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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Employee Benefits Charged To Operating Expenses
Employee benefits charged to operating expenses are summarized in the table below. Substantially all of the Company’s employees are covered by a defined contribution (401(k)) plan, under which the Company makes matching contributions.
(In thousands)
2014
2013
2012
Payroll taxes
$
21,417

$
21,118

$
20,621

Medical plans
22,855

18,490

19,861

401(k) plan
12,057

12,465

12,613

Pension plans
2,555

1,627

2,441

Other
2,585

2,988

2,688

Total employee benefits
$
61,469

$
56,688

$
58,224
Components Of The Net Pension Cost
The following items are components of the net pension cost for the years ended December 31, 2014, 2013 and 2012.
(In thousands)
2014
2013
2012
Service cost-benefits earned during the year
$
430

$
509

$
504

Interest cost on projected benefit obligation
5,069

4,509

5,162

Expected return on plan assets
(6,285
)
(6,476
)
(6,178
)
Amortization of unrecognized net loss
1,654

3,085

2,953

Settlement loss recognized
1,687

—

—

Net periodic pension cost
$
2,555

$
1,627

$
2,441
Summary Of Pension Plans Funded Status
The following table sets forth the pension plans’ funded status, using valuation dates of December 31, 2014 and 2013.
(In thousands)
2014
2013
Change in projected benefit obligation
 
 
Projected benefit obligation at prior valuation date
$
113,673

$
125,147

Service cost
430

509

Interest cost
5,069

4,509

Plan settlements
(7,163
)
—

Benefits paid
(5,193
)
(5,904
)
Actuarial (gain) loss
18,631

(10,588
)
Projected benefit obligation at valuation date
125,447

113,673

Change in plan assets
 
 
Fair value of plan assets at prior valuation date
107,172

101,834

Actual return on plan assets
9,909

11,173

Employer contributions
69

69

Plan settlements
(7,163
)
—

Benefits paid
(5,193
)
(5,904
)
Fair value of plan assets at valuation date
104,794

107,172

Funded status and net amount recognized at valuation date
$
(20,653
)
$
(6,501
)
Schedule Of Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss), Pre-Tax Basis
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) at December 31, 2014 and 2013 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.
(In thousands)
2014
2013
Prior service credit (cost)
$
—

$
—

Accumulated loss
(37,145
)
(25,479
)
Accumulated other comprehensive loss
(37,145
)
(25,479
)
Cumulative employer contributions in excess of net periodic benefit cost
16,492

18,978

Net amount recognized as an accrued benefit liability on the December 31 balance sheet
$
(20,653
)
$
(6,501
)
Net gain (loss) arising during period
$
(15,007
)
$
15,285

Amortization or settlement recognition of net loss
3,341

3,085

Total recognized in other comprehensive income
$
(11,666
)
$
18,370

Total income (expense) recognized in net periodic pension cost and other comprehensive income
$
(14,221
)
$
16,743
Assumptions On A Weighted Average Basis, Used In Accounting For Plans
The following assumptions, on a weighted average basis, were used in accounting for the plans.
 
2014
2013
2012
Determination of benefit obligation at year end:
 
 
 
Discount rate
3.95
%
4.55
%
3.65
%
Assumed credit on cash balance accounts
5.00
%
5.00
%
5.00
%
Determination of net periodic benefit cost for year ended:
 
 
 
Discount rate
4.55
%
3.65
%
4.80
%
Long-term rate of return on assets
6.00
%
6.50
%
6.50
%
Assumed credit on cash balance accounts
5.00
%
5.00
%
5.00
%
Fair Value Of Pension Plan Asset Category
The following table shows the fair values of the Company’s pension plan assets by asset category at December 31, 2014 and 2013. Information about the valuation techniques and inputs used to measure fair value are provided in Note 16 on Fair Value Measurements.
 
 
Fair Value Measurements
(In thousands)
Total Fair Value
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
December 31, 2014
 
 
 
 
Assets:
 
 
 
 
U.S. government obligations
$
1,290

$
1,290

$
—

$
—

Government-sponsored enterprise obligations (a)
1,259

—

1,259

—

State and municipal obligations
10,638

—

10,638

—

Agency mortgage-backed securities (b)
1,762

—

1,762

—

Non-agency mortgage-backed securities
5,635

—

5,635

—

Asset-backed securities
5,776

—

5,776

—

Corporate bonds (c)
34,264

—

34,264

—

Equity securities and mutual funds: (d)
 
 
 
 
U.S. large-cap
20,296

20,296

—

—

U.S. mid-cap
13,362

13,362

—

—

U.S. small-cap
3,590

3,590

—

—

International developed markets
3,377

3,377

—

—

Emerging markets
473

473

—

—

Money market funds
3,072

3,072

—

—

Total
$
104,794

$
45,460

$
59,334

$
—

December 31, 2013
 
 
 
 
Assets:
 
 
 
 
U.S. government obligations
$
901

$
901

$
—

$
—

Government-sponsored enterprise obligations (a)
2,512

—

2,512

—

State and municipal obligations
7,270

—

7,270

—

Agency mortgage-backed securities (b)
1,744

—

1,744

—

Non-agency mortgage-backed securities
6,156

—

6,156

—

Asset-backed securities
5,985

—

5,985

—

Corporate bonds (c)
36,345

—

36,345

—

Equity securities and mutual funds: (d)
 
 
 
 
U.S. large-cap
23,677

23,677

—

—

U.S. mid-cap
13,864

13,864

—

—

U.S. small-cap
4,331

4,331

—

—

International developed markets
857

857

—

—

Emerging markets
659

659

—

—

Money market funds
2,871

2,871

—

—

Total
$
107,172

$
47,160

$
60,012

$
—

(a)
This category represents bonds (excluding mortgage-backed securities) issued by agencies such as the Federal Home Loan Bank, the Federal Home Loan Mortgage Corp and the Federal National Mortgage Association.
(b)
This category represents mortgage-backed securities issued by the agencies mentioned in (a).
(c)
This category represents investment grade bonds issued in the U.S., primarily by domestic issuers, representing diverse industries.
(d)
This category represents investments in individual common stocks and equity funds. These holdings are diversified, largely across the financial services, consumer goods, healthcare, technology, and energy sectors.
Future Benefit Payments
The following future benefit payments are expected to be paid:
(In thousands)
 
2015
$
6,263

2016
6,614

2017
6,877

2018
7,115

2019
7,263

2020 - 2024
38,265