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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2012
Employee Benefit Plans  
Schedule of status of defined benefit pension plans

 

 

 

 

Year Ended December 31,

 

In thousands

 

2012

 

2011

 

Change in benefit obligation

 

 

 

 

 

Benefit obligation at beginning of year

 

$

160,225

 

$

147,721

 

Service cost

 

467

 

457

 

Interest cost

 

7,841

 

8,118

 

Actuarial loss

 

18,745

 

11,533

 

Benefits paid

 

(8,201

)

(7,604

)

Benefit obligation at end of year

 

$

179,077

 

$

160,225

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

93,002

 

$

97,497

 

Actual return on plan assets

 

9,952

 

(3,185

)

Contributions

 

7,421

 

6,294

 

Benefits paid

 

(8,201

)

(7,604

)

Fair value of plan assets at end of year

 

$

102,174

 

$

93,002

 

 

 

 

 

 

 

Funded status at end of year

 

$

(76,903

)

$

(67,223

)

Schedule of amounts recognized in the Consolidated Balance Sheets

The following amounts have been recognized in the Consolidated Balance Sheets at December 31:

 

In thousands

 

2012

 

2011

 

Other current liabilities

 

$

1,437

 

$

1,068

 

Other long-term liabilities

 

75,466

 

66,155

 

 

 

$

76,903

 

$

67,223

 

Schedule of amounts recognized in accumulated other comprehensive loss

The following amounts have been recognized in accumulated other comprehensive loss at December 31:

 

In thousands

 

2012

 

2011

 

Net loss

 

$

54,431

 

$

48,702

 

Prior service cost

 

0

 

3

 

 

 

$

54,431

 

$

48,705

 

Schedule of accumulated benefit obligation in excess of plan assets

 

 

 

 

December 31,

 

In thousands

 

2012

 

2011

 

Projected benefit obligation

 

$

179,077

 

$

160,255

 

Accumulated benefit obligation

 

$

177,442

 

$

158,097

 

Fair value of plan assets

 

$

102,174

 

$

93,002

 

Schedule of net periodic benefit cost and other amounts recognized in other comprehensive loss

 

 

 

 

Year Ended December 31,

 

In thousands

 

2012

 

2011

 

2010

 

Net Periodic Benefit Cost (Pre-tax)

 

 

 

 

 

 

 

Service cost

 

$

467

 

$

457

 

$

341

 

Interest cost

 

7,841

 

8,118

 

7,984

 

Expected return on plan assets

 

(6,733

)

(7,022

)

(6,163

)

Amortization of prior service cost

 

4

 

49

 

54

 

Recognized actuarial loss

 

5,999

 

4,519

 

4,081

 

Net periodic benefit cost

 

$

7,578

 

$

6,121

 

$

6,297

 

 

 

 

 

 

 

 

 

Amounts Recognized in Other Comprehensive Loss (Pre-tax)

 

 

 

 

 

 

 

Net loss

 

$

9,548

 

$

17,222

 

$

2,681

 

Prior service cost

 

(4

)

(49

)

(54

)

Total cost recognized in other comprehensive loss

 

$

9,544

 

$

17,173

 

$

2,627

 

 

 

 

 

 

 

 

 

Net cost recognized in net periodic benefit cost and other comprehensive loss

 

$

17,122

 

$

23,294

 

$

8,924

 

Schedule of weighted-average assumptions used for measurement of the defined pension plans

 

 

 

 

Year Ended December 31,

 

 

 

2012

 

2011

 

2010

 

Weighted-average assumptions used to determine net periodic benefit cost

 

 

 

 

 

 

 

Discount rate

 

5.02

%

5.62

%

6.20

%

Expected return on plan assets

 

7.25

%

7.25

%

7.25

%

Rate of compensation increase

 

3.00

%

4.00

%

4.00

%

 

 

 

December 31,

 

 

 

2012

 

2011

 

Weighted-average assumptions used to determine benefit obligations

 

 

 

 

 

Discount rate

 

4.15

%

5.02

%

Rate of compensation increase

 

3.00

%

4.00

%

Schedule of funded pension plan assets by asset category

The funded pension plan assets as of December 31, 2012 and 2011, by asset category, are as follows:

 

In thousands

 

2012

 

%

 

2011

 

%

 

Equity securities

 

$

64,565

 

63

%

$

59,659

 

64

%

Debt securities

 

30,881

 

30

%

28,238

 

30

%

Other

 

6,728

 

7

%

5,105

 

6

%

Total plan assets

 

$

102,174

 

100

%

$

93,002

 

100

%

Schedule of fair value of plan assets

 

 

 

 

 

 

Quoted Prices in

 

Significant

 

 

 

 

 

 

 

Active Markets

 

Other

 

Significant

 

 

 

 

 

for Identical

 

Observable

 

Unobservable

 

 

 

December 31,

 

Assets

 

Inputs

 

Inputs

 

In thousands

 

2012

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Equity securities

 

$

64,565

 

$

64,565

 

$

0

 

$

0

 

Debt securities

 

30,881

 

30,881

 

0

 

0

 

Other

 

6,728

 

6,580

 

148

 

0

 

Total

 

$

102,174

 

$

102,026

 

$

148

 

$

0

 

 

 

 

 

 

Quoted Prices in

 

Significant

 

 

 

 

 

 

 

Active Markets

 

Other

 

Significant

 

 

 

 

 

for Identical

 

Observable

 

Unobservable

 

 

 

December 31,

 

Assets

 

Inputs

 

Inputs

 

In thousands

 

2011

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Equity securities

 

$

59,659

 

$

59,659

 

$

0

 

$

0

 

Debt securities

 

28,238

 

28,238

 

0

 

0

 

Other

 

5,105

 

5,105

 

0

 

0

 

Total

 

$

93,002

 

$

93,002

 

$

0

 

$

0

 

Schedule of investment mix, which is intended to subject the principal to an acceptable level of volatility while still meeting the desired return objectives

 

 

 

 

Target

 

Acceptable Range

 

Benchmark Index

 

Domestic Equities

 

50.0

%

35% - 75%

 

S&P 500

 

Large Cap Growth

 

22.5

%

15% - 30%

 

Russell 1000 Growth

 

Large Cap Value

 

22.5

%

15% - 30%

 

Russell 1000 Value

 

Mid Cap Value

 

5.0

%

5% - 15%

 

Russell Mid Cap Value

 

Mid Cap Growth

 

0.0

%

0% - 10%

 

Russell Mid Cap Growth

 

 

 

 

 

 

 

 

 

Domestic Fixed Income

 

35.0

%

15% - 50%

 

LB Aggregate

 

International Equities

 

15.0

%

10% - 25%

 

MSC1 EAFE

 

Schedule of investments that represented 5% or more of the funded pension plan's assets

The following table presents the investments that represented 5% or more of the funded pension plan’s assets as of December 31, 2012 and 2011:

 

In thousands

 

2012

 

%

 

2011

 

%

 

LM Institutional Fund Advisors I, Inc. Western Asset Core Plus

 

$

16,793

 

15

%

$

15,470

 

17

%

State Street Government STIF 15

 

$

14,419

 

13

%

$

5,109

 

6

%

PIMCO Total Return Fund Institutional Class

 

$

14,088

 

13

%

$

12,765

 

14

%

Schedule of expected future pension benefit payments

The expected future pension benefit payments for the next ten years as of December 31, 2012 are as follows:

 

In thousands

 

 

 

2013

 

$

8,440

 

2014

 

8,695

 

2015

 

8,947

 

2016

 

9,154

 

2017

 

9,371

 

2018 - 2022

 

50,576

 

 

 

$

95,183