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Pension Plan and Postretirement Benefits Other Than Pension (Tables)
 12 Months Ended
Dec. 31, 2013
Pension Plan and Postretirement Benefits Other Than Pension  
Schedule of changes in net funded status, disclosure of amounts recognized in the balance sheet, and the assumptions used to determine the benefit obligation

 

 
   Pension Benefits   Other
Postretirement Benefits
 
   2013   2012   2011   2013   2012   2011
 
   (in thousands)
Change in projected benefit obligation:                                    

Net benefit obligation at beginning of year

   $ 184,165     148,412     118,860     8,792     8,145     6,850

Service cost

     11,011     9,373     7,101     788     693     558

Interest cost

     7,711     7,570     7,195     361     400     402

Benefits paid

     (19,283)     (5,760)     (6,522)     (283)     (560)     (554)

Actuarial (gain) loss

     (11,499)     24,570     21,778     (1,807)     (223)     530

Retiree contributions

     —     —     —     321     337     359
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net benefit obligation at end of year

   $ 172,105     184,165     148,412     8,172     8,792     8,145
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                         

        
Schedule of pension plan asset allocation

 

 
   Pension Benefits   Other
Postretirement Benefits
 
   2013   2012   2011   2013   2012   2011
 
   (in thousands)
Change in plan assets:                                    

Fair value of plan assets at beginning of year

   $ 133,911     103,404     106,568     —     —     —

Actual return on plan assets

     38,802     21,267     (6,642)     —     —     —

Employer contributions

     17,000     15,000     10,000     (38)     223     195

Retiree contributions

     —     —     —     321     337     359

Benefits paid

     (19,283)     (5,760)     (6,522)     (283)     (560)     (554)
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair value of plan assets at end of year

   $ 170,430     133,911     103,404     —     —     —
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                         
Funded status at end of year   $ (1,675)     (50,254)     (45,008)     (8,172)     (8,792)     (8,145)
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                         


 

 
   Pension Benefits   Other
Postretirement Benefits
 
   2013   2012   2011   2013   2012   2011
 
   (in thousands, except percentage data)
Amounts recognized in the statement of financial position:                                    

Current liabilities

   $ -     -     -     (260)     (304)     (289)

Noncurrent liabilities

     (1,675)     (50,254)     (45,008)     (7,912)     (8,488)     (7,856)
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net amount recognized at end of year

   $ (1,675)     (50,254)     (45,008)     (8,172)     (8,792)     (8,145)
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                         

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Transition obligation

   $ (27)     (32)     (37)     -     -     -

Prior service cost

     (1,822)     (2,377)     (2,932)     (72)     (127)     (183)

Accumulated gain (loss)

     (30,602)     (74,286)     (66,747)     1,041     (765)     (999)
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Accumulated other comprehensive income (loss)

     (32,451)     (76,695)     (69,716)     969     (892)     (1,182)

Cumulative employer contributions in excess of net periodic benefit cost

     30,776     26,441     24,708     (9,141)     (7,900)     (6,963)
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net amount recognized at end of year

   $ (1,675)     (50,254)     (45,008)     (8,172)     (8,792)     (8,145)
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                         

Weighted average assumptions used to determine benefit obligation at December 31:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Discount rate

     4.97%     4.22%     4.99%     4.94%     4.18%     5.00%

Rate of compensation increase

     5.12%     3.99%     4.04%     Not applicable

        
Summary of entity's pension plan assets

 

Plan assets by category
  Percentage of
Plan Assets at
December 31, 2013		   Percentage of
Plan Assets at
December 31, 2012

Cash

     18%     11%

Equity securities:

            

Domestic

     33%     38%

International

     40%     40%

Fixed income securities

     1%     -

Private equity

     1%     1%

Gold bullion

     7%     10%
         
​ ​ ​ ​ ​ ​ ​

Total

     100%     100%
         
​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
         

        
Summary of entity's pension plan assets fair value

 

2013
   Level 1
   Level 2
   Level 3
   Total
             
 
   (in thousands)

Equity securities:

                        

Domestic

   $ 54,558     -     -     54,558

International

     67,889     -     -     67,889

Equity derivatives

     -     471     -     471

Fixed income securities:

                        

Mortgage-backed securities

     -     17     -     17

Corporate bond

     -     -     1,900     1,900

Private equity

     -     -     2,119     2,119

Gold bullion

     12,316     -     -     12,316
     
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total investment securities

     134,763     488     4,019     139,270

Cash and other

                       31,160
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

                     $ 170,430
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       


 

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
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

        
Summary of the activity of plan assets categorized as Level 3

The following table summarizes the activity of plan assets categorized as Level 3 for the years ended December 31, 2013 and 2012 (in thousands):

 
   2013   2012

Level 3 plan assets at beginning of year

   $ 1,772     -

Purchases, issuances and settlements

    
1,900		    
1,772

Valuation change

     347     -
         
​ ​ ​ ​ ​ ​ ​

Level 3 plan assets at end of year

   $ 4,019     1,772
         
​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
         

        
Schedule of components of net periodic pension and other postretirement costs

 

 
   Pension Benefits   Other
Postretirement Benefits
 
   2013   2012   2011   2013   2012   2011
 
   (in thousands)

Components of net periodic benefit cost:

                                    

Service cost

   $ 11,011     9,373     7,101     788     693     558

Interest cost

     7,711     7,570     7,195     361     400     402

Expected return on plan assets

     (11,185)     (8,799)     (8,764)     —     —     —

Actuarial loss amortization

     4,567     4,563     1,805     —     12     —

Prior service cost amortization

     555     555     555     55     55     55

Transition obligation amortization

     5     5     5     —     —     —
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net periodic benefit cost (1)

   $ 12,664     13,267     7,897     1,204     1,160     1,015
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                         
(1)
Net periodic pension benefit and postretirement medical costs related to discontinued operations and included in the table above were $749 thousand and $543 thousand for the years ended December 31, 2012 and 2011, respectively.

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

 

 
   Pension Benefits   Other
Postretirement Benefits
 
   2013   2012   2011   2013   2012   2011
Discount rate     4.22%     4.99%     6.00%     4.18%     5.00%     6.00%
Expected return on plan assets     7.75%     7.75%     7.75%     Not applicable      
Rate of compensation increase     3.99%     4.04%     3.86%     Not applicable      

        
Schedule of expected benefit payments to be paid

 

 
   Pension
Benefits		   Other
Postretirement
Benefits
 
   (in thousands)

2014

   $ 8,135     260

2015

     7,973     291

2016

     10,431     356

2017

     11,414     393

2018

     11,336     489

2019 through 2023

     71,145     3,458
         
​ ​ ​ ​ ​ ​ ​

 

   $ 120,434     5,247
         
​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​