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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2014
Employee Benefit Plans [Abstract] |
Components of accumulated other comprehensive income (loss), net periodic benefit cost | The Company expects that $2.4 million in net actuarial loss and $0.2 million in prior service costs will be recognized as components of net periodic benefit cost in 2015.
| Pension Benefits |  | Other Benefits |
(In thousands) | 2014 |  | 2013 |  | 2014 |  | 2013 |
Net actuarial loss |  | $ | 28,767 |  |  | $ | 11,286 |  |  | $ | 2,929 |  |  | $ | 1,628 |
Prior service cost |  |  | 97 |  |  |  | 118 |  |  |  | (314 | ) |  |  | (521 | )
Total amounts recognized in accumulated other comprehensive loss (pre-tax) |  | $ | 28,864 |  |  | $ | 11,404 |  |  | $ | 2,615 |  |  | $ | 1,107 |
Changes in benefit obligations, changes in plan assets, and the funded status of the pension plans and postretirement benefits | A December 31 measurement date is used for the pension, supplemental pension and postretirement benefit plans. The following table sets forth changes in benefit obligations, changes in plan assets, and the funded status of the pension plans and other postretirement benefits:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 85,667 |  |  | $ | 85,130 |  |  | $ | 7,428 |  |  | $ | 4,071 |
Service cost |  |  | 2,290 |  |  |  | 2,493 |  |  |  | 16 |  |  |  | 23 |
Interest cost |  |  | 4,142 |  |  |  | 3,223 |  |  |  | 347 |  |  |  | 286 |
Plan participants' contributions |  |  | - |  |  |  | - |  |  |  | 266 |  |  |  | 269 |
Actuarial(gain) loss |  |  | 12,501 |  |  |  | (10,853 | ) |  |  | 1,452 |  |  |  | (369 | )
Amendments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (54 | )
Acquisition |  |  | - |  |  |  | 10,958 |  |  |  | - |  |  |  | 3,928 |
Benefits paid |  |  | (6,044 | ) |  |  | (5,284 | ) |  |  | (799 | ) |  |  | (726 | )
Projected benefit obligation at end of year |  |  | 98,556 |  |  |  | 85,667 |  |  |  | 8,710 |  |  |  | 7,428 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 118,574 |  |  |  | 99,705 |  |  |  | - |  |  |  | - |
Actual return on plan assets |  |  | 3,950 |  |  |  | 18,451 |  |  |  | - |  |  |  | - |
Acquisition |  |  | - |  |  |  | 4,994 |  |  |  | - |  |  |  | - |
Employer contributions |  |  | 752 |  |  |  | 708 |  |  |  | 533 |  |  |  | 457 |
Plan participants' contributions |  |  | - |  |  |  | - |  |  |  | 266 |  |  |  | 269 |
Benefits paid |  |  | (6,044 | ) |  |  | (5,284 | ) |  |  | (799 | ) |  |  | (726 | )
Fair value of plan assets at end of year |  |  | 117,232 |  |  |  | 118,574 |  |  |  | - |  |  |  | - |
Funded status at year end |  | $ | 18,676 |  |  | $ | 32,907 |  |  | $ | (8,710 | ) |  | $ | (7,428 | )
Amounts recognized in balance sheet | The funded status of the pension and other postretirement benefit plans has been recognized as follows in the consolidated balance sheets at December 31, 2014 and 2013.
| Pension Benefits |  | Other Benefits |
(In thousands) | 2014 |  | 2013 |  | 2014 |  | 2013 |
Other assets |  | $ | 39,044 |  |  | $ | 48,189 |  |  | $ | - |  |  | $ | - |
Other liabilities |  |  | (20,368 | ) |  |  | (15,282 | ) |  |  | (8,710 | ) |  |  | (7,428 | )
Funded status |  | $ | 18,676 |  |  | $ | 32,907 |  |  | $ | (8,710 | ) |  | $ | (7,428 | )
Assumptions used to determine benefit obligations and net periodic pension cost | The following assumptions were used to determine the benefit obligation and the net periodic pension cost for the years indicated:
|  | Years ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Weighted average assumptions: |  |  |  |  |  |  |  |  |
The following assumptions were used to determine benefit obligations: |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.19% - 4.30 | % |  |  | 4.90%-5.05 | % |  |  | 3.50 | %
Expected long-term return on plan assets |  |  | 7.50 | % |  |  | 7.50 | % |  |  | 7.50 | %
Rate of compensation increase |  |  | 3.00%-3.75 | % |  |  | 3.00 | % |  |  | 3.00 | %
The following assumptions were used to determine net periodic pension cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.90%-5.05 | % |  |  | 3.50 | % |  |  | 4.10 | %
Expected long-term return on plan assets |  |  | 7.50 | % |  |  | 7.50 | % |  |  | 7.50 | %
Rate of compensation increase |  |  | 3.00%-3.75 | % |  |  | 3.00 | % |  |  | 3.00 | %
Components of net periodic pension benefits and other benefit costs | Net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for the years ended December 31 included the following components:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 2,290 |  |  | $ | 2,493 |  |  | $ | 3,122 |  |  | $ | 16 |  |  | $ | 23 |  |  | $ | 20 |
Interest cost |  |  | 4,142 |  |  |  | 3,223 |  |  |  | 3,145 |  |  |  | 347 |  |  |  | 286 |  |  |  | 155 |
Expected return on plan assets |  |  | (8,681 | ) |  |  | (7,804 | ) |  |  | (6,686 | ) |  |  | - |  |  |  | - |  |  |  | - |
Amortization of prior service cost |  |  | 23 |  |  |  | 23 |  |  |  | 283 |  |  |  | (206 | ) |  |  | (205 | ) |  |  | (202 | )
Amortization of unrecognized net loss |  |  | 79 |  |  |  | 2,692 |  |  |  | 3,330 |  |  |  | 151 |  |  |  | 280 |  |  |  | 182 |
Net periodic pension cost |  | $ | (2,147 | ) |  | $ | 627 |  |  | $ | 3,194 |  |  | $ | 308 |  |  | $ | 384 |  |  | $ | 155 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | 17,233 |  |  | $ | (21,500 | ) |  | $ | 894 |  |  | $ | 1,452 |  |  | $ | (369 | ) |  | $ | 136 |
Prior service cost |  |  | - |  |  |  | - |  |  |  | (1,006 | ) |  |  | - |  |  |  | (54 | ) |  |  | - |
Amortization of prior service cost |  |  | (23 | ) |  |  | (23 | ) |  |  | (283 | ) |  |  | 206 |  |  |  | 205 |  |  |  | 202 |
Amortization of unrecognized net gain |  |  | (79 | ) |  |  | (2,692 | ) |  |  | (3,330 | ) |  |  | (151 | ) |  |  | (280 | ) |  |  | (182 | )
Total recognized in other comprehensive loss (income) |  |  | 17,131 |  |  |  | (24,215 | ) |  |  | (3,725 | ) |  |  | 1,507 |  |  |  | (498 | ) |  |  | 156 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) - pre-tax |  | $ | 14,984 |  |  | $ | (23,588 | ) |  | $ | (531 | ) |  | $ | 1,815 |  |  | $ | (114 | ) |  | $ | 311 |
Estimated future benefit payments for the pension plans and other postretirement benefit plans | The following table sets forth estimated future benefit payments for the pension plans and other postretirement benefit plans:
(In thousands) |  | Pension Benefits |  |  | Other Benefits |
2015 |  |  | 6,011 |  |  |  | 538 |
2016 |  |  | 6,221 |  |  |  | 549 |
2017 |  |  | 9,473 |  |  |  | 571 |
2018 |  |  | 7,100 |  |  |  | 592 |
2019 |  |  | 6,953 |  |  |  | 578 |
2020 - 2024 |  |  | 40,351 |  |  |  | 2,881 |
Effect of one-percentage point change in assumed health care cost trend rates | A one-percentage point change in the health care trend rates would have the following effects as of and for the year ended December 31, 2014:
(In thousands) |  | One Percentage point increase |  |  | One Percentage point decrease |
Increase (decrease) on total service and interest cost components |  | $ | 39 |  |  | $ | (33 | )
Increase (decrease) on postretirement accumulated benefit obligation |  |  | 895 |  |  |  | (764 | )
Target and actual allocations of defined benefit pension plan's assets | The target and actual allocations expressed as a percentage of the defined benefit pension plan’s assets are as follows:
|  | Target 2014 |  |  | 2014 |  |  | 2013 |
Cash and cash equivalents |  |  | 0 - 20 | % |  |  | 4 | % |  |  | 6 | %
Fixed income securities |  |  | 20 - 40 | % |  |  | 38 | % |  |  | 27 | %
Equities |  |  | 40 - 80 | % |  |  | 58 | % |  |  | 67 | %
Total |  |  |  |  |  |  | 100 | % |  |  | 100 | %
Financial instruments recorded at fair value on a recurring basis by the Plan | The following table presents the financial instruments recorded at fair value on a recurring basis by the Plan as of December 31, 2014 and 2013:
(In thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Balance as of December 31, 2014 |
Cash and cash equivalents |  | $ | 4,423 |  |  | $ | - |  |  | $ | 4,423 |
Foreign equity mutual funds |  |  | 38,581 |  |  |  | - |  |  |  | 38,581 |
Equity mutual funds |  |  | 29,718 |  |  |  | - |  |  |  | 29,718 |
U.S. government bonds |  |  | - |  |  |  | 4,420 |  |  |  | 4,420 |
Corporate bonds |  |  | - |  |  |  | 40,090 |  |  |  | 40,090 |
Totals |  | $ | 72,722 |  |  | $ | 44,510 |  |  | $ | 117,232 |
(In thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Balance as of December 31, 2013 |
Cash and cash equivalents |  | $ | 7,533 |  |  | $ | - |  |  | $ | 7,533 |
Foreign equity mutual funds |  |  | 15,653 |  |  |  | - |  |  |  | 15,653 |
Equity mutual funds |  |  | 16,727 |  |  |  | - |  |  |  | 16,727 |
U.S. government bonds |  |  | - |  |  |  | 9,355 |  |  |  | 9,355 |
Corporate bonds |  |  | - |  |  |  | 19,665 |  |  |  | 19,665 |
Common stock |  |  | 44,532 |  |  |  | - |  |  |  | 44,532 |
Municipal bonds and notes |  |  | - |  |  |  | 1,451 |  |  |  | 1,451 |
Foreign bonds and notes |  |  | - |  |  |  | 1,392 |  |  |  | 1,392 |
Foreign equity |  |  | 2,266 |  |  |  | - |  |  |  | 2,266 |
Totals |  | $ | 86,711 |  |  | $ | 31,863 |  |  | $ | 118,574 |

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- 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=35743120&loc=d3e1928-114920 + Details
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- 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=35743120&loc=d3e1928-114920 + Details
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