Employee Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2012
|
Schedule Of Projected Benefit Obligation Assets Funded Status and Amounts Recognized [Table Text Block] |
A summary of the activity in the Plan’s projected benefit obligation, assets, funded status and amounts recognized in the Company’s consolidated balance sheets is as follows:
(In thousands) |
|
2012 |
|
2011 |
Projected benefit obligation: |
|
|
|
|
|
|
|
|
Balance, January 1 |
|
$ |
53,972 |
|
|
$ |
43,337 |
|
Service cost |
|
|
2,799 |
|
|
|
2,073 |
|
Interest cost |
|
|
2,570 |
|
|
|
2,423 |
|
Actuarial loss |
|
|
9,063 |
|
|
|
7,357 |
|
Benefits paid |
|
|
(1,317 |
) |
|
|
(1,218 |
) |
Balance, December 31 |
|
$ |
67,087 |
|
|
$ |
53,972 |
|
Plan assets: |
|
|
|
|
|
|
|
|
Fair value, January 1 |
|
$ |
53,895 |
|
|
$ |
45,427 |
|
Actual return |
|
|
6,556 |
|
|
|
686 |
|
Employer contribution |
|
|
2,250 |
|
|
|
9,000 |
|
Benefits paid |
|
|
(1,317 |
) |
|
|
(1,218 |
) |
Fair value, December 31 |
|
$ |
61,384 |
|
|
$ |
53,895 |
|
Funded status: |
|
|
|
|
|
|
|
|
Accrued pension asset (liability) |
|
$ |
(5,703 |
) |
|
$ |
(77 |
) |
|
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation [Table Text Block] |
The following represent the major assumptions used to determine the projected benefit obligation of the Plan. For 2012, 2011 and 2010, the Plan’s expected benefit cash flows were discounted using the Citibank Above Median Curve.
|
|
2012 |
|
2011 |
|
2010 |
Weighted average discount rate |
|
4.25 |
% |
|
4.75 |
% |
|
5.75 |
% |
Rate of increase in compensation levels |
|
3.75 |
% |
|
4.00 |
% |
|
4.00 |
% |
|
Schedule of Expected Benefit Payments [Table Text Block] |
The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the Plan:
|
Amount |
2013 |
$ |
1,401,000 |
2014 |
|
1,540,000 |
2015 |
|
1,670,000 |
2016 |
|
1,884,000 |
2017 |
|
2,097,000 |
2018-2022 |
|
14,845,359 |
|
Schedule Of Net Periodic Pension Costs [Table Text Block] |
The Plan’s pension cost included the following components:
|
|
For the Year Ended |
|
|
December 31, |
(In thousands) |
|
2012 |
|
2011 |
|
2010 |
Service cost – benefits earned during the year |
|
$ |
2,799 |
|
|
$ |
2,073 |
|
|
$ |
1,771 |
|
Interest cost on projected benefit obligations |
|
|
2,570 |
|
|
|
2,423 |
|
|
|
2,290 |
|
Expected return on plan assets |
|
|
(3,967 |
) |
|
|
(3,314 |
) |
|
|
(2,440 |
) |
Net amortization and deferral |
|
|
1,473 |
|
|
|
603 |
|
|
|
616 |
|
Net periodic pension cost |
|
$ |
2,875 |
|
|
$ |
1,785 |
|
|
$ |
2,237 |
|
Schedule Of Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost [Table Text Block] |
The following represent the major assumptions used to determine the net pension cost of the Plan:
|
|
2012 |
|
2011 |
|
2010 |
Weighted average discount rate |
|
4.75 |
% |
|
5.75 |
% |
|
6.25 |
% |
Rate of increase in compensation levels |
|
4.00 |
% |
|
4.00 |
% |
|
4.00 |
% |
Expected long-term rate of return on assets |
|
7.25 |
% |
|
7.25 |
% |
|
7.25 |
% |
|
Schedule Of Assumed Long Term Rate Of Return On Assets [Table Text Block] |
The assumed long-term rate of return on assets, which falls within the expected range, is 7.25% as derived below:
|
|
Expected Long-Term |
|
|
|
|
Asset Class |
|
Return on Class |
|
X Allocation |
|
= Assumption |
Fixed Income |
|
3 – 5%
|
|
50% |
|
1.5 – 2.5% |
U.S. Equity |
|
5 – 9%
|
|
34% |
|
1.7 – 3.1% |
Non-U.S. Equity |
|
5 – 10%
|
|
16% |
|
0.8 – 1.7% |
|
|
|
|
|
|
4.0 – 7.3% |
|
Schedule Of Fair Value Of Plan Assets By Type Of Assets [Table Text Block] |
A summary of the fair value measurements by type of asset is as follows:
|
|
Fair Value Measurements as of December 31, |
|
|
2012 |
|
2011 |
(In thousands) |
|
Total |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
Significant Observable Inputs (Level 2) |
|
Total |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
Significant Observable Inputs (Level 2) |
Cash |
|
$ |
238 |
|
$ |
238 |
|
$ |
— |
|
$ |
219 |
|
$ |
219 |
|
$ |
— |
Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U. S. Large Cap Growth |
|
|
5,193 |
|
|
— |
|
|
5,193 |
|
|
4,497 |
|
|
— |
|
|
4,497 |
U. S. Large Cap Value |
|
|
5,317 |
|
|
— |
|
|
5,317 |
|
|
4,586 |
|
|
— |
|
|
4,586 |
U. S. Small/Mid Cap Growth |
|
|
2,159 |
|
|
— |
|
|
2,159 |
|
|
1,856 |
|
|
— |
|
|
1,856 |
U. S. Small/Mid Cap Value |
|
|
2,167 |
|
|
— |
|
|
2,167 |
|
|
1,888 |
|
|
— |
|
|
1,888 |
Non-U. S. Core |
|
|
9,478 |
|
|
— |
|
|
9,478 |
|
|
8,470 |
|
|
— |
|
|
8,470 |
U. S. Large Cap Passive |
|
|
6,004 |
|
|
— |
|
|
6,004 |
|
|
5,387 |
|
|
— |
|
|
5,387 |
Emerging Markets |
|
|
732 |
|
|
— |
|
|
732 |
|
|
— |
|
|
— |
|
|
— |
Fixed Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U. S. Core Opportunistic |
|
|
22,189 |
|
|
— |
|
|
22,189 |
|
|
19,410 |
|
|
— |
|
|
19,410 |
U. S. Passive |
|
|
7,907 |
|
|
— |
|
|
7,907 |
|
|
7,582 |
|
|
— |
|
|
7,582 |
Total |
|
$ |
61,384 |
|
$ |
238 |
|
$ |
61,146 |
|
$ |
53,895 |
|
$ |
219 |
|
$ |
53,676 |
|
Schedule Of Projected Benefit Obligation Funded Status and Amounts Recognized [Table Text Block] |
A summary of the activity in the SERP’s projected benefit obligation, funded status and amounts recognized in the Company’s consolidated balance sheets is as follows:
|
|
December 31, |
(In thousands) |
|
2012 |
|
2011 |
Benefit obligation: |
|
|
|
|
|
|
|
|
Balance, January 1 |
|
$ |
7,434 |
|
|
$ |
5,479 |
|
Service cost |
|
|
115 |
|
|
|
89 |
|
Interest cost |
|
|
307 |
|
|
|
295 |
|
Benefits paid |
|
|
(236 |
) |
|
|
(236 |
) |
Actuarial loss (gain) |
|
|
862 |
|
|
|
1,807 |
|
Balance,
December 31 |
|
$ |
8,482 |
|
|
$ |
7,434 |
|
Schedule Of Defined Benefit Plan Accumulated Other Comprehensive Income Loss Pretax [Table Text Block] |
The pre-tax amounts in accumulated other comprehensive loss as of December 31, were as follows:
|
The Plan |
|
SERP |
(In thousands) |
2012 |
|
2011 |
|
2012 |
|
2011 |
Prior service cost |
$ |
16 |
|
$ |
24 |
|
$ |
— |
|
$ |
— |
Net actuarial loss |
|
26,385 |
|
|
21,376 |
|
|
4,304 |
|
|
3,802 |
Total |
$ |
26,401 |
|
$ |
21,400 |
|
$ |
4,304 |
|
$ |
3,802 |
|
Supplemental Executive Retirement Plan [Member]
|
|
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation [Table Text Block] |
For 2012, 2011 and 2010, the SERP’s expected benefit cash flows were discounted using the Citigroup Above Median Curve.
|
|
2012 |
|
2011 |
|
2010 |
Weighted average discount rate |
|
4.00 |
% |
|
4.50 |
% |
|
5.50 |
% |
Rate of increase in compensation levels |
|
3.75 |
% |
|
4.00 |
% |
|
4.00 |
% |
|
Schedule of Expected Benefit Payments [Table Text Block] |
Expected future benefits payable by the Company over the next 10 years are as follows:
|
Amount |
2013 |
$ |
236,000 |
2014 |
|
235,000 |
2015 |
|
234,000 |
2016 |
|
241,000 |
2017 |
|
254,000 |
2018-2022 |
|
2,083,000 |
|
Schedule of Net Benefit Costs [Table Text Block] |
The SERP’s pension cost included the following components:
|
For the Year Ended December 31, |
(In thousands) |
2012 |
|
2011 |
|
2010 |
Service cost – benefits earned during the year |
$ |
115 |
|
$ |
89 |
|
$ |
78 |
Interest cost on projected benefit obligations |
|
307 |
|
|
295 |
|
|
315 |
Net amortization and deferral |
|
360 |
|
|
250 |
|
|
258 |
Net periodic pension cost |
$ |
782 |
|
$ |
634 |
|
$ |
651 |
|