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Employee Benefit Plans (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Compensation and Retirement Disclosure [Abstract] |
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| Amounts included in accumulated other comprehensive loss, net of tax, that have not yet been recognized in net periodic benefit cost are as follows |
Amounts included in accumulated other comprehensive loss, net of tax, at December 31, 2013 that have not yet been recognized in net periodic benefit cost are as follows: | | | | | | | | | | Pension plans | | Other postretirement benefits | | (In thousands) | Prior service cost | $ | — |
| | $ | 93 |
| Net actuarial loss | $ | 9,157 |
| | $ | 30 |
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| Amounts included in accumulated other comprehensive loss, net of tax, expected to be recognized in net periodic benefit cost during the following fiscal year |
Amounts included in accumulated other comprehensive loss, net of tax, at December 31, 2013 expected to be recognized in net periodic benefit cost during the fiscal year ending December 31, 2014 are as follows: | | | | | | | | | | Pension plans | | Other postretirement benefits | | (In thousands) | Prior service credit | $ | — |
| | $ | 99 |
| Net actuarial loss | $ | 378 |
| | $ | — |
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| Components of net periodic benefit cost |
The following table sets forth the components of net periodic pension cost for the years ended December 31, 2013, 2012 and 2011 based on a December 31 measurement date:
| | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | | (In thousands) | Service cost — benefits earned during the year | $ | 5 |
| | $ | 6 |
| | $ | 464 |
| Interest cost on projected benefit obligations | 1,842 |
| | 2,205 |
| | 2,415 |
| Expected return on plan assets | (2,744 | ) | | (3,190 | ) | | (3,767 | ) | Amortization of prior service cost | — |
| | — |
| | 196 |
| Amortization of net loss | 719 |
| | 645 |
| | 1,698 |
| Curtailment expense | — |
| | — |
| | 984 |
| Settlement expense | 806 |
| | 1,075 |
| | — |
| Net periodic pension cost | $ | 628 |
| | $ | 741 |
| | $ | 1,990 |
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December 31, 2013, 2012 and 2011: | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | | (In thousands) | Service cost, benefits attributed for service of active employees for the period | $ | 154 |
| | $ | 143 |
| | $ | 148 |
| Interest cost on the accumulated postretirement benefit obligation | 255 |
| | 295 |
| | 313 |
| Amortization of prior service cost | 161 |
| | 161 |
| | 161 |
| Net periodic postretirement benefit cost | $ | 570 |
| | $ | 599 |
| | $ | 622 |
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| Actuarial assumptions used in the determination of the net period pension cost |
ctuarial assumption used in the determination of the benefit obligation of the above data is: | | | | | | | | 2013 | | 2012 | Discount rate | 4.47 | % | | 3.68 | % |
Actuarial assumptions used in the determination of the net periodic pension cost are: | | | | | | | | | | | 2013 | | 2012 | | 2011 | Discount rate | 3.68 | % | | 4.69 | % | | 5.05 | % | Expected long-term return on plan assets | 6.50 | % | | 7.00 | % | | 7.75 | % | Rate of compensation increase | n/a |
| | n/a |
| | 5.0 | % |
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| Schedule of Changes in Benefit Obligations, Plan Assets and Funded Status |
The following table provides a reconciliation of benefit obligations, plan assets and funded status based on a December 31 measurement date: | | | | | | | | | | 2013 | | 2012 | | (In thousands) | Change in benefit obligation: | | | | Benefit obligation at beginning of plan year | $ | 50,700 |
| | $ | 49,009 |
| Service cost | 5 |
| | 6 |
| Interest cost | 1,842 |
| | 2,205 |
| Actuarial (gain)/loss | (3,208 | ) | | 3,565 |
| Benefits paid | (3,778 | ) | | (4,085 | ) | Projected benefit obligation at measurement date | $ | 45,561 |
| | $ | 50,700 |
| | | | | Change in plan assets: | | | | Fair value of plan assets at beginning of plan year | $ | 46,547 |
| | $ | 43,852 |
| Actual return on plan assets | 7,104 |
| | 5,683 |
| Company contributions | — |
| | 1,097 |
| Benefits paid | (3,778 | ) | | (4,085 | ) | Fair value of plan assets at measurement date | $ | 49,873 |
| | $ | 46,547 |
| | | | | Funded status of the plan: | | | | Benefit obligation in excess of plan assets | 4,312 |
| | (4,153 | ) | Prepaid pension asset (accrued pension liability) | $ | 4,312 |
| | $ | (4,153 | ) |
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| Fair value of the Company's qualified pension plan assets by category |
The fair value of the Company's qualified pension plan assets by category at December 31, 2013 are as follows: | | | | | | | | | | | | | | | | | | Market value | | Quoted prices in active markets for identical assets (Level 1) | | Significant observable inputs (Level 2) | | Significant unobservable inputs (Level 3) | | (In thousands) | Equity securities (a) | $ | 27,049 |
| | $ | 27,049 |
| | $ | — |
| | $ | — |
| Fixed income funds (b) | 18,990 |
| | 18,990 |
| | — |
| | — |
| Cash/cash equivalents (c) | 3,834 |
| | 3,834 |
| | — |
| | — |
| Total | $ | 49,873 |
| | $ | 49,873 |
| | $ | — |
| | $ | — |
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| | (a) | This category includes investments in equity securities of large, small and medium sized companies, equity securities of foreign companies and equity funds, or 52.8%, 11.1%, 12.1%, 17.2% and 6.8% of total equity securities, respectively. Of the total equity amount, 11.1% was invested in common stocks in a wide variety of industries and 88.9% was invested in mutual funds. The funds are valued using the closing market prices at December 31, 2013. |
| | (b) | This category includes investments in investment-grade fixed-income instruments and corporate bonds. Government instruments were 33.4% of the total. The funds are valued using the closing market prices at December 31, 2013. |
(c)This category comprises the cash held to pay beneficiaries. The fair value of cash equals its book value. The fair value of the Company’s qualified pension plan assets by category at December 31, 2012 are as follows: | | | | | | | | | | | | | | | | | | Market value | | Quoted prices in active markets for identical assets (Level 1) | | Significant observable inputs (Level 2) | | Significant unobservable inputs (Level 3) | | (In thousands) | Equity securities (a) | $ | 26,067 |
| | $ | 26,067 |
| | $ | — |
| | $ | — |
| Fixed income funds (b) | 20,022 |
| | 20,022 |
| | — |
| | — |
| Cash/cash equivalents (c) | 458 |
| | 458 |
| | — |
| | — |
| Total | $ | 46,547 |
| | $ | 46,547 |
| | $ | — |
| | $ | — |
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| | (a) | This category includes investments in equity securities of large, small and medium sized companies, equity securities of foreign companies and other, or 53.3%, 11.6%, 12.8%, 17.2% and 5.1% of total assets, respectively. Of the total equity amount, 11.6% was invested in common stocks in a wide variety of industries, 86.5% was invested in mutual funds and 1.9% was invested in exchange traded funds. The funds are valued using the closing market prices at December 31, 2012. |
| | (b) | This category includes investments in investment-grade fixed-income instruments and corporate bonds. The funds are valued using the closing market prices at December 31, 2012. |
| | (c) | This category comprises the cash held to pay beneficiaries. The fair value of cash equals its book va |
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| Schedule of Changes in Projected Benefit Obligations |
The following table provides a reconciliation of the projected benefit obligation at the Company's December 31 measurement date: | | | | | | | | | | 2013 | | 2012 | | (In thousands) | Benefit obligation at beginning of year | $ | 6,940 |
| | $ | 6,542 |
| Service cost | 154 |
| | 143 |
| Interest cost | 255 |
| | 295 |
| Actuarial (gain) loss | (746 | ) | | 422 |
| Plan participants contributions | 716 |
| | 673 |
| Benefits paid | (943 | ) | | (1,135 | ) | Benefit obligation and funded status at end of year | $ | 6,376 |
| | $ | 6,940 |
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| Schedule of Amounts Recognized in Balance Sheet |
The amounts recognized in the Consolidated Balance Sheets at December 31 are: | | | | | | | | | | 2013 | | 2012 | | (In thousands) | Accrued compensation and employee benefits | $ | 442 |
| | $ | 451 |
| Accrued non-pension postretirement benefits | 5,934 |
| | 6,489 |
| Amounts recognized at December 31 | $ | 6,376 |
| | $ | 6,940 |
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