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Pension and Other Post Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Schedule of Changes in Benefit Obligation, Changes in Plan Assets and the Funded Status of the Pension Plan and Other Post Retirement Benefit Plans
The table below sets forth the plans’ funded status and amounts recognized in the consolidated balance sheet at December 31, using measurement dates of December 31, 2013 and December 31, 2012.

 
2013
 
2012
Change in benefit obligation
 
 
 
Benefit obligation at beginning of year
$
69,166

 
$
68,769

Service Cost
131

 
161

Interest Cost
2,670

 
2,990

Actuarial Loss (Gain)
(5,597
)
 
3,168

Benefits paid
(4,100
)
 
(5,922
)
Benefit obligation at end of year
62,270

 
69,166

Change in plan assets
 
 
 
Fair value of plan assets at beginning of year
62,865

 
62,078

Actual return on plan assets
10,610

 
6,141

Employer contributions
496

 
568

Benefits Paid
(4,100
)
 
(5,922
)
End of Year
69,871

 
62,865

Funded Status at End of Year
$
7,601

 
$
(6,301
)
Assets and Liabilities Recognized in the Balance Sheets:
 
 
 
Deferred Tax Asset
$
4,266

 
$
9,200

Assets
$
12,383

 
 
Liabilities
$
4,782

 
$
6,301

Amounts Recognized in Accumulated Other Comprehensive Income Not Yet Recognized as Components of Net Periodic Benefit Cost Consist of:
 
 
 
Accumulated Loss
$
(7,922
)
 
$
(17,085
)
Prior Service Credit
(28
)
 
(41
)
 
$
(7,950
)
 
$
(17,126
)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets is included in the table below.

 
December 31, 2013
 
December 31, 2012
Projected Benefit Obligation
$
4,782

 
$
69,166

Accumulated Benefit Obligation
$
4,782

 
$
69,139

Fair Value of Plan Assets


 
$
62,865
Schedule of Net Periodic Pension Costs
The following table shows the components of net periodic pension costs:

 
December 31, 2013
 
December 31, 2012
Service Cost
$
131

 
$
161

Interest Cost
2,670

 
2,990

Expected Return on Plan Assets
(4,265
)
 
(4,216
)
Amortization of Prior Service Costs
25

 
25

Amortization of Net Loss
2,131

 
2,207

Net Periodic Pension Cost
$
692

 
$
1,167
Schedule of Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, Net of Tax
Other changes in plan assets and benefit obligations recognized in other comprehensive income:

 
December 31, 2013
 
December 31, 2012
Net Periodic Pension Cost
$
692

 
$
1,167

Net gain (loss)
(11,942
)
 
1,242

Actuarial gain (loss)
(2,131
)
 
(2,207
)
Amortization of prior service (cost) credit
(25
)
 
(25
)
Total Recognized in Other Comprehensive Income
(14,098
)
 
(990
)
Total Recognized in NPPC and OCI
$
(13,406
)
 
$
177
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The estimated net loss and transition obligation for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic pension cost over the next fiscal year are:


December 31, 2013

December 31, 2012
Amortization of Net Loss
$
(533
)

$
(2,158
)
Amortization of Prior Service Cost
(25
)

(25
)
Total
$
(558
)

$
(2,183
)
Schedule of Assumptions Used
Significant assumptions include:

 
December 31, 2013
 
December 31, 2012
Weighted-average Assumptions Used to Determine Benefit Obligation:
 
 
 
Discount Rate
4.80
%
 
4.00
%
Rate of Compensation Increase for accruing active participants
3.00
%
 
3.00
%
Weighted-average Assumptions Used to Determine Benefit Cost:
 
 
 
Discount Rate
4.00
%
 
4.50
%
Expected Return on Plan Assets
7.00
%
 
7.00
%
Rate of Compensation Increase for accruing active participants
3.00
%
 
4.00
%
Schedule of Expected Benefit Payments
The minimum contribution required in 2014 will likely be zero but the Corporation may decide to make a discretionary contribution during the year.

2014
$
4,195

2015
4,318

2016
4,317

2017
4,219

2018
4,241

After 2018
21,458

 
$
42,748
Schedule of Allocation of Plan Assets
There are no assets classified within Level 3 of the hierarchy at December 31, 2013.

 
 

Fair Value Measurements Using
 
 
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other Observable Inputs
 
Significant
Unobservable
Inputs
December 31, 2013
Fair Value

(Level 1)

(Level 2)

(Level 3)
Cash & Cash Equivalents
$
1,864


$
1,864





Corporate Bonds and Notes
6,076


6,076





Government Agency and Municipal Bonds and Notes
8,263




$
8,263



Certificates of Deposit
607




607



Party-in-Interest Investments
 

 

 


Common Stock
1,375


1,375





Common Bond Fund
5,318




5,318



Common Equity Fund
4,507




4,507



Mutual Funds







Taxable Bond
3,901


3,901






Large Cap Equity
20,617


20,617





Mid Cap Equity
8,721


8,721





Small Cap Equity
3,584


3,584





International Equity
3,727


3,727





Specialty Alternative Equity
1,311


1,311





 
$
69,871

 
$
51,176

 
$
18,695

 
$
—

Plan assets are re-balanced quarterly. At December 31, 2013 and 2012, plan assets by category are as follows:

 
December 31, 2013

December 31, 2012
 
Actual

Target

Actual

Target
Cash and cash equivalents
2.7
%

2.0
%

1.3
%

3.0
%
Equity securities
62.2


60.0


53.7


51.0

Debt securities
33.2


36.0


43.0


44.0

Alternative investments
1.9


2.0


2.0


2.0

 
100.0
%

100.0
%

100.0
%

100.0
%