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BENEFIT PLANS (Tables)

12 Months Ended

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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Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets.

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Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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