XML 37 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8

BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2013

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)		2013				2012				2013				2012
Change in benefit obligation:
Benefit obligation at beginning of the year		$	80,610			$	77,677			$	6,368			$	6,175
Service cost			—				—				134				97
Interest cost			3,278				3,506				259				262
Actuarial losses			(6,838	)			5,172				(595	)			31
Benefits paid			(3,594	)			(5,745	)			(192	)			(197	)
Benefit obligation at end of year			73,456				80,610				5,974				6,368
Change in plan assets:
Fair value of plan assets at beginning of year			73,842				66,571				—				—
Employer contribution			4,200				3,000				192				197
Actual return on plan assets			8,456				10,016				—				—
Benefits paid			(3,594	)			(5,745	)			(192	)			(197	)
Fair value of plan assets at end of year			82,904				73,842				—				—
Funded status of the plan – (underfunded)		$	9,448			$	(6,768	)		$	(5,974	)		$	(6,368	)
Accumulated benefit obligations		$	73,456			$	80,610			$	5,974			$	6,309

Schedule of Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets consist of:

		Pension Plan								SERP
(In thousands)		2013				2012				2013				2012
Noncurrent assets		$	9,448			$	—			$	—			$	—
Current liabilities			—				—				(214	)			(222	)
Noncurrent liabilities			—				(6,768	)			(5,760	)			(6,146	)
		$	9,448			$	(6,768	)		$	(5,974	)		$	(6,368	)

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)	2013				2012				2013				2012
Prior service cost		$	—			$	—			$	(641	)		$	(851	)
Net actuarial loss			(11,176	)			(23,150	)			(568	)			(1,232	)
		$	(11,176	)		$	(23,150	)		$	(1,209	)		$	(2,083	)

Schedule of Net Pension Costs

Net pension cost included the following components:

		Pension Plan												SERP
(In thousands)		2013				2012				2011				2013				2012				2011
Service cost-benefits earned during the period		$	—			$	—			$	—			$	134			$	97			$	102
Interest cost on projected benefit obligation			3,278				3,506				3,686				259				262				286
Expected return on plan assets			(4,948	)			(4,474	)			(4,230	)			—				—				—
Amortization of prior service cost			—				—				—				210				210				210
Amortization of actuarial loss			1,627				1,847				941				68				26				6
Net pension costs		$	(43	)		$	879			$	397			$	671			$	595			$	604

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:

		2013				2012
Discount rate			4.93	%			4.13	%
Rate of compensation increase			n/a				3.50	%

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:

		2013				2012				2011
Discount rate			4.13	%			4.60	%			5.45	%
Expected long-term return on plan assets			6.65	%			6.75	%			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			10	%			0% - 20	%
Domestic Equity			15	%			5% - 25	%
Total Equity			25	%			15% - 35	%
U.S. Fixed Income			75	%			65% - 85	%
Cash			0	%			0% - 10	%
Total Fund			100	%

Schedule of Assets Measured at Fair Value

The fair values by asset category are as follows (in thousands):

		Fair Value Measurements
		December 31, 2013												December 31, 2012
		Total				Level 1				Level 2				Total				Level 1				Level 2
Money Market Funds		$	380			$	380			$	—			$	518			$	518			$	—
Equity Securities:
Haverty Class A Common Stock			6,348				6,348								3,348				3,348
U.S. Large Cap Passive(a)			9,151								9,151				16,927								16,927
U.S. Small/Mid Cap Growth			1,183								1,183				2,162								2,162
U.S. Small/Mid Cap Value			1,174								1,174				2,052								2,052
International Equity			6,316								6,316				11,276								11,276
Emerging Markets Equity			1,530								1,530				2,891								2,891
			25,702				6,348				19,354				38,656				3,348				35,308
Fixed Income:
Opportunistic(b)			8,143								8,143				5,125								5,125
Passive			4,294								4,294				2,641								2,641
Long Duration Active(c)			16,964								16,964				10,278								10,278
Long Duration Passive			6,478								6,478				3,150								3,150
Long Duration Investment Grade(d)			20,943								20,943				13,474								13,474
			56,822				—				56,822				34,668				—				34,668
Total		$	82,904			$	6,728			$	76,176			$	73,842			$	3,866			$	69,976

(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

The following schedule outlines the expected benefit payments:

(In thousands)		Pension Plan				SERP
2014		$	3,875			$	214
2015			3,997				225
2016			4,157				256
2017			4,378				365
2018			4,528				370
2019-2023			23,454				2,100

X

- Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 3

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e2417-114920

+ Details

Name:	us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (d)(5)

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (k)

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (h)

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration