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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2012
Employee Benefits  
Schedule of asset allocation targets and actual investment composition within the Plans

 

 

 

 

 

Actual Composition of Plans at December 31,

 

 

Target Allocations

 

 

2012

 

2011

 

Domestic large cap equity

 

29-40%

 

 

31-42%

 

29-40%

 

Domestic small and mid-cap equity

 

7-10%

 

 

9-12%

 

11-13%

 

International equity

 

11-16%

 

 

11-13%

 

10-15%

 

Fixed income

 

25-42%

 

 

20-37%

 

23-40%

 

Alternative investments

 

6-8%

 

 

8-10%

 

6-7%

 

Cash and cash equivalents

 

1-5%

 

 

3-4%

 

2-4%

 
Schedule of Plans' assets measured at fair value

 

 

 

Balance

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

 

(Thousands of dollars)

 

2012

 

   Level 1

 

Level 2 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

Domestic equity securities

 

$     36,346

 

$  36,346

 

$

-

 

$

-

 

Fixed income mutual funds

 

12,533

 

12,533

 

-

 

-

 

Foreign equity securities

 

7,475

 

7,475

 

-

 

-

 

Corporate bonds

 

6,387

 

-

 

6,387

 

-

 

Money market funds

 

6,285

 

6,285

 

-

 

-

 

U.S. Government agency securities

 

6,218

 

-

 

6,218

 

-

 

U.S. Government bonds

 

5,680

 

-

 

5,680

 

-

 

Emerging markets-equity

 

5,607

 

5,607

 

-

 

-

 

Real estate mutual fund

 

5,453

 

5,453

 

-

 

-

 

Mutual funds-equities

 

2,701

 

2,701

 

-

 

-

 

Treasury inflation indexed bonds

 

2,083

 

-

 

2,083

 

-

 

Other

 

818

 

-

 

818

 

-

 

Total Assets

 

$     97,586

 

$  76,400

 

$

21,186

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

 

(Thousands of dollars)

 

2011

 

   Level 1

 

Level 2 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

Domestic equity securities

 

$     34,770

 

$  34,770

 

$

-

 

$

-

 

Corporate bonds

 

18,526

 

-

 

18,526

 

-

 

Foreign equity securities

 

7,107

 

7,107

 

-

 

-

 

Fixed income mutual funds

 

6,400

 

6,400

 

-

 

-

 

Money market funds

 

6,513

 

6,513

 

-

 

-

 

U.S. Treasury STRIPS

 

3,587

 

-

 

3,587

 

-

 

Emerging markets-equity

 

3,349

 

3,349

 

-

 

-

 

Mutual funds-equities

 

3,485

 

3,485

 

-

 

-

 

Real estate mutual fund

 

2,909

 

2,909

 

-

 

-

 

Exchange traded funds-fixed income

 

1,788

 

1,788

 

-

 

-

 

Municipal bonds

 

2,048

 

-

 

2,048

 

-

 

Other

 

1,030

 

-

 

1,030

 

-

 

Total Assets

 

$     91,512

 

$  66,321

 

$

25,191

 

$

-

 
Schedule of assumptions used in determining pension information for plans

 

 

 

 

Years ended December 31,

 

 

 

2012

 

2011

 

2010

 

Weighted-average assumptions

 

 

 

 

 

 

 

Discount rate used to determine obligations

 

2.50-4.15%

 

3.75-4.70%

 

4.45-5.65%

 

Discount rate used to determine net periodic benefit cost

 

3.75-4.70%

 

4.45-5.65%

 

5.25-6.25%

 

Expected return on plan assets

 

6.50-7.25%

 

7.00-7.50%

 

7.25-7.75%

 

Long-term rate of increase in compensation levels

 

4.00%

 

4.00-5.00%

 

4.00-5.00%

 

 
Schedule of the funded status

 

 

December 31,

 

2012

 

2011

 

 

 

Accumulated

 

Accumulated

 

 

 

benefits

 

benefits

 

(Thousands of dollars)

 

exceed assets

 

exceed assets

 

Reconciliation of benefit obligation:

 

 

 

 

 

Benefit obligation at beginning of year

 

    $

204,540

 

     $

173,023

 

Service cost

 

8,843

 

7,523

 

Interest cost

 

8,918

 

9,025

 

Actuarial losses

 

25,749

 

19,637

 

Benefits paid

 

(5,872

)

(4,668

)

Plan curtailments

 

(6,136

)

-

 

Plan settlement

 

(5,532

)

-

 

Plan amendments

 

(3,785

)

-

 

Benefit obligation at end of year

 

    $

226,725

 

     $

204,540

 

Reconciliation of fair value of plan assets:

 

 

 

 

 

Fair value of plan assets at beginning of year

 

    $

91,512

 

     $

93,638

 

Actual return on plan assets

 

9,426

 

807

 

Employer contributions

 

8,052

 

1,735

 

Benefits paid

 

(5,872

)

(4,668

)

Plan settlement

 

(5,532

)

-

 

Fair value of plan assets at end of year

 

    $

97,586

 

     $

91,512

 

Funded status

 

    $

(129,139

)

     $

(113,028

)

 
Schedule of net periodic cost of benefits of plans

 

 

Years ended December 31,

 

(Thousands of dollars)

 

2012

 

2011

 

2010

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

Service cost

 

$

8,843

 

$

7,550

 

$

6,367

 

Interest cost

 

8,918

 

8,997

 

8,712

 

Expected return on plan assets

 

(6,431

)

(6,598

)

(6,218

)

Amortization and other

 

6,748

 

4,027

 

4,046

 

Settlement

 

1,796

 

-

 

-

 

Curtailment

 

1,134

 

-

 

-

 

Net periodic benefit cost

 

$

21,008

 

$

13,976

 

$

12,907

 
Schedule of amounts not reflected in net periodic benefit cost and included in accumulated other comprehensive loss (AOCI) before taxes

(Thousands of dollars)

 

2012

 

2011

 

Accumulated loss, net of gain

 

$

(91,611

)

$

(81,708

)

Prior service cost, net of credit

 

(72

)

(6,351

)

Total accumulated other comprehensive loss

 

$

(91,683

)

$

(88,059

)
Schedule of amounts in AOCL expected to be recognized as components of net periodic benefit cost in 2013

(Thousands of dollars)

 

2013

 

Accumulated loss, net of gain

 

$

(6,588

)

Prior service cost, net of credit

 

24

 

Estimated net periodic benefit cost

 

$

(6,564

)