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Employee Benefit Plan Obligations (Tables)
12 Months Ended
Dec. 31, 2011
Employee Benefit Plan Obligations (Tables) [Abstract]  
Obligation and funded status of the pension and postretirement benefit plans

 

                                 

(in thousands)

   Pension Benefits     Postretirement Benefits  
Change in benefit obligation    2011     2010     2011     2010  

Benefit obligation at beginning of year

   $ 90,603      $ 74,875      $ 24,593      $ 21,294   

Service cost

     —          1,614        555        465   

Interest cost

     4,578        4,339        1,285        1,213   

Actuarial (gains)/losses

     16,363        12,120        6,020        2,383   

Participant contributions

     —          —          478        444   

Retiree drug subsidy received

     —          —          202        118   

Benefits paid

     (1,568     (2,345     (1,575     (1,324
    

 

 

   

 

 

   

 

 

   

 

 

 

Benefit obligation at end of year

   $ 109,976      $ 90,603      $  31,558      $  24,593   
    

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
(in thousands)    Pension Benefits     Postretirement Benefits  
Change in plan assets    2011     2010     2011     2010  

Fair value of plan assets at beginning of year

   $ 84,097      $ 70,423      $ —        $ —     

Actual gains (loss) on plan assets

     (91     9,852        —          —     

Company contributions

     5,167        6,167        1,097        880   

Participant contributions

     —          —          478        444   

Benefits paid

     (1,568     (2,345     (1,575     (1,324
    

 

 

   

 

 

   

 

 

   

 

 

 

Fair value of plan assets at end of year

   $ 87,605      $ 84,097      $ —        $ —     
    

 

 

   

 

 

   

 

 

   

 

 

 
         

Funded status of plans at end of year

   $ (22,371   $ (6,506   $ (31,558   $ (24,593
    

 

 

   

 

 

   

 

 

   

 

 

 
Amounts recognized in the Consolidated Balance Sheets
                                 
     Pension Benefits     Postretirement Benefits  
(in thousands)    2011     2010     2011     2010  

Accrued expenses

   $ (213   $ (210   $ (1,211   $ (1,196

Employee benefit plan obligations

     (22,158     (6,296     (30,347     (23,397
    

 

 

   

 

 

   

 

 

   

 

 

 

Net amount recognized

   $ (22,371   $ (6,506   $ (31,558   $ (24,593
    

 

 

   

 

 

   

 

 

   

 

 

 
Pre-tax amounts recognized in accumulated other comprehensive loss
                                 
     Pension Benefits      Postretirement Benefits  
(in thousands)    Unamortized
Actuarial
Net Losses
    Unamortized
Prior
Service

Costs
     Unamortized
Actuarial
Net Losses
    Unamortized
Prior
Service

Costs
 

Balance at beginning of year

   $ 39,161      $ —         $ 10,761      $ (3,070

Amounts arising during the period

     22,691        —           6,020        —     

Amounts recognized as a component of net periodic benefit cost

     (940     —           (901     543   
    

 

 

   

 

 

    

 

 

   

 

 

 

Balance at end of year

   $ 60,912      $ —         $ 15,880      $ (2,527
    

 

 

   

 

 

    

 

 

   

 

 

 
Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost
                         
(in thousands)    Pension      Postretirement     Total  

Prior service cost

   $ —         $ (543   $ (543

Net actuarial loss

     1,799         1,306        3,105   
Amounts applicable to the Company's defined benefit plans with accumulated benefit obligations in excess of plan assets
                 
     December 31,  
(in thousands)    2011      2010  

Projected benefit obligation

   $ 109,976       $ 90,603   

Accumulated benefit obligation

   $ 109,976       $ 90,357   
Defined benefit plan estimated future benefit payments
                         

Year

   Expected
Pension
Benefit
Payout
     Expected
Postretirement
Benefit Payout
     Medicare
Part D

Subsidy
 

2012

   $ 3,784       $ 1,372       $ (161

2013

     3,980         1,455         (187

2014

     4,346         1,547         (209

2015

     5,036         1,638         (236

2016

     5,279         1,723         (267

2017-2021

     31,164         10,040         (1,903
Components of the net periodic benefit cost
                                                 
     Pension Benefits     Postretirement Benefits  
(in thousands)    2011     2010     2009     2011     2010     2009  
             

Service cost

   $ —        $ 1,614      $ 2,861      $ 555      $ 465      $ 412   

Interest cost

     4,578        4,339        4,001        1,285        1,213        1,155   

Expected return on plan assets

     (6,236     (5,451     (4,356     —          —          —     

Amortization of prior service cost

     —          —          (392     (543     (511     (511

Recognized net actuarial loss

     940        1,817        3,503        901        691        624   

Curtailment gain

     —          —          (4,132     —          —          —     
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

   $ (718   $ 2,319      $ 1,485      $ 2,198      $ 1,858      $ 1,680   
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Weighted average assumptions of pension and postretirement benefits for each year
                                                 
     Pension Benefits     Postretirement Benefits  
     2011     2010     2009     2011     2010     2009  

Used to Determine Benefit Obligations at Measurement Date

                                                

Discount rate (a)

     4.30  %     5.20     5.70     4.30     5.30     5.80

Rate of compensation increases

     N/A       3.50     3.50     —          —          —     

Used to Determine Net Periodic Benefit Cost for Years ended December 31

                                                

Discount rate (b)

     5.20     5.70     6.10     5.30     5.80     6.10

Expected long-term return on plan assets

     7.75     8.00     8.25     —          —          —     

Rate of compensation increases

     3.50     3.50     4.50     —          —          —     
Assumed health care cost trend rates at beginning of year
                 
      2011     2010  

Health care cost trend rate assumed for next year

     7.5     8.0

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)

     5.0     5.0

Year that the rate reaches the ultimate trend rate

     2017        2017   
Assumed health care cost trend rate has an effect on the amounts reported for postretirement benefits
                 
     One-Percentage-Point  
(in thousands)    Increase     Decrease  

Effect on total service and interest cost components in 2011

   $ (18   $ 16   

Effect on postretirement benefit obligation as of December 31, 2011

     (164     140   
Company's pension plan weighted average asset allocations
                 
Asset Category    2011     2010  
     

Equity securities

     57     68

Fixed income securities

     41     31

Cash and equivalents

     2     1
    

 

 

   

 

 

 
       100     100
    

 

 

   

 

 

 
Defined benefit plan assets target allocations
                         
     Percentage of Total Portfolio Market
Value
 
     Minimum     Maximum     Single
Security
 

Equity based

     30     70     <5

Fixed income based

     20     70     <5

Cash and equivalents

     1     5     <5

Alternative investments

     0     20     <5
Fair value of the assets (by asset category) in the Company's defined benefit pension plan