trend rate assumed for next year

    6.5     6.5     6.5

Rate to which the cost trend rate is assumed to decline

    5.0       5.0       5.0  

Year that the rate reaches the ultimate rate

    2014       2013       2012  
Effect of one percentage-point change in the assumed health care cost trend rates
                 
    One Percentage Point  
(Dollars in thousands)   Increase     Decrease  

Effect on total of service and interest cost components

  $ 8     $ (7

Effect on postretirement benefit obligation

    97       (86
Summary of corporation's pension plan asset allocation
                 
    Percentage of Plan Assets at
December 31,
 
    2012     2011  

Asset Category:

               

Equity securities

    59     49

Debt securities

    38       47  

Other

    3       4  
   

 

 

   

 

 

 

Total

    100     100
   

 

 

   

 

 

 
Major categories of assets in Corporation's pension plan
                 
(Dollars in thousands)   Fair Value  Measurements
at December 31,
 
  2012     2011  

Level 1:

               

Common stocks

  $ —       $ 8,056  

Mutual funds:

               

U.S. Large Cap

    12,880       —    

U.S. Mid Cap

    1,649       986  

U.S. Small Cap

    1,675       991  

International

    4,164       2,202  

Income

    899       1,577  

Short-term investments

    916       1,250  

Level 2:

               

U.S. government obligations

    2,834       2,359  

Corporate bonds

    4,900       4,203  

Level 3:

               

Certificates of deposit

    4,503       3,589  
   

 

 

   

 

 

 

Total fair value of plan assets

  $ 34,420     $ 25,213  
   

 

 

   

 

 

 
Reconciliation of the beginning and ending balances for measurements in hierarchy Level 3
                                                 
(Dollars in thousands)   Balance at
December 31,

2011
    Total
Unrealized
Gains or
(Losses)
    Total
Realized
Gains or
(Losses)
    Purchases     Maturities/
Redemptions
    Balance at
December 31,
2012
 

Certificates of deposit

  $ 3,589     $  —       $  —       $ 1,509     $ (595   $ 4,503  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Level 3 assets

  $ 3,589     $ —       $  —       $ 1,509     $ (595   $ 4,503  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                                 
(Dollars in thousands)   Balance at
December 31,

2010
    Total
Unrealized
Gains or
(Losses)
    Total
Realized
Gains or
(Losses)
    Purchases     Maturities/
Redemptions
    Balance at
December 31,
2011
 

Certificates of deposit

  $ 2,898     $  —       $  —       $ 1,305     $ (614   $ 3,589  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Level 3 assets

  $ 2,898     $ —       $ —       $ 1,305     $ (614   $ 3,589