BENEFIT PLANS (Tables)
|
12 Months Ended |
Dec. 31, 2012
|
Fair values of Pension Plan Assets |
The fair values of our pension
plan assets at December 31, 2012 and 2011 by asset category
are as follows:
FAIR VALUE MEASUREMENTS AT
DECEMBER 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in
thousands |
|
Level 1 1 |
|
|
Level 2 1 |
|
|
Level 3 1 |
|
|
Total |
|
|
|
|
|
|
Asset
Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
securities
|
|
|
$0 |
|
|
|
$155,874 |
|
|
|
$0 |
|
|
|
$155,874 |
|
Investment
funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity
funds
|
|
|
0 |
|
|
|
27,906 |
|
|
|
0 |
|
|
|
27,906 |
|
Equity
funds
|
|
|
4,503 |
|
|
|
388,499 |
|
|
|
0 |
|
|
|
393,002 |
|
Short-term
funds
|
|
|
8,298 |
|
|
|
0 |
|
|
|
0 |
|
|
|
8,298 |
|
Venture capital
and partnerships
|
|
|
0 |
|
|
|
0 |
|
|
|
98,011 |
|
|
|
98,011 |
|
Total pension plan
assets
|
|
|
$12,801 |
|
|
|
$572,279 |
|
|
|
$98,011 |
|
|
|
$683,091 |
|
1
See Note 1 under the caption Fair Value Measurements for a
description of the fair value hierarchy.
FAIR VALUE MEASUREMENTS AT
DECEMBER 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Level 1 1 |
|
|
Level 2 1 |
|
|
Level 3 1 |
|
|
Total |
|
|
|
|
|
|
Asset
Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
securities
|
|
|
$0 |
|
|
|
$152,240 |
|
|
|
$0 |
|
|
|
$152,240 |
|
Investment
funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity
funds
|
|
|
0 |
|
|
|
26,498 |
|
|
|
0 |
|
|
|
26,498 |
|
Equity
funds
|
|
|
884 |
|
|
|
346,632 |
|
|
|
0 |
|
|
|
347,516 |
|
Short-term
funds
|
|
|
3,593 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3,593 |
|
Venture capital
and partnerships
|
|
|
0 |
|
|
|
0 |
|
|
|
106,801 |
|
|
|
106,801 |
|
Total pension plan
assets
|
|
|
$4,477 |
|
|
|
$525,370 |
|
|
|
$106,801 |
|
|
|
$636,648 |
|
1
See Note 1 under the caption Fair Value Measurements for a
description of the fair value hierarchy.
|
Reconciliation of Fair Value Measurements of Pension Plan Assets Using Significant Unobservable Inputs ( Level 3) |
A reconciliation of the fair
value measurements of our pension plan assets using significant
unobservable inputs (Level 3) for the years ended December 31
is presented below:
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE INPUTS (LEVEL 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
Debt
Securities |
|
|
Venture
Capital and
Partnerships |
|
|
Total |
|
Balance at
December 31, 2010
|
|
|
$308 |
|
|
|
$96,244 |
|
|
|
$96,552 |
|
Actual return on
plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Relating to assets
still held at December 31, 2011
|
|
|
0 |
|
|
|
13,696 |
|
|
|
13,696 |
|
Relating to assets
sold during the year ended
December 31, 2011
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Purchases, sales
and settlements, net
|
|
|
0 |
|
|
|
(3,139 |
) |
|
|
(3,139 |
) |
Transfers in (out)
of Level 3
|
|
|
(308 |
) |
|
|
0 |
|
|
|
(308 |
) |
Balance at
December 31, 2011
|
|
|
$0 |
|
|
|
$106,801 |
|
|
|
$106,801 |
|
Actual return on
plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Relating to assets
still held at December 31, 2012
|
|
|
0 |
|
|
|
(6,858 |
) |
|
|
(6,858 |
) |
Relating to assets
sold during the year ended
December 31, 2012
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Purchases, sales
and settlements, net
|
|
|
0 |
|
|
|
15,356 |
|
|
|
15,356 |
|
Transfers in (out)
of Level 3
|
|
|
0 |
|
|
|
(17,288 |
) |
|
|
(17,288 |
) |
Balance at
December 31, 2012
|
|
|
$0 |
|
|
|
$98,011 |
|
|
|
$98,011 |
|
|
Summary of Each Multiemployer Pension Plan For Which We Participate |
A summary of each
multiemployer pension plan for which we participate is presented
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
Fund
|
|
EIN/Pension
Plan
Number
|
|
|
|
Pension
Protection
Act Zone Status 1
|
|
|
FIP/RP
Status
Pending/ |
|
|
|
|
Vulcan Contributions in thousands |
|
|
Surcharge |
|
|
Expiration
Date/Range of
CBAs |
|
|
|
|
2012 |
|
|
2011 |
|
|
Implemented |
|
|
|
2012 |
|
2011 |
|
|
2010 |
|
|
Imposed |
|
|
A |
|
36-6042061-001 |
|
|
|
|
red |
|
|
|
orange |
|
|
|
no |
|
|
|
|
$147 |
|
|
$162 |
|
|
|
$176 |
|
|
|
no |
|
|
|
5/31/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5/31/2015 - |
|
B |
|
36-6052390-001 |
|
|
|
|
green |
|
|
|
green |
|
|
|
no |
|
|
|
|
418 |
|
|
408 |
|
|
|
494 |
|
|
|
no |
|
|
|
1/31/2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5/31/2013 - |
|
C |
|
36-6044243-001 |
|
|
|
|
red |
|
|
|
red |
|
|
|
no |
|
|
|
|
302 |
|
|
276 |
|
|
|
267 |
|
|
|
no |
|
|
|
1/31/2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
D |
|
51-6031295-002 |
|
|
|
|
green |
|
|
|
green |
|
|
|
no |
|
|
|
|
64 |
|
|
52 |
|
|
|
49 |
|
|
|
no |
|
|
|
3/31/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
E |
|
94-6277608-001 |
|
|
|
|
yellow |
|
|
|
yellow |
|
|
|
yes |
|
|
|
|
232 |
|
|
177 |
|
|
|
176 |
|
|
|
no |
|
|
|
7/15/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7/31/2014 - |
|
F |
|
52-6074345-001 |
|
|
|
|
red |
|
|
|
red |
|
|
|
yes |
|
|
|
|
887 |
|
|
840 |
|
|
|
825 |
|
|
|
no |
|
|
|
1/31/2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
G |
|
51-6067400-001 |
|
|
|
|
green |
|
|
|
green |
|
|
|
no |
|
|
|
|
211 |
|
|
166 |
|
|
|
181 |
|
|
|
no |
|
|
|
4/30/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
H |
|
36-6140097-001 |
|
|
|
|
green |
|
|
|
green |
|
|
|
no |
|
|
|
|
1,392 |
|
|
1,543 |
|
|
|
1,566 |
|
|
|
no |
|
|
|
4/30/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7/15/2013 - |
|
I |
|
94-6090764-001 |
|
|
|
|
orange |
|
|
|
orange |
|
|
|
yes |
|
|
|
|
2,082 |
|
|
1,737 |
|
|
|
1,576 |
|
|
|
no |
|
|
|
9/17/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
J |
|
95-6032478-001 |
|
|
|
|
red |
|
|
|
red |
|
|
|
yes |
|
|
|
|
391 |
|
|
313 |
|
|
|
243 |
|
|
|
no |
|
|
|
9/30/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
K |
|
36-6155778-001 |
|
|
|
|
red |
|
|
|
red |
|
|
|
no |
|
|
|
|
216 |
|
|
198 |
|
|
|
195 |
|
|
|
no |
|
|
|
4/30/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
L 2 |
|
51-6051034-001 |
|
|
|
|
yellow |
|
|
|
green |
|
|
|
|
2 |
|
|
|
0 |
|
|
24 |
|
|
|
54 |
|
|
|
2 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7/15/2013 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
M |
|
91-6145047-001 |
|
|
|
|
green |
|
|
|
green |
|
|
|
no |
|
|
|
|
885 |
|
|
882 |
|
|
|
764 |
|
|
|
no |
|
|
|
4/8/2017 |
|
Total
contributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$7,227
|
|
|
$6,778 |
|
|
|
$6,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A Automobile Mechanics
Local No. 701 Pension Fund
|
|
H Midwest Operating Engineers
Pension Trust Fund
|
B Central Pension Fund of
the IUOE and Participating Employers
|
|
I Operating
Engineers Trust Funds - Local 3
|
C Central States
Southeast and Southwest Areas Pension Plan
|
|
J Operating Engineers
Pension Trust Funds - Local 12
|
D IAM National Pension
Fund
|
|
K Suburban Teamsters of
Northern Illinois Pension Plan
|
E Laborers Trust Funds
for Northern California
|
|
L Teamsters Union No 142
Pension Trust Fund
|
F LIUNA National
Industrial Pension Fund
|
|
M Western Conference of
Teamsters Pension Trust Fund
|
G Local 786 Building Material
Pension Trust
|
|
|
EIN Employer Identification
Number
|
|
|
FIP Funding Improvement Plan
|
|
|
RP Rehabilitation Plan
|
|
|
CBA Collective
Bargaining Agreement
|
|
|
1 |
The Pension Protection Act of 2006 defines the zone status
as follows: green - healthy, yellow - endangered, orange -
seriously endangered and red - critical.
|
2 |
All employees covered under this plan were located at
operations divested on 9/30/2011.
|
|
Contributions by Participants to Postretirement Benefit Plans |
Contributions by participants
to the postretirement benefit plans for the years ended
December 31 are as follows:
|
|
|
|
|
in
thousands |
|
Postretirement |
|
|
|
Participants
Contributions
|
|
|
|
|
2010
|
|
|
$1,829 |
|
2011
|
|
|
1,933 |
|
2012
|
|
|
1,901 |
|
|
Effects of One-Percentage-Point Change in Assumed Healthcare Cost Trend Rate |
Assumed healthcare cost trend
rates have a significant effect on the amounts reported for the
healthcare plans. A one-percentage-point change in the assumed
healthcare cost trend rate would have the following
effects:
|
|
|
|
|
|
|
|
|
in thousands |
|
One-percentage-point
Increase |
|
|
One-percentage-point
Decrease |
|
|
|
|
Effect on total of
service and interest cost
|
|
|
$192 |
|
|
|
($186 |
) |
Effect on
postretirement benefit obligation
|
|
|
3,274 |
|
|
|
(3,149 |
) |
|
Pension Plans, Defined Benefit
|
|
Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements |
The following table sets forth
the combined funded status of the plans and their reconciliation
with the related amounts recognized in our consolidated financial
statements at December 31:
|
|
|
|
|
|
|
|
|
in thousands |
|
2012 |
|
|
2011 |
|
|
|
|
Change in
Benefit Obligation
|
|
|
|
|
|
|
|
|
Projected benefit
obligation at beginning of year
|
|
|
$867,374 |
|
|
|
$761,384 |
|
Service
cost
|
|
|
22,349 |
|
|
|
20,762 |
|
Interest
cost
|
|
|
43,194 |
|
|
|
42,383 |
|
Plan
amendment 1
|
|
|
1,286 |
|
|
|
0 |
|
Actuarial
loss
|
|
|
96,222 |
|
|
|
81,699 |
|
Benefits
paid
|
|
|
(39,087 |
) |
|
|
(38,854 |
) |
Projected benefit
obligation at end of year
|
|
|
$991,338 |
|
|
|
$867,374 |
|
|
|
|
Change in Plan
Assets
|
|
|
|
|
|
|
|
|
Fair value of
assets at beginning of year
|
|
|
$636,648 |
|
|
|
$630,303 |
|
Actual return on
plan assets
|
|
|
81,021 |
|
|
|
40,293 |
|
Employer
contribution
|
|
|
4,509 |
|
|
|
4,906 |
|
Benefits
paid
|
|
|
(39,087 |
) |
|
|
(38,854 |
) |
Fair value of
assets at end of year
|
|
|
$683,091 |
|
|
|
$636,648 |
|
Funded
status
|
|
|
($308,247 |
) |
|
|
($230,726 |
) |
Net amount
recognized
|
|
|
($308,247 |
) |
|
|
($230,726 |
) |
|
|
|
Amounts
Recognized in the Consolidated
|
|
|
|
|
|
|
|
|
Balance
Sheets
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
($5,211 |
) |
|
|
($4,880 |
) |
Noncurrent
liabilities
|
|
|
(303,036 |
) |
|
|
(225,846 |
) |
Net amount
recognized
|
|
|
($308,247 |
) |
|
|
($230,726 |
) |
|
|
|
Amounts
Recognized in Accumulated
|
|
|
|
|
|
|
|
|
Other
Comprehensive Income
|
|
|
|
|
|
|
|
|
Net actuarial
loss
|
|
|
$325,807 |
|
|
|
$281,352 |
|
Prior service
cost
|
|
|
1,609 |
|
|
|
597 |
|
Total amount
recognized
|
|
|
$327,416 |
|
|
|
$281,949 |
|
|
1 |
An amendment to the salaried plan was necessary to maintain
compliance with required discrimination testing.
|
|
Components of Net Periodic Benefit Cost, Amounts Recognized in Other Comprehensive Income, Weighted-Average Assumptions |
The following table sets forth
the components of net periodic benefit cost, amounts recognized in
other comprehensive income and weighted-average assumptions of the
plans at December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
dollars in thousands |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
|
|
|
Components of
Net Periodic Pension Benefit Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
cost
|
|
|
$22,349 |
|
|
|
$20,762 |
|
|
|
$19,217 |
|
Interest
cost
|
|
|
43,194 |
|
|
|
42,383 |
|
|
|
41,621 |
|
Expected return on
plan assets
|
|
|
(48,780 |
) |
|
|
(49,480 |
) |
|
|
(50,122 |
) |
Amortization of
prior service cost
|
|
|
274 |
|
|
|
340 |
|
|
|
460 |
|
Amortization of
actuarial loss
|
|
|
19,526 |
|
|
|
11,670 |
|
|
|
5,752 |
|
Net periodic
pension benefit cost
|
|
|
$36,563 |
|
|
|
$25,675 |
|
|
|
$16,928 |
|
|
|
|
|
Changes in Plan
Assets and Benefit
Obligations Recognized in Other
Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial loss
(gain)
|
|
|
$63,981 |
|
|
|
$90,886 |
|
|
|
($17,413 |
) |
Prior service
cost
|
|
|
1,286 |
|
|
|
0 |
|
|
|
0 |
|
Reclassification
of actuarial loss to net
periodic pension benefit cost
|
|
|
(19,526 |
) |
|
|
(11,670 |
) |
|
|
(5,752 |
) |
Reclassification
of prior service cost to net
periodic pension benefit cost
|
|
|
(274 |
) |
|
|
(340 |
) |
|
|
(460 |
) |
Amount recognized
in other comprehensive
income
|
|
|
$45,467 |
|
|
|
$78,876 |
|
|
|
($23,625 |
) |
Amount recognized
in net periodic pension
benefit cost and other comprehensive
income
|
|
|
$82,030 |
|
|
|
$104,551 |
|
|
|
($6,697 |
) |
|
|
|
|
Assumptions
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average assumptions used to
determine net periodic benefit cost for
years ended December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount
rate
|
|
|
4.96 |
% |
|
|
5.49 |
% |
|
|
5.92 |
% |
Expected return on
plan assets
|
|
|
8.00 |
% |
|
|
8.00 |
% |
|
|
8.25 |
% |
Rate of
compensation increase
|
|
|
|
|
|
|
|
|
|
|
|
|
(for
salary-related plans)
|
|
|
3.50 |
% |
|
|
3.50 |
% |
|
|
3.40 |
% |
|
|
|
|
Weighted-average assumptions used to
determine benefit obligation at
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount
rate
|
|
|
4.19 |
% |
|
|
4.96 |
% |
|
|
5.49 |
% |
Rate of
compensation increase
(for salary-related plans)
|
|
|
3.50 |
% |
|
|
3.50 |
% |
|
|
3.50 |
% |
|
Employer Contributions for Plan |
Total employer contributions
for the pension plans are presented below:
|
|
|
|
|
in thousands |
|
Pension |
|
|
|
Employer
Contributions
|
|
|
|
|
2010
|
|
|
$78,359 |
|
2011
|
|
|
4,906 |
|
2012
|
|
|
4,509 |
|
2013
(estimated)
|
|
|
5,200 |
|
|
Benefit Payments Which Reflect Expected Future Service, Expected to be Paid |
The following benefit
payments, which reflect expected future service, as appropriate,
are expected to be paid:
|
|
|
|
|
in thousands |
|
Pension |
|
Estimated Future Benefit
Payments |
|
|
|
|
2013
|
|
|
$42,335 |
|
2014
|
|
|
51,155 |
|
2015
|
|
|
49,066 |
|
2016
|
|
|
50,515 |
|
2017
|
|
|
51,709 |
|
2018-2022
|
|
|
284,836 |
|
|
Other Postretirement Benefit Plans, Defined Benefit
|
|
Combined Funded Status of Plans and their Reconciliation with Related Amounts Recognized in Consolidated Financial Statements |
The following table sets forth
the combined funded status of the plans and their reconciliation
with the related amounts recognized in our consolidated financial
statements at December 31:
|
|
|
|
|
|
|
|
|
in thousands |
|
2012 |
|
|
2011 |
|
|
|
|
Change in
Benefit Obligation
|
|
|
|
|
|
|
|
|
Projected benefit
obligation at beginning of year
|
|
|
$134,926 |
|
|
|
$133,717 |
|
Service
cost
|
|
|
4,409 |
|
|
|
4,789 |
|
Interest
cost
|
|
|
5,851 |
|
|
|
6,450 |
|
Plan
amendments
|
|
|
(38,414 |
) |
|
|
0 |
|
Actuarial (gain)
loss
|
|
|
13,562 |
|
|
|
(2,854 |
) |
Benefits
paid
|
|
|
(6,834 |
) |
|
|
(7,176 |
) |
Projected benefit
obligation at end of year
|
|
|
$113,500 |
|
|
|
$134,926 |
|
|
|
|
Change in Plan
Assets
|
|
|
|
|
|
|
|
|
Fair value of
assets at beginning of year
|
|
|
$0 |
|
|
|
$0 |
|
Actual return on
plan assets
|
|
|
0 |
|
|
|
0 |
|
Fair value of
assets at end of year
|
|
|
$0 |
|
|
|
$0 |
|
Funded
status
|
|
|
($113,500 |
) |
|
|
($134,926 |
) |
Net amount
recognized
|
|
|
($113,500 |
) |
|
|
($134,926 |
) |
|
|
|
Amounts
Recognized in the
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
($10,366 |
) |
|
|
($9,966 |
) |
Noncurrent
liabilities
|
|
|
(103,134 |
) |
|
|
(124,960 |
) |
Net amount
recognized
|
|
|
($113,500 |
) |
|
|
($134,926 |
) |
|
|
|
Amounts
Recognized in Accumulated
Other Comprehensive Income
|
|
|
|
|
|
|
|
|
Net actuarial
loss
|
|
|
$38,221 |
|
|
|
$26,006 |
|
Prior service
credit
|
|
|
(41,182 |
) |
|
|
(4,141 |
) |
Total amount
recognized
|
|
|
($2,961 |
) |
|
|
$21,865 |
|
|
Components of Net Periodic Benefit Cost, Amounts Recognized in Other Comprehensive Income, Weighted-Average Assumptions |
The following table sets forth
the components of net periodic benefit cost, amounts recognized in
other comprehensive income, weighted-average assumptions and
assumed trend rates of the plans at December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
dollars in
thousands
|
|
|
2012 |
|
|
|
2011 |
|
|
|
2010 |
|
|
|
|
|
Components of
Net Periodic Postretirement
Benefit Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
cost
|
|
|
$4,409 |
|
|
|
$4,789 |
|
|
|
$4,265 |
|
Interest
cost
|
|
|
5,851 |
|
|
|
6,450 |
|
|
|
6,651 |
|
Amortization of
prior service credit
|
|
|
(1,372 |
) |
|
|
(674 |
) |
|
|
(728 |
) |
Amortization of
actuarial loss
|
|
|
1,346 |
|
|
|
1,149 |
|
|
|
887 |
|
Net periodic
postretirement benefit cost
|
|
|
$10,234 |
|
|
|
$11,714 |
|
|
|
$11,075 |
|
|
|
|
|
Changes in Plan
Assets and Benefit
Obligations Recognized in Other
Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial
(gain) loss
|
|
|
$13,562 |
|
|
|
($2,853 |
) |
|
|
$11,730 |
|
Prior service
credit
|
|
|
(38,414 |
) |
|
|
0 |
|
|
|
0 |
|
Reclassification
of actuarial loss to net
periodic postretirement benefit cost
|
|
|
(1,346 |
) |
|
|
(1,149 |
) |
|
|
(887 |
) |
Reclassification
of prior service credit to net
periodic postretirement benefit cost
|
|
|
1,372 |
|
|
|
674 |
|
|
|
728 |
|
Amount recognized
in other comprehensive
income
|
|
|
($24,826 |
) |
|
|
($3,328 |
) |
|
|
$11,571 |
|
Amount recognized
in net periodic
postretirement benefit cost and other
comprehensive income
|
|
|
($14,592 |
) |
|
|
$8,386 |
|
|
|
$22,646 |
|
|
|
|
|
Assumptions
Assumed Healthcare Cost Trend Rates
at December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare cost
trend rate assumed
for next year
|
|
|
8.00% |
|
|
|
7.50% |
|
|
|
8.00% |
|
Rate to which the
cost trend rate gradually
declines
|
|
|
5.00% |
|
|
|
5.00% |
|
|
|
5.00% |
|
Year that the rate
reaches the rate it is
assumed to maintain
|
|
|
2019 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
|
|
Weighted-average assumptions used to
determine net periodic benefit cost for
years ended December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount
rate
|
|
|
4.60% |
|
|
|
4.95% |
|
|
|
5.45% |
|
|
|
|
|
Weighted-average assumptions used to
determine benefit obligation at
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount
rate
|
|
|
3.30% |
|
|
|
4.60% |
|
|
|
4.95% |
|
|
Employer Contributions for Plan |
Total employer contributions
for the postretirement plans are presented below:
|
|
|
|
|
in
thousands |
|
Postretirement |
|
|
|
Employer
Contributions
|
|
|
|
|
2010
|
|
|
$7,242 |
|
2011
|
|
|
7,176 |
|
2012
|
|
|
6,834 |
|
2013
(estimated)
|
|
|
10,366 |
|
|
Benefit Payments Which Reflect Expected Future Service, Expected to be Paid |
The following benefit
payments, which reflect expected future service, as appropriate,
are expected to be paid:
|
|
|
|
|
in
thousands |
|
Postretirement |
|
|
|
Estimated
Future Benefit Payments
|
|
|
|
|
2013
|
|
|
$10,366 |
|
2014
|
|
|
10,807 |
|
2015
|
|
|
11,101 |
|
2016
|
|
|
11,050 |
|
2017
|
|
|
10,719 |
|
2018–2022
|
|
|
47,491 |
|
|