Pension Plan (Tables)

12 Months Ended

Dec. 31, 2014

PENSION PLANS [Abstract]

Changes in the actuarial present value of the projected benefit obligation and fair value of plan assets

The changes in the actuarial present value of the projected benefit obligation and fair value of plan assets are as follows:

	For the year ended December 31,
	Qualified Pension Plan						SERP
	2014			2013			2014			2013
In thousands
Projected benefit obligation at beginning of year	$	641,235		$	706,356		$	9,910		$	12,326
Service cost	11,759			14,347			256			340
Interest cost	28,835			25,596			342			311
Actuarial liability (gain) loss (a)	84,848			(78,609		)	660			(458		)
Benefit payments	(28,398		)	(26,455		)	(819		)	(2,291		)
(Curtailment) / Settlement	—			—			—			(318		)
Projected benefit obligation at end of year	$	738,279		$	641,235		$	10,349		$	9,910
Fair value of plan assets at beginning of year	$	555,400		$	557,653		$	—		$	—
Actual return on plan assets	59,731			14,202			—			—
Employer contributions	10,000			10,000			819			2,291
Benefit payments	(28,398		)	(26,455		)	(819		)	(2,291		)
Fair value of plan assets at end of year	$	596,733		$	555,400		$	—		$	—
Funded status at end of year	$	(141,546	)	$	(85,835	)	$	(10,349	)	$	(9,910	)
Accumulated benefit obligation	$	738,279		$	641,235		$	10,349		$	9,910

^(a) The actuarial liability (gain)/loss amount for the qualified pension plan for 2014 and 2013 is principally due to the effect of changes in the discount rate. Additionally, in 2014 a new set of mortality tables was issued by the Society of Actuaries ("SOA"), which impacted the valuation of the Company's obligations under the qualified pension plan and SERP.

Liabilities related to the qualified pension plan and SERP

The Company has recorded liabilities related to our qualified pension plan and SERP as follows:

	At December 31,
	Qualified Pension Plan						SERP
	2014			2013			2014			2013
In thousands
Current liabilities (a)	$	—		$	—		$	(531	)	$	(819	)
Noncurrent liabilities	(141,546		)	(85,835		)	(9,818		)	(9,091		)
Total	$	(141,546	)	$	(85,835	)	$	(10,349	)	$	(9,910	)

^(a) The current liabilities are included in other accruals and payables on the Consolidated Balance Sheets.

Schedule of pension costs in future periods

Certain amounts included in accumulated other comprehensive income on the Consolidated Balance Sheets represent costs that will be recognized as components of pension cost in future periods. These consist of:

	At December 31,
	Qualified Pension Plan				SERP
	2014		2013		2014		2013
In thousands
Unrecognized (gain) or loss	$	167,329	$	105,269	$	1,609	$	1,040
Unrecognized prior service cost	57		156		—		—
Amount included in accumulated other comprehensive income	$	167,386	$	105,425	$	1,609	$	1,040

Pension plan net periodic benefit costs and other amounts recognized in other comprehensive loss

The pension plan net periodic benefit costs on the Consolidated Statements of Operations and other amounts recognized in other comprehensive income (loss) on the Consolidated Statements of Comprehensive Income and Consolidated Statements of Shareholders’ Equity were computed using the projected unit credit actuarial cost method and included the following components:

	For the year ended December 31,
	Qualified Pension Plan									SERP
	2014			2013			2012			2014			2013			2012
In thousands
Service cost for benefits earned during the year	$	11,759		$	14,347		$	14,075		$	256		$	340		$	380
Interest cost on projected benefit obligation	28,835			25,596			26,312			342			311			408
Expected return on plan assets	(41,047		)	(41,347		)	(37,878		)	—			—			—
Amortization of prior service cost	98			98			98			—			—			—
Recognized net loss	4,106			9,291			7,844			91			261			169
Additional amount recognized due to curtailment/settlement	—			—			—			—			276			198
Net pension benefit cost	$	3,751		$	7,985		$	10,451		$	689		$	1,188		$	1,155
Change in prior service cost	$	—		$	—		$	—		$	—		$	—		$	—
Change in net gain or loss	66,165			(51,465		)	20,365			660			(1,052		)	815
Amortization of prior service cost	(98		)	(98		)	(98		)	—			—			—
Amortization of net loss	(4,106		)	(9,291		)	(7,844		)	(91		)	(261		)	(169		)
Total recognized in other comprehensive income (loss)	$	61,961		$	(60,854	)	$	12,423		$	569		$	(1,313	)	$	646
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	65,712		$	(52,869	)	$	22,874		$	1,258		$	(125	)	$	1,801

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

The following tables show the amount of the contributions made to the Qualified Pension Plan and SERP during each period and the amount of contributions the Company expects to make during 2015:

	Qualified Pension Plan				SERP
	2014		2013		2014		2013
In thousands
Contributions	$	10,000	$	10,000	$	819	$	2,291

	Qualified Pension Plan (a)		SERP
In thousands
Expected contributions during 2015	$	10,000	$	531

^(a) As of the date of this report, the Company has already contributed this $10.0 million to the qualified pension plan; no further contributions are expected to be made in 2015.

Actuarial assumptions used in determining benefit obligations and net periodic benefit of the pension plans

Expected future benefit payments, which reflect expected future service, are as follows:

	Qualified Pension Plan		SERP
In thousands
2015	$	30,713	$	531
2016	32,441		522
2017	34,053		3,014
2018	35,470		500
2019	37,085		488
2020-2024	206,438		4,407

Schedule of actuarial assumptions used in determining benefit obligations and net peiodic benefit cost of the pension plans

The actuarial assumptions used in determining benefit obligations of the pension plans are as follows:

	At December 31,
	Qualified Pension Plan				SERP
	2014		2013		2014		2013
Discount rate	3.80	%	4.60	%	3.15	%	3.60	%

The actuarial assumptions used in determining the net periodic benefit cost of the pension plans are as follows:

	For the year ended December 31,
	Qualified Pension Plan				SERP
	2014		2013		2014		2013
Discount rate	4.60	%	3.70	%	3.60	%	2.85	%
Expected return on plan assets	7.50	%	7.50	%	N/A		N/A
Average rate of increase in compensation levels	N/A		N/A		N/A		N/A

Fair value of the Company’s qualified pension plan assets

The fair values of the Company’s qualified pension plan assets at December 31, 2014 and 2013, are as follows:

	Total Carrying Value at December 31, 2014		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
In thousands
Short-term investments:
Cash and cash equivalents	$	12,063	$	12,063	$	—	$	—
Futures contracts	—		—		—		—
Fixed income securities:
U.S. Government and agency securities (a)	83,915		—		83,915		—
Bonds:
Corporate fixed income	112,811		—		112,811		—
Foreign fixed income	—		—		—		—
Other fixed income (b)	2,080		—		2,080		—
Mutual funds	93,659		93,659		—		—
Common trust funds	240,438		—		240,438		—
Corporate stock	49,802		49,802		—		—
Subtotal	$	594,768	$	155,524	$	439,244	$	—
Accrued income/expense	1,965		47		1,918		—
Total	$	596,733	$	155,571	$	441,162	$	—

14. PENSION PLANS (CONTINUED)

Plan Assets for Qualified Pension Plan - continued

	Total Carrying Value at December 31, 2013			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
In thousands
Short term investments:
Cash and cash equivalents	$	23,668		$	23,668	$	—		$	—
Futures contracts	(2,196		)	—		(2,196		)	—
Fixed income securities:
US Government and agency securities (a)	61,592			—		61,592			—
Bonds:
Corporate fixed income	81,601			—		81,601			—
Foreign fixed income	10,291			—		10,291			—
Other fixed income (b)	3,467			—		3,467			—
Mutual funds	71,244			71,244		—			—
Common trust funds	256,949			—		256,949			—
Corporate stock	47,035			47,035		—			—
Subtotal	$	553,651		$	141,947	$	411,704		$	—
Accrued income	1,749			39		1,710			—
Total	$	555,400		$	141,986	$	413,414		$	—

^(a) This category represents investments in debt securities issued by the U.S. Treasury, other U.S. government corporations and agencies, states and municipalities.

^(b) This category primarily represents investments in commercial and residential mortgage-backed securities.