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Retirement Plans And Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]  
Reconciliation Of Changes In Benefit Obligations And Plan Assets
The following tables reconcile the changes in benefit obligations and plan assets in 2014 and 2013, and reconcile the funded status to prepaid or accrued cost at December 31, 2014 and 2013:
 
Pension Benefits
 
 
Other Post-
Retirement Benefits
(In Thousands)
2014
 
2013
 
 
2014
 
2013
Change in benefit obligation:
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
$
275,166

 
$
302,285

 
 
$
7,858

 
$
8,879

Service cost
869

 
3,754

 
 
43

 
58

Interest cost
13,397

 
12,338

 
 
387

 
345

Effect of actuarial (gains) losses related to the following:
 
 
 
 
 
 
 
 
Discount rate change
32,089

 
(26,848
)
 
 
732

 
(746
)
Retirement rate assumptions and mortality table adjustments
17,331

 
(144
)
 
 
(131
)
 

Retiree medical participation rate change

 

 
 
(390
)
 

Other
490

 
(3,058
)
 
 
218

 
(382
)
Plan participant contributions

 

 
 
681

 
683

Benefits paid
(13,916
)
 
(13,161
)
 
 
(1,026
)
 
(979
)
Benefit obligation, end of year
$
325,426

 
$
275,166

 
 
$
8,372

 
$
7,858

Change in plan assets:
 
 
 
 
 
 
 
 
Plan assets at fair value, beginning of year
$
232,705

 
$
219,035

 
 
$

 
$

Actual return on plan assets
7,466

 
21,657

 
 

 

Employer contributions
2,762

 
5,174

 
 
345

 
296

Plan participant contributions

 

 
 
681

 
683

Benefits paid
(13,916
)
 
(13,161
)
 
 
(1,026
)
 
(979
)
Plan assets at fair value, end of year
$
229,017

 
$
232,705

 
 
$

 
$

Funded status of the plans
$
(96,409
)
 
$
(42,461
)
 
 
$
(8,372
)
 
$
(7,858
)
Amounts recognized in the consolidated balance sheets:
 
 
 
 
 
 
 
 
Accrued expenses (current)
$
130

 
$

 
 
$
456

 
$

Other noncurrent liabilities
96,279

 
42,461

 
 
7,916

 
7,858

Net amount recognized
$
96,409

 
$
42,461

 
 
$
8,372

 
$
7,858

Components Of Net Periodic Benefit Income Or Cost For Continuing Operations
Assumptions used for financial reporting purposes to compute net benefit income or cost and benefit obligations for continuing operations, and the components of net periodic benefit income or cost for continuing operations, are as follows:
 
 
Pension Benefits
 
 
Other Post-
Retirement Benefits
(In Thousands, Except Percentages)
2014
 
2013
 
2012
 
 
2014
 
2013
 
2012
Weighted-average assumptions used to determine benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.17
%
 
4.99
%
 
4.21
%
 
 
4.11
%
 
4.88
%
 
4.10
%
Weighted-average assumptions used to determine net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.99
%
 
4.21
%
 
4.95
%
 
 
4.88
%
 
4.10
%
 
4.90
%
Expected long-term return on plan assets
7.75
%
 
7.75
%
 
8.00
%
 
 
n/a

 
n/a

 
n/a

Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
869

 
$
3,754

 
$
3,657

 
 
$
43

 
$
58

 
$
58

Interest cost
13,397

 
12,338

 
13,084

 
 
387

 
345

 
385

Expected return on plan assets
(18,301
)
 
(17,430
)
 
(19,108
)
 
 

 

 

Amortization of prior service costs and gains or losses
10,688

 
15,028

 
10,377

 
 
(190
)
 
(210
)
 
(241
)
Settlement/curtailment
81

 
28

 
99

 
 

 

 

Net periodic benefit cost
$
6,734

 
$
13,718

 
$
8,109

 
 
$
240

 
$
193

 
$
202

Schedule Of Expected Benefit Payments For Continuing Operations
Expected benefit payments for continuing operations over the next five years and in the aggregate for 2020-2024 are as follows:
(In Thousands)
Pension
Benefits
 
Other Post-
Retirement
Benefits
2015
$
15,282

 
$
456

2016
15,932

 
471

2017
16,527

 
480

2018
17,004

 
489

2019
17,555

 
494

2020—2024
93,535

 
2,511

Schedule Of Amounts Recognized Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income
Amounts recognized in 2014, 2013 and 2012 before related deferred income taxes in accumulated other comprehensive income consist of:
 
Pension
 
Other Post-Retirement
(In Thousands)
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Prior service cost (benefit)
$
87

 
$
270

 
$
(887
)
 
$

 
$

 
$

Net actuarial (gain) loss
166,678

 
116,519

 
167,009

 
(1,154
)
 
(1,773
)
 
(855
)
Schedule Of Amounts Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income That Are Expected To Be Recognized As Components Of Net Periodic Benefit Or Cost
The amounts before related deferred income taxes in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit or cost during 2015 are as follows:
(In Thousands)
Pension
 
Other Post-
Retirement
Prior service cost (benefit)
$
24

 
$

Net actuarial (gain) loss
16,107

 
(160
)
Schedule Of Percentage Composition Of Assets Held By Pension Plans
The percentage composition of assets held by pension plans for continuing operations at December 31, 2014, 2013 and 2012 are as follows:
 
% Composition of Plan Assets
at December 31,
 
2014
 
2013
 
2012
Pension plans related to continuing operations:
 
 
 
 
 
Fixed income securities
14.5
%
 
14.0
%
 
14.7
%
Large/mid-capitalization equity securities
13.7

 
13.8

 
10.9

Small-capitalization equity securities
4.3

 
4.8

 
5.4

International and emerging market equity securities
11.0

 
11.7

 
10.0

Total equity securities
29.0

 
30.3

 
26.3

Private equity and hedge funds
51.2

 
48.3

 
50.0

Other assets
5.3

 
7.4

 
9.0

Total for continuing operations
100.0
%
 
100.0
%
 
100.0
%
Schedule Of Targeted Allocation Percentage For Pension Plan Assets And Expected Long-Term Rate Of Return On Assets
targeted allocation percentage for pension plan assets and the expected long-term rate of return on assets used to determine its benefit obligation at December 31, 2014 are as follows:
 
Target % Composition of Plan Assets *
 
Expected Long-term Return %
Pension plans related to continuing operations:
 
 
 
Fixed income securities
32.0
%
 
5.5
%
Large/mid-capitalization equity securities
10.0

 
8.8

Small-capitalization equity securities
4.0

 
9.9

International and emerging market equity securities
13.0

 
9.8

Total equity securities
27.0

 
9.4

Private equity and hedge funds
41.0

 
7.8

Total for continuing operations
100.0
%
 
7.5
%
 *
Target percentages for the composition of plan assets represents a neutral position within the approved range of
allocations for such assets.
Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy
At December 31, 2014 and 2013, the pension plan assets are categorized by level within the fair value measurement hierarchy as follows:
(In Thousands)
Total
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Balances at December 31, 2014:
 
 
 
 
 
 
 
Large/mid-capitalization equity securities
$
31,401

 
$
31,401

 
$

 
$

Small-capitalization equity securities
9,827

 
9,827

 

 

International and emerging market equity securities
25,224

 
11,471

 
13,753

 

Fixed income securities
33,281

 
12,661

 
20,620

 

Private equity and hedge funds
117,276

 

 
106,201

 
11,075

Other assets
1,741

 
1,741

 

 

Total plan assets at fair value
$
218,750

 
$
67,101

 
$
140,574

 
$
11,075

Contracts with insurance companies
10,267

 
 
 
 
 
 
Total plan assets, December 31, 2014
$
229,017

 
 
 
 
 
 
Balances at December 31, 2013:
 
 
 
 
 
 
 
Large/mid-capitalization equity securities
$
32,134

 
$
32,134

 
$

 
$

Small-capitalization equity securities
11,063

 
11,063

 

 

International and emerging market equity securities
27,271

 
13,488

 
13,783

 

Fixed income securities
32,601

 
17,770

 
14,831

 

Private equity and hedge funds
112,345

 

 
103,531

 
8,814

Other assets
7,871

 
7,871

 

 

Total plan assets at fair value
$
223,285

 
$
82,326

 
$
132,145

 
$
8,814

Contracts with insurance companies
9,420

 
 
 
 
 
 
Total plan assets, December 31, 2013
$
232,705

 
 
 
 
 
 
Schedule Of Fair Value Measurements Of Plan Assets Using Significant Unobservable Inputs (Level 3), Reconciliation Of Balances
For fair value measurements of plan assets using significant unobservable inputs (Level 3), a reconciliation of the balances from January 1, 2013 to December 31, 2014 are as follows:
(In Thousands)
Private equity and
hedge funds
Balance at January 1, 2013
$
8,356

Purchases
2,864

Sales

Distributions
(2,567
)
Actual return on plan assets still held at year end
161

Transfers in and/or out of Level 3

Balance at December 31, 2013
$
8,814

Purchases
4,142

Sales

Distributions
(2,088
)
Actual return on plan assets still held at year end
207

Transfers in and/or out of Level 3

Balance at December 31, 2014
$
11,075