Pension Plan and Postretirement Benefits Other Than Pension (Tables)

12 Months Ended

Dec. 31, 2012

Pension Plan and Postretirement Benefits Other Than Pension

Schedule of reconciliation of the funded status of plan assets and the assumptions used to determine benefit obligations

	Pension Benefits						Other Postretirement Benefits
	2012		2011		2010		2012		2011		2010
	(in thousands)
Change in projected benefit obligation:
Net benefit obligation at beginning of year	$	148,412		118,860		110,962		8,145		6,850		5,945
Service cost		9,373		7,101		6,140		693		558		443
Interest cost		7,570		7,195		6,596		400		402		364
Benefits paid		(5,760)		(6,522)		(6,589)		(560)		(554)		(528)
Actuarial (gain) loss		24,570		21,778		1,751		(223)		530		389
Retiree contributions		—		—		—		337		359		237
Net benefit obligation at end of year	$	184,165		148,412		118,860		8,792		8,145		6,850

Schedule of pension plan asset allocation

	Pension Benefits						Other Postretirement Benefits
	2012		2011		2010		2012		2011		2010
	(in thousands)
Change in plan assets:
Fair value of plan assets at beginning of year	$	103,404		106,568		91,551		—		—		—
Actual return on plan assets		21,267		(6,642)		9,106		—		—		—
Employer contributions		15,000		10,000		12,500		223		195		291
Retiree contributions		—		—		—		337		359		237
Benefits paid		(5,760)		(6,522)		(6,589)		(560)		(554)		(528)
Fair value of plan assets at end of year	$	133,911		103,404		106,568		—		—		—
Funded status at end of year	$	(50,254)		(45,008)		(12,292)		(8,792)		(8,145)		(6,850)

	Pension Benefits						Other Postretirement Benefits
	2012		2011		2010		2012		2011		2010
	(in thousands, except percentage data)
Amounts recognized in the statement of financial position:
Current liabilities	$	-		-		-		(304)		(289)		(303)
Noncurrent liabilities		(50,254)		(45,008)		(12,292)		(8,488)		(7,856)		(6,547)
Net amount recognized at end of year	$	(50,254)		(45,008)		(12,292)		(8,792)		(8,145)		(6,850)
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income:
Transition obligation	$	(32)		(37)		(42)		-		-		-
Prior service cost		(2,377)		(2,932)		(3,486)		(127)		(183)		(238)
Accumulated loss		(74,286)		(66,747)		(31,369)		(765)		(999)		(469)
Accumulated other comprehensive loss		(76,695)		(69,716)		(34,897)		(892)		(1,182)		(707)
Cumulative employer contributions in excess of net periodic benefit cost		26,441		24,708		22,605		(7,900)		(6,963)		(6,143)
Net amount recognized at end of year	$	(50,254)		(45,008)		(12,292)		(8,792)		(8,145)		(6,850)
Weighted average assumptions used to determine benefit obligation at December 31:
Discount rate		4.22%		4.99%		6.00%		4.18%		5.00%		6.00%
Rate of compensation increase		3.99%		4.04%		3.86%		Not applicable

Summary of entity's pension plan assets

Plan assets by category	Percentage of Plan Assets at December 31, 2012		Percentage of Plan Assets at December 31, 2011
Cash		11%		7%
Equity securities:
Domestic		38%		43%
International		40%		38%
Private equity		1%		-
Gold bullion		10%		12%
Total		100%		100%

Summary of entity's pension plan assets fair value

2012	Level 1		Level 2		Level 3		Total
	(in thousands)
Equity securities:
Domestic	$	51,289		-		-		51,289
International		53,291		-		-		53,291
Fixed income securities:
Mortgage-backed securities		-		50		-		50
Private equity		-		-		1,772		1,772
Gold bullion		13,452		-		-		13,452
Total investment securities		118,032		50		1,772		119,854
Cash and other								14,057
Total							$	133,911

2011	Level 1		Level 2		Level 3		Total
	(in thousands)
Equity securities:
Domestic	$	44,818		-		-		44,818
International		38,942		-		-		38,942
Fixed income securities:
Mortgage-backed securities		-		98		-		98
Gold bullion		12,857		-		-		12,857
Total investment securities		96,617		98		-		96,715
Cash and other								6,689
Total							$	103,404

Summary of the activity of plan assets categorized as Level 3

	Private Equity
	(in thousands)
Balance at December 31, 2011	$	-
Purchases, issuances and settlements		1,772
Actual return on plan assets, sold during the period		-
Proceeds from sales		-
Balance at December 31, 2012	$	1,772

Schedule of components of net periodic pension and other postretirement costs and assumptions related to those costs

	Pension Benefits						Other Postretirement Benefits
	2012		2011		2010		2012		2011		2010
	(in thousands)
Components of net periodic benefit cost:
Service cost	$	9,373		7,101		6,140		693		558		443
Interest cost		7,570		7,195		6,596		400		402		364
Expected return on plan assets		(8,799)		(8,764)		(7,499)		—		—		—
Actuarial loss amortization		4,563		1,805		1,617		12		—		—
Prior service cost amortization		555		555		555		55		55		45
Transition obligation amortization		5		5		5		—		—		—
Net periodic benefit cost (1)	$	13,267		7,897		7,414		1,160		1,015		852

(1)

Net periodic pension benefit cost related to discontinued operations and included in the table above was $738 thousand, $525 thousand and $489 thousand for the years ended December 31, 2012, 2011 and 2010, respectively. Net periodic cost for the postretirement medical plan related to discontinued operations and included in the table above was $11 thousand, $18 thousand and $20 thousand for the years ended December 31, 2012, 2011 and 2010, respectively.

Schedule of assumptions used to determine net periodic cost and benefit obligation

	Pension Benefits						Other Postretirement Benefits
	2012		2011		2010		2012		2011		2010
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate		4.99%		6.00%		6.25%		5.00%		6.00%		6.25%
Expected return on plan assets		7.75%		7.75%		7.75%		Not applicable
Rate of compensation increase		4.04%		3.86%		3.86%		Not applicable

Schedule of expected benefit payments to be paid

	Pension Benefits		Other Postretirement Benefits
	(in thousands)
2013	$	7,985		304
2014		9,567		317
2015		8,022		349
2016		10,691		377
2017		10,147		402
2018 through 2022		60,647		2,961
	$	107,059		4,710