Retirement Plans (Tables)
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12 Months Ended |
Dec. 31, 2013
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Retirement Plans [Abstract] |
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Change in Benefit Obligation |
| | Pension | Postretirement | | Pension | Postretirement | | | Plan | Plan | | Plan | Plan | | | 2013 | 2013 | | 2012 | 2012 | | | ($ in Thousands) | Change in Fair Value of Plan Assets | | | | | | | | | | Fair value of plan assets at beginning of year | $ | 224,426 | $ | - | | $ | 173,422 | $ | - | Actual return on plan assets | | 42,400 | | - | | | 20,781 | | - | Employer contributions | | 28,000 | | 351 | | | 40,000 | | 495 | Gross benefits paid | | (12,826) | | (351) | | | (9,777) | | (495) | | Fair value of plan assets at end of year | $ | 282,000 | $ | - | | $ | 224,426 | $ | - | Change in Benefit Obligation | | | | | | | | | | Net benefit obligation at beginning of year | $ | 159,748 | $ | 3,935 | | $ | 136,846 | $ | 3,969 | Service cost | | 12,078 | | - | | | 10,287 | | - | Interest cost | | 6,237 | | 142 | | | 6,547 | | 182 | Curtailments, Settlements, Special Termination Benefits | | - | | - | | | 42 | | - | Actuarial (gain) loss | | (10,613) | | (438) | | | 15,803 | | 279 | Gross benefits paid | | (12,826) | | (351) | | | (9,777) | | (495) | | Net benefit obligation at end of year | $ | 154,624 | $ | 3,288 | | $ | 159,748 | $ | 3,935 | Funded (unfunded) status | $ | 127,376 | $ | (3,288) | | $ | 64,678 | $ | (3,935) | Noncurrent assets | $ | 127,376 | $ | - | | $ | 67,878 | $ | - | Current liabilities | | - | | (343) | | | - | | (458) | Noncurrent liabilities | | - | | (2,945) | | | (3,200) | | (3,477) | Asset (Liability) Recognized in the Consolidated Balance Sheets | $ | 127,376 | $ | (3,288) | | $ | 64,678 | $ | (3,935) |
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AOCI Components |
Amounts recognized in accumulated other comprehensive income (loss), net of tax, as of December 31, 2013 and 2012 follow. | | | | | | | | | | | | | | Pension | Postretirement | | Pension | Postretirement | | | Plan | Plan | | Plan | Plan | | | 2013 | 2013 | | 2012 | 2012 | | | ($ in Thousands) | Prior service cost | $ | 188 | $ | - | | $ | 232 | $ | - | Net actuarial gain | | 12,894 | | 235 | | | 37,240 | | 35 | Amount not yet recognized in net periodic benefit cost, but | | | | | | | | | | | recognized in accumulated other comprehensive income | $ | 13,082 | $ | 235 | | $ | 37,472 | $ | 35 |
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Changes in OCI |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (“OCI”), net of tax, in 2013 and 2012 were as follows. | | | | | | | | | | | | | | Pension Plan | Postretirement Plan | | Pension Plan | Postretirement Plan | | | 2013 | 2013 | | 2012 | 2012 | | | ($ in Thousands) | Net gain (loss) | $ | 35,366 | $ | 438 | | $ | (9,735) | $ | (279) | Amortization of prior service cost | | 72 | | - | | | 72 | | 170 | Amortization of actuarial gain | | 4,344 | | - | | | 3,073 | | - | Income tax (expense) benefit | | (15,394) | | (168) | | | 2,324 | | 42 | | Total Recognized in OCI | $ | 24,388 | $ | 270 | | $ | (4,266) | $ | (67) |
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Net period benefit cost for the pension and postretirement plans |
The components of net periodic benefit cost for the Pension and Postretirement Plans for 2013, 2012, and 2011 were as follows. | | | | | | | | | | | | | | | | | | | | | Pension | Postretirement | Pension | Postretirement | Pension | Postretirement | | | Plan | Plan | Plan | Plan | Plan | Plan | | | 2013 | 2013 | 2012 | 2012 | 2011 | 2011 | | | | | | | | ($ in Thousands) | | | | | | Service cost | $ | 12,078 | $ | - | | $ | 10,287 | $ | - | | $ | 9,898 | $ | - | | Interest cost | | 6,237 | | 142 | | | 6,547 | | 182 | | | 6,414 | | 198 | | Expected return on plan assets | | (17,647) | | - | | | (14,713) | | - | | | (12,896) | | - | | Amortization of: | | | | | | | | | | | | | | | | | Prior service cost | | 72 | | - | | | 72 | | 170 | | | 72 | | 395 | | | Actuarial gain | | 4,344 | | - | | | 2,708 | | - | | | 2,024 | | - | | Settlement charge | | - | | - | | | 408 | | - | | | - | | - | | Total net pension cost | $ | 5,084 | $ | 142 | | $ | 5,309 | $ | 352 | | $ | 5,512 | $ | 593 | |
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Weighted Average Benefit Assumptions |
| | Pension Plan | Postretirement Plan | Pension Plan | Postretirement Plan | | | 2013 | 2013 | 2012 | 2012 | Weighted average assumptions used to determine | | | | | | | | | | benefit obligations: | | | | | | | | | Discount rate | 4.80 | % | 4.80 | % | 4.00 | % | 4.00 | % | Rate of increase in compensation levels | 4.00 | | N/A | | 4.00 | | N/A | | Weighted average assumptions used to determine net | | | | | | | | | | periodic benefit costs: | | | | | | | | | Discount rate | 4.00 | % | 4.00 | % | 4.90 | % | 4.90 | % | Rate of increase in compensation levels | 4.00 | | N/A | | 4.00 | | N/A | | Expected long-term rate of return on plan assets | 7.50 | | N/A | | 7.50 | | N/A | |
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Plan Asset Allocation Percentages |
Asset Category | 2013 | 2012 | Equity securities | 70 | % | 66 | % | Debt securities | 27 | | 30 | | Other | 3 | | 4 | | | Total | 100 | % | 100 | % |
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Pension Plan Investments |
| | | | Fair Value Measurements Using | | | December 31, 2013 | Level 1 | Level 2 | Level 3 | | | ($ in Thousands) | Pension Plan Investments: | | | | | | | | | Money market account | $ | 7,127 | $ | 7,127 | $ | - | $ | - | Mutual funds | | 187,958 | | 187,958 | | - | | - | Common /collective trust funds | | 86,915 | | - | | 86,915 | | - | | Total Pension Plan Investments | $ | 282,000 | $ | 195,085 | $ | 86,915 | $ | - | | | | | | | | | | | | | | | Fair Value Measurements Using | | | December 31, 2012 | Level 1 | Level 2 | Level 3 | | | ($ in Thousands) | Pension Plan Investments: | | | | | | | | | Money market account | $ | 9,958 | $ | 9,958 | $ | - | $ | - | Mutual funds | | 124,620 | | 124,620 | | - | | - | Common /collective trust funds | | 89,848 | | - | | 89,848 | | - | | Total Pension Plan Investments | $ | 224,426 | $ | 134,578 | $ | 89,848 | $ | $ - |
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Expected Benefit Payments |
| Pension Plan | Postretirement Plan | | ($ in Thousands) | | Estimated future benefit payments: | | | | | | | 2014 | $ | 13,408 | | $ | 343 | | 2015 | | 14,007 | | | 330 | | 2016 | | 13,348 | | | 313 | | 2017 | | 13,160 | | | 279 | | 2018 | | 13,450 | | | 255 | | 2019-2023 | | 73,305 | | | 1,173 | |
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One Percentage Point Change in Assumed Health Care Cost |
| 2013 | | 2012 | | 100 bp Increase | | 100 bp Decrease | | 100 bp Increase | | 100 bp Decrease | | ($ in Thousands) | Effect on total of service and interest cost | $ | 14 | | $ | (12) | | $ | 15 | | $ | (13) | Effect on postretirement benefit obligation | $ | 290 | | $ | (255) | | $ | 364 | | $ | (315) |
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