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Retirement and Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Retirement and Employee Benefit Plans [Abstract]  
Changes In The Plans Benefit Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Postretirement

 

Pension Benefits

 

Benefits

 

 

2013

 

 

2012

 

 

2013

 

 

2012

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Change in benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at January 1

$
105,432 

 

$
81,738 

 

$
11,464 

 

$
6,793 

Service cost

 
13,789 

 

 
10,942 

 

 
2,296 

 

 
1,832 

Interest cost

 
4,104 

 

 
4,050 

 

 
441 

 

 
398 

Participant contributions

 

–  

 

 

–  

 

 
24 

 

 
21 

Actuarial loss

 
(11,107)

 

 
14,981 

 

 
(1,706)

 

 
2,525 

Benefits paid

 
(8,492)

 

 
(6,951)

 

 
(139)

 

 
(105)

Plan amendments

 

–  

 

 
672 

 

 

–  

 

 

–  

Settlements

 
(520)

 

 

–  

 

 

–  

 

 

–  

Benefit obligation at December 31

$
103,206 

 

$
105,432 

 

$
12,380 

 

$
11,464 

 

Changes In The Plans Benefit Assets And Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Postretirement

 

Pension Benefits

 

Benefits

 

 

2013

 

 

2012

 

 

2013

 

 

2012

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at January 1

$
83,347 

 

$
68,023 

 

$

–  

 

$

–  

Actual return on plan assets

 
12,471 

 

 
11,191 

 

 

–  

 

 

–  

Employer contributions

 
12,520 

 

 
11,084 

 

 
115 

 

 
84 

Participant contributions

 

–  

 

 

–  

 

 
24 

 

 
21 

Benefits paid

 
(8,492)

 

 
(6,951)

 

 
(139)

 

 
(105)

Settlements

 
(507)

 

 

–  

 

 

–  

 

 

–  

Fair value of plan assets at December 31

$
99,339 

 

$
83,347 

 

$

–  

 

$

–  

Funded status of plans at December 31

$
(3,867)

 

$
(22,085)

 

$
(12,380)

 

$
(11,464)

 

Pension And Other Postretirement Benefit Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Postretirement

 

 

Pension Benefits

 

 

Benefits

 

 

2013

 

 

2012

 

 

2011

 

 

2013

 

 

2012

 

 

2011

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$
13,789 

 

$
10,942 

 

$
9,323 

 

$
2,296 

 

$
1,832 

 

$
1,354 

Interest cost

 
4,104 

 

 
4,050 

 

 
3,671 

 

 
441 

 

 
398 

 

 
252 

Expected return on plan assets

 
(6,136)

 

 
(5,426)

 

 
(4,398)

 

 

–  

 

 

–  

 

 

–  

Amortization of transition

  obligation

 

–  

 

 

–  

 

 

–  

 

 

–  

 

 
64 

 

 
64 

Amortization of prior service cost

 
103 

 

 
286 

 

 
344 

 

 
14 

 

 
14 

 

 
14 

Amortization of net loss

 
1,541 

 

 
1,220 

 

 
856 

 

 
120 

 

 
93 

 

 
11 

Net periodic benefit cost

 
13,401 

 

 
11,072 

 

 
9,796 

 

 
2,871 

 

 
2,401 

 

 
1,695 

Settlements and curtailments

 
70 

 

 

–  

 

 

–  

 

 

–  

 

 

–  

 

 

–  

Total benefit cost

$
13,471 

 

$
11,072 

 

$
9,796 

 

$
2,871 

 

$
2,401 

 

$
1,695 

 

Projected Benefit Obligation, Accumulated Benefit Obligation, And Fair Value Of Plan Assets

 

 

 

 

 

 

 

 

2013

 

 

2012

 

 

(in thousands)

 

 

 

 

 

 

Projected benefit obligation

$
103,206 

 

$
105,432 

Accumulated benefit obligation

$
100,208 

 

$
100,379 

Fair value of plan assets

$
99,339 

 

$
83,347 

 

Amounts Recognized In Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

(in thousands)

 

 

 

 

 

 

 

Net actuarial gain arising during the year

 

$
17,454 

 

$
1,706 

Amortization of prior service cost

 

 
104 

 

 
14 

Amortization of net loss

 

 
1,541 

 

 
120 

Settlements

 

 
70 

 

 

 –

Tax effect

 

 
(7,535)

 

 
(721)

 

 

$
11,634 

 

$
1,119 

 

Assumptions Used In The Measurement Of Benefit Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

 

2013

 

 

2012

 

 

2013

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate
5.00 

%

 
4.00 

%

 
5.00 

%

 
4.00 

%

Rate of compensation increase
4.50 

%

 
4.50 

%

 

n/a

 

 

n/a

 

 

Assumptions Used In The Measurement Of Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

 

2013

 

 

2012

 

 

2011

 

 

2013

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate
4.00 

%

 
5.00 

%

 
5.50 

%

 
4.00 

%

 
5.00 

%

 
5.50 

%

Expected return on plan assets
7.00 

%

 
7.50 

%

 
7.50 

%

 

n/a

 

 

n/a

 

 

n/a

 

Rate of compensation increase
4.50 

%

 
4.50 

%

 
4.50 

%

 

n/a

 

 

n/a

 

 

n/a

 

 

Measurement Purposes Following Trend Rates Were Assumed

 

 

 

 

 

 

 

2013

 

 

2012

 

 

 

 

 

 

 

Health care cost trend assumed for next year
8 

%

 
8 

%

Rate to which the cost trend is assumed to decline
5 

%

 
5 

%

Year that the rate reaches the ultimate trend rate
2032 

 

 
2031 

 

 

One Percentage Point Change In Assumed Health Care Cost Trend Rates

 

 

 

 

 

 

 

 

1%

Increase

 

 

1%

Decrease

 

(in thousands)

 

 

 

 

 

 

Effect on the total service and interest cost components

$
457 

 

$
(373)

Effect on postretirement benefit obligations

$
1,693 

 

$
(1,413)

 

Benefit Payments Which Reflect Expected Future Service

 

 

 

 

 

 

 

Pension Benefits

 

Other
Postretirement
Benefits

 

(in thousands)

 

 

 

 

 

 

2014

$
6,384 

 

$
404 

2015

$
6,280 

 

$
542 

2016

$
8,075 

 

$
730 

2017

$
8,553 

 

$
801 

2018

$
9,517 

 

$
994 

Years 2019-2023

$
58,894 

 

$
7,545 

 

Plan Assets Allocation To Any Asset Class Falls Outside Of The Specified Range

 

 

 

 

 

 

 

 

Pension Plan Asset
Allocations

 

Asset category:

Target

 

Actual

 

 

 

 

 

 

U.S. Equity(1)
35 

%

 
36 

%

Non-U.S. Developed Equity(2)
30 

%

 
31 

%

Emerging Markets Equity(3)
5 

%

 
6 

%

Opportunistic(4)

 – 

%

 

 – 

%

Fixed income(5) 
29 

%

 
26 

%

Cash(6)
1 

%

 
1 

%

Total
100 

%

 
100 

%

 

(1) Asset category above includes the following equity securities in the table below: U.S large cap growth equity, U.S. large cap value equity, U.S. large

     cap core equity, and U.S. small cap equity.

(2) Asset category above includes Non-U.S. equity securities in the table below.

(3) Asset category above includes Emerging markets equity securities below.

(4) Asset category above includes none of the securities in the table below.

(5) Asset category above includes Fixed income pension plan assets in the table below.

(6) Asset category above includes Cash and cash equivalents pension plan assets in the table below.

Fair Value Measurement Of Pension Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

Asset category:

Total

 

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

 

Significant Observable Inputs
(Level 2)

 

Significant Unobservable Inputs
(Level 3)

 

(in thousands)

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

U.S. large cap growth equity(1)

$
7,660 

 

$
7,660 

 

$

–  

 

$

–  

U.S. large cap value equity(2)

 
8,174 

 

 
8,174 

 

 

–  

 

 

–  

U.S. large cap core equity(3)

 
16,438 

 

 

–  

 

 
16,438 

 

 

–  

U.S. small cap equity(4)

 
3,245 

 

 
3,245 

 

 

–  

 

 

–  

Non-U.S. equity(5)

 
30,628 

 

 
30,628 

 

 

–  

 

 

–  

Emerging markets equity(6)

 
6,374 

 

 

–  

 

 
6,374 

 

 

–  

Fixed income (7)

 
25,523 

 

 

–  

 

 
25,523 

 

 

–  

Cash and cash equivalents

 
1,296 

 

 
1,296 

 

 

–  

 

 

–  

Total

$
99,338 

 

$
51,003 

 

$
48,335 

 

$

–  

 

(1)Mutual fund that seeks to invest in a diversified portfolio of stocks with price appreciation growth opportunities.

(2)Mutual fund that seeks to invest in a diversified portfolio of stocks that will increase in value over the long-term as well as provide current income.

(3)An institutional fund that seeks to replicate the performance of the S&P 500 Index before fees.

(4)Mutual fund that seeks to invest in a diversified portfolio of stocks with small market capitalizations.

(5)Mutual funds that invest primarily in equity securities of companies domiciled outside of the United States, primarily in developed markets.

(6)An institutional fund that invests primarily in the equity securities of companies domiciled in emerging markets.

(7)Institutional funds that seek an investment return that approximates, as closely as practicable, before expenses, the performance of the Barclays U.S. Intermediate Credit Bond Index over the long term and the Barclays Long U.S. Corporate Bond Index over the long-term.


Utilizing GAAP’s fair value hierarchy, the Company’s fair value measurement of pension plan assets at December 31, 2012 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset category:

Total

 

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

 

Significant Observable Inputs
(Level 2)

 

Significant Unobservable Inputs
(Level 3)

 

(in thousands)

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

U.S. large cap growth equity(1)

$
4,588 

 

$
4,588 

 

$

–  

 

$

–  

U.S. large cap value equity(2)

 
5,257 

 

 
5,257 

 

 

–  

 

 

–  

U.S. large cap core equity(3)

 
11,564 

 

 

–  

 

 
11,564 

 

 

–  

U.S. small cap equity(4)

 
2,792 

 

 
2,792 

 

 

–  

 

 

–  

Non-U.S. equity(5)

 
21,891 

 

 
21,891 

 

 

–  

 

 

–  

Emerging markets equity(6)

 
4,454 

 

 

–  

 

 
4,454 

 

 

–  

Fixed income (7)

 
31,021 

 

 

–  

 

 
31,021 

 

 

–  

Cash and cash equivalents

 
1,780 

 

 
1,780 

 

 

–  

 

 

–  

Total

$
83,347 

 

$
36,308 

 

$
47,039 

 

$

–  

 

(1)Mutual fund that seeks to invest in a diversified portfolio of stocks with price appreciation growth opportunities.

(2)Mutual fund that seeks to invest in a diversified portfolio of stocks that will increase in value over the long-term as well as provide current income.

(3)An institutional fund that seeks to replicate the performance of the S&P 500 Index before fees.

(4)Mutual fund that seeks to invest in a diversified portfolio of stocks with small market capitalizations.

(5)Mutual funds that invest primarily in equity securities of companies domiciled outside of the United States, primarily in developed markets.

(6)An institutional fund that invests primarily in the equity securities of companies domiciled in emerging markets.

(7)An institutional fund that seeks to replicate the performance of the Barclays Capital Long-Term Corporate Bond Index before fees through a sampling process.