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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]  
Schedule of benefit obligations
Benefit Obligations: The following table sets forth the combined funded status of the defined qualified and nonqualified supplemental benefit plans along with the postretirement health care and life insurance benefit plans and their reconciliation with the related amounts in the Company’s consolidated financial statements:

As of December 31, (in thousands)
2013
 
2012
2013
 
2012
 
Pension
Postretirement Benefits
Accumulated benefit obligation
$
253,030

 
$
269,101

 
 
 
Benefit obligation:
 
 
 
 
 
 
Balance at beginning of period
$
323,540

 
$
250,619

$
85,785

 
$
88,064

Service cost
14,173

 
10,527

1,694

 
1,853

Interest cost
11,239

 
10,801

3,504

 
4,248

Actuarial (gain) loss
(28,339
)
 
65,048

(21,681
)
 
(5,413
)
Curtailment gain
(4,223
)
 

(1,255
)
 

Retiree drug subsidy program

 

261

 
360

Benefits paid
(23,036
)
 
(13,455
)
(4,726
)
 
(3,327
)
Balance at end of period
$
293,354

 
$
323,540

$
63,582

 
$
85,785

Plan assets:
 
 
 
 
 
 
Fair value of plan assets at beginning of period
$
209,424

 
$
195,659

$
87,189

 
$
78,121

Actual return on plan assets
22,977

 
24,841

14,892

 
8,778

Employer contributions
10,169

 
2,379

1,578

 
3,617

Benefits paid
(23,036
)
 
(13,455
)
(4,726
)
 
(3,327
)
Fair value of plan assets at end of period
$
219,534

 
$
209,424

$
98,933

 
$
87,189

 
 
 
 
 
 
 
Funded status of plans
$
(73,820
)
 
$
(114,116
)
$
35,351

 
$
1,404

 
 
 
 
 
 
 
Noncurrent assets
$

 
$

$
35,351

 
$
1,404

Current liabilities
(6,145
)
 
(3,834
)

 

Noncurrent liabilities
(67,675
)
 
(110,282
)

 

Net asset (liability) recognized
$
(73,820
)
 
$
(114,116
)
$
35,351

 
$
1,404

Amounts recognized to accumulated other comprehensive income:
 
 
 
 
 
Prior service costs, net of taxes
$
323

 
$
528

$

 
$

Net actuarial (gain) loss, net of taxes
37,479

 
52,472

(5,584
)
 
(715
)
Transition obligation, net of taxes

 

27

 
222

Total accumulated other comprehensive income (loss)
$
37,802

 
$
53,000

$
(5,557
)
 
$
(493
)
Schedule of allocation of plan assets
The Company’s weighted average plan asset allocations by asset category were as follows:

 
Pension
Postretirement Benefits
As of December 31,
Target
2013
2012
Target
2013
2012
Asset category:
 
 
 
 
 
 
Equity securities
41
%
34
%
41
%
60
%
61
%
60
%
Debt securities
38
%
28
%
38
%
40
%
39
%
40
%
Other
21
%
38
%
21
%
%
%
%
Total
100
%
100
%
100
%
100
%
100
%
100
%
Schedule of net periodic benefit cost
The components of net periodic benefit cost were as follows:

Years ended December 31, (in thousands)
2013
2012
2011
Pension Plans
 
 
 
Components of net periodic benefit cost:
 
 
 
Service cost
$
14,173

$
10,527

$
9,173

Interest cost
11,239

10,801

10,960

Expected long-term return on assets
(14,731
)
(14,093
)
(15,471
)
Prior service cost amortization
490

517

496

Actuarial loss amortization
13,979

8,603

6,435

Termination benefit charge


414

Settlement charge
1,373



Net periodic expense
$
26,523

$
16,355

$
12,007

Postretirement Benefit Plans
 
 
 
Components of net periodic benefit cost:
 
 
 
Service cost
$
1,694

$
1,853

$
1,769

Interest cost
3,504

4,248

4,443

Expected long-term return on assets
(5,024
)
(4,438
)
(4,418
)
Actuarial (gain) loss amortization
(120
)
37


Transition obligation amortization
1,296

1,917

1,917

Curtailment gain
(1,229
)


Net periodic expense
$
121

$
3,617

$
3,711

Schedule of other changes in plan assets and projected benefit obligations recognized in other comprehensive income
Other changes in plan assets and projected benefit obligations recognized in other comprehensive income were as follows:

Years ended December 31, (in thousands)
2013
2012
2011
Pension Plans
 
 
 
Net actuarial (gain) loss experienced during the year
$
(14,138
)
$
28,748

$
14,312

Net actuarial loss recognized as expense
(8,934
)
(4,908
)
(3,755
)
Prior service cost recognized as expense
(311
)
(340
)
(298
)
Total recognized in other comprehensive income (loss)
(23,383
)
23,500

10,259

Postretirement Benefit Plans
 
 
 
Net actuarial (gain) loss experienced during the year
$
(8,057
)
$
(1,787
)
$
2,111

Net actuarial gain recognized as expense
550



Transition obligation recognized as expense
(283
)
(294
)
(286
)
Total recognized in other comprehensive income (loss)
$
(7,790
)
$
(2,081
)
$
1,825

Schedule of estimated amount to be amortized from accumulated other comprehensive income
Estimated amounts to be amortized from accumulated other comprehensive income into pension cost during 2014 are as follows:

(in thousands)
 
Amortization of prior service cost
$
314

Amortization of net actuarial loss
$
5,422


Estimated amounts to be amortized from accumulated other comprehensive income into postretirement benefit cost during 2014 are as follows:

(in thousands)
 
Amortization of net transition obligation
$
42

Amortization of net actuarial gain
$
(593
)

Schedule of weighted average rate assumptions
The weighted average rate assumptions to determine net periodic benefit costs were as follows:

Years ended December 31,
2013
2012
2011
Pension Plans
 
 
 
Discount rate
3.63
%
4.52
%
4.89
%
Expected long-term return on plan assets
7.00
%
7.00
%
7.25
%
Rate of compensation increase for pay-related plans
3.71
%
3.59
%
3.75
%
Postretirement Benefit Plans
 
 
 
Discount rate
4.26
%
4.95
%
5.45
%
Expected long-term return on plan assets
7.00
%
7.00
%
7.25
%
Rate of compensation increase
3.70
%
3.55
%
3.61
%

The weighted average rate assumptions used to determine the projected benefit obligations at the measurement date were as follows:
    
Years ended December 31,
2013
2012
Pension Plans
 
 
Discount rate
4.31
%
3.47
%
Rate of compensation increase for pay-related plans
3.63
%
3.71
%
Postretirement Benefit Plans
 
 
Discount rate
4.95
%
4.15
%
Rate of compensation increase for pay-related plans
3.60
%
3.70
%
Schedule of assumed post-65 health care cost rend rates
The assumed post-65 health care cost trend rates used to determine the postretirement benefit obligation at the measurement date were as follows:

As of December 31,
2013
2012
Health care cost trend rate assumed for next year
6.50
%
6.75
%
Rate to which the cost trend rate is assumed to decline
5.00
%
5.00
%
Year that rate reaches ultimate rate
2020

2020

Schedule of effect of 1 percentage point change in assumed health care cost trend rates
Assumed health care cost trend rates used in determining the accumulated postretirement benefit obligation have an effect on the amounts reported. For example, revising the weighted average health care cost trend rate by 1 percentage point would have the following effects:

(in thousands)
 
 
1-Percentage Point Decrease
1-Percentage Point Increase
Effect on total of service and interest cost
$
(280
)
$
336

Effect on net postretirement benefit obligation
$
(764
)
$
759

Schedule of expected benefit payments
The following benefit payments, which reflect expected future service, as appropriate, are anticipated to be paid as follows. In addition, the following benefits reflect the expected prescription drug subsidy related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (Act). The Act includes a prescription drug benefit under Medicare Part D as well as a federal subsidy which began in 2007:


(in thousands)

Pension Benefits
Postretirement Benefits
Postretirement Benefits – Prescription Drug Subsidy
2014
$66,816
$4,156
$(212)
2015
$16,572
$4,219
$(218)
2016
$18,174
$4,286
$(224)
2017
$22,167
$4,362
$(227)
2018
$28,374
$4,426
$(231)
2019-2023
$134,584
$22,319
$(1,202)
Pension Plans
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of allocation of plan assets
Plan assets included in the funded status of the pension plans were as follows:

 
December 31, 2013
(in thousands)
Level 1
Level 2
Level 3
Total
United States equities
$
34,117

$
8,080

$

$
42,197

Global equities
20,153

13,256


33,409

Fixed income

61,121


61,121

Alternative investments

37,292


37,292

Cash and cash equivalents
5,970

39,545


45,515

Total
$
60,240

$
159,294

$

$
219,534

 
 
 
 
 
 
December 31, 2012
(in thousands)
Level 1
Level 2
Level 3
Total
United States equities
$
41,907

$
9,072

$

$
50,979

Global equities
23,782

10,697


34,479

Fixed income

78,806


78,806

Alternative investments

27,659

14,500

42,159

Cash and cash equivalents

3,001


3,001

Total
$
65,689

$
129,235

$
14,500

$
209,424

Schedule of reconciliation of plan assets in Level 3 of fair value hierarchy
The following is a reconciliation of plan assets in Level 3 of the fair value hierarchy:

Years ended December 31, (in thousands)
2013
2012
2011
Balance at beginning of period
$
14,500

$
17,399

$
26,841

Unrealized gains (losses)

992

(752
)
Unrealized gains relating to instruments held at the reporting date

242

635

Settlements

(4,948
)
(9,604
)
Purchases

815

279

Transfer out of Level 3
(14,500
)


Balance at end of period
$

$
14,500

$
17,399

Postretirement Benefit Plans
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of allocation of plan assets
Plan assets included in the funded status of the postretirement benefit plans were as follows:

 
December 31, 2013
(in thousands)
Level 1
Level 2
Total
United States equities
$
43,054

$

$
43,054

Global equities
17,048


17,048

Fixed income

38,831

38,831

Total
$
60,102

$
38,831

$
98,933


 
December 31, 2012
(in thousands)
Level 1
Level 2
Total
United States equities
$
37,482

$

$
37,482

Global equities
15,049


15,049

Fixed income

34,658

34,658

Total
$
52,531

$
34,658

$
87,189

Nonqualified Supplemental Retirement Plans
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of allocation of plan assets
Other investment assets designated for payment of the nonqualified supplemental retirement plans were as follows:

 
December 31, 2013
(in thousands)
Level 1
Level 2
Level 3
Total
Insurance contracts
$

$
14,805

$

$
14,805

United States equities
5,579



5,579

Global equities
2,338



2,338

Fixed income

11,039


11,039

Total
$
7,917

$
25,844

$

$
33,761

 
December 31, 2012
(in thousands)
Level 1
Level 2
Level 3
Total
Insurance contracts
$

$
7,399

$
5,600

$
12,999

United States equities
4,741



4,741

Global equities
2,109



2,109

Fixed income

10,219


10,219

Total
$
6,850

$
17,618

$
5,600

$
30,068

Schedule of reconciliation of plan assets in Level 3 of fair value hierarchy
The following is a reconciliation of insurance contracts in Level 3 of the fair value hierarchy:

Years ended December 31, (in thousands)
2013
2012
2011
Balance at beginning of period
$
5,600

$
5,332

$
5,069

Unrealized gains relating to instruments held at the reporting date

268

263

Transfer out of Level 3
(5,600
)


Balance at end of period
$

$
5,600

$
5,332