XML 84 R18.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Employee Benefit Plans | 12 Months Ended
--- | ---
Dec. 31, 2012
Defined Pension Plans 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:
(In thousands) |  | 2012 |  | 2011
Projected benefit obligation: |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 53,972 |  |  | $ | 43,337 |
Service cost |  |  | 2,799 |  |  |  | 2,073 |
Interest cost |  |  | 2,570 |  |  |  | 2,423 |
Actuarial loss |  |  | 9,063 |  |  |  | 7,357 |
Benefits paid |  |  | (1,317 | ) |  |  | (1,218 | )
Balance, December 31 |  | $ | 67,087 |  |  | $ | 53,972 |
Plan assets: |  |  |  |  |  |  |  |
Fair value, January 1 |  | $ | 53,895 |  |  | $ | 45,427 |
Actual return |  |  | 6,556 |  |  |  | 686 |
Employer contribution |  |  | 2,250 |  |  |  | 9,000 |
Benefits paid |  |  | (1,317 | ) |  |  | (1,218 | )
Fair value, December 31 |  | $ | 61,384 |  |  | $ | 53,895 |
Funded status: |  |  |  |  |  |  |  |
Accrued pension asset (liability) |  | $ | (5,703 | ) |  | $ | (77 | )
The following represent the major assumptions used to determine the projected benefit obligation of the Plan. For 2012, 2011 and 2010, the Plan’s expected benefit cash flows were discounted using the Citibank Above Median Curve.
|  | 2012 |  | 2011 |  | 2010
Weighted average discount rate |  | 4.25 | % |  | 4.75 | % |  | 5.75 | %
Rate of increase in compensation levels |  | 3.75 | % |  | 4.00 | % |  | 4.00 | %
The accumulated benefit obligation was $54,094,000 and $43,421,000 as of December 31, 2012 and 2011, respectively. The Company expects to contribute approximately $2,000,000 to the Plan in 2013. The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the Plan:
| Amount
2013 | $ | 1,401,000
2014 |  | 1,540,000
2015 |  | 1,670,000
2016 |  | 1,884,000
2017 |  | 2,097,000
2018-2022 |  | 14,845,359
The Plan’s pension cost included the following components:
|  | For the Year Ended
|  | December 31,
(In thousands) |  | 2012 |  | 2011 |  | 2010
Service cost – benefits earned during the year |  | $ | 2,799 |  |  | $ | 2,073 |  |  | $ | 1,771 |
Interest cost on projected benefit obligations |  |  | 2,570 |  |  |  | 2,423 |  |  |  | 2,290 |
Expected return on plan assets |  |  | (3,967 | ) |  |  | (3,314 | ) |  |  | (2,440 | )
Net amortization and deferral |  |  | 1,473 |  |  |  | 603 |  |  |  | 616 |
Net periodic pension cost |  | $ | 2,875 |  |  | $ | 1,785 |  |  | $ | 2,237 |
The following represent the major assumptions used to determine the net pension cost of the Plan:
|  | 2012 |  | 2011 |  | 2010
Weighted average discount rate |  | 4.75 | % |  | 5.75 | % |  | 6.25 | %
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% U.S. equity and 16% Non-U.S. 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-U.S. 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 |  | 3 – 5% |  | 50% |  | 1.5 – 2.5%
U.S. Equity |  | 5 – 9% |  | 34% |  | 1.7 – 3.1%
Non-U.S. Equity |  | 5 – 10% |  | 16% |  | 0.8 – 1.7%
|  |  |  |  |  | 4.0 – 7.3%
A summary of the fair value measurements by type of asset is as follows:
|  | Fair Value Measurements as of December 31,
|  | 2012 |  | 2011
(In thousands) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2)
Cash |  | $ | 238 |  | $ | 238 |  | $ | — |  | $ | 219 |  | $ | 219 |  | $ | —
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Large Cap Growth |  |  | 5,193 |  |  | — |  |  | 5,193 |  |  | 4,497 |  |  | — |  |  | 4,497
U. S. Large Cap Value |  |  | 5,317 |  |  | — |  |  | 5,317 |  |  | 4,586 |  |  | — |  |  | 4,586
U. S. Small/Mid Cap Growth |  |  | 2,159 |  |  | — |  |  | 2,159 |  |  | 1,856 |  |  | — |  |  | 1,856
U. S. Small/Mid Cap Value |  |  | 2,167 |  |  | — |  |  | 2,167 |  |  | 1,888 |  |  | — |  |  | 1,888
Non-U. S. Core |  |  | 9,478 |  |  | — |  |  | 9,478 |  |  | 8,470 |  |  | — |  |  | 8,470
U. S. Large Cap Passive |  |  | 6,004 |  |  | — |  |  | 6,004 |  |  | 5,387 |  |  | — |  |  | 5,387
Emerging Markets |  |  | 732 |  |  | — |  |  | 732 |  |  | — |  |  | — |  |  | —
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Core Opportunistic |  |  | 22,189 |  |  | — |  |  | 22,189 |  |  | 19,410 |  |  | — |  |  | 19,410
U. S. Passive |  |  | 7,907 |  |  | — |  |  | 7,907 |  |  | 7,582 |  |  | — |  |  | 7,582
Total |  | $ | 61,384 |  | $ | 238 |  | $ | 61,146 |  | $ | 53,895 |  | $ | 219 |  | $ | 53,676
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) |  | 2012 |  | 2011
Benefit obligation: |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 7,434 |  |  | $ | 5,479 |
Service cost |  |  | 115 |  |  |  | 89 |
Interest cost |  |  | 307 |  |  |  | 295 |
Benefits paid |  |  | (236 | ) |  |  | (236 | )
Actuarial loss (gain) |  |  | 862 |  |  |  | 1,807 |
Balance, December 31 |  | $ | 8,482 |  |  | $ | 7,434 |
The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2012, 2011 and 2010, the SERP’s expected benefit cash flows were discounted using the Citigroup Above Median Curve.
|  | 2012 |  | 2011 |  | 2010
Weighted average discount rate |  | 4.00 | % |  | 4.50 | % |  | 5.50 | %
Rate of increase in compensation levels |  | 3.75 | % |  | 4.00 | % |  | 4.00 | %
The accumulated benefit obligation was $6,200,000 and $5,109,000 as of December 31, 2012 and 2011, respectively. Since this is an unfunded plan there are no plan assets. Benefits paid were $236,000 in 2012, $236,000 in 2011 and $235,000 in 2010. Expected future benefits payable by the Company over the next 10 years are as follows:
| Amount
2013 | $ | 236,000
2014 |  | 235,000
2015 |  | 234,000
2016 |  | 241,000
2017 |  | 254,000
2018-2022 |  | 2,083,000
The SERP’s pension cost included the following components:
| For the Year Ended December 31,
(In thousands) | 2012 |  | 2011 |  | 2010
Service cost – benefits earned during the year | $ | 115 |  | $ | 89 |  | $ | 78
Interest cost on projected benefit obligations |  | 307 |  |  | 295 |  |  | 315
Net amortization and deferral |  | 360 |  |  | 250 |  |  | 258
Net periodic pension cost | $ | 782 |  | $ | 634 |  | $ | 651
The pre-tax amounts in accumulated other comprehensive loss as of December 31, were as follows:
| The Plan |  | SERP
(In thousands) | 2012 |  | 2011 |  | 2012 |  | 2011
Prior service cost | $ | 16 |  | $ | 24 |  | $ | — |  | $ | —
Net actuarial loss |  | 26,385 |  |  | 21,376 |  |  | 4,304 |  |  | 3,802
Total | $ | 26,401 |  | $ | 21,400 |  | $ | 4,304 |  | $ | 3,802
The estimated pre-tax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2012 expected to be recognized as components of net periodic benefit cost in 2013 for the Plan are $3,519,000 and $1,840,000, respectively. The estimated pre-tax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2012 expected to be recognized as components of net periodic benefit cost in 2013 for SERP are $144,000 and $551,000 respectively. The Company also maintains a noncontributory profit sharing program, 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 2012, 2011 and 2010 was $5,213,000, $5,270,000 and $4,665,000, 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 2012, 2011 and 2010 were $537,000, $497,000 and $450,000, respectively.

X
- Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Implementation Guide (Q and A) -Number FAS88 -Paragraph 63 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 106 -Paragraph 518 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 8 -Subparagraph m -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 87 -Paragraph 264 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 30 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-2 -Paragraph 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph h -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph q -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration