XML 17 R39.htm IDEA: XBRL DOCUMENT v2.4.0.8
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2013
Retirement Plans [Abstract]  
Projected Benefit Obligations, Fair Values of Plan Assets and Amounts Recognized in the Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

2013

 

2012

 

 

 

 

 

 

Change in projected benefit obligation (PBO)

 

 

 

 

 

PBO at beginning of year

$

1,944,731 

 

$

1,799,313 

Service cost

 

47,651 

 

 

43,688 

Interest cost

 

75,812 

 

 

78,027 

Actuarial (gain)/loss

 

(180,709)

 

 

196,304 

Benefits paid

 

(54,151)

 

 

(172,601)

Settlements

 

(164,608)

 

 

 -

PBO at end of year

$

1,668,726 

 

$

1,944,731 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

Fair value of plan assets at beginning of year

$

1,253,666 

 

$

1,257,990 

Actual return on plan assets

 

119,328 

 

 

139,679 

Employer contributions, net of transfers

 

62,290 

 

 

28,598 

Benefits paid

 

(54,151)

 

 

(172,601)

Settlements

 

(164,608)

 

 

 -

Fair value of plan assets at end of year

$

1,216,525 

 

$

1,253,666 

 

 

 

 

 

 

Funded status

$

(452,201)

 

$

(691,065)

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheet

 

 

 

 

 

Other current liabilities

$

(100,205)

 

$

(60,386)

Pension and other postretirement benefits

$

(351,996)

 

$

(630,679)

Accumulated other comprehensive loss

$

411,432 

 

$

697,874 

 

 

 

 

 

 

 

Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Expected in
2014

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of total periodic pension benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

 

 

 

$

47,651 

 

$

43,688 

 

$

38,879 

Interest cost on projected benefit obligation

 

 

 

 

 

75,812 

 

 

78,027 

 

 

84,228 

Expected return on plan assets

 

 

 

 

 

(94,695)

 

 

(95,777)

 

 

(100,558)

Amortization of prior service cost /(credit)

 

$

45 

 

 

 

 

(199)

 

 

(199)

Amortization of unrecognized loss

 

 

19,274 

 

 

36,930 

 

 

29,890 

 

 

15,364 

Net periodic pension benefit cost

 

 

 

 

 

65,706 

 

 

55,629 

 

 

37,714 

Pension settlement costs

 

 

 

 

 

44,163 

 

 

 -

 

 

 -

Total periodic pension benefit cost

 

 

 

 

$

109,869 

 

$

55,629 

 

$

37,714 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Asset Allocations, By Asset Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

Asset category:

 

 

 

 

 

 

Equity securities

 

42 

%

 

43 

%

Debt securities

 

44 

%

 

40 

%

Alternative investments

 

13 

%

 

14 

%

Cash and other

 

%

 

%

Total

 

100 

%

 

100 

%

 

 

 

 

 

 

 

 

Expected Benefit Payments Over The Next Ten Years

 

 

 

 

 

 

 

 

($ in thousands)

 

Amount

    

 

 

 

2014

 

$

100,839 

2015

 

 

104,480 

2016

 

 

110,570 

2017

 

 

114,703 

2018

 

 

117,055 

2019-2023

 

 

633,650 

Total

 

$

1,181,297 

 

 

 

 

 

Schedule of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

Discount rate - used at year end to value obligation

 

4.90 

%

 

4.00 

%

 

4.50 

%

Discount rate - used to compute annual cost

 

4.00 

%

 

4.50 

%

 

5.25 

%

Expected long-term rate of return on plan assets

 

8.00 

%

 

7.75 

%

 

8.00 

%

Rate of increase in compensation levels

 

2.50 

%

 

2.50 

%

 

2.50 

%

 

 

 

 

 

 

 

 

 

 

 

Schedule of Changes in Projected benefit Obligations for OPEB Table Text Block

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

2013

 

2012

 

 

 

 

 

 

Change in benefit obligation

 

 

 

 

 

Benefit obligation at beginning of year

$

438,550 

 

$

391,596 

Service cost

 

12,533 

 

 

10,812 

Interest cost

 

17,241 

 

 

17,842 

Plan participants' contributions

 

4,293 

 

 

4,059 

Actuarial (gain)/loss

 

(67,547)

 

 

30,958 

Benefits paid

 

(19,447)

 

 

(15,974)

Plan change

 

 -

 

 

(743)

Benefit obligation at end of year

$

385,623 

 

$

438,550 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

Fair value of plan assets at beginning of year

$

5,055 

 

$

5,101 

Actual return on plan assets

 

(122)

 

 

466 

Plan participants' contributions

 

4,293 

 

 

4,059 

Employer contribution

 

12,528 

 

 

11,403 

Benefits paid

 

(19,447)

 

 

(15,974)

Fair value of plan assets at end of year

$

2,307 

 

$

5,055 

 

 

 

 

 

 

Funded status

$

(383,316)

 

$

(433,495)

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheet

 

 

 

 

 

Other current liabilities

$

(11,508)

 

$

(9,116)

Pension and other postretirement benefits

$

(371,808)

 

$

(424,379)

Accumulated other comprehensive loss

$

5,230 

 

$

74,264 

 

 

 

 

 

 

 

Schedule of Net Benefit Costs For OPEB Table Text Block

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Expected in
2014

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of net periodic postretirement benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

 

 

 

$

12,533 

 

$

10,812 

 

$

8,958 

Interest cost on projected benefit obligation

 

 

 

 

 

17,241 

 

 

17,842 

 

 

17,722 

Expected return on plan assets

 

 

 

 

 

(136)

 

 

(172)

 

 

(324)

Amortization of prior service cost /(credit)

 

$

(3,560)

 

 

(6,101)

 

 

(10,068)

 

 

(10,198)

Amortization of unrecognized loss

 

 

2,886 

 

 

7,846 

 

 

7,537 

 

 

4,424 

Net periodic postretirement benefit cost

 

 

 

 

$

31,383 

 

$

25,951 

 

$

20,582 

 

Schedule of Assumptions Used for OPEB Table Text Block

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

Discount rate - used at year end to value obligation

 

4.90% - 5.20%

 

4.00% - 4.20%

 

4.50% - 4.75%

Discount rate - used to compute annual cost

 

4.00% - 4.20%

 

4.50% - 4.75%

 

5.25% 

Expected long-term rate of return on plan assets

 

3.00% - 4.00%

 

3.00% - 4.00%

 

3.00% - 6.00%

 

 

 

 

 

 

 

 

Schedule of Expected Benefit Payments for OPEB Table Text Block

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Gross Benefit

 

Medicare Part D Subsidy

 

Total

    

 

 

 

 

 

 

 

 

 

2014

 

$

16,687 

 

$

489 

 

$

16,198 

2015

 

 

18,004 

 

 

585 

 

 

17,419 

2016

 

 

19,342 

 

 

691 

 

 

18,651 

2017

 

 

20,575 

 

 

825 

 

 

19,750 

2018

 

 

21,785 

 

 

961 

 

 

20,824 

2019-2023

 

 

120,619 

 

 

6,994 

 

 

113,625 

Total

 

$

217,012 

 

$

10,545 

 

$

206,467 

 

 

 

 

 

 

 

 

 

 

 

Net Periodic Benefit Cost Not Yet Recognized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Pension Plan

 

OPEB

 

 

2013

 

2012

 

2013

 

2012

Net actuarial loss

 

$

411,076 

 

$

697,511 

 

$

30,835 

 

$

105,970 

Prior service cost/(credit)

 

 

356 

 

 

363 

 

 

(25,605)

 

 

(31,706)

Total

 

$

411,432 

 

$

697,874 

 

$

5,230 

 

$

74,264 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts Recognized as a Componenet of Accumulated Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Pension Plan

 

OPEB

 

 

2013

 

2012

 

2013

 

2012

Accumulated other comprehensive loss at

 

 

 

 

 

 

 

 

 

 

 

 

beginning of year

 

$

697,874 

 

$

575,163 

 

$

74,264 

 

$

41,811 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial gain (loss) recognized during year

 

 

(36,930)

 

 

(29,890)

 

 

(7,846)

 

 

(7,537)

Prior service (cost) credit recognized during year

 

 

(8)

 

 

199 

 

 

6,101 

 

 

10,068 

Net actuarial loss (gain) occurring during year

 

 

(205,341)

 

 

152,402 

 

 

(67,289)

 

 

30,665 

Prior service cost (credit) occurring during year

 

 

 -

 

 

 -

 

 

 -

 

 

(743)

Settlement costs recognized during year

 

 

(44,163)

 

 

 -

 

 

 -

 

 

 -

Net amount recognized in comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

for the year

 

 

(286,442)

 

 

122,711 

 

 

(69,034)

 

 

32,453 

Accumulated other comprehensive loss at

 

 

 

 

 

 

 

 

 

 

 

 

end of year

 

$

411,432 

 

$

697,874 

 

$

5,230 

 

$

74,264