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Employee Benefits
 3 Months Ended
Mar. 31, 2014
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
Employee Benefits
Employee Benefits
Retirement Plans
The net periodic benefit cost recognized for the three and twelve months ended March 31, 2014 and 2013 is made up of the components listed below as determined using the projected unit credit actuarial cost method (in thousands):
 
 
Three Months Ended
 
Twelve Months Ended
 
March 31,
 
March 31,
 
2014
 
2013
 
2014
 
2013
Components of net periodic benefit cost:
 
 
 
 
 
 
 
Service cost
$
2,173

 
$
2,400

 
$
9,100

 
$
9,004

Interest cost
3,870

 
3,400

 
14,084

 
13,579

Expected return on plan assets
(4,680
)
 
(4,275
)
 
(17,513
)
 
(15,108
)
Amortization of:
 
 
 
 
 
 
 
Net loss
1,773

 
2,675

 
10,196

 
11,066

Prior service (benefit) cost
(259
)
 
25

 
(187
)
 
113

Net periodic benefit cost
$
2,877

 
$
4,225

 
$
15,680

 
$
18,654


During the three months ended March 31, 2014, the Company contributed $3.5 million of its projected $8.7 million 2014 annual contribution to its retirement plans.
During the quarter ended March 31, 2014, the Company implemented certain amendments to the Retirement Income Plan and Excess Benefit Plan. In the first quarter of 2014, the Company offered a cash balance pension plan as an alternative to its current final average pay pension plan for employees hired prior to January 1, 2014. The cash balance pension plan also included an enhanced employer matching contribution to the employee's respective 401(k) Defined Contribution Plan. The revisions in the benefit plans were effective April 1, 2014. As a result of these actions, the Company remeasured the assets and liabilities of the retirement plans based on actuarially determined estimates, using the end of alternative choice date of February 28, 2014 as the remeasurement date. The discount rate used to remeasure the benefit obligation at February 28, 2014 was 4.6% for the Retirement Income Plan and 4.5% for the Excess Benefit Plan, compared to 4.9% for both plans at December 31, 2013. As a result of the changes described above, the benefit obligation of the affected plans decreased $19.7 million, accumulated other comprehensive income before income taxes increased $19.7 million, estimated future benefit payments from 2014 through 2018 increased $17.2 million compared to the previous estimates. The 2014 net periodic benefit cost is estimated to decrease by $8.4 million compared to the net periodic benefit cost incurred in 2013 due to the changes described above and revisions to actuarial assumptions.
Other Postretirement Benefits
The net periodic benefit cost recognized for the three and twelve months ended March 31, 2014 and 2013 is made up of the components listed below (in thousands): 
 
Three Months Ended
 
Twelve Months Ended
 
March 31,
 
March 31,
 
2014
 
2013
 
2014
 
2013
Components of net periodic benefit cost:
 
 
 
 
 
 
 
Service cost
$
700

 
$
1,100

 
$
3,443

 
$
4,408

Interest cost
1,125

 
1,375

 
4,906

 
5,611

Expected return on plan assets
(525
)
 
(475
)
 
(2,001
)
 
(1,754
)
Amortization of:
 
 
 
 
 
 
 
Prior service benefit
(1,200
)
 
(1,425
)
 
(5,432
)
 
(5,832
)
Net (gain) loss
(650
)
 
—

 
(1,276
)
 
455

Net periodic benefit cost (benefit)
$
(550
)
 
$
575

 
$
(360
)
 
$
2,888



The Company has not contributed to its other postretirement benefits plan during the three months ended March 31, 2014 and does not expect to contribute to its other postretirement benefit plan in 2014.