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Pension and Other Postretirement Plans (Tables)
12 Months Ended
Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Components of Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
(In thousands)
 
 
 
 
 
 
Components of net periodic benefit costs:
 
 
 
 
 
Interest cost
$
958

 
873

 
928

Service cost
168

 
190

 
174

Expected return on plan assets
(1,278
)
 
(1,134
)
 
(1,070
)
Amortization of prior service cost
4

 
4

 
4

Amortization of net loss
422

 
812

 
786

 
 
 
 
 
 
Net periodic benefit cost
274

 
745

 
822

 
 
 
 
 
 
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 

 
 

 
 

Net loss (gain)
1,888

 
(3,921
)
 
 

Amortization of prior service cost
(4
)
 
(4
)
 
 

Amortization of net loss (gain)
(422
)
 
(812
)
 
 

 
 
 
 
 
 
Total recognized in other comprehensive income
1,462

 
(4,737
)
 
 

 
 
 
 
 
 
Total recognized in net periodic benefit cost and other comprehensive income
$
1,736

 
(3,992
)
 
 

Schedule of Allocation of Plan Assets
 The following table sets forth the Company’s pension plan assets within the fair value hierarchy as of December 31, 2014.

 
December 31, 2014
 
Total
 
Level 1
 
Level 2
 
Level 3
 
(In thousands)
 
 
 
 
 
 
 
 
Cash
$
678

 
678

 

 

Equity securities
 

 
 
 
 
 
 
Domestic
12,390

 
12,390

 

 

International
274

 
274

 

 

Debt securities
 

 
 
 
 
 
 
U.S. government agencies

 

 

 

Corporate bonds
6,304

 

 
6,304

 

 
 
 
 
 
 
 
 
Total
$
19,646

 
13,342

 
6,304

 

Pension Allocation by Type of Fund and Target Allocation

The plan’s weighted-average asset allocations by asset category are as follows:

 
December 31,
 
2014
 
2013
 
2012
 
 
 
 
 
 
Asset Category:
 
 
 
 
 
Equity securities
64%
 
70%
 
60%
Debt securities
32%
 
29%
 
35%
Cash and cash equivalents
4%
 
1%
 
5%
 
 
 
 
 
 
Total
100%
 
100%
 
100%
Schedule of Acceptable Ranges for Each Asset as per Investment Policy Statement
The investment policy statement sets forth the following acceptable ranges for each asset's class.

 
Acceptable Range
 
 
Asset Category:
 
Equity securities
55-70%
Debt securities
30-40%
Cash and cash equivalents
0-15%
Schedule of Assumptions Used
Assumptions
 
December 31,
 
2014
 
2013
 
 
 
 
Weighted-average assumptions used to determine benefit obligations:
 
 
 
Discount rate
3.75
%
 
4.60
%
Rate of compensation increase
n/a

 
n/a


 
December 31,
 
2014
 
2013
 
2012
 
 
 
 
 
 
Weighted-average assumptions used to determine net periodic benefit cost:
 
 
 
 
 
Discount rate
4.25
%
 
3.75
%
 
4.25
%
Expected long-term return on plan assets
7.00
%
 
7.00
%
 
7.00
%
Rate of compensation increase
n/a

 
n/a

 
n/a

Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):

2015
$
1,339

2016
1,347

2017
1,433

2018
1,402

2019
1,386

2019-2023
6,627

Defined Benefit Pension Plans [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Defined Benefit Plans Disclosures
 A detail of plan disclosures is provided below.

Obligations and Funded Status

 
December 31,
 
2014
 
2013
 
(In thousands)
 
 
 
 
Changes in projected benefit obligations:
 
 
 
Projected benefit obligations at beginning of year
$
21,187

 
23,535

Service cost
168

 
190

Interest cost
958

 
873

Actuarial gain (loss)
2,357

 
(2,088
)
Benefits paid
(1,342
)
 
(1,323
)
 
 
 
 
Projected benefit obligations at end of year
23,328

 
21,187

 
 
 
 
Changes in plan assets:
 

 
 

Fair value of plan assets at beginning of year
18,908

 
16,813

Actual return on plan assets
1,747

 
2,967

Contributions
333

 
451

Benefits paid
(1,342
)
 
(1,323
)
 
 
 
 
Fair value of plan assets at end of year
19,646

 
18,908

 
 
 
 
Funded status at end of year
$
(3,682
)
 
(2,279
)

Schedule of Amounts Recognized in Consolidated Financial Statements and in Other Comprehensive Income
 
December 31,
 
2014
 
2013
 
(In thousands)
 
 
 
 
Amounts recognized in the Company's consolidated financial statements:
 
 
 
Assets
$

 

Liabilities
(3,682
)
 
(2,279
)
 
 
 
 
Net amount recognized
$
(3,682
)
 
(2,279
)
 
 
 
 
Amounts recognized in accumulated other comprehensive income:
 
 
 
Net loss
$
8,017

 
6,551

Prior service cost
3

 
7

 
 
 
 
Net amount recognized
$
8,020

 
6,558

Chairman and President Non-Qualified Defined Benefit Plans [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Defined Benefit Plans Disclosures
Obligations and Funded Status

 
December 31,
 
2014
 
2013
 
(In thousands)
 
 
 
 
Changes in projected benefit obligations:
 
 
 
Projected benefit obligations at beginning of year
$
19,870

 
22,525

Service cost
294

 
177

Interest cost
1,003

 
801

Actuarial (gain) loss
4,960

 
(1,652
)
Benefits paid
(1,982
)
 
(1,981
)
 
 
 
 
Projected benefit obligations at end of year
24,145

 
19,870

 
 
 
 
Change in plan assets:
 

 
 

Fair value of plan assets at beginning of year

 

Contributions
1,982

 
1,981

Benefits paid
(1,982
)
 
(1,981
)
 
 
 
 
Fair value of plan assets at end of year

 

 
 
 
 
Funded status at end of year
$
(24,145
)
 
(19,870
)
Schedule of Amounts Recognized in Consolidated Financial Statements and in Other Comprehensive Income
 
December 31,
 
2014
 
2013
 
(In thousands)
 
 
 
 
Amounts recognized in the Company's consolidated financial statements:
 
 
 
Assets
$

 

Liabilities
(24,145
)
 
(19,870
)
 
 
 
 
Net amount recognized
$
(24,145
)
 
(19,870
)
 
 
 
 
Amounts recognized in accumulated other comprehensive income:
 

 
 

Net loss
$
11,959

 
8,293

Prior service cost
759

 
818

 
 
 
 
Net amount recognized
$
12,718

 
9,111

Schedule of Components of Periodic Benefit Cost
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
(In thousands)
 
 
 
 
 
 
Components of net periodic benefit cost:
 
 
 
 
 
Service cost
$
294

 
177

 
168

Interest cost
1,003

 
801

 
912

Amortization of prior service cost
59

 
59

 
59

Amortization of net loss
1,294

 
1,173

 
1,142

 
 
 
 
 
 
Net periodic benefit cost
2,650

 
2,210

 
2,281

 
 
 
 
 
 
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 
 
 
 
 
Net (gain) loss
4,960

 
(1,652
)
 
 
Amortization of prior service cost
(59
)
 
(59
)
 
 
Amortization of net (gain) loss
(1,294
)
 
(1,173
)
 
 
 
 
 
 
 
 
Total recognized in other comprehensive income
3,607

 
(2,884
)
 
 
 
 
 
 
 
 
Total recognized in net periodic benefit cost and other comprehensive income
$
6,257

 
(674
)
 
 
Schedule of Assumptions Used
 
December 31,
 
2014
 
2013
 
 
 
 
Weighted-average assumptions used to determine benefit obligations:
 
 
 
Discount rate
3.75
%
 
4.60
%
Rate of compensation increase
4.00
%
 
4.00
%

 
December 31,
 
2014
 
2013
 
2012
 
 
 
 
 
 
Weighted-average assumptions used to determine net periodic benefit costs:
 
 
 
 
 
Discount rate
4.60
%
 
3.75
%
 
4.25
%
Expected long-term return on plan assets
n/a

 
n/a

 
n/a

Rate of compensation increase
4.00
%
 
4.00
%
 
4.00
%
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):

2015
$
1,982

2016
1,982

2017
1,982

2018
1,982

2019
1,982

2019-2023
9,908

Defined Benefit Postretirement Healthcare Plans [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Defined Benefit Plans Disclosures
he Company uses a December 31 measurement date for the plan.  A detail of plan disclosures related to the plan is provided below:

Obligations and Funded Status
 
December 31,
 
2014
 
2013
 
(In thousands)
 
 
 
 
Changes in projected benefit obligations:
 
 
 
Projected benefit obligations at beginning of year
$
2,725

 
3,482

Interest cost
111

 
117

Actuarial loss (gain)
107

 
(827
)
Benefits paid
(53
)
 
(47
)
 
 
 
 
Projected benefit obligations at end of year
2,890

 
2,725

 
 
 
 
Changes in plan assets:
 

 
 

Fair value of plan assets at beginning of year

 

Contributions
53

 
47

Benefits paid
(53
)
 
(47
)
 
 
 
 
Fair value of plan assets at end of year

 

 
 
 
 
Funded status at end of year
$
(2,890
)
 
(2,725
)
Schedule of Amounts Recognized in Consolidated Financial Statements and in Other Comprehensive Income
 
December 31,
 
2014
 
2013
 
(In thousands)
 
 
 
 
Amounts recognized in the Company's consolidated financial statements:
 
 
 
Assets
$

 

Liabilities
(2,890
)
 
(2,725
)
 
 
 
 
Net amount recognized
$
(2,890
)
 
(2,725
)
 
 
 
 
Amounts recognized in accumulated other comprehensive income:
 

 
 

Net loss
$
128

 
18

Prior service cost
464

 
567

 
 
 
 
Net amount recognized
$
592

 
585

Schedule of Components of Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
(In thousands)
 
 
 
 
 
 
Components of net periodic benefit cost:
 
 
 
 
 
Interest cost
$
111

 
117

 
129

Amortization of prior service cost
103

 
103

 
103

Amortization of net loss
(4
)
 
33

 
41

 
 
 
 
 
 
Net periodic benefit cost
210

 
253

 
273

 
 
 
 
 
 
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 

 
 

 
 

Net (gain) loss
107

 
(827
)
 
 

Amortization of prior service cost
(103
)
 
(103
)
 
 
Amortization of net (gain) loss
4

 
(33
)
 
 

 
 
 
 
 
 
Total recognized in other comprehensive income
8

 
(963
)
 
 

 
 
 
 
 
 
Total recognized in net periodic benefit cost and other comprehensive income
$
218

 
(710
)
 
 

Schedule of Assumptions Used
Assumptions
 
December 31,
 
2014
 
2013
 
 
 
 
Weighted-average assumptions used to determine benefit obligations:
 
 
 
Discount rate
3.75
%
 
4.60
%
Expected long-term return on plan assets
n/a

 
n/a


For measurement purposes, a 8% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2015 and future years.

Assumed health care trend rates have a significant effect on the amounts reported for the health care plans.  A one percentage point change in assumed health care cost trend rates would have the following effects for the years ended December 31:

 
December 31, 2014
 
December 31, 2013
 
1% Point Increase
 
1% Point Decrease
 
1% Point Increase
 
1% Point Decrease
 
(In thousands)
Effect on total of service and interest cost components
$
22

 
(17
)
 
25

 
(20
)
 
 
 
 
 
 
 
 
Effect on postretirement benefit obligation
$
595

 
(466
)
 
575

 
(447
)
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):

2015
$
70

2016
76

2017
82

2018
89

2019
96

2019-2023
607