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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2013
Employee Benefit Plans [Abstract] |
Employee Benefit Plans | 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) |  | 2013 |  | 2012
Projected benefit obligation: |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 67,087 |  |  | $ | 53,972 |
Service cost |  |  | 3,452 |  |  |  | 2,799 |
Interest cost |  |  | 2,819 |  |  |  | 2,570 |
Actuarial (gain) loss |  |  | (8,496 | ) |  |  | 9,063 |
Benefits paid |  |  | (1,423 | ) |  |  | (1,317 | )
Balance, December 31 |  | $ | 63,439 |  |  | $ | 67,087 |
Plan assets: |  |  |  |  |  |  |  |
Fair value, January 1 |  | $ | 61,384 |  |  | $ | 53,895 |
Actual return |  |  | 9,166 |  |  |  | 6,556 |
Employer contribution |  |  | 1,500 |  |  |  | 2,250 |
Benefits paid |  |  | (1,423 | ) |  |  | (1,317 | )
Fair value, December 31 |  | $ | 70,627 |  |  | $ | 61,384 |
Funded status: |  |  |  |  |  |  |  |
Accrued pension asset (liability) |  | $ | 7,188 |  |  | $ | (5,703 | )
The following represent the major assumptions used to determine the projected benefit obligation of the Plan. For 2013, 2012 and 2011, the Plan's expected benefit cash flows were discounted using the Citibank Above Median Curve.
|  | 2013 |  | 2012 |  | 2011
Weighted average discount rate |  | 5.00 | % |  | 4.25 | % |  | 4.75 | %
Rate of increase in compensation levels |  | 3.75 | % |  | 3.75 | % |  | 4.00 | %
The accumulated benefit obligation was $52,187,000 and $54,094,000 as of December 31, 2013 and 2012, respectively. The Company expects to contribute approximately $2,000,000 to the Plan in 2014. The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the Plan:
|  | Amount
2014 |  | $ | 1,583,000
2015 |  |  | 1,706,000
2016 |  |  | 1,909,000
2017 |  |  | 2,113,000
2018 |  |  | 2,524,000
2019-2023 |  |  | 16,411,000
The Plan's pension cost included the following components:
|  | For the Year Ended
|  | December 31,
(In thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |
Service cost - benefits earned during the year |  | $ | 3,452 |  |  | $ | 2,799 |  |  | $ | 2,073 |
Interest cost on projected benefit obligations |  |  | 2,819 |  |  |  | 2,570 |  |  |  | 2,423 |
Expected return on plan assets |  |  | (4,469 | ) |  |  | (3,967 | ) |  |  | (3,314 | )
Net amortization and deferral |  |  | 1,729 |  |  |  | 1,473 |  |  |  | 603 |
Net periodic pension cost |  | $ | 3,531 |  |  | $ | 2,875 |  |  | $ | 1,785 |
The following represent the major assumptions used to determine the net pension cost of the Plan:
|  | 2013 |  | 2012 |  | 2011
Weighted average discount rate |  | 4.25 | % |  | 4.75 | % |  | 5.75 | %
Rate of increase in compensation levels |  | 3.75 | % |  | 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 is 7.00%. The expected one year nominal returns and annual standard deviations are shown by asset class below:
|  | % of Total |  | One-Year Nominal |  | Annual Standard
Asset Class |  | Portfolio |  | Return |  | Deviation
Core Fixed Income |  | 50 | % |  | 4.59 | % |  | 6.45 | %
Large Cap U.S. Equities |  | 27 | % |  | 8.06 | % |  | 17.80 | %
Small Cap U.S. Equities |  | 7 | % |  | 9.82 | % |  | 26.20 | %
International (Developed) |  | 15 | % |  | 8.21 | % |  | 20.40 | %
International (Emerging) |  | 1 | % |  | 11.13 | % |  | 31.15 | %
Applying appropriate correlation factors between each of the asset classes and based on a distribution of geometric returns over a 30-year period, a reasonable range of returns is expected to be 4.77% to 7.27%. The 7.00% assumption falls within the expected range. A summary of the fair value measurements by type of asset is as follows:
|  | Fair Value Measurements as of December 31,
|  | 2013 |  | 2012
|  |  |  |  | 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 |  | $ | 245 |  | $ | 245 |  | $ | - |  | $ | 238 |  | $ | 238 |  | $ | -
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Large Cap Growth |  |  | 6,650 |  |  | - |  |  | 6,650 |  |  | 5,193 |  |  | - |  |  | 5,193
U.S. Large Cap Value |  |  | 6,835 |  |  | - |  |  | 6,835 |  |  | 5,317 |  |  | - |  |  | 5,317
U.S. Small/Mid Cap Growth |  |  | 2,825 |  |  | - |  |  | 2,825 |  |  | 2,159 |  |  | - |  |  | 2,159
U.S. Small/Mid Cap Value |  |  | 2,784 |  |  | - |  |  | 2,784 |  |  | 2,167 |  |  | - |  |  | 2,167
Non-U.S. Core |  |  | 10,840 |  |  | - |  |  | 10,840 |  |  | 9,478 |  |  | - |  |  | 9,478
U.S. Large Cap Passive |  |  | 6,929 |  |  | - |  |  | 6,929 |  |  | 6,004 |  |  | - |  |  | 6,004
Emerging Markets |  |  | 711 |  |  | - |  |  | 711 |  |  | 732 |  |  | - |  |  | 732
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Core |  |  | 22,720 |  |  | - |  |  | 22,720 |  |  | 22,189 |  |  | - |  |  | 22,189
U.S. Passive |  |  | 8,747 |  |  | - |  |  | 8,747 |  |  | 7,907 |  |  | - |  |  | 7,907
Opportunistic |  |  | 1,341 |  |  | - |  |  | 1,341 |  |  | - |  |  | - |  |  | -
Total |  | $ | 70,627 |  | $ | 245 |  | $ | 70,382 |  | $ | 61,384 |  | $ | 238 |  | $ | 61,146
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) |  | 2013 |  | 2012
Benefit obligation: |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 8,482 |  |  | $ | 7,434 |
Service cost |  |  | 144 |  |  |  | 115 |
Interest cost |  |  | 335 |  |  |  | 307 |
Benefits paid |  |  | (236 | ) |  |  | (236 | )
Actuarial (gain) loss |  |  | (677 | ) |  |  | 862 |
Balance, December 31 |  | $ | 8,048 |  |  | $ | 8,482 |
The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2013, 2012 and 2011, the SERP's expected benefit cash flows were discounted using the Citigroup Above Median Curve.
|  | 2013 |  | 2012 |  | 2011
Weighted average discount rate |  | 4.75 | % |  | 4.00 | % |  | 4.50 | %
Rate of increase in compensation levels |  | 3.75 | % |  | 3.75 | % |  | 4.00 | %
The accumulated benefit obligation was $5,917,000 and $6,200,000 as of December 31, 2013 and 2012, respectively. Since this is an unfunded plan there are no plan assets. Benefits paid were $236,000 in 2013, $236,000 in 2012 and $236,000 in 2011. Expected future benefits payable by the Company over the next 10 years are as follows:
| Amount
2014 | $ | 236,000
2015 |  | 235,000
2016 |  | 245,000
2017 |  | 260,000
2018 |  | 340,000
2019-2023 |  | 2,564,000
The SERP's pension cost included the following components:
|  | For the Year Ended December 31,
(In thousands) |  | 2013 |  | 2012 |  | 2011
Service cost - benefits earned during the year |  | $ | 144 |  | $ | 115 |  | $ | 89
Interest cost on projected benefit obligations |  |  | 335 |  |  | 307 |  |  | 295
Net amortization and deferral |  |  | 551 |  |  | 360 |  |  | 250
Net periodic pension cost |  | $ | 1,030 |  | $ | 782 |  | $ | 634
The pre-tax amounts in accumulated other comprehensive loss as of December 31, were as follows:
|  | The Plan |  | SERP
(In thousands) |  | 2013 |  | 2012 |  | 2013 |  | 2012
Prior service cost |  | $ | 8 |  | $ | 16 |  | $ | - |  | $ | -
Net actuarial loss |  |  | 11,471 |  |  | 26,385 |  |  | 3,075 |  |  | 4,304
Total |  | $ | 11,479 |  | $ | 26,401 |  | $ | 3,075 |  | $ | 4,304
The estimated pre-tax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2013 expected to be recognized as components of net periodic benefit cost in 2014 for the Plan are $3,073,000 and $386,000, respectively. The estimated pre-tax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2013 expected to be recognized as components of net periodic benefit cost in 2014 for the SERP are $136,000 and $431,000 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 2013, 2012 and 2011 was $5,065,000, $5,213,000, and $5,270,000, 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 2013, 2012 and 2011 were $591,000, $537,000, and $497,000, respectively.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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