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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2014
Employee Benefit Plans  
Schedule of status of defined benefit pension plans

 

 

 

Year Ended December 31,

 

In thousands

 

2014

 

2013

 

Change in benefit obligation

 

 

 

 

 

Benefit obligation at beginning of year

 

$

161,370

 

$

179,077

 

Service cost

 

100

 

343

 

Interest cost

 

7,698

 

7,237

 

Actuarial (gain) loss

 

32,018

 

(16,488

)

Benefits paid

 

(9,051

)

(8,799

)

Curtailments

 

(1,070

)

 

Benefit obligation at end of year

 

$

191,065

 

$

161,370

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

Fair value of plan assets at beginning of year

 

120,604

 

102,174

 

Actual return on plan assets

 

6,887

 

21,127

 

Contributions

 

5,932

 

6,102

 

Benefits paid

 

(9,051

)

(8,799

)

Fair value of plan assets at end of year

 

$

124,372

 

$

120,604

 

 

 

 

 

 

 

Funded status at end of year

 

$

(66,693

)

$

(40,766

)

 

Schedule of amounts recognized in the Consolidated Balance Sheets

 

 

In thousands

 

2014

 

2013

 

Other current liabilities

 

$

1,537 

 

$

1,572 

 

Pensions

 

65,156 

 

39,194 

 

 

 

$

66,693 

 

$

40,766 

 

 

 

Schedule of amounts recognized in accumulated other comprehensive loss

 

In thousands

 

2014

 

2013

 

Net loss

 

$

49,560 

 

$

32,279 

 

Prior service cost

 

 

 

 

 

$

49,560 

 

$

32,279 

 

 

Schedule of accumulated benefit obligation in excess of plan assets

 

In thousands

 

2014

 

2013

 

Projected benefit obligation

 

$

191,065 

 

$

161,370 

 

Accumulated benefit obligation

 

$

191,065 

 

$

160,340 

 

Fair value of plan assets

 

$

124,372 

 

$

120,604 

 

 

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

 

 

 

Year Ended December 31,

 

In thousands

 

2014

 

2013

 

2012

 

Net Periodic Benefit Cost (Pre-Tax)

 

 

 

 

 

 

 

Service cost

 

$

100

 

$

343

 

$

467

 

Interest cost

 

7,698

 

7,237

 

7,841

 

Expected return on plan assets

 

(8,418

)

(7,383

)

(6,733

)

Amortization of prior service cost

 

 

 

4

 

Recognized actuarial loss

 

3,654

 

6,687

 

5,999

 

Net periodic benefit cost

 

$

3,034

 

$

6,884

 

$

7,578

 

 

 

 

 

 

 

 

 

Amounts Recognized in Other Comprehensive Income (Loss) (Pre-Tax)

 

 

 

 

 

 

 

Net (gain) loss

 

$

28,802

 

$

(36,920

)

$

9,548

 

Prior service cost

 

 

 

(4

)

Total (benefit) cost recognized in other comprehensive loss

 

$

28,802

 

$

(36,920

)

$

9,544

 

 

 

 

 

 

 

 

 

Net (benefit) cost recognized in net periodic benefit cost and other comprehensive (income) loss

 

$

31,836

 

$

(30,036

)

$

17,122

 

 

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

 

 

 

Year Ended December 31,

 

 

 

2014

 

2013

 

2012

 

Weighted-average assumptions used to determine net periodic benefit cost

 

 

 

 

 

 

 

Discount rate

 

4.94 

%

4.15 

%

5.02 

%

Expected return on plan assets

 

7.00 

%

7.25 

%

7.25 

%

Rate of compensation increase

 

N/A

 

3.00 

%

3.00 

%

 

 

 

December 31,

 

 

 

2014

 

2013

 

Weighted-average assumptions used to determine benefit obligations

 

 

 

 

 

 

Discount rate

 

4.13 

%

4.94 

%

 

Rate of compensation increase

 

N/A

 

3.00 

%

 

 

Schedule of funded pension plan assets by asset category

 

In thousands 

 

2014

 

%

 

2013

 

%

 

Equity securities

 

$

82,010 

 

66 

%

$

85,606 

 

71 

%

Debt securities

 

32,381 

 

26 

%

30,460 

 

25 

%

Other

 

9,981 

 

%

4,538 

 

%

Total plan assets

 

$

124,372 

 

100 

%

$

120,604 

 

100 

%

 

Schedule of fair value of plan assets

 

In thousands

 

December 31,
2014

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Equity securities

 

$

82,010 

 

$

82,010 

 

$

 

$

 

Debt securities

 

32,381 

 

32,381 

 

 

 

Other

 

9,981 

 

 

9,982 

 

 

Total

 

$

124,372 

 

$

114,391 

 

$

9,982 

 

$

 

 

In thousands

 

December 31,
2013

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Equity securities

 

$

85,606 

 

$

85,606 

 

$

 

$

 

Debt securities

 

30,460 

 

30,460 

 

 

 

Other

 

4,538 

 

 

4,538 

 

 

Total

 

$

120,604 

 

$

116,066 

 

$

4,538 

 

$

 

 

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

 

In thousands

 

2014

 

%

 

2013

 

%

 

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

 

$

15,734 

 

14 

%

$

16,643 

 

14 

%

State Street Government STIF 15

 

$

10,332 

 

%

 

 

 

 

PIMCO Total Return Fund Institutional Class

 

$

13,715 

 

11 

%

$

13,817 

 

11 

%

 

Schedule of expected future pension benefit payments

 

In thousands

 

 

 

2015

 

$

9,161 

 

2016

 

9,348 

 

2017

 

9,588 

 

2018

 

9,775 

 

2019

 

9,941 

 

2020-2023

 

55,210 

 

 

 

$

103,023