XML 1055 R50.htm IDEA: XBRL DOCUMENT v2.4.0.6
Pension, Savings, And Other Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2011
Pension, Savings, And Other Employee Benefits [Abstract]  
Schedule Of Actuarial Assumptions Used In The Defined Benefit Pension Plan And The Other Employee Benefit Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligations

 

Net Periodic Benefit Cost

 

2011

 

2010

 

2009

 

2011

 

2010

 

2009

 

Discount rate

 

 

 

 

 

 

 

 

 

 

 

 

Qualified pension

 

 

 

5.10

%

 

 

 

 

5.70

%

 

 

 

 

6.05

%

 

 

 

 

5.70

%

 

 

 

 

6.05

%

 

 

 

 

6.85

%

 

Nonqualified pension

 

 

 

4.75

%

 

 

 

 

5.10

%

 

 

 

 

5.55

%

 

 

 

 

5.10

%

 

 

 

 

5.55

%

 

 

 

 

6.90

%

 

Other nonqualified pension

 

 

 

4.40

%

 

 

 

 

4.75

%

 

 

 

 

5.35

%

 

 

 

 

4.75

%

 

 

 

 

5.35

%

 

 

 

 

6.95

%

 

Postretirement benefit

 

 

 

4.75

%

 

 

 

 

5.25

%

 

 

 

 

5.65

%

 

 

 

 

5.25

%

 

 

 

 

5.65

%

 

 

 

 

6.90

%

 

 

Expected long-term rate of return

 

 

 

 

 

 

 

 

 

 

 

 

Qualified pension/postretirement benefits

 

 

 

6.90

%

 

 

 

 

8.00

%

 

 

 

 

8.05

%

 

 

 

 

8.00

%

 

 

 

 

8.05

%

 

 

 

 

8.42

%

 

Postretirement benefit
(retirees prior to January 1, 1993)

 

 

 

4.49

%

 

 

 

 

5.20

%

 

 

 

 

5.23

%

 

 

 

 

5.20

%

 

 

 

 

5.23

%

 

 

 

 

5.47

%

 

 

Rate of compensation increase

 

 

 

4.10

%

 

 

 

 

4.10

%

 

 

 

 

4.10

%

 

 

 

 

4.10

%

 

 

 

 

4.10

%

 

 

 

 

4.10

%

 

 

Schedule Of Assumed Health Care Cost Trend Rates Used In Other Employee Benefit Plan

 

 

 

 

 

 

 

 

 

 

 

2011

 

2010

 

Assumed health care cost trend rates on December 31

 

Participants
under age 65

 

Participants 65
years and older

 

Participants
under age 65

 

Participants 65
years and older

 

 

 

Health care cost trend rate assumed for next year

 

 

 

8.00

%

 

 

 

 

8.00

%

 

 

 

 

8.50

%

 

 

 

 

8.50

%

 

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)

 

 

 

5.00

%

 

 

 

 

5.00

%

 

 

 

 

5.00

%

 

 

 

 

5.00

%

 

Year that the rate reaches the ultimate trend rate

 

 

 

2017

 

 

 

 

2017

 

 

 

 

2017

 

 

 

 

2017

 

 

Schedule Of Health Care Cost Trend Rate Assumption Has A Significant Effect On The Amounts Reported

 

 

 

 

 

(Dollars in thousands)

 

1% Increase

 

1% Decrease

 

Adjusted total service and interest cost components

 

 

$

 

1,050

 

 

 

$

 

(995

)

 

Adjusted postretirement benefit obligation at end of plan year

 

 

 

16,574

 

 

 

 

(15,374

)

 

 

Schedule Of Components Of Net Periodic Benefit Cost

The components of net periodic benefit cost for the plan years 2011, 2010 and 2009 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Total Pension Benefits

 

Other Benefits

 

2011

 

2010

 

2009

 

2011

 

2010

 

2009

 

Components of net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

 

$

 

15,358

 

 

 

$

 

15,225

 

 

 

$

 

14,167

 

 

 

$

 

542

 

 

 

$

 

515

 

 

 

$

 

971

 

Interest cost

 

 

 

32,823

 

 

 

 

31,441

 

 

 

 

31,766

 

 

 

 

2,213

 

 

 

 

2,277

 

 

 

 

3,194

 

Expected return on plan assets

 

 

 

(46,885

)

 

 

 

 

(47,534

)

 

 

 

 

(46,327

)

 

 

 

 

(1,188

)

 

 

 

 

(1,161

)

 

 

 

 

(1,133

)

 

Amortization of unrecognized:

 

 

 

 

 

 

 

 

 

 

 

 

Transition (asset)/obligation

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

986

 

 

 

 

987

 

 

 

 

987

 

Prior service cost/(credit)

 

 

 

417

 

 

 

 

419

 

 

 

 

758

 

 

 

 

(9

)

 

 

 

 

(8

)

 

 

 

 

1,437

 

Actuarial (gain)/loss

 

 

 

21,219

 

 

 

 

14,771

 

 

 

 

8,262

 

 

 

 

(1,057

)

 

 

 

 

(1,048

)

 

 

 

 

(836

)

 

 

Net periodic benefit cost

 

 

 

22,932

 

 

 

 

14,322

 

 

 

 

8,626

 

 

 

 

1,487

 

 

 

 

1,562

 

 

 

 

4,620

 

 

ASC 715 curtailment/settlement expense (a)

 

 

 

-

 

 

 

 

-

 

 

 

 

2,867

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

ASC 715 special termination benefits

 

 

 

258

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

Total periodic benefit costs

 

 

$

 

23,190

 

 

 

$

 

14,322

 

 

 

$

 

11,493

 

 

 

$

 

1,487

 

 

 

$

 

1,562

 

 

 

$

 

4,620

 

 

 

Schedule Of Plans' Benefit Obligations And Plan Assets

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Total Pension Benefits

 

Other Benefits

 

2011

 

2010

 

2011

 

2010

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

 

$

 

589,715

 

 

 

$

 

533,475

 

 

 

$

 

41,274

 

 

 

$

 

41,726

 

Service cost

 

 

 

15,358

 

 

 

 

15,225

 

 

 

 

542

 

 

 

 

515

 

Interest cost

 

 

 

32,823

 

 

 

 

31,441

 

 

 

 

2,213

 

 

 

 

2,277

 

Plan amendments

 

 

 

-

 

 

 

 

1,030

 

 

 

 

-

 

 

 

 

-

 

Actuarial (gain)/loss

 

 

 

53,671

 

 

 

 

29,546

 

 

 

 

3,722

 

 

 

 

(1,716

)

 

Actual benefits paid

 

 

 

(21,769

)

 

 

 

 

(21,002

)

 

 

 

 

(2,164

)

 

 

 

 

(1,868

)

 

Expected Medicare Part D reimbursement

 

 

 

-

 

 

 

 

-

 

 

 

 

281

 

 

 

 

340

 

Special termination benefits

 

 

 

258

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

Benefit obligation, end of year

 

 

$

 

670,056

 

 

 

$

 

589,715

 

 

 

$

 

45,868

 

 

 

$

 

41,274

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

 

$

 

549,616

 

 

 

$

 

496,330

 

 

 

$

 

16,273

 

 

 

$

 

15,923

 

Actual return on plan assets

 

 

 

44,272

 

 

 

 

70,172

 

 

 

 

331

 

 

 

 

1,820

 

Employer contributions

 

 

 

3,671

 

 

 

 

4,116

 

 

 

 

175

 

 

 

 

398

 

Actual benefits paid – settlement payments

 

 

 

-

 

 

 

 

-

 

 

 

 

(2,164

)

 

 

 

 

(1,868

)

 

Actual benefits paid – other payments

 

 

 

(21,769

)

 

 

 

 

(21,002

)

 

 

 

 

-

 

 

 

 

-

 

 

Fair value of plan assets, end of year

 

 

$

 

575,790

 

 

 

$

 

549,616

 

 

 

$

 

14,615

 

 

 

$

 

16,273

 

 

Funded status of the plans

 

 

$

 

(94,266

)

 

 

 

$

 

(40,099

)

 

 

 

$

 

(31,253

)

 

 

 

$

 

(25,001

)

 

 

Additional Amounts Recognized in the Statements of Financial Condition

 

 

 

 

 

 

 

 

Other assets

 

 

$

 

-

 

 

 

$

 

12,247

 

 

 

$

 

-

 

 

 

$

 

1,136

 

Other liabilities

 

 

 

(94,266

)

 

 

 

 

(52,346

)

 

 

 

 

(31,253

)

 

 

 

 

(26,137

)

 

 

Net asset/(liability) at end of year

 

 

$

 

(94,266

)

 

 

 

$

 

(40,099

)

 

 

 

$

 

(31,253

)

 

 

 

$

 

(25,001

)

 

 

Schedule Of Balances Reflected In Accumulated Other Comprehensive Income On Pre-Tax Basis

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Total Pension Benefits

 

Other Benefits

 

2011

 

2010

 

2011

 

2010

 

Amounts Recognized in Accumulated Other Comprehensive Income

 

 

 

 

 

 

 

 

Net transition (asset)/obligation

 

 

$

 

-

 

 

 

$

 

-

 

 

 

$

 

736

 

 

 

$

 

1,725

 

Prior service cost/(credit)

 

 

 

1,678

 

 

 

 

2,095

 

 

 

 

630

 

 

 

 

621

 

Net actuarial (gain)/loss

 

 

 

324,081

 

 

 

 

289,016

 

 

 

 

(7,472

)

 

 

 

 

(13,111

)

 

 

Total

 

 

$

 

325,759

 

 

 

$

 

291,111

 

 

 

$

 

(6,106

)

 

 

 

$

 

(10,765

)

 

 

Schedule Of Amounts Recognized In Other Comprehensive Income

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Total Pension Benefits

 

Other Benefits

 

2011

 

2010

 

2011

 

2010

 

Changes in plan assets and benefit obligation recognized in other comprehensive income

 

 

 

 

 

 

 

 

Net actuarial (gain)/loss arising during measurement period

 

 

$

 

56,374

 

 

 

$

 

6,908

 

 

 

$

 

4,579

 

 

 

$

 

(2,375

)

 

Prior service cost arising during measurement period

 

 

 

-

 

 

 

 

1,030

 

 

 

 

-

 

 

 

 

-

 

Items amortized during the measurement period:

 

 

 

 

 

 

 

 

Net transition (asset)/obligation

 

 

 

-

 

 

 

 

-

 

 

 

 

(986

)

 

 

 

 

(987

)

 

Prior service (credit)/cost

 

 

 

(417

)

 

 

 

 

(419

)

 

 

 

 

9

 

 

 

 

8

 

Net actuarial (gain)/loss

 

 

 

(21,219

)

 

 

 

 

(14,771

)

 

 

 

 

1,057

 

 

 

 

1,048

 

 

Total recognized in other comprehensive income

 

 

$

 

34,738

 

 

 

$

 

(7,252

)

 

 

 

$

 

4,659

 

 

 

$

 

(2,306

)

 

 

Schedule Of Estimated Net Actuarial (Gain)/Loss, Prior Service Cost/(Credit), And Transition (Asset)/Obligation

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Total Pension Benefits

 

Other Benefits

 

2011

 

2010

 

2011

 

2010

 

Net transition obligation

 

 

$

 

-

 

 

 

$

 

-

 

 

 

$

 

736

 

 

 

$

 

986

 

Prior service cost/(credit)

 

 

 

398

 

 

 

 

417

 

 

 

 

(9

)

 

 

 

 

(9

)

 

Net actuarial (gain)/loss

 

 

 

35,297

 

 

 

 

20,107

 

 

 

 

(611

)

 

 

 

 

(1,039

)

 

 

Schedule Of Expected Benefit Payment

 

 

 

 

 

 

 

(Dollars in thousands)

 

Pension
Benefits

 

Other
Benefits

 

Medicare
Reimbursements

 

2012

 

 

$

 

28,946

 

 

 

$

 

2,342

 

 

 

$

 

380

 

2013

 

 

 

27,892

 

 

 

 

2,452

 

 

 

 

418

 

2014

 

 

 

30,169

 

 

 

 

2,554

 

 

 

 

464

 

2015

 

 

 

32,616

 

 

 

 

2,649

 

 

 

 

505

 

2016

 

 

 

34,976

 

 

 

 

2,734

 

 

 

 

-

 

2017 – 2020

 

 

 

206,724

 

 

 

 

14,762

 

 

 

 

-

 

 

Schedule Of Fair Value Of Assets And Liabilities

(Dollars in thousands)

 

December 31, 2011

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Cash equivalents and money market funds

 

 

$

 

7,653

 

 

 

$

 

-

 

 

 

$

 

         -

 

 

 

$

 

7,653

 

Equity securities:

 

 

 

 

 

 

 

 

U.S. small capital

 

 

 

69,466

 

 

 

 

-

 

 

 

 

-

 

 

 

 

69,466

 

Mutual funds (a)

 

 

 

845

 

 

 

 

-

 

 

 

 

-

 

 

 

 

845

 

Fixed income securities:

 

 

 

 

 

 

 

 

U.S. treasuries

 

 

 

-

 

 

 

 

1,795

 

 

 

 

-

 

 

 

 

1,795

 

Corporate and foreign bonds

 

 

 

-

 

 

 

 

148,376

 

 

 

 

-

 

 

 

 

148,376

 

Common and collective funds:

 

 

 

 

 

 

 

 

Corporate and foreign bonds

 

 

 

-

 

 

 

 

151,346

 

 

 

 

-

 

 

 

 

151,346

 

U.S. large capital

 

 

 

-

 

 

 

 

133,030

 

 

 

 

-

 

 

 

 

133,030

 

International

 

 

 

-

 

 

 

 

63,279

 

 

 

 

-

 

 

 

 

63,279

 

 

Total

 

 

$

 

77,964

 

 

 

$

 

497,826

 

 

 

$

 

-

 

 

 

$

 

575,790

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

December 31, 2010

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Cash equivalents and money market funds

 

 

$

 

6,064

 

 

 

$

 

-

 

 

 

$

 

         -

 

 

 

$

 

6,064

 

Equity securities:

 

 

 

 

 

 

 

 

U.S. small capital

 

 

 

94,885

 

 

 

 

-

 

 

 

 

-

 

 

 

 

94,885

 

Mutual funds (a)

 

 

 

1,226

 

 

 

 

-

 

 

 

 

-

 

 

 

 

1,226

 

Fixed income securities:

 

 

 

 

 

 

 

 

U.S. treasuries

 

 

 

-

 

 

 

 

656

 

 

 

 

-

 

 

 

 

656

 

Corporate and foreign bonds

 

 

 

-

 

 

 

 

111,879

 

 

 

 

-

 

 

 

 

111,879

 

Common and collective funds:

 

 

 

 

 

 

 

 

Corporate and foreign bonds

 

 

 

-

 

 

 

 

119,315

 

 

 

 

-

 

 

 

 

119,315

 

U.S. large capital

 

 

 

-

 

 

 

 

139,455

 

 

 

 

-

 

 

 

 

139,455

 

International

 

 

 

-

 

 

 

 

76,137

 

 

 

 

-

 

 

 

 

76,137

 

 

Total

 

 

$

 

102,175

 

 

 

$

 

447,442

 

 

 

$

 

-

 

 

 

$

 

549,617

 

 

Certain previously reported amounts have been reclassified to agree with current presentation.

 

Schedule Of Retiree Medical Plan Assets By Asset Category