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Postretirement Benefits Other Than Pensions (Tables)
12 Months Ended
Dec. 31, 2013
Postretirement Benefits
 
Estimated Pension Plan Benefit Payments to Participants for Next Ten Years

Estimated postretirement health care plan benefit payments for the next ten years are as follows:

 

2014

   $2.8 million

2015

   2.7 million

2016

   2.7 million

2017

   2.7 million

2018

   2.8 million

Next five years

   15.2 million
Effects of One Percent Change in Assumed Health Care Cost Trend Rates

A one percent change in assumed health care cost trend rates would have the following effects:

 

     1-Percentage-
Point Increase
     1-Percentage-
Point Decrease
 
     (In thousands)  

Effect on total of service and interest cost components

   $ 283       $ (237

Effect on postretirement obligation

     3,775         (3,266
Employee Retirement And Profit Sharing Plans
 
Funded Status of Plans

The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2013 and 2012, and the funded status of the plans at December 31, 2013 and 2012 is as follows:

 

     December 31  
     2013     2012  
     (In thousands)  

Change in benefit obligation:

    

Benefit obligation at beginning of year

   $ 347,798      $ 318,422   

Service cost

     3,692        3,068   

Interest cost

     12,496        13,890   

Plan participants’ contributions

     12        13   

Plan amendments

     —          318   

Actuarial (gain) loss

     (45,076     33,212   

Benefits paid

     (25,072     (21,125

Plan settlements

     —          —     

Exchange rate changes

     —          —     
  

 

 

   

 

 

 

Benefit obligation at end of year

     293,850        347,798   

Change in plan assets:

    

Fair value of plan assets at beginning of year

     251,094        224,519   

Actual return on plan assets

     32,558        30,766   

Employer contributions

     11,531        16,921   

Plan participants’ contributions

     12        13   

Benefits paid

     (25,072     (21,125

Plan settlements

     —          —     

Exchange rate changes

     —          —     
  

 

 

   

 

 

 

Fair value of plan assets at end of year

     270,123        251,094   
  

 

 

   

 

 

 

Funded status at end of year

   $ (23,727   $ (96,704
  

 

 

   

 

 

 

Net Periodic Benefit Cost
     Year Ended December 31  
     2013     2012     2011  
     (In thousands)  

Components of net periodic benefit cost:

      

Service cost

   $ 3,692      $ 3,068      $ 2,839   

Interest cost

     12,496        14,001        15,213   

Expected return on plan assets

     (18,531     (17,413     (16,966

Amortizations:

      

Unrecognized transition obligation

     —          112        112   

Prior service cost

     791        759        763   

Unrecognized net loss

     11,759        11,667        9,060   

Effect of curtailment

     —          —          —     

Effect of settlement

     (136     —          969   

Other

     329        774        139   
  

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

   $ 10,400      $ 12,968      $ 12,129   
  

 

 

   

 

 

   

 

 

 
Estimated Pension Plan Benefit Payments to Participants for Next Ten Years

Estimated pension plan benefit payments to participants for the next ten years are as follows:

 

2014

   $17.7 million

2015

   18.3 million

2016

   18.4 million

2017

   19.0 million

2018

   19.6 million

Next five years

   101.2 million
Benefit Obligation
 
Funded Status of Plans

The following table sets forth the funded status of these plans:

 

     December 31  
     2013     2012  
     (In thousands)  

Change in benefit obligation:

    

Benefit obligation at beginning of year

   $ 37,428      $ 32,508   

Service cost

     816        589   

Interest cost

     1,223        1,350   

Employee contributions

     415        466   

Actuarial (gain) loss

     (1,102     3,317   

Benefits paid

     (1,550     (2,670

Plan amendments

     —          —     

Plan curtailments

     —          —     

Other

     —          1,868   
  

 

 

   

 

 

 

Benefit obligation at end of year

     37,230        37,428   

Fair value of plan assets at end of year

     —          —     
  

 

 

   

 

 

 

Funded status

   $ (37,230   $ (37,428
  

 

 

   

 

 

 
Benefit Obligation | Postretirement Benefits
 
Summary of Actuarial Assumptions Used to Determine Benefit Obligations

A summary of our key actuarial assumptions used to determine the benefit obligation as of December 31, 2013 and 2012 follows:

 

     December 31  
     2013     2012  

Healthcare inflation:

    

Healthcare cost trend rate assumed for next year

     7.90     8.20

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

     4.50     4.50

Year of ultimate rate achievement

     2029        2029   

Weighted average discount rate

     4.64     3.38
Net Periodic Benefit
 
Net Periodic Benefit Cost
     Year Ended December 31  
     2013      2012      2011  
     (In thousands)  

Components of net periodic benefit cost:

        

Service and interest cost

   $ 2,039       $ 1,939       $ 789   

Amortizations:

        

Prior service cost

     26         26         (66

Unrecognized net loss

     298         129         494   

Other

     2,286         1,868         16,012 (1) 
  

 

 

    

 

 

    

 

 

 

Net periodic benefit cost

   $ 4,649       $ 3,962       $ 17,229   
  

 

 

    

 

 

    

 

 

 

 

(1)

This amount in 2011 represents an increase in our net periodic benefit cost for the year ended December 31, 2011 as a result of identifying groups of employees who were eligible to receive other postretirement benefits that had historically been excluded from our benefit plan valuations.

Net Periodic Benefit | Postretirement Benefits
 
Summary of Actuarial Assumptions Used to Determine Benefit Obligations

A summary of our key actuarial assumptions used to determine net periodic benefit cost follows:

 

     Year Ended December 31  
     2013     2012     2011  

Healthcare inflation:

      

Healthcare cost trend rate assumed for next year

     8.20     8.50     8.70

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

     4.50     4.50     4.50

Year of ultimate rate achievement

     2029        2029        2029   

Weighted average discount rate

     3.38     4.34     4.68