v2.4.0.8

Pension, Postretirement and Postemployment Benefits (Tables)

12 Months Ended

Dec. 31, 2013

Pension, Postretirement and Postemployment Benefits

Pool pension plan

		Pension Benefits
		2013			2012
		(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year		$	29,205		$	26,659
Remeasurement			—			—
Interest cost			1,078			1,116
Actuarial loss (gain)			(3,360	)		2,107
Benefit payments			(730	)		(677	)
​	​	​	​	​	​	​	​
Benefit obligation at end of year(1)		$	26,193		$	29,205
​	​	​	​	​	​	​	​
Change in plan assets:
Fair value of plan assets at beginning of year		$	18,780		$	16,352
Actual (loss) returns on plan assets			2,736			1,598
Employer contributions			598			1,507
Benefit payments			(730	)		(677	)
​	​	​	​	​	​	​	​
Fair value of plan assets at end of year		$	21,384		$	18,780
​	​	​	​	​	​	​	​
Funded status:
Underfunded status at end of year		$	(4,809	)	$	(10,425	)
Amounts recognized in consolidated balance sheets:
Other long-term liabilities		$	(4,809	)	$	(10,425	)

(1)

As of December 31, 2013 and 2012, the accumulated benefit obligation was the same as the projected benefit obligation.

		Year Ended December 31,
		2013			2012			2011
		(In thousands)
Components of net periodic benefit cost (recognized in our consolidated statements of income):
Interest cost		$	1,078		$	1,116		$	1,198
Expected return on plan assets			(1,210	)		(1,086	)		(1,008	)
Recognized net actuarial loss			1,123			1,034			628
​	​	​	​	​	​	​	​	​	​	​
Net periodic benefit cost		$	991		$	1,064		$	818
​	​	​	​	​	​	​	​	​	​	​
Weighted-average assumptions:
Weighted-average discount rates			4.75	%		3.75	%		4.25	%
Expected long-term rate of return on plan assets			6.50	%		6.50	%		6.50	%

Investments within the fair value of Pool Pension Plan

		Fair Value as of December 31, 2013
		Level 1			Level 2			Level 3			Total
		(In thousands)
Assets:(1)
Cash		$	—		$	558		$	—		$	558
Short-term investments:
Available-for-sale equity securities(2)			—			11,988			—			11,988
Available-for-sale debt securities(3)			—			8,838			—			8,838
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total investments			—			20,826			—			20,826
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total		$	—		$	21,384		$	—		$	21,384
​	​	​	​	​	​	​	​	​	​	​	​	​	​

(1)

Includes investments in collective trust funds that are valued based on the fair value of the underlying investments using quoted prices in active markets or other significant inputs that are deemed observable.

(2)

Includes funds that invest primarily in U.S. common stocks and foreign equity securities.

(3)

Includes funds that invest primarily in investment grade debt.

Weighted-average asset allocations of Pool Pension Plan

		Pension Benefits
		2013			2012
Cash			3	%		3	%
Equity securities			56	%		55	%
Debt securities			41	%		42	%
​	​	​	​	​	​	​	​
Total			100	%		100	%

Benefits paid for five years thereafter

As of December 31, 2013, we expect that benefits to be paid in each of the next five years after 2013 and in the aggregate for the five years thereafter will be as follows:

		(In thousands)
2014		$	1,060
2015			1,171
2016			1,258
2017			1,370
2018			1,476
2019 - 2023			8,602
​	​	​	​	​
		$	14,937
​	​	​	​	​

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Tabular disclosure of weighted-average asset allocations under defined benefit plan.

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Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

+ References

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-Publisher FASB

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-SubTopic 20

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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

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+ References

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-Publisher FASB

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