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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension Plans We historically sponsored several defined benefit pension plans covering most employees not covered by union-administered plans, including certain employees in foreign countries. These plans generally provided participants with benefits based on years of service and career-average compensation levels. The funding policy for these plans is to make contributions based on annual service costs plus amortization of unfunded past service liability, but not greater than the maximum allowable contribution deductible for federal income tax purposes. We may, from time to time, make voluntary contributions to our pension plans, which exceed the amount required by statute. The majority of the plans’ assets are invested in a master trust that, in turn, is invested primarily in commingled funds whose investments are listed stocks and bonds. As discussed under the Pension Curtailments and Settlements section, we have frozen all of our major defined benefit pension plans. We have a non-qualified supplemental pension plan covering certain U.S. employees, which provides for incremental pension payments from our funds so that total pension payments equal the amounts that would have been payable from our principal pension plans if it were not for limitations imposed by income tax regulations. The accrued pension liability related to this plan was $46 million and $42 million at December 31, 2012 and 2011, respectively. Pension Expense Pension expense from continuing operations was as follows:
|  | Years ended December 31,
|  | 2012 |  | 2011 |  | 2010
|  | (In thousands)
Company-administered plans: |  |  |  |  |  |
Service cost |  | $ | 15,479 |  |  | 14,719 |  |  | 15,239 |
Interest cost |  | 94,605 |  |  | 97,526 |  |  | 96,125 |
Expected return on plan assets |  | (96,342 | ) |  | (101,803 | ) |  | (93,135 | )
Settlement loss |  | — |  |  | — |  |  | 1,487 |
Amortization of: |  |  |  |  |  |
Transition obligation |  | — |  |  | (31 | ) |  | (25 | )
Net actuarial loss |  | 31,200 |  |  | 20,226 |  |  | 19,025 |
Prior service credit |  | (2,275 | ) |  | (2,278 | ) |  | (2,256 | )
|  | 42,667 |  |  | 28,359 |  |  | 36,460 |
Union-administered plans |  | 6,746 |  |  | 5,988 |  |  | 5,199 |
Net pension expense |  | $ | 49,413 |  |  | 34,347 |  |  | 41,659 |
Company-administered plans: |  |  |  |  |  |
U.S. |  | $ | 38,992 |  |  | 28,974 |  |  | 33,733 |
Foreign |  | 3,675 |  |  | (615 | ) |  | 2,727 |
|  | 42,667 |  |  | 28,359 |  |  | 36,460 |
Union-administered plans |  | 6,746 |  |  | 5,988 |  |  | 5,199 |
|  | $ | 49,413 |  |  | 34,347 |  |  | 41,659 |
The following table sets forth the weighted-average actuarial assumptions used for Ryder’s pension plans in determining annual pension expense:
|  | U.S. Plans Years ended December 31, |  | Foreign Plans Years ended December 31,
|  | 2012 |  | 2011 |  | 2010 |  | 2012 |  | 2011 |  | 2010
Discount rate |  | 4.90 | % |  | 5.70 | % |  | 6.20 | % |  | 4.76 | % |  | 5.55 | % |  | 5.93 | %
Rate of increase in compensation levels |  | 4.00 | % |  | 4.00 | % |  | 4.00 | % |  | 3.54 | % |  | 3.55 | % |  | 3.54 | %
Expected long-term rate of return on plan assets |  | 7.05 | % |  | 7.45 | % |  | 7.65 | % |  | 6.00 | % |  | 6.84 | % |  | 7.04 | %
Transition amortization in years |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 2 |
Gain and loss amortization in years |  | 24 |  |  | 25 |  |  | 26 |  |  | 27 |  |  | 27 |  |  | 28 |
The return on plan assets assumption reflects the weighted-average of the expected long-term rates of return for the broad categories of investments held in the plans. The expected long-term rate of return is adjusted when there are fundamental changes in expected returns or in asset allocation strategies of the plan assets. Pension Curtailments and Settlements In recent years, we made amendments to defined benefit retirement plans which froze the retirement benefits for non-grandfathered and certain non-union employees in the U.S., Canada and the United Kingdom (U.K.). As a result of these amendments, non-grandfathered plan participants ceased accruing benefits under the plan as of the respective amendment effective date and began receiving an enhanced benefit under a defined contribution plan. All retirement benefits earned as of the amendment effective date were fully preserved and will be paid in accordance with the plan and legal requirements. There was no material impact to our financial condition and operating results from the plan amendments. During 2010, a number of employees in our Canadian pension plan elected to receive a lump-sum payment under the plan which resulted in a partial settlement of our benefit plan obligation. Accounting guidance requires that when a partial settlement occurs, the employer should recognize a pro rata portion of the unamortized net loss as pension expense. Accordingly, we recognized a pre-tax settlement loss during 2010 of $1.5 million, which reflects the partial reduction in the projected benefit obligation due to the partial settlement. Obligations and Funded Status The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:
|  | December 31,
|  | 2012 |  | 2011
|  | (In thousands)
Change in benefit obligations: |  |  |  |
Benefit obligations at January 1 |  | $ | 1,967,586 |  |  | 1,744,233 |
Service cost |  | 15,479 |  |  | 14,719 |
Interest cost |  | 94,605 |  |  | 97,526 |
Actuarial loss |  | 189,936 |  |  | 187,390 |
Benefits paid |  | (76,742 | ) |  | (71,910 | )
Foreign currency exchange rate changes |  | 16,557 |  |  | (4,372 | )
Benefit obligations at December 31 |  | 2,207,421 |  |  | 1,967,586 |
Change in plan assets: |  |  |  |
Fair value of plan assets at January 1 |  | 1,418,042 |  |  | 1,428,784 |
Actual return on plan assets |  | 174,650 |  |  | (1,431 | )
Employer contribution |  | 81,116 |  |  | 65,224 |
Participants’ contributions |  | 52 |  |  | 61 |
Benefits paid |  | (76,742 | ) |  | (71,910 | )
Foreign currency exchange rate changes |  | 15,809 |  |  | (2,686 | )
Fair value of plan assets at December 31 |  | 1,612,927 |  |  | 1,418,042 |
Funded status |  | $ | (594,494 | ) |  | (549,544 | )
Amounts recognized in the Consolidated Balance Sheets consisted of:
|  | December 31,
|  | 2012 |  | 2011
|  | (In thousands)
Noncurrent asset |  | $ | 6,090 |  |  | 257 |
Current liability |  | (3,309 | ) |  | (3,120 | )
Noncurrent liability |  | (597,275 | ) |  | (546,681 | )
Net amount recognized |  | $ | (594,494 | ) |  | (549,544 | )
Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:
|  | December 31,
|  | 2012 |  | 2011
|  | (In thousands)
Transition obligation |  | $ | (20 | ) |  | (20 | )
Prior service credit |  | (3,077 | ) |  | (5,352 | )
Net actuarial loss |  | 1,007,315 |  |  | 927,004 |
Net amount recognized |  | $ | 1,004,218 |  |  | 921,632 |
In 2013, we expect to recognize approximately $2 million of the prior service credit and $36 million of the net actuarial loss as a component of pension expense. The following table sets forth the weighted-average actuarial assumptions used in determining funded status:
|  | U.S. Plans December 31, |  | Foreign Plans December 31,
|  | 2012 |  | 2011 |  | 2012 |  | 2011
Discount rate |  | 4.10 | % |  | 4.90 | % |  | 4.43 | % |  | 4.76 | %
Rate of increase in compensation levels |  | 4.00 | % |  | 4.00 | % |  | 3.55 | % |  | 3.54 | %
At December 31, 2012 and 2011, our pension obligations (accumulated benefit obligations (ABO) and projected benefit obligations (PBO) greater than the fair value of related plan assets for our U.S. and foreign plans were as follows:
|  | U.S. Plans December 31, |  | Foreign Plans December 31, |  | Total December 31,
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |  | 2012 |  | 2011
|  | (In thousands)
Accumulated benefit obligations |  | $ | 1,747,610 |  |  | 1,551,211 |  |  | 418,245 |  |  | 378,768 |  |  | 2,165,855 |  |  | 1,929,979 |
Plans with ABO in excess of plan assets: |  |  |  |  |  |  |  |  |  |  |  |
PBO |  | $ | 1,786,025 |  |  | 1,586,341 |  |  | 83,618 |  |  | 380,330 |  |  | 1,869,643 |  |  | 1,966,671 |
ABO |  | $ | 1,747,610 |  |  | 1,551,211 |  |  | 80,468 |  |  | 377,854 |  |  | 1,828,078 |  |  | 1,929,065 |
Fair value of plan assets |  | $ | 1,202,565 |  |  | 1,063,386 |  |  | 66,494 |  |  | 353,484 |  |  | 1,269,059 |  |  | 1,416,870 |
Plans with PBO in excess of plan assets: |  |  |  |  |  |  |  |  |  |  |  |
PBO |  | $ | 1,786,025 |  |  | 1,586,341 |  |  | 83,618 |  |  | 380,330 |  |  | 1,869,643 |  |  | 1,966,671 |
ABO |  | $ | 1,747,610 |  |  | 1,551,211 |  |  | 80,648 |  |  | 377,854 |  |  | 1,828,258 |  |  | 1,929,065 |
Fair value of plan assets |  | $ | 1,202,565 |  |  | 1,063,386 |  |  | 66,494 |  |  | 353,484 |  |  | 1,269,059 |  |  | 1,416,870 |
Plan Assets Our pension investment strategy is to generate a total rate of return that is sufficient, coupled with existing assets and funding contributions, to support payment of the ongoing plan obligations with an acceptable, appropriate and reasonable level of total asset-liability risk. The plans utilize several investment strategies, including actively and passively managed equity and fixed income strategies. The investment policy establishes targeted allocations for each asset class that incorporate measures of asset and liability risks. Deviations between actual pension plan asset allocations and targeted asset allocations may occur as a result of investment performance and changes in the funded status from time to time. Rebalancing of our pension plan asset portfolios is evaluated periodically and rebalanced if actual allocations exceed an acceptable range. U.S. plans account for approximately 75% of our total pension plan assets. Equity securities primarily include investments in both domestic and international common collective trusts and publicly traded equities. Fixed income securities primarily include domestic collective trusts and corporate bonds. Other types of investments include private equity fund-of-funds and hedge fund-of-funds. Equity and fixed income securities in our international plans include actively and passively managed mutual funds. In the fourth quarter of 2012, we modified our U.S. pension investment policy and strategy to reduce the effects of future volatility on the fair value of our pension assets relative to our pension liabilities as a result of an asset-liability study. Under the new strategy, we will increase our allocation to high quality, longer-term fixed income securities and reduce our allocation of equity investments as the funded status of the plan improves. The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value as of December 31, 2012 and 2011:
|  | Fair Value Measurements at December 31, 2012
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (In thousands)
Equity securities: |  |  |  |  |  |  |  |
U.S. companies |  | $ | 76,660 |  |  | 76,660 |  |  | — |  |  | — |
U.S. common collective trusts |  | 471,504 |  |  | — |  |  | 471,504 |  |  | — |
Foreign common collective trusts |  | 497,315 |  |  | — |  |  | 497,315 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Corporate bonds |  | 61,571 |  |  | — |  |  | 61,571 |  |  | — |
Common collective trusts |  | 434,670 |  |  | — |  |  | 434,670 |  |  | — |
Private equity and hedge funds |  | 71,207 |  |  | — |  |  | — |  |  | 71,207 |
Total |  | $ | 1,612,927 |  |  | 76,660 |  |  | 1,465,060 |  |  | 71,207 |
|  | Fair Value Measurements at December 31, 2011
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (In thousands)
Equity securities: |  |  |  |  |  |  |  |
U.S. companies |  | $ | 63,069 |  |  | 63,069 |  |  | — |  |  | — |
U.S. common collective trusts |  | 500,298 |  |  | — |  |  | 500,298 |  |  | — |
Foreign common collective trusts |  | 337,185 |  |  | — |  |  | 337,185 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Corporate bonds |  | 53,424 |  |  | — |  |  | 53,424 |  |  | — |
Common collective trusts |  | 394,714 |  |  | — |  |  | 394,714 |  |  | — |
Other (primarily mortgage-backed securities) |  | 809 |  |  | — |  |  | 809 |  |  | — |
Private equity funds |  | 68,543 |  |  | — |  |  | — |  |  | 68,543 |
Total |  | $ | 1,418,042 |  |  | 63,069 |  |  | 1,286,430 |  |  | 68,543 |
The following is a description of the valuation methodologies used for our pension assets as well as the level of input used to measure fair value: Equity securities — These investments include common and preferred stocks and index common collective trusts that track U.S. and foreign indices. Fair values for the common and preferred stocks were based on quoted prices in active markets and were therefore classified within Level 1 of the fair value hierarchy. The common collective trusts were valued at the unit prices established by the funds’ sponsors based on the fair value of the assets underlying the funds. Since the units of the funds are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy. Fixed income securities — These investments include investment grade bonds of U.S. issuers from diverse industries, government issuers, index common collective trusts that track the Barclays Aggregate Index and other fixed income investments (primarily mortgage-backed securities). Fair values for the corporate bonds were valued using third-party pricing services. These sources determine prices utilizing market income models which factor in, where applicable, transactions of similar assets in active markets, transactions of identical assets in infrequent markets, interest rates, bond or credit default swap spreads and volatility. Since the corporate bonds are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy. The common collective trusts were valued at the unit prices established by the funds’ sponsors based on the fair value of the assets underlying the funds. Since the units of the funds are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy. The other investments are not actively traded and fair values are estimated using bids provided by brokers, dealers or quoted prices of similar securities with similar characteristics or pricing models. Therefore, the other investments have been classified within Level 2 of the fair value hierarchy. Private equity and hedge funds — These investments represent limited partnership interests in private equity and hedge funds. The partnership interests are valued by the general partners based on the underlying assets in each fund. The limited partnership interests are valued using unobservable inputs and have been classified within Level 3 of the fair value hierarchy. The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets for the years ended December 31, 2012 and 2011:
|  | 2012 |  | 2011
|  | (In thousands)
Beginning balance at January 1 |  | $ | 68,543 |  |  | 17,745 |
Return on plan assets: |  |  |  |
Relating to assets still held at the reporting date |  | (551 | ) |  | (2,277 | )
Relating to assets sold during the period |  | 5,990 |  |  | 3,051 |
Purchases, sales, settlements and expenses |  | (2,775 | ) |  | 50,024 |
Ending balance at December 31 |  | $ | 71,207 |  |  | 68,543 |
The following table details pension benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter:
| (In thousands) |
2013 | $ | 89,652 |
2014 | 93,336 |
2015 | 98,442 |
2016 | 103,940 |
2017 | 108,462 |
2018-2022 | 619,205 |
For 2013, required pension contributions to our pension plans are estimated to be $66 million. Multi-employer Plans We also participate in multi-employer plans that provide defined benefits to certain employees covered by collective-bargaining agreements. Such plans are usually administered by a board of trustees comprised of the management of the participating companies and labor representatives. The net pension cost of these plans is equal to the annual contribution determined in accordance with the provisions of negotiated labor contracts. Assets contributed to such plans are not segregated or otherwise restricted to provide benefits only to our employees. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: 1) assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers; 2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and 3) if we choose to stop participating in some of our multi-employer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, which is referred to as a withdrawal liability. Our participation in these plans is outlined in the table below. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2012 and 2011 is for the plan year ended December 31, 2011 and December 31, 2010, respectively. The zone status is based on information that we received from the plan. Among other factors, plans in the red zone are generally less than sixty-five percent funded, plans in the yellow zone are less than eighty percent funded, and plans in the green zone are at least eighty percent funded.
|  |  |  | Pension Protection Act Zone Status |  |  |  | Ryder Contributions |  |  |  | Date of Collective-Bargaining Agreement
Pension Fund |  | Employer Identification Number |  | 2012 |  | 2011 |  | FIP/RP Status Pending/ Implemented (1) |  | 2012 |  | 2011 |  | 2010 |  | Surcharge Imposed |
|  |  |  |  |  |  |  |  |  | (Dollars in thousands) |  |  |  |
Western Conference Teamsters |  | 91-6145047 |  | Green |  | Green |  | No |  | $ | 1,943 |  |  | 1,855 |  |  | 1,494 |  |  | No |  | 6/30/14 to 3/31/16
IAM National |  | 51-6031295 |  | Green |  | Green |  | No |  | 2,038 |  |  | 1,794 |  |  | 1,573 |  |  | No |  | 4/30/13 to 3/31/17
Automobile Mechanics Local No. 701 |  | 36-6042061 |  | Red |  | Red |  | FIP Adopted |  | 1,527 |  |  | 1,203 |  |  | 1,076 |  |  | Yes |  | 5/31/13 to 10/31/14
International Association of Machinists Motor City |  | 38-6237143 |  | Red (2) |  | Red (2) |  | RP adopted |  | 437 |  |  | 392 |  |  | 372 |  |  | No |  | 1/31/14 to 3/31/16
Central States Southeast and Southwest Areas |  | 36-6044243 |  | Red |  | Red |  | RP adopted |  | 226 |  |  | 182 |  |  | 158 |  |  | No |  | 6/1/12 to 5/31/17
Other Funds |  |  |  |  |  |  |  |  |  | 575 |  |  | 562 |  |  | 526 |  |  |  |  |
Total contributions: |  |  |  |  |  |  |  |  |  | $ | 6,746 |  |  | 5,988 |  |  | 5,199 |  |  |  |  |
_____________
(1) | The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented.
(2) | Plan years ended June 30, 2012 and 2011.
Our contributions to the International Association of Machinists Motor City Pension Fund were 17% of the total plan contributions for the plan year ended June 30, 2012. Savings Plans Employees who do not actively participate in pension plans and are not covered by union-administered plans are generally eligible to participate in enhanced savings plans. These plans provide for (i) a company contribution even if employees do not make contributions, (ii) a company match of employee contributions of eligible pay, subject to tax limits and (iii) a discretionary company match. Savings plan costs totaled $33 million in 2012, $33 million in 2011, and $27 million in 2010. Deferred Compensation and Long-Term Compensation Plans We have deferred compensation plans that permit eligible U.S. employees, officers and directors to defer a portion of their compensation. The deferred compensation liability, including Ryder matching amounts and accumulated earnings, totaled $27 million and $23 million at December 31, 2012 and 2011, respectively. We have established grantor trusts (Rabbi Trusts) to provide funding for benefits payable under the supplemental pension plan, deferred compensation plans and long-term incentive compensation plans. The assets held in the trusts at December 31, 2012 and 2011 amounted to $26 million and $23 million, respectively. The Rabbi Trusts’ assets consist of short-term cash investments and a managed portfolio of equity securities, including our common stock. These assets, except for the investment in our common stock, are included in “Direct financing leases and other assets” because they are available to our general creditors in the event of insolvency. The equity securities are classified as trading securities and stated at fair value. Both realized and unrealized gains and losses are included in “Miscellaneous income, net.” The Rabbi Trusts’ investment of $4 million in our common stock at December 31, 2012 and 2011 is reflected at historical cost and recorded against shareholders’ equity. Other Postretirement Benefits We sponsor plans that provide retired U.S. and Canadian employees with certain healthcare and life insurance benefits. Substantially all U.S. and Canadian employees not covered by union-administered health and welfare plans are eligible for the healthcare benefits. Healthcare benefits for our principal plan are generally provided to qualified retirees under age 65 and eligible dependents. Generally, this plan requires employee contributions that vary based on years of service and include provisions that limit our contributions. Total postretirement benefit expense was as follows:
|  | Years ended December 31,
|  | 2012 |  | 2011 |  | 2010
|  | (In thousands)
Service cost |  | $ | 1,095 |  |  | 1,294 |  |  | 1,374 |
Interest cost |  | 1,980 |  |  | 2,503 |  |  | 2,722 |
Amortization of: |  |  |  |  |  |
Net actuarial (gain) loss |  | (20 | ) |  | 231 |  |  | 352 |
Prior service credit |  | (231 | ) |  | (231 | ) |  | (231 | )
Postretirement benefit expense |  | $ | 2,824 |  |  | 3,797 |  |  | 4,217 |
U.S. |  | $ | 2,142 |  |  | 3,155 |  |  | 3,134 |
Foreign |  | 682 |  |  | 642 |  |  | 1,083 |
|  | $ | 2,824 |  |  | 3,797 |  |  | 4,217 |
The following table sets forth the weighted-average discount rates used in determining annual postretirement benefit expense:
|  | U.S. Plan Years ended December 31, |  | Foreign Plan Years ended December 31,
|  | 2012 |  | 2011 |  | 2010 |  | 2012 |  | 2011 |  | 2010
Discount rate |  | 4.90 | % |  | 5.70 | % |  | 6.20 | % |  | 4.50 | % |  | 5.25 | % |  | 6.00 | %
Our postretirement benefit plans are not funded. The following table sets forth the benefit obligations associated with our postretirement benefit plans:
|  | December 31,
|  | 2012 |  | 2011
|  | (In thousands)
Benefit obligations at January 1 |  | $ | 42,992 |  |  | 47,169 |
Service cost |  | 1,095 |  |  | 1,294 |
Interest cost |  | 1,980 |  |  | 2,503 |
Actuarial gain |  | (1,746 | ) |  | (5,754 | )
Benefits paid |  | (3,947 | ) |  | (2,023 | )
Foreign currency exchange rate changes |  | 225 |  |  | (197 | )
Benefit obligations at December 31 |  | $ | 40,599 |  |  | 42,992 |
Amounts recognized in the Consolidated Balance Sheets consisted of:
|  | December 31,
|  | 2012 |  | 2011
|  | (In thousands)
Current liability |  | $ | (2,683 | ) |  | (2,838 | )
Noncurrent liability |  | (37,916 | ) |  | (40,154 | )
Amount recognized |  | $ | (40,599 | ) |  | (42,992 | )
Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:
|  | December 31,
|  | 2012 |  | 2011
|  | (In thousands)
Prior service credit |  | $ | (1,307 | ) |  | (1,538 | )
Net actuarial (gain) loss |  | (859 | ) |  | 867 |
Net amount recognized |  | $ | (2,166 | ) |  | (671 | )
In 2013, the amounts of prior service credit and net actuarial gain to recognize as a component of total postretirement benefit expense is not material. Our annual measurement date is December 31 for both U.S. and foreign postretirement benefit plans. Assumptions used in determining accrued postretirement benefit obligations were as follows:
|  | U.S. Plan December 31, |  | Foreign Plan December 31,
|  | 2012 |  | 2011 |  | 2012 |  | 2011
Discount rate |  | 4.10 | % |  | 4.90 | % |  | 4.00 | % |  | 4.50 | %
Rate of increase in compensation levels |  | 4.00 | % |  | 4.00 | % |  | 3.50 | % |  | 3.50 | %
Healthcare cost trend rate assumed for next year |  | 7.50 | % |  | 8.00 | % |  | 7.00 | % |  | 7.50 | %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) |  | 5.00 | % |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Year that the rate reaches the ultimate trend rate |  | 2023 |  |  | 2018 |  |  | 2017 |  |  | 2017 |
Changing the assumed healthcare cost trend rates by 1% in each year would not have a material effect on the accumulated postretirement benefit obligation at December 31, 2012 or annual postretirement benefit expense for 2012. The following table details other postretirement benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter:
| (In thousands) |
2013 | $ | 2,728 |
2014 | 2,852 |
2015 | 3,016 |
2016 | 3,120 |
2017 | 3,165 |
2018-2022 | 15,943 |

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Implementation Guide (Q and A) -Number FAS88 -Paragraph 63 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 106 -Paragraph 518 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 8 -Subparagraph m -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 87 -Paragraph 264 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 30 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-2 -Paragraph 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph h -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph q -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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