Retirement Plans

3 Months Ended

Mar. 31, 2013

Retirement Plans [Abstract]

Retirement Plans

(16) Retirement Plans:

The following tables provide the components of net periodic benefit cost:

	Pension Benefits
		For the three months ended
		March 31,
		2013			2012
($ in thousands)
Components of net periodic pension benefit cost
Service cost		$	12,834		$	10,492
Interest cost on projected benefit obligation			18,880			19,658
Expected return on plan assets			(24,590	)		(24,088	)
Amortization of prior service cost /(credit)			2			(50	)
Amortization of unrecognized loss			10,072			7,786
Net periodic pension benefit cost		$	17,198		$	13,798
	Postretirement Benefits
	Other Than Pensions (OPEB)
		For the three months ended
		March 31,
			2013			2012
($ in thousands)
Components of net periodic postretirement benefit cost
Service cost		$	3,179		$	2,555
Interest cost on projected benefit obligation			4,440			4,460
Expected return on plan assets			(43	)		(55	)
Amortization of prior service cost/(credit)			(1,525	)		(2,503	)
Amortization of unrecognized loss			2,228			1,911
Net periodic postretirement benefit cost		$	8,279		$	6,368

During the first three months of 2013 and 2012, we capitalized $4.9 million and $4.2 million, respectively, of pension and OPEB expense into the cost of our capital expenditures, as the costs relate to our engineering and plant construction activities.  Based on current assumptions and plan asset values, we estimate that our 2013 pension and OPEB expenses will be approximately $100 million to $110 million before amounts capitalized into the cost of capital expenditures (they were $81.6 million in 2012 before amounts capitalized into the cost of capital expenditures).   We made total cash contributions to our pension plan during the three months ended March 31, 2013 of $12.1 million.  We expect that we will make contributions to our pension plan of approximately $60 million in 2013.   

The Plan's assets have decreased from $1,253.6 million at December 31, 2012 to $1,224.3 million at March 31, 2013, a decrease of $29.3 million, or 2%.  This decrease is a result of benefit payments of $89.1 million, offset by positive investment returns and cash contributions for a combined total of $59.8 million during the first three months of 2013.