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Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Key Assumptions used in Determining Benefit Plan Costs and Obligations

The following table includes the key assumptions used in determining the Company’s benefit plan costs and obligations:

		2013				2012				2011
Used to Determine Plan costs for years ended December 31:
Discount Rate			4.00	%			4.60	%			5.35	%
Rate of Compensation Increase			3.00	%			3.00	%			3.50	%
Expected Long-term rate of return on plan assets			8.50	%			8.50	%			8.50	%
Health Care Cost Trend Rate Assumed for Next Year			8.00	%			6.50	%			7.00	%
Ultimate Health Care Cost Trend Rate			4.00	%			4.00	%			4.00	%
Year that Ultimate Health Care Cost Trend Rate is reached			2017				2017				2017
Effect of 1% Increase in Health Care Cost Trend Rate (000’s)		$	1,169			$	981			$	909
Effect of 1% Decrease in Health Care Cost Trend Rate (000’s)		$	(895	)		$	(756	)		$	(705	)
Used to Determine Benefit Obligations at December 31:
Discount Rate			4.80	%			4.00	%			4.60	%
Rate of Compensation Increase			3.00	%			3.00	%			3.00	%
Health Care Cost Trend Rate Assumed for Next Year			8.00	%			8.00	%			6.50	%
Ultimate Health Care Cost Trend Rate			4.00	%			4.00	%			4.00	%
Year that Ultimate Health care Cost Trend Rate is reached			2018				2017				2017
Effect of 1% Increase in Health Care Cost Trend Rate (000’s)		$	9,957			$	11,808			$	9,109
Effect of 1% Decrease in Health Care Cost Trend Rate (000’s)		$	(7,942	)		$	(9,291	)		$	(7,217	)

Components of Retirement Plan Costs

The following table provides the components of the Company’s Retirement plan costs ($000’s):

		Pension Plan												PBOP Plan												SERP
		2013				2012				2011				2013				2012				2011				2013				2012				2011
Service Cost		$	3,573			$	3,227			$	2,941			$	2,523			$	2,066			$	1,918			$	73			$	289			$	285
Interest Cost			4,567				4,633				4,684				2,448				2,303				2,279				241				211				227
Expected Return on Plan Assets			(5,955	)			(5,390	)			(4,840	)			(722	)			(695	)			(818	)			—				—				—
Prior Service Cost Amortization			208				188				249				1,701				1,729				1,729				11				11				11
Transition Obligation Amortization			—				—				—				—				21				21				—				—				—
Actuarial Loss Amortization			4,229				3,617				3,132				786				129				—				184				64				78
Sub-total			6,622				6,275				6,166				6,736				5,553				5,129				509				575				601
Amounts Capitalized and Deferred			(2,929	)			(2,726	)			(2,590	)			(3,010	)			(2,127	)			(1,622	)			—				—				—
NPBC Recognized		$	3,693			$	3,549			$	3,576			$	3,726			$	3,426			$	3,507			$	509			$	575			$	601

Plans' Assets, Projected Benefit Obligations (PBO), and Funded Status

The following table represents information on the plans’ assets, projected benefit obligations (PBO), and funded status ($000’s):

		Pension Plan								PBOP Plan								SERP
Change in Plan Assets:		2013				2012				2013				2012				2013				2012
Plan Assets at Beginning of Year		$	72,411			$	59,700			$	8,301			$	7,339			$	—			$	—
Actual Return on Plan Assets			10,204				7,780				1,154				837				—				—
Employer Contributions			3,700				9,387				3,280				2,190				53				53
Participant Contributions			—				—				36				18				—				—
Acquired Plan Assets			—				—				—				—				—				—
Benefits Paid			(3,764	)			(4,456	)			(1,942	)			(2,083	)			(53	)			(53	)
Plan Assets at End of Year		$	82,551			$	72,411			$	10,829			$	8,301			$	—			$	—
Change in PBO:
PBO at Beginning of Year		$	116,492			$	102,719			$	62,092			$	50,930			$	6,207			$	4,615
Service Cost			3,573				3,227				2,523				2,066				73				289
Interest Cost			4,567				4,633				2,448				2,303				241				211
Participant Contributions			—				—				36				18				—				—
Plan Amendments			—				617				(183	)			(318	)			—				—
Benefits Paid			(3,764	)			(4,456	)			(1,942	)			(2,083	)			(53	)			(53	)
Actuarial (Gain) or Loss			(12,573	)			9,752				(8,075	)			9,176				(611	)			1,145
PBO at End of Year		$	108,295			$	116,492			$	56,899			$	62,092			$	5,857			$	6,207
Funded Status: Assets vs PBO		$	(25,744	)		$	(44,081	)		$	(46,070	)		$	(53,791	)		$	(5,857	)		$	(6,207	)

Employer Contributions, Participant Contributions and Benefit Payments

The following table represents employer contributions, participant contributions and benefit payments ($000’s).

		Pension Plan												PBOP Plan												SERP
		2013				2012				2011				2013				2012				2011				2013				2012				2011
Employer Contributions		$	3,700			$	9,387			$	8,813			$	3,280			$	2,190			$	—			$	53			$	53			$	53
Participant Contributions		$	—			$	—			$	—			$	36			$	18			$	13			$	—			$	—			$	—
Benefit Payments		$	3,764			$	4,456			$	3,438			$	1,942			$	2,083			$	1,644			$	53			$	53			$	53

Estimated Future Benefit Payments

The following table represents estimated future benefit payments ($000’s).

Estimated Future Benefit Payments
		Pension				PBOP				SERP
2014		$	4,495			$	1,914			$	384
2015			4,617				2,056				380
2016			4,742				2,129				375
2017			5,050				2,277				369
2018			5,188				2,404				364
2019 - 2023		$	31,826			$	14,496			$	1,925

Actual Investment Allocations

The actual investment allocations are shown in the tables below.

Pension Plan		Target Allocation 2014				Actual Allocation at December 31,
						2013				2012				2011
Equity Funds			48	%			54	%			48	%			49	%
Debt Funds			37	%			32	%			47	%			46	%
Real Estate Fund			10	%			1	%			0	%			0	%
Asset Allocation Fund(1)			5	%			5	%			5	%			5	%
Other(2)			0	%			8	%			0	%			0	%
Total							100	%			100	%			100	%

⁽¹⁾ Represents investments in an asset allocation fund. This fund invests in both equity and debt securities.

⁽²⁾ Represents investments being held in cash equivalents as of December 31, 2013 pending transfer into a Real Estate Fund.

PBOP Plan		Target Allocation 2014				Actual Allocation at December 31,
						2013				2012				2011
Equity Funds			55	%			57	%			56	%			55	%
Debt Funds			45	%			43	%			44	%			45	%
Total							100	%			100	%			100	%

Fair Value of Pension Plan Investments Estimated using Net Asset Value

The following tables set forth additional disclosures of Pension Plan investments whose fair value is estimated using net asset value per share as of December 31, 2013. There were no Pension Plan investments whose fair value is estimated using net asset value per share as of December 31, 2012:

		Fair Value Estimated Using NAV Per Share
		December 31, 2013
Description		Fair Value		Unfunded Commitment		Redemption Frequency		Redemption Notice Period
SEI Core Property Collective Investment Trust Fund(1)		$1,125,000		$—		Quarterly		65 days

⁽¹⁾  The SEI Core Property Collective Investment Trust Fund, through the SEI Core Property Fund, seeks both current income and long-term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties.

Summary of Changes in the Fair Value of the Pension Plan Level 3 Assets

The table below sets forth a summary of changes in the fair value of the Pension Plan’s Level 3 assets for the year ended December 31, 2013:

		Level 3 Assets
		SEI Core  Property Collective Investment Trust Fund
Balance at December 31, 2012		$	—
Purchases			1,125,000
Balance at December 31, 2013		$	1,125,000
Amount of Total Gains or Losses for the Year Attributable to the Change in Unrealized Gains or Losses Relating to Assets Still Held at December 31, 2013		$	—

Pension Plans

Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis for the Pension Plan as of December 31, 2013 and 2012 are as follows ($000’s):

		Fair Value Measurements at Reporting Date Using
Description		Balance as of December 31,				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
2013
Pension Plan Assets:
Equity Funds		$	44,201			$	44,201			$	—			$	—
Fixed Income Funds			26,276				26,276				—				—
Asset Allocation Fund			4,574				4,574				—				—
Real Estate Fund			1,125				—				—				1,125
Cash Equivalents			6,375				6,375				—				—
Total Assets		$	82,551			$	81,426			$	—			$	1,125
2012
Pension Plan Assets:
Equity Funds		$	34,742			$	34,742			$	—			$	—
Fixed Income Funds			34,251				34,251				—				—
Asset Allocation Fund			3,418				3,418				—				—
Total Assets		$	72,411			$	72,411			$	—			$	—

Other Postretirement Benefit Plans, Defined Benefit

Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis for the PBOP Plan as of December 31, 2013 and 2012 are as follows ($000’s):

		Fair Value Measurements at Reporting Date Using
Description		Balance as of December 31,				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
2013
PBOP Plan Assets:
Mutual Funds:
Fixed Income Funds		$	4,689			$	4,689			$	—			$	—
Index Funds			4,467				4,467
Equity Funds			1,673				1,673
Total Assets		$	10,829			$	10,829			$	—			$	—
2012
PBOP Plan Assets:
Mutual Funds:
Fixed Income Funds		$	3,670			$	3,670			$	—			$	—
Index Funds			3,357				3,357
Equity Funds			1,274				1,274
Total Assets		$	8,301			$	8,301			$	—			$	—

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