XML 38 R32.htm IDEA: XBRL DOCUMENT v2.4.1.9

BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2014

BENEFIT PLANS [Abstract]

Schedule of Information about our Pension Plan and SERP

The following table summarizes information about our pension plan and SERP.

		Pension Plan								SERP
(In  thousands)		2014				2013				2014				2013
Change in benefit obligation:
Benefit obligation at beginning of the year		$	73,456			$	80,610			$	5,974			$	6,368
Service cost			—				—				117				134
Interest cost			3,232				3,278				289				259
Plan settlements			(83,453	)			—				—				—
Special termination benefits			813				—				—				—
Actuarial losses (gains)			10,700				(6,838	)			1,095				(595	)
Benefits paid			(3,935	)			(3,594	)			(205	)			(192	)
Benefit obligation at end of year			813				73,456				7,270				5,974
Change in plan assets:
Fair value of plan assets at beginning of year			82,904				73,842				—				—
Employer contribution			—				4,200				205				192
Actual return on plan assets			5,297				8,456				—				—
Plan settlements			(83,453	)			—				—				—
Benefits paid			(3,935	)			(3,594	)			(205	)			(192	)
Fair value of plan assets at end of year			813				82,904				—				—
Funded status of the plan – (underfunded)		$	—			$	9,448			$	(7,270	)		$	(5,974	)
Accumulated benefit obligations		$	—			$	73,456			$	7,270			$	5,974

Schedule of Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets consist of:

		Pension Plan								SERP
(In thousands)		2014				2013				2014				2013
Noncurrent assets		$	—			$	9,448			$	—			$	—
Current liabilities			—				—				(228	)			(214	)
Noncurrent liabilities			—				—				(7,042	)			(5,760	)
		$	—			$	9,448			$	(7,270	)		$	(5,974	)

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)	2014				2013				2014				2013
Prior service cost		$	—			$	—			$	(432	)		$	(641	)
Net actuarial loss			—				(11,176	)			(1,663	)			(568	)
		$	—			$	(11,176	)		$	(2,095	)		$	(1,209	)

Schedule of Net Pension Costs

Net pension cost included the following components:

		Pension Plan												SERP
(In thousands)		2014				2013				2012				2014				2013				2012
Service cost-benefits earned during the period		$	—			$	—			$	—			$	117			$	134			$	97
Interest cost on projected benefit obligation			3,232				3,278				3,506				289				259				262
Expected return on plan assets			(4,475	)			(4,948	)			(4,474	)			—				—				—
Amortization of prior service cost			—				—				—				210				210				210
Amortization of actuarial loss			244				1,627				1,847								68				26
Settlement loss recognized			20,810				—				—				—				—				—
Special termination benefit recognized			813				—				—				—				—				—
Net pension costs		$	20,624			$	(43	)		$	879			$	616			$	671			$	595

Schedule of Assumptions Used

We use a measurement date of December 31 for our pension and SERP plan. Assumptions used to determine benefit obligations at December 31 are as follows:

		Pension Plan							SERP
		2014			2013				2014			2013
Discount rate			n/a			4.93%				4.09%			4.96%
Rate of compensation increase			n/a			n/a				3.50%			3.50%

Assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:

		Pension Plan									SERP
		2014			2013			2012			2014			2013			2012
Discount rate			4.93%			4.13%			4.60%			4.96%			4.08%			4.60%
Expected long-term return on plan assets			6.00%			6.65%			6.75%			n/a			n/a			n/a
Rate of compensation increase			n/a			n/a			n/a			3.50%			3.50%			3.50%

Schedule of Assets Measured at Fair Value

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

		Fair Value Measurements
		December 31, 2014												December 31, 2013
		Total				Level 1				Level 2				Total				Level 1				Level 2
Money Market Funds		$	813			$	813			$	—			$	380			$	380			$	—
Equity Securities:
Haverty Class A Common Stock															6,348				6,348
U.S. Large Cap Passive(a)															9,151								9,151
U.S. Small/Mid Cap Growth															1,183								1,183
U.S. Small/Mid Cap Value															1,174								1,174
International Equity															6,316								6,316
Emerging Markets Equity															1,530								1,530
			—				—				—				25,702				6,348				19,354
Fixed Income:
Opportunistic(b)															8,143								8,143
Passive															4,294								4,294
Long Duration Active(c)															16,964								16,964
Long Duration Passive															6,478								6,478
Long Duration Investment Grade(d)															20,943								20,943
			—				—				—				56,822				—				56,822
Total		$	813			$	813			$	—			$	82,904			$	6,728			$	76,176

(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 related to the SERP in future years.  These expected benefits were estimated based on the same actuarial assumptions used to determine benefit obligations at December 31, 2014.

(In thousands)		SERP
2015		$	228
2016			260
2017			369
2018			372
2019			379
2020-2024			2,098

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 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