XML 41 R37.htm IDEA: XBRL DOCUMENT v2.4.1.9
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2014
Retirement Plans [Abstract]  
Projected Benefit Obligations, Fair Values of Plan Assets and Amounts Recognized in the Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

2014

 

2013

 

 

 

 

 

 

Change in projected benefit obligation (PBO)

 

 

 

 

 

PBO at beginning of year

$

1,668,726 

 

$

1,944,731 

PBO for plans of the Connecticut operations at contracted discount rate

 

342,667 

 

 

 -

Actuarial adjustment to PBO for plans of the Connecticut operations

 

4,933 

 

 

 -

Service cost

 

41,649 

 

 

47,651 

Interest cost

 

80,476 

 

 

75,812 

Actuarial (gain)/loss

 

182,074 

 

 

(180,709)

Benefits paid

 

(110,237)

 

 

(54,151)

Settlements

 

 -

 

 

(164,608)

PBO at end of year

$

2,210,288 

 

$

1,668,726 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

Fair value of plan assets at beginning of year

$

1,216,525 

 

$

1,253,666 

Fair value of plan assets for the Connecticut operations as of acquisition date

 

342,667 

 

 

 -

Actual return on plan assets

 

140,514 

 

 

119,328 

Employer contributions

 

83,238 

 

 

62,290 

Benefits paid

 

(110,237)

 

 

(54,151)

Settlements

 

 -

 

 

(164,608)

Fair value of plan assets at end of year

$

1,672,707 

 

$

1,216,525 

 

 

 

 

 

 

Funded status

$

(537,581)

 

$

(452,201)

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheet

 

 

 

 

 

Pension and other postretirement benefits - current

$

(101,557)

 

$

(100,205)

Pension and other postretirement benefits - noncurrent

$

(436,024)

 

$

(351,996)

Accumulated other comprehensive loss

$

532,268 

 

$

411,432 

 

 

 

 

 

 

 

Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Expected in
2015

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of total periodic pension benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

 

 

 

$

41,649 

 

$

47,651 

 

$

43,688 

Interest cost on projected benefit obligation

 

 

 

 

 

80,476 

 

 

75,812 

 

 

78,027 

Expected return on plan assets

 

 

 

 

 

(99,273)

 

 

(94,695)

 

 

(95,777)

Amortization of prior service cost /(credit)

 

$

45 

 

 

45 

 

 

 

 

(199)

Amortization of unrecognized loss

 

 

27,773 

 

 

19,951 

 

 

36,930 

 

 

29,890 

Net periodic pension benefit cost

 

 

 

 

 

42,848 

 

 

65,706 

 

 

55,629 

Pension settlement costs

 

 

 

 

 

 -

 

 

44,163 

 

 

 -

Total periodic pension benefit cost

 

 

 

 

$

42,848 

 

$

109,869 

 

$

55,629 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Asset Allocations, By Asset Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

Asset category:

 

 

 

 

 

 

Equity securities

 

45 

%

 

42 

%

Debt securities

 

47 

%

 

44 

%

Alternative investments

 

%

 

13 

%

Cash and other

 

%

 

%

Total

 

100 

%

 

100 

%

 

 

 

 

 

 

 

 

Expected Benefit Payments Over The Next Ten Years

 

 

 

 

 

 

 

 

($ in thousands)

 

Amount

    

 

 

 

2015

 

$

129,826 

2016

 

 

135,899 

2017

 

 

138,216 

2018

 

 

141,248 

2019

 

 

144,486 

2020-2024

 

 

750,181 

Total

 

$

1,439,856 

 

 

 

 

 

Schedule of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

2012

Discount rate - used at year end to value obligation

 

4.10 

%

 

4.90 

%

 

4.00 

%

Discount rate - used to compute annual cost

 

4.90 

%

 

4.00 

%

 

4.50 

%

Expected long-term rate of return on plan assets

 

7.75 

%

 

8.00 

%

 

7.75 

%

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)

2014

 

2013

 

 

 

 

 

 

Change in benefit obligation

 

 

 

 

 

Benefit obligation at beginning of year

$

385,623 

 

$

438,550 

Benefit obligation for the Connecticut operations as of acquisition date

 

210,732 

 

 

 -

Service cost

 

10,799 

 

 

12,533 

Interest cost

 

21,739 

 

 

17,241 

Plan participants' contributions

 

5,010 

 

 

4,293 

Actuarial (gain)/loss

 

114,997 

 

 

(67,547)

Benefits paid

 

(19,310)

 

 

(19,447)

Plan change

 

(2,627)

 

 

 -

Benefit obligation at end of year

$

726,963 

 

$

385,623 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

Fair value of plan assets at beginning of year

$

2,307 

 

$

5,055 

Actual return on plan assets

 

(104)

 

 

(122)

Plan participants' contributions

 

5,010 

 

 

4,293 

Employer contribution

 

12,170 

 

 

12,528 

Benefits paid

 

(19,310)

 

 

(19,447)

Fair value of plan assets at end of year

$

73 

 

$

2,307 

 

 

 

 

 

 

Funded status

$

(726,890)

 

$

(383,316)

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheet

 

 

 

 

 

Pension and other postretirement benefits - current

$

(22,237)

 

$

(11,508)

Pension and other postretirement benefits - noncurrent

$

(704,653)

 

$

(371,808)

Accumulated other comprehensive loss

$

118,750 

 

$

5,230 

 

 

 

 

 

 

 

Schedule of Net Benefit Costs For OPEB Table Text Block

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Expected in
2015

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of net periodic postretirement benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

 

 

 

$

10,799 

 

$

12,533 

 

$

10,812 

Interest cost on projected benefit obligation

 

 

 

 

 

21,739 

 

 

17,241 

 

 

17,842 

Expected return on plan assets

 

 

 

 

 

(50)

 

 

(136)

 

 

(172)

Amortization of prior service cost /(credit)

 

$

(4,205)

 

 

(3,911)

 

 

(6,101)

 

 

(10,068)

Amortization of unrecognized loss

 

 

10,819 

 

 

2,916 

 

 

7,846 

 

 

7,537 

Net periodic postretirement benefit cost

 

 

 

 

$

31,493 

 

$

31,383 

 

$

25,951 

 

Schedule of Assumptions Used for OPEB Table Text Block

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

2012

Discount rate - used at year end to value obligation

 

4.10% - 4.20%

 

4.90% - 5.20%

 

4.00% - 4.20%

Discount rate - used to compute annual cost

 

4.90% - 5.20%

 

4.00% - 4.20%

 

4.50% - 4.75%

Expected long-term rate of return on plan assets

 

3.00% - 4.00%

 

3.00% - 4.00%

 

3.00% - 4.00%

 

 

 

 

 

 

 

 

Schedule of Expected Benefit Payments for OPEB Table Text Block

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Gross Benefit

 

Medicare Part D Subsidy

 

Total

    

 

 

 

 

 

 

 

 

 

2015

 

$

22,781 

 

$

11 

 

$

22,770 

2016

 

 

26,472 

 

 

18 

 

 

26,454 

2017

 

 

29,983 

 

 

32 

 

 

29,951 

2018

 

 

33,148 

 

 

46 

 

 

33,102 

2019

 

 

35,902 

 

 

67 

 

 

35,835 

2020-2024

 

 

209,484 

 

 

904 

 

 

208,580 

Total

 

$

357,770 

 

$

1,078 

 

$

356,692 

 

 

 

 

 

 

 

 

 

 

 

Net Periodic Benefit Cost Not Yet Recognized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Pension Plan

 

OPEB

 

 

2014

 

2013

 

2014

 

2013

Net actuarial loss

 

$

531,958 

 

$

411,076 

 

$

143,070 

 

$

30,835 

Prior service cost/(credit)

 

 

310 

 

 

356 

 

 

(24,320)

 

 

(25,605)

Total

 

$

532,268 

 

$

411,432 

 

$

118,750 

 

$

5,230 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts Recognized as a Componenet of Accumulated Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Pension Plan

 

OPEB

 

 

2014

 

2013

 

2014

 

2013

Accumulated other comprehensive loss at

 

 

 

 

 

 

 

 

 

 

 

 

beginning of year

 

$

411,432 

 

$

697,874 

 

$

5,230 

 

$

74,264 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial gain (loss) recognized during year

 

 

(19,951)

 

 

(36,930)

 

 

(2,916)

 

 

(7,846)

Prior service (cost) credit recognized during year

 

 

(45)

 

 

(8)

 

 

3,911 

 

 

6,101 

Net actuarial loss (gain) occurring during year

 

 

140,832 

 

 

(205,341)

 

 

112,525 

 

 

(67,289)

Settlement costs recognized during year

 

 

 -

 

 

(44,163)

 

 

 -

 

 

 -

Net amount recognized in comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

(loss) for the year

 

 

120,836 

 

 

(286,442)

 

 

113,520 

 

 

(69,034)

Accumulated other comprehensive loss at

 

 

 

 

 

 

 

 

 

 

 

 

end of year

 

$

532,268 

 

$

411,432 

 

$

118,750 

 

$

5,230