XML 57 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Pension Plans, Defined Benefit
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Components of the net periodic pension and postretirement benefit cost
Components of net periodic pension cost (benefit) are as follows:
 
2013
 
2012
 
2011
Service cost
$
699

 
$
608

 
$
539

Interest cost
6,327

 
6,832

 
7,393

Expected return on assets
(9,278
)
 
(9,855
)
 
(10,054
)
Amortization of prior service cost
322

 
324

 
324

Amortization of actuarial loss
1,942

 
594

 
229

Net periodic pension cost (benefit)
$
12

 
$
(1,497
)
 
$
(1,569
)
Schedule of Assumptions Used
The assumptions used to measure the projected benefit obligations for the Company’s defined benefit pension plans are as follows:
 
2013
 
2012
Discount rate
4.50
%
 
3.50 - 3.75%
Projected annual salary increases
0 - 3.00%

 
0 - 3.00%
The assumptions used to determine net periodic pension cost (benefit) are as follows: 
 
2013
 
2012
 
2011
Discount rate
3.50 - 3.75%

 
4.25
%
 
5.25
%
Expected long-term rate of return on plan assets
5.25
%
 
5.75
%
 
6.50
%
Projected annual salary increases
0 - 3.00%

 
0 - 3.00%

 
0 - 3.00%
Schedule of Fair Value of Plan Assets
The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2013:
 
Level 1
 
Level 2
 
Level 3
 
Total
Fixed income securities (1)
$
15,629

 
$
152,803

 
$
—

 
$
168,432

Accounts payable – pending trades
 
 
 
 
 
 
(24
)
Total
 
 
 
 
 
 
$
168,408

(1) 
Fixed income securities are comprised of corporate bonds (71%), government bonds (20%), government agencies securities (5%) and other fixed income securities (4%).
The fair values of the Company’s pension plan assets fall within the following levels of the fair value hierarchy as of December 31, 2012:
 
Level 1
 
Level 2
 
Level 3
 
Total
Fixed income securities (2)
$
10,562

 
$
176,610

 
$
—

 
$
187,172

Accounts payable – pending trades
 
 
 
 
 
 
(22
)
Total
 
 
 
 
 
 
$
187,150


(2) 
Fixed income securities are comprised of corporate bonds (75%), government bonds (16%), government agencies securities (6%) and other fixed income securities (3%).
Schedule of Expected Benefit Payments
The estimated future pension benefit payments are:
2014
$
7,994

2015
8,178

2016
8,523

2017
8,965

2018
9,181

2019 — 2023
49,926
Schedule of Changes in Projected Benefit Obligations
The status of the plans at December 31, 2013 and 2012 are as follows:
 
2013
 
2012
Change in projected benefit obligation:
 
 
 
Projected benefit obligation at beginning of year
$
181,137

 
$
164,407

Service cost
699

 
608

Interest cost
6,327

 
6,832

Benefit payments
(7,097
)
 
(6,558
)
Actuarial (gain) loss
(24,077
)
 
15,848

Projected benefit obligation at end of year
$
156,989

 
$
181,137

Change in plan assets:
 
 
 
Fair value of plan assets at beginning of year
$
187,150

 
$
174,938

Actual (loss) return on assets
(11,966
)
 
18,463

Employer contributions
321

 
307

Benefit payments
(7,097
)
 
(6,558
)
Fair value of plan assets at end of year
$
168,408

 
$
187,150

Funded status – net prepaid
$
11,419

 
$
6,013

Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Prepaid pension cost
$
16,515

 
$
12,891

Accrued liabilities
(325
)
 
(309
)
Pension benefit obligations
(4,771
)
 
(6,569
)
Net amount recognized
$
11,419

 
$
6,013

Pre-tax components of accumulated other comprehensive income (loss):
 
 
 
Unrecognized actuarial loss
$
(25,002
)
 
$
(29,778
)
Unrecognized prior service cost
(1,295
)
 
(1,617
)
Total
$
(26,297
)
 
$
(31,395
)
Accumulated benefit obligation
$
156,474

 
$
180,551
Other Postretirement Benefit Plans, Defined Benefit
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Components of the net periodic pension and postretirement benefit cost
Components of net periodic postretirement benefit cost for 2013, 2012 and 2011 were as follows:
 
2013
 
2012
 
2011
Service cost
$
153

 
$
161

 
$
164

Interest cost
148

 
170

 
222

Amortization of prior service cost
—

 
—

 
—

Amortization of actuarial gain
(23
)
 
—

 
—

Net periodic postretirement benefit cost
$
278

 
$
331

 
$
386
Schedule of Assumptions Used
The weighted average discount rate used to determine the net periodic postretirement benefit costs and the accumulated postretirement benefit obligations were as follows:
 
2013
 
2012
 
2011
Net periodic postretirement benefit costs
3.50
%
 
3.75
%
 
5.25
%
Accumulated postretirement benefit obligations
4.00
%
 
3.50
%
 
3.75
%
Schedule of Changes in Projected Benefit Obligations
The status of the postretirement benefit plans at December 31, 2013 and 2012 were as follows:
 
2013
 
2012
Change in accumulated postretirement benefit obligations:
 
 
 
Accumulated postretirement benefit obligation at beginning of year
$
4,379

 
$
4,635

Service cost
153

 
161

Interest cost
148

 
170

Benefit payments
(201
)
 
(193
)
Actuarial gain
(2,502
)
 
(394
)
Accumulated postretirement benefit obligation at end of year
$
1,977

 
$
4,379

Funded status – net liability
$
1,977

 
$
4,379

Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Accrued liabilities
$
(139
)
 
$
(296
)
Postretirement benefit obligations
(1,838
)
 
(4,083
)
Net amount recognized
$
(1,977
)
 
$
(4,379
)
Pre-tax components of accumulated other comprehensive income (loss):
 
 
 
Unrecognized actuarial gain
$
3,139

 
$
661

Total
$
3,139

 
$
661
Schedule of Assumed Health Care Cost and Trend Rates for Medical Plans
The assumed health care cost trend rates for medical plans at December 31 were as follows:
 
2013
 
2012
 
2011
Medical cost trend rate
7.50
%
 
8.00
%
 
8.50
%
Ultimate medical cost trend rate
5.00
%
 
5.00
%
 
5.00
%
Year ultimate medical cost trend rate will be reached
2019

 
2019

 
2018