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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2011
Employee Benefits |
Schedule of asset allocation targets and actual investment composition within the Plans |
|  |  |  | Actual Composition of Plans at December 31, |
|  | Target Allocations |  | 2011 |  | 2010 |
Domestic Large Cap Equity |  | 29-40% |  | 29-40% |  | 31-42% |
Domestic Small and Mid-Cap Equity |  | 7-10% |  | 11-13% |  | 12-14% |
International Equity |  | 11-16% |  | 10-15% |  | 11-15% |
Fixed Income |  | 25-42% |  | 23-40% |  | 22-39% |
Alternative investments |  | 6-8% |  | 6-7% |  | 4-5% |
Cash and cash equivalents |  | 1-5% |  | 2-4% |  | 2-3% |
Schedule of Plans' assets measured at fair value |
|  | Balance |  |  |  |  |  |  |
|  | December 31, |  |  |  |  |  |  |
(Thousands of dollars) |  | 2011 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Domestic equity securities |  | $ | 34,770 |  | $ | 34,770 |  | $ | – |  | $ | – |
Corporate bonds |  | 18,526 |  | – |  | 18,526 |  | – |
Foreign equity securities |  | 7,107 |  | 7,107 |  | – |  | – |
Fixed income mutual funds |  | 6,400 |  | 6,400 |  | – |  | – |
Money market funds |  | 6,513 |  | 6,513 |  |  |  | – |
U.S. Treasury STRIPS |  | 3,587 |  | – |  | 3,587 |  | – |
Emerging markets-equity |  | 3,349 |  | 3,349 |  | – |  | – |
Mutual funds-equities |  | 3,485 |  | 3,485 |  | – |  | – |
Real estate mutual fund |  | 2,909 |  | 2,909 |  | – |  | – |
Exchange traded funds-fixed income |  | 1,788 |  | 1,788 |  | – |  | – |
Municipal bonds |  | 2,048 |  | – |  | 2,048 |  | – |
Other |  | 1,030 |  | – |  | 1,030 |  | – |
Total Assets |  | $ | 91,512 |  | $ | 66,321 |  | $ | 25,191 |  | $ | – |
|  | Balance |  |  |  |  |  |  |
|  | December 31, |  |  |  |  |  |  |
(Thousands of dollars) |  | 2010 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Domestic equity securities |  | $ | 27,411 |  | $ | 27,411 |  | $ | – |  | $ | – |
Corporate bonds |  | 19,570 |  | – |  | 19,570 |  | – |
Collective investment funds |  | 12,889 |  | – |  | 12,889 |  | – |
Foreign equity securities |  | 7,410 |  | 7,410 |  | – |  | – |
Fixed income mutual funds |  | 6,073 |  | 6,073 |  | – |  | – |
Money market funds |  | 5,337 |  | 5,337 |  | – |  | – |
U.S. Treasury STRIPS |  | 3,135 |  | – |  | 3,135 |  | – |
Emerging markets- equity |  | 3,012 |  | 3,012 |  | – |  | – |
Mutual funds-equities |  | 2,892 |  | 2,892 |  | – |  | – |
Real estate mutual fund |  | 2,042 |  | 2,042 |  | – |  | – |
Exchange traded funds- fixed income |  | 1,787 |  | 1,787 |  | – |  | – |
Municipal bonds |  | 1,713 |  | – |  | 1,713 |  | – |
Other |  | 367 |  | 204 |  | 163 |  | – |
Total Assets |  | $ | 93,638 |  | $ | 56,168 |  | $ | 37,470 |  | $ | –
Schedule of assumptions used in determining pension information for plans |
|  | Years ended December 31, |
|  | 2011 |  | 2010 |  | 2009 |
Weighted-average assumptions |  |  |  |  |  |  |
Discount rate used to determine obligations |  | 3.75-4.70% |  | 4.45-5.65% |  | 5.25-6.25% |
Discount rate used to determine net periodic benefit cost |  | 4.45-5.65% |  | 5.25-6.25% |  | 6.25% |
Expected return on plan assets |  | 7.00-7.50% |  | 7.25-7.75% |  | 7.50% |
Long-term rate of increase in compensation levels |  | 4.00-5.00% |  | 4.00-5.00% |  | 4.00-5.00%
Schedule of the funded status |
|  | 2011 |  | 2010 |
|  | Accumulated |  | Assets exceed |  | Accumulated |
December 31, |  | benefits |  | accumulated |  | benefits |
(Thousands of dollars) |  | exceed assets |  | benefits |  | exceed assets |
Reconciliation of benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 173,023 |  | $ | – |  | $ | 147,915 |
Service cost |  | 7,523 |  | 1,370 |  | 4,997 |
Interest cost |  | 9,025 |  | 3,258 |  | 5,454 |
Actuarial losses |  | 19,637 |  | 4,896 |  | 10,013 |
Benefits paid |  | (4,668 | ) | (2,563 | ) | (2,317 | )
Plan split |  | – |  | 55,648 |  | (55,648 | )
Benefit obligation at end of year |  | $ | 204,540 |  | $ | 62,609 |  | $ | 110,414 |
Reconciliation of fair value of plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 93,638 |  | $ | – |  | $ | 84,829 |
Actual return on plan assets |  | 807 |  | 7,106 |  | 4,513 |
Employer contributions |  | 1,735 |  | – |  | 2,070 |
Benefits paid |  | (4,668 | ) | (2,563 | ) | (2,317 | )
Plan split |  | – |  | 59,152 |  | (59,152 | )
Fair value of plan assets at end of year |  | $ | 91,512 |  | $ | 63,695 |  | $ | 29,943 |
Funded status |  | $ | (113,028 | ) | $ | 1,086 |  | $ | (80,471 | )
Schedule of net periodic cost of benefits of plans |
|  | Years ended December 31, |
(Thousands of dollars) |  | 2011 |  | 2010 |  | 2009 |
Components of net periodic benefit cost: |  |  |  |  |  |  |
Service cost |  | $ | 7,550 |  | $ | 6,367 |  | $ | 6,040 |
Interest cost |  | 8,997 |  | 8,712 |  | 8,183 |
Expected return on plan assets |  | (6,598 | ) | (6,218 | ) | (4,761 | )
Amortization and other |  | 4,027 |  | 4,046 |  | 5,017 |
Net periodic benefit cost |  | $ | 13,976 |  | $ | 12,907 |  | $ | 14,479
Schedule of amounts not reflected in net periodic benefit cost and included in accumulated other comprehensive income (AOCI) before taxes |
(Thousands of dollars) |  | 2011 |  | 2010 |
Accumulated loss, net of gain |  | $ | (81,708 | ) | $ | (54,752 | )
Prior service cost, net of credit |  | (6,351 | ) | (7,280 | )
Transitional obligation |  | – |  | (16 | )
Total Accumulated Other Comprehensive Income |  | $ | (88,059 | ) | $ | (62,048 | )
Schedule of amounts in AOCI expected to be recognized as components of net periodic benefit cost in 2012 |
(Thousands of dollars) |  | 2012 |
Prior service cost, net of credit |  | $ | 844 |
Transition obligation |  | 5,227 |
Estimated net periodic benefit cost |  | $ | 6,071

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