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BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2012
BENEFIT PLANS [Abstract] |
Schedule of Changes in Benefit Obligations and Fair Value of Assets | The following table summarizes information about our pension plan and SERP.
|  | Pension Plan |  |  | SERP |
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of the year |  | $ | 77,677 |  |  | $ | 69,643 |  |  | $ | 6,175 |  |  | $ | 5,531 |
Service cost |  |  |  |  |  |  | — |  |  |  | 97 |  |  |  | 102 |
Interest cost |  |  | 3,506 |  |  |  | 3,686 |  |  |  | 262 |  |  |  | 286 |
Actuarial losses |  |  | 5,172 |  |  |  | 7,610 |  |  |  | 31 |  |  |  | 461 |
Benefits paid |  |  | (5,745 | ) |  |  | (3,262 | ) |  |  | (197 | ) |  |  | (205 | )
Benefit obligation at end of year |  |  | 80,610 |  |  |  | 77,677 |  |  |  | 6,368 |  |  |  | 6,175 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 66,571 |  |  |  | 59,846 |  |  |  | — |  |  |  | — |
Employer contribution |  |  | 3,000 |  |  |  | 8,000 |  |  |  | 197 |  |  |  | 205 |
Actual return on plan assets |  |  | 10,016 |  |  |  | 1,987 |  |  |  | — |  |  |  | — |
Benefits paid |  |  | (5,745 | ) |  |  | (3,262 | ) |  |  | (197 | ) |  |  | (205 | )
Fair value of plan assets at end of year |  |  | 73,842 |  |  |  | 66,571 |  |  |  | — |  |  |  | — |
Funded status of the plan – underfunded |  | $ | (6,768 | ) |  | $ | (11,106 | ) |  | $ | 6,368 |  |  | $ | (6,175 | )
Accumulated benefit obligations |  | $ | 80,610 |  |  | $ | 77,677 |  |  | $ | 6,309 |  |  | $ | 5,829 |
Schedule of Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets consist of:
| Pension Plan |  | SERP |
(In thousands) | 2012 |  | 2011 |  | 2012 |  | 2011 |
Current liabilities |  | $ | — |  |  | $ | — |  |  | $ | 222 |  |  | $ | 221 |
Noncurrent liabilities |  |  | 6,768 |  |  |  | 11,106 |  |  |  | 6,146 |  |  |  | 5,954 |
|  | $ | 6,768 |  |  | $ | 11,106 |  |  | $ | 6,368 |  |  | $ | 6,175 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income Loss | Amounts recognized in accumulated other comprehensive income(loss) before the effect of income taxes consist of:
| Pension Plan |  | SERP |
(In thousands) | 2012 |  | 2011 |  | 2012 |  | 2011 |
Prior service cost |  | $ | — |  |  | $ | — |  |  | $ | (851 | ) |  | $ | (1,061 | )
Net actuarial loss |  |  | (23,150 | ) |  |  | (25,367 | ) |  |  | (1,232 | ) |  |  | (1,227 | )
|  | $ | (23,150 | ) |  | $ | (25,367 | ) |  | $ | (2,083 | ) |  | $ | (2,288 | )
Schedule of Net Pension Costs | Net pension cost included the following components:
|  | Pension Plan |  |  | SERP |
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2010 |  |  | 2012 |  |  | 2011 |  |  | 2010 |
Service cost-benefits earned during the period |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 97 |  |  | $ | 102 |  |  | $ | 90 |
Interest cost on projected benefit obligation |  |  | 3,506 |  |  |  | 3,686 |  |  |  | 3,721 |  |  |  | 262 |  |  |  | 286 |  |  |  | 282 |
Expected return on plan assets |  |  | (4,474 | ) |  |  | (4,230 | ) |  |  | (3,779 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 210 |  |  |  | 210 |  |  |  | 209 |
Amortization of actuarial loss |  |  | 1,847 |  |  |  | 941 |  |  |  | 766 |  |  |  | 26 |  |  |  | 6 |  |  |  | — |
Net pension costs |  | $ | 879 |  |  | $ | 397 |  |  | $ | 708 |  |  | $ | 595 |  |  | $ | 604 |  |  | $ | 581 |
Schedule of Assumptions Used | We use a measurement date of December 31 for our pension and other benefit plan. Weighted-average assumptions used to determine benefit obligations at December 31 are as follows:
|  | 2012 |  |  | 2011 |
Discount rate |  |  | 4.13 | % |  |  | 4.60 | %
Rate of compensation increase |  |  | 3.50 | % |  |  | 3.50 | %
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:
|  | 2012 |  | 2011 |  | 2010 |
Discount rate |  | 4.60% |  | 5.45% |  | 6.00% |
Expected long-term return on plan assets |  | 6.75% |  | 7.10% |  | 7.10% |
Rate of compensation increase |  | 3.50% |  | 3.50% |  | 3.50% |
Schedule of Allocation of Plan Assets | The assets of the plan, excluding Haverty stock, are being invested according to the following asset allocation guidelines, established to reflect the growth expectations and risk tolerance of the Compensation Committee. Haverty stock has a target weight of 5% of total plan assets with a tactical range of zero to 10%.
Security Class |  | Strategic Target |  |  | Tactical Range |
Equity: |  |  |  |  |  |
International Equity |  |  | 20 | % |  |  | 10% - 30 | %
Domestic Equity |  |  | 30 | % |  |  | 20% - 40 | %
Total Equity |  |  | 50 | % |  |  | 40% - 60 | %
U.S. Fixed Income |  |  | 50 | % |  |  | 40% - 60 | %
Cash |  |  | 0 | % |  |  | 0% - 10 | %
Total Fund |  |  | 100 | % |  |  |  |
Schedule of Assets Measured at Fair Value | Our pension plan assets are valued based on observable inputs obtained from independent sources. Most of the assets are held in audited institutional mutual funds and collective trusts. Since the net asset values of these funds are not quoted on actively traded markets, they are classified in a Level 2 valuation category. Some of the holdings in these funds are valued using quoted market prices for similar instruments in active markets, a Level 2 valuation technique. The remaining assets are valued using quoted market prices, a Level 1 valuation technique. The fair values by asset category are as follows (in thousands):
| Fair Value Measurements |
|  | December 31, 2012 |  | December 31, 2011 |
|  | Total |  | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |
Money Market Funds | $ | 518 |  | 518 |  |  | $ | 355 | $ | 355 | $ |  |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Haverty Class A Common Stock |  | 3,348 |  | 3,348 |  |  |  | 2,212 |  | 2,212 |  |  |
U.S. Large Cap Passive(a) |  | 16,927 |  |  |  | 16,927 |  | 17,061 |  |  |  | 17,061 |
U.S. Small/Mid Cap Growth |  | 2,162 |  |  |  | 2,162 |  | 2,071 |  |  |  | 2,071 |
U.S. Small/Mid Cap Value |  | 2,052 |  |  |  | 2,052 |  | 2,021 |  |  |  | 2,021 |
International Equity |  | 11,276 |  |  |  | 11,276 |  | 14,064 |  |  |  | 14,064 |
Emerging Markets Equity |  | 2,891 |  |  |  | 2,891 |  |  |  |  |  |  |
|  | 38,656 |  | 3,348 |  | 35,308 |  | 37,429 |  | 2,212 |  | 35,217 |
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |  |
Opportunistic(b) |  | 5,125 |  |  |  | 5,125 |  | 4,020 |  |  |  | 4,020 |
Passive |  | 2,641 |  |  |  | 2,641 |  | 2,138 |  |  |  | 2,138 |
Long Duration Active(c) |  | 10,278 |  |  |  | 10,278 |  | 8,554 |  |  |  | 8,554 |
Long Duration Passive |  | 3,150 |  |  |  | 3,150 |  | 3,154 |  |  |  | 3,154 |
Long Duration Investment Grade(d) |  | 13,474 |  |  |  | 13,474 |  | 10,921 |  |  |  | 10,921 |
|  | 34,668 |  | — |  | 34,668 |  | 28,787 |  | — |  | 28,787 |
Total | $ | 73,842 | $ | 3,866 | $ | 69,976 | $ | 66,571 | $ | 2,567 | $ | 64,004 |
(a) | This category comprises low-cost equity index funds not actively managed that track the S&P 500.
(b) | This fund invests primarily in U.S. dollar-denominated, investment grade bonds, including government securities, corporate bonds, and mortgage and asset-backed securities. This fund may also invest a significant portion of its assets in any combination of non-investment grade bonds, non-U.S. dollar denominated bonds, and bonds issued by issuers in emerging capital markets.
(c) | This category invests primarily in U.S. dollar-denominated, investment grade bonds, including government securities, corporate bonds, and mortgage and asset-backed securities, among others.
(d) | This category invests primarily in U.S. dollar-denominated, investment grade corporate bonds as well as U.S. Treasury bonds.
Schedule of Expected Future Benefit Payments | There were no minimum funding requirements to the pension plan in 2012. We contributed $3,000,000 to the pension plan in 2012 and expect to contribute $6,600,000 in 2013. The following schedule outlines the expected benefit payments:
(In thousands) |  | Pension Plan |  |  | SERP |
2013 |  | $ | 3,729 |  |  | $ | 222 |
2014 |  |  | 3,808 |  |  |  | 225 |
2015 |  |  | 3,947 |  |  |  | 235 |
2016 |  |  | 4,124 |  |  |  | 266 |
2017 |  |  | 4,363 |  |  |  | 376 |
2018-2022 |  |  | 23,357 |  |  |  | 2,015 |

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