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Defined Pension Plans | 12 Months Ended
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Dec. 31, 2011
Compensation and Retirement Disclosure [Abstract] |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10 Employee Benefit Plans Defined Benefit Plan The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers most of its employees. The Company accrues and makes contributions designed to fund normal service costs on a current basis using the projected unit credit with service proration method to amortize prior service costs arising from improvements in pension benefits and qualifying service prior to the establishment of the plan over a period of approximately 30 years. A summary of the activity in the Plan’s projected benefit obligation, assets, funded status and amounts recognized in the Company’s consolidated balance sheets is as follows:
|  | December 31,
(In thousands) |  | 2011 |  | 2010
Projected benefit obligation: |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 43,337 |  |  | $ | 36,588 |
Service cost |  |  | 2,073 |  |  |  | 1,771 |
Interest cost |  |  | 2,423 |  |  |  | 2,290 |
Actuarial loss |  |  | 7,357 |  |  |  | 3,853 |
Benefits paid |  |  | (1,218 | ) |  |  | (1,165 | )
Balance, December 31 |  | $ | 53,972 |  |  | $ | 43,337 |
Plan assets: |  |  |  |  |  |  |  |
Fair value, January 1 |  | $ | 45,427 |  |  | $ | 33,362 |
Actual return |  |  | 686 |  |  |  | 3,880 |
Employer contribution |  |  | 9,000 |  |  |  | 9,350 |
Benefits paid |  |  | (1,218 | ) |  |  | (1,165 | )
Fair value, December 31 |  | $ | 53,895 |  |  | $ | 45,427 |
Funded status: |  |  |  |  |  |  |  |
Accrued pension asset (liability) |  | $ | (77 | ) |  | $ | 2,090 |
The following represent the major assumptions used to determine the projected benefit obligation of the Plan. For 2011, 2010 and 2009 the Plan’s expected benefit cash flows were discounted using the Citibank Above Median Curve.
|  | 2011 |  | 2010 |  | 2009
Weighted average discount rate |  | 4.75% |  | 5.75% |  | 6.25%
Rate of increase in compensation levels |  | 4.00% |  | 4.00% |  | 4.00%
The accumulated benefit obligation was $43,421,000 and $34,881,000 as of December 31, 2011 and 2010, respectively. The Company expects to contribute approximately $3,000,000 to the Plan in 2012. The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the Plan:
| Amount
2012 | 1,315,000
2013 | 1,359,000
2014 | 1,512,000
2015 | 1,640,000
2016 | 1,855,000
2017-2021 | 13,025,000
The Plan’s pension cost included the following components:
|  | For the Year Ended
|  | December 31,
(In thousands) |  | 2011 |  | 2010 |  | 2009
Service cost – benefits earned during the year |  | $ | 2,073 |  |  | $ | 1,771 |  |  | $ | 1,606 |
Interest cost on projected benefit obligations |  |  | 2,423 |  |  |  | 2,290 |  |  |  | 2,080 |
Expected return on plan assets |  |  | (3,314 | ) |  |  | (2,440 | ) |  |  | (1,880 | )
Net amortization and deferral |  |  | 603 |  |  |  | 616 |  |  |  | 873 |
Net periodic pension cost |  | $ | 1,785 |  |  | $ | 2,237 |  |  | $ | 2,679 |
The following represent the major assumptions used to determine the net pension cost of the Plan:
| 2011 |  | 2010 |  | 2009
Weighted average discount rate | 5.75% |  | 6.25% |  | 6.50%
Rate of increase in compensation levels | 4.00% |  | 4.00% |  | 4.00%
Expected long-term rate of return on assets | 7.25% |  | 7.25% |  | 7.25%
The investment objective for the Plan is to maximize total return with a tolerance for average risk. Asset allocation is a balance between fixed income and equity investments, with a target allocation of approximately 50% fixed income, 34% US equity and 16% Non-US equity. Due to volatility in the market, this target allocation is not always desirable and asset allocations can fluctuate between acceptable ranges. The fixed income component is invested in pooled investment grade securities. The equity components are invested in pooled large cap, small/mid cap and Non-US stocks. The assumed long-term rate of return on assets, which falls within the expected range, is 7.25% as derived below:
| Expected Long-Term |  |  |  |  |  |  |  |
Asset Class | Return on Class |  | X |  | Allocation |  | = |  | Assumption
Fixed Income | 4 – 6% |  |  |  | 50% |  |  |  | 2.0 – 3.0%
US Equity | 5 – 9% |  |  |  | 34% |  |  |  | 1.7 – 3.1%
Non-US Equity | 5 – 10% |  |  |  | 16% |  |  |  | 0.8 – 1.6%
|  |  |  |  |  |  |  |  | 4.5 – 7.7%
A summary of the fair value measurements by type of asset is as follows:
|  | Fair Value Measurements as of December 31
|  | 2011 |  | 2010
|  |  |  |  | Quoted Prices |  |  |  |  |  |  |  | Quoted Prices |  |  |
|  |  |  |  | in Active |  |  |  |  |  |  |  | in Active |  |  |
|  |  |  |  | Markets for |  | Significant |  |  |  |  | Markets for |  | Significant
|  |  |  |  | Identical |  | Observable |  |  |  |  | Identical |  | Observable
|  |  |  |  | Assets |  | Inputs |  |  |  |  | Assets |  | Inputs
(In thousands) |  | Total |  | (Level 1) |  | (Level 2) |  | Total |  | (Level 1) |  | (Level 2)
Cash |  | $ | 219 |  | $ | 219 |  | $ | — |  | $ | 203 |  | $ | 203 |  | $ | —
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Large Cap Growth |  |  | 4,497 |  |  | — |  |  | 4,497 |  |  | 3,844 |  |  | — |  |  | 3,844
U. S. Large Cap Value |  |  | 4,586 |  |  | — |  |  | 4,586 |  |  | 3,853 |  |  | — |  |  | 3,853
U. S. Small/Mid Cap Growth |  |  | 1,856 |  |  | — |  |  | 1,856 |  |  | 1,594 |  |  | — |  |  | 1,594
U. S. Small/Mid Cap Value |  |  | 1,888 |  |  | — |  |  | 1,888 |  |  | 1,597 |  |  | — |  |  | 1,597
Non-U. S. Core |  |  | 8,470 |  |  | — |  |  | 8,470 |  |  | 7,236 |  |  | — |  |  | 7,236
U. S. Large Cap Passive |  |  | 5,387 |  |  | — |  |  | 5,387 |  |  | 4,542 |  |  | — |  |  | 4,542
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Core Opportunistic |  |  | 19,410 |  |  | — |  |  | 19,410 |  |  | 16,227 |  |  | — |  |  | 16,227
U. S. Passive |  |  | 7,582 |  |  | — |  |  | 7,582 |  |  | 6,331 |  |  | — |  |  | 6,331
Total |  | $ | 53,895 |  | $ | 219 |  | $ | 53,676 |  | $ | 45,427 |  | $ | 203 |  | $ | 45,224
Supplemental Executive Retirement Plan The Company also has an unfunded supplemental executive retirement plan (“SERP”) which covers key executives of the Company. The SERP is a noncontributory plan in which the Company’s subsidiaries make accruals designed to fund normal service costs on a current basis using the same method and criteria as the Plan. A summary of the activity in the SERP’s projected benefit obligation, funded status and amounts recognized in the Company’s consolidated balance sheets is as follows:
|  | December 31,
(In thousands) |  | 2011 |  | 2010
Benefit obligation: |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 5,479 |  |  | $ | 5,369 |
Service cost |  |  | 89 |  |  |  | 78 |
Interest cost |  |  | 295 |  |  |  | 315 |
Benefits paid |  |  | (236 | ) |  |  | (235 | )
Actuarial loss (gain) |  |  | 1,807 |  |  |  | (48 | )
Balance, December 31 |  | $ | 7,434 |  |  | $ | 5,479 |
The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2011, 2010 and 2009, the SERP’s expected benefit cash flows were discounted using the Citigroup Above Median Curve.
|  | 2011 |  | 2010 |  | 2009
Weighted average discount rate |  | 4.50 | % |  | 5.50 | % |  | 6.00 | %
Rate of increase in compensation levels |  | 4.00 | % |  | 4.00 | % |  | 4.00 | %
The accumulated benefit obligation was $5,109,000 and $4,136,000 as of December 31, 2011 and 2010, respectively. Since this is an unfunded plan there are no plan assets. Benefits paid were $236,000 in 2011, $235,000 in 2010 and $317,000 in 2009. Expected future benefits payable by the Company over the next 10 years are as follows:
|  | Amount
2012 |  | 236,000
2013 |  | 235,000
2014 |  | 234,000
2015 |  | 233,000
2016 |  | 245,000
2017-2021 |  | 1,714,000
The SERP’s pension cost included the following components:
|  | For the Year Ended December 31,
(In thousands) |  | 2011 |  | 2010 |  | 2009
Service cost – benefits earned during the year |  | $ | 89 |  | $ | 78 |  | $ | 33
Interest cost on projected benefit obligations |  |  | 295 |  |  | 315 |  |  | 278
Net amortization and deferral |  |  | 250 |  |  | 258 |  |  | 130
Net periodic pension cost |  | $ | 634 |  | $ | 651 |  | $ | 441
The pre-tax amounts in accumulated other comprehensive loss as of December 31, were as follows:
|  | The Plan |  | SERP
(In thousands) |  | 2011 |  | 2010 |  | 2011 |  | 2010
Prior service cost |  | $ | 24 |  | $ | 33 |  | $ | — |  | $ | 50
Net actuarial loss |  |  | 21,376 |  |  | 11,985 |  |  | 3,802 |  |  | 2,194
Total |  | $ | 21,400 |  | $ | 12,018 |  | $ | 3,802 |  | $ | 2,244
The estimated pre-tax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2011 expected to be recognized as components of net periodic benefit cost in 2012 for the Plan are $8,000 and $1,387,000, respectively. The estimated pre-tax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2011, expected to be recognized as components of net periodic benefit cost in 2012 for SERP are $0 and $421,000 respectively. The Company also maintains a noncontributory profit sharing plan, which covers most of its employees. Employer contributions are calculated based upon formulas which relate to current operating results and other factors. Profit sharing expense recognized in the consolidated statements of income in 2011, 2010 and 2009 was $5,270,000, $4,665,000, and $3,668,000, respectively. The Company also sponsors a defined contribution 401(k) plan to provide additional retirement benefits to substantially all employees. Contributions under the 401(k) plan for 2011, 2010 and 2009 were $497,000, $450,000 and $470,000, respectively.

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