Schedule of Pension and Postretirement Benefit Plans |
The following
tables provide information related to the Company’s pension
and postretirement benefit plans.
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|
Pension
Plans |
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|
Postretirement
Plans |
|
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|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
|
(In
thousands) |
|
Change in Benefit
Obligation
|
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|
|
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|
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|
Benefit obligation at
beginning of period
|
|
$ |
314,155 |
|
|
$ |
246,985 |
|
|
$ |
203,292 |
|
|
$ |
25,937 |
|
|
$ |
23,215 |
|
|
$ |
20,080 |
|
Service cost
|
|
|
22,424 |
|
|
|
19,808 |
|
|
|
18,315 |
|
|
|
1,856 |
|
|
|
1,599 |
|
|
|
1,399 |
|
Interest cost
|
|
|
14,800 |
|
|
|
13,473 |
|
|
|
12,091 |
|
|
|
1,241 |
|
|
|
1,189 |
|
|
|
1,130 |
|
Plan amendments
|
|
|
2,271 |
|
|
|
1,827 |
|
|
|
837 |
|
|
|
2,266 |
|
|
|
— |
|
|
|
— |
|
Actuarial loss
|
|
|
29,338 |
|
|
|
35,399 |
|
|
|
15,153 |
|
|
|
1,698 |
|
|
|
755 |
|
|
|
1,931 |
|
Participant
contributions
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,055 |
|
|
|
942 |
|
|
|
838 |
|
Benefits paid
|
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|
(4,274 |
) |
|
|
(3,337 |
) |
|
|
(2,703 |
) |
|
|
(2,247 |
) |
|
|
(1,763 |
) |
|
|
(2,163 |
) |
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Benefit obligation at plan
year end
|
|
$ |
378,714 |
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|
$ |
314,155 |
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|
$ |
246,985 |
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|
$ |
31,806 |
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|
$ |
25,937 |
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|
$ |
23,215 |
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Accumulated benefit
obligation portion of above
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$ |
341,729 |
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$ |
280,820 |
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$ |
214,676 |
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Change in Fair Value of
Plan Assets
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|
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|
|
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Plan assets at fair value
at beginning of period
|
|
$ |
185,122 |
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|
$ |
167,033 |
|
|
$ |
140,065 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Actual return on plan
assets
|
|
|
21,527 |
|
|
|
(732 |
) |
|
|
14,457 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Company
contributions
|
|
|
35,984 |
|
|
|
22,158 |
|
|
|
15,214 |
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|
|
1,192 |
|
|
|
821 |
|
|
|
1,325 |
|
Participant
contributions
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,055 |
|
|
|
942 |
|
|
|
838 |
|
Benefits paid
|
|
|
(4,274 |
) |
|
|
(3,337 |
) |
|
|
(2,703 |
) |
|
|
(2,247 |
) |
|
|
(1,763 |
) |
|
|
(2,163 |
) |
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Fair value of plan assets
at plan year end
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$ |
238,359 |
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$ |
185,122 |
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$ |
167,033 |
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$ |
— |
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$ |
— |
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$ |
— |
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Pension
Plans |
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Postretirement
Plans |
|
|
|
December 31,
2012 |
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|
December 31,
2011 |
|
|
December 31,
2012 |
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|
December 31,
2011 |
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|
(In
thousands) |
|
Development of Net
Amount Recognized
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Benefit obligation in
excess of plan assets at December 31
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|
$ |
(140,355 |
) |
|
$ |
(129,033 |
) |
|
$ |
(31,806 |
) |
|
$ |
(25,937 |
) |
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Amounts Recognized in
Statement of Financial Position
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Current
liabilities
|
|
$ |
(6,290 |
) |
|
$ |
(5,232 |
) |
|
$ |
(1,333 |
) |
|
$ |
(1,052 |
) |
Noncurrent
liabilities
|
|
|
(134,065 |
) |
|
|
(123,801 |
) |
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|
(30,473 |
) |
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|
(24,885 |
) |
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Accrued benefit recognized
at December 31
|
|
$ |
(140,355 |
) |
|
$ |
(129,033 |
) |
|
$ |
(31,806 |
) |
|
$ |
(25,937 |
) |
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Amounts Recognized in
Accumulated Other Comprehensive (Income) Loss, Net of
Tax
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Prior service
cost
|
|
$ |
21,309 |
|
|
$ |
23,573 |
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|
$ |
(216 |
) |
|
$ |
(481 |
) |
Actuarial loss
|
|
|
54,951 |
|
|
|
45,791 |
|
|
|
5,955 |
|
|
|
5,193 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Total
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|
$ |
76,260 |
|
|
$ |
69,364 |
|
|
$ |
5,739 |
|
|
$ |
4,712 |
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Pension
Plans |
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|
Postretirement
Plans |
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|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
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(In
thousands) |
|
Components of Net
Periodic Benefit Cost
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|
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|
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|
Service cost for benefits
earned during the year
|
|
$ |
22,424 |
|
|
$ |
19,808 |
|
|
$ |
18,315 |
|
|
$ |
1,856 |
|
|
$ |
1,599 |
|
|
$ |
1,399 |
|
Interest cost on
accumulated benefit obligation
|
|
|
14,800 |
|
|
|
13,473 |
|
|
|
12,091 |
|
|
|
1,241 |
|
|
|
1,189 |
|
|
|
1,130 |
|
Expected return on plan
assets
|
|
|
(12,108 |
) |
|
|
(13,544 |
) |
|
|
(11,207 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net amortization of
unrecognized amounts
|
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|
|
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|
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|
|
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Prior service
cost
|
|
|
5,993 |
|
|
|
5,782 |
|
|
|
5,685 |
|
|
|
(419 |
) |
|
|
(416 |
) |
|
|
(416 |
) |
Actuarial loss
|
|
|
4,916 |
|
|
|
411 |
|
|
|
247 |
|
|
|
452 |
|
|
|
449 |
|
|
|
342 |
|
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|
|
|
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|
|
|
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|
Net periodic benefit
cost
|
|
$ |
36,025 |
|
|
$ |
25,930 |
|
|
$ |
25,131 |
|
|
$ |
3,130 |
|
|
$ |
2,821 |
|
|
$ |
2,455 |
|
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Schedule of Pension Plans' Assets Fair Value Measured On a Recurring Basis |
The fair values of
PCA’s pension plans’ assets at December 31, 2012
and 2011, measured on a recurring basis, by asset category are as
follows:
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|
Fair Value Measurements
at December 31, 2012 |
|
Asset
Category
|
|
Total |
|
|
Quoted Prices in Active
Markets for identical
Assets (Level 1) |
|
|
Significant Other
Observable
Inputs (Level 2) |
|
|
Significant
Unobservable
Inputs (Level 3) |
|
|
|
(In
thousands) |
|
Short-term
investments
|
|
$ |
394 |
|
|
$ |
— |
|
|
$ |
394 |
|
|
$ |
— |
|
Equity
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. large value
|
|
|
15,021 |
|
|
|
15,021 |
|
|
|
— |
|
|
|
— |
|
U.S. large
growth
|
|
|
12,029 |
|
|
|
12,029 |
|
|
|
— |
|
|
|
— |
|
U.S. mid-cap
value
|
|
|
2,481 |
|
|
|
2,481 |
|
|
|
— |
|
|
|
— |
|
U.S. mid-cap
growth
|
|
|
4,734 |
|
|
|
4,734 |
|
|
|
— |
|
|
|
— |
|
U.S. small blend
|
|
|
5,033 |
|
|
|
— |
|
|
|
5,033 |
|
|
|
— |
|
Foreign large
blend
|
|
|
39,204 |
|
|
|
39,204 |
|
|
|
— |
|
|
|
— |
|
Diversified emerging
markets
|
|
|
7,722 |
|
|
|
7,722 |
|
|
|
— |
|
|
|
— |
|
Real estate
|
|
|
6,881 |
|
|
|
6,881 |
|
|
|
— |
|
|
|
— |
|
Debt
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government bonds
|
|
|
29,644 |
|
|
|
— |
|
|
|
29,644 |
|
|
|
— |
|
Corporate bonds
|
|
|
115,216 |
|
|
|
48,699 |
|
|
|
66,517 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
238,359 |
|
|
$ |
136,771 |
|
|
$ |
101,588 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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Fair Value Measurements
at December 31, 2011 |
|
Asset
Category
|
|
Total |
|
|
Quoted Prices in Active
Markets for identical
Assets (Level 1) |
|
|
Significant Other
Observable
Inputs (Level 2) |
|
|
Significant
Unobservable
Inputs (Level 3) |
|
|
|
(In
thousands) |
|
Short-term
investments
|
|
$ |
1,257 |
|
|
$ |
— |
|
|
$ |
1,257 |
|
|
$ |
— |
|
Equity
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. large value
|
|
|
11,272 |
|
|
|
11,272 |
|
|
|
— |
|
|
|
— |
|
U.S. large
growth
|
|
|
9,172 |
|
|
|
9,172 |
|
|
|
— |
|
|
|
— |
|
U.S. mid-cap
value
|
|
|
1,914 |
|
|
|
1,914 |
|
|
|
— |
|
|
|
— |
|
U.S. mid-cap
growth
|
|
|
3,684 |
|
|
|
3,684 |
|
|
|
— |
|
|
|
— |
|
U.S. small blend
|
|
|
3,784 |
|
|
|
— |
|
|
|
3,784 |
|
|
|
— |
|
Foreign large
blend
|
|
|
27,164 |
|
|
|
27,164 |
|
|
|
— |
|
|
|
— |
|
Diversified emerging
markets
|
|
|
5,306 |
|
|
|
5,306 |
|
|
|
— |
|
|
|
— |
|
Real estate
|
|
|
5,405 |
|
|
|
5,405 |
|
|
|
— |
|
|
|
— |
|
Debt
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government bonds
|
|
|
24,372 |
|
|
|
— |
|
|
|
24,372 |
|
|
|
— |
|
Corporate bonds
|
|
|
91,792 |
|
|
|
36,929 |
|
|
|
54,863 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
185,122 |
|
|
$ |
100,846 |
|
|
$ |
84,276 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|