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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2014
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) |  | 2014 |  | 2013
Projected benefit obligation: |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 63,439 |  |  | $ | 67,087 |
Service cost |  |  | 3,003 |  |  |  | 3,452 |
Interest cost |  |  | 3,037 |  |  |  | 2,819 |
Actuarial loss (gain) |  |  | 13,349 |  |  |  | (8,496 | )
Benefits paid |  |  | (1,486 | ) |  |  | (1,423 | )
Balance, December 31 |  | $ | 81,342 |  |  | $ | 63,439 |
Plan assets: |  |  |  |  |  |  |  |
Fair value, January 1 |  | $ | 70,627 |  |  | $ | 61,384 |
Actual return |  |  | 3,831 |  |  |  | 9,166 |
Employer contribution |  |  | — |  |  |  | 1,500 |
Benefits paid |  |  | (1,486 | ) |  |  | (1,423 | )
Fair value, December 31 |  | $ | 72,972 |  |  | $ | 70,627 |
Funded status: |  |  |  |  |  |  |  |
Accrued pension asset (liability) |  | $ | (8,370 | ) |  | $ | 7,188 |
The following represent the major assumptions used to determine the projected benefit obligation of the Plan. For 2014, 2013 and 2012, the Plan's expected benefit cash flows were discounted using the Citibank Above Median Curve. Also, for 2014, 2013, and 2012, the RP-2014 Mortality Tables were used.
|  | 2014 |  | 2013 |  | 2012
Weighted average discount rate |  | 4.00 | % |  | 5.00 | % |  | 4.25 | %
Rate of increase in compensation levels |  | (a) |  | 3.75 | % |  | 3.75 | %
(a) | 6.0% graded down to 3.25% over the first seven years of service
The accumulated benefit obligation was $69,420,000 and $52,187,000 as of December 31, 2014 and 2013, respectively. The Company does not expect to make a contribution to the Plan in 2015. The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the Plan:
|  | Amount
2015 |  | $ | 1,842,000
2016 |  |  | 2,065,000
2017 |  |  | 2,305,000
2018 |  |  | 2,649,000
2019 |  |  | 2,822,000
2020-2024 |  |  | 18,649,000
The Plan's pension cost included the following components:
|  | For the Year Ended
|  | December 31,
(In thousands) |  | 2014 |  | 2013 |  | 2012
Service cost benefits earned during the year |  | $ | 3,003 |  |  | $ | 3,452 |  |  | $ | 2,799 |
Interest cost on projected benefit obligations |  |  | 3,037 |  |  |  | 2,819 |  |  |  | 2,570 |
Expected return on plan assets |  |  | (4,711 | ) |  |  | (4,469 | ) |  |  | (3,967 | )
Net amortization and deferral |  |  | 244 |  |  |  | 1,729 |  |  |  | 1,473 |
Net periodic pension cost |  | $ | 1,573 |  |  | $ | 3,531 |  |  | $ | 2,875 |
The following represent the major assumptions used to determine the net pension cost of the Plan:
|  | 2014 |  | 2013 |  | 2012
Weighted average discount rate |  | 5.00 | % |  | 4.25 | % |  | 4.75 | %
Rate of increase in compensation levels |  | 3.75 | % |  | 3.75 | % |  | 4.00 | %
Expected long-term rate of return on assets |  | 6.75 | % |  | 7.25 | % |  | 7.25 | %
For 2014, 2013, and 2012, the RP-2000 Employees Mortality Table, RP-2000 Healthy Annuitant Mortality Table, and RP-2000 Disabled Mortality Table were used. 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 expected one-year nominal returns and annual standard deviations are shown by asset class below:
|  |  |  |  | One-Year Nominal |  | Annual Standard
Asset Class |  | % of Total Portfolio |  | Return |  | Deviation
Core Fixed Income |  | 49 | % |  | 4.79 | % |  | 4.68 | %
Large Cap U.S. Equities |  | 9 | % |  | 7.67 | % |  | 16.65 | %
Large Cap U.S. Growth Equities |  | 9 | % |  | 8.42 | % |  | 19.20 | %
Large Cap U.S. Value Equities |  | 9 | % |  | 7.53 | % |  | 16.73 | %
Small Cap U.S. Equities |  | 8 | % |  | 8.70 | % |  | 20.53 | %
International (Developed) |  | 15 | % |  | 8.98 | % |  | 19.79 | %
International (Emerging) |  | 1 | % |  | 10.77 | % |  | 28.45 | %
Applying appropriate correlation factors between each of the asset classes the long-term rate of return on assets is estimated to be 6.75%. A summary of the fair value measurements by type of asset is as follows:
|  |  | Fair Value Measurements as of December 31,
|  |  | 2014 |  | 2013
|  |  |  |  | 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 |  |  | $ | 268 |  |  | $ | 268 |  |  | $ | — |  |  | $ | 245 |  |  | $ | 245 |  |  | $ | — |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Large Cap Growth |  |  |  | 7,165 |  |  |  | — |  |  |  | 7,165 |  |  |  | 6,650 |  |  |  | — |  |  |  | 6,650 |
U.S. Large Cap Value |  |  |  | 7,066 |  |  |  | — |  |  |  | 7,066 |  |  |  | 6,835 |  |  |  | — |  |  |  | 6,835 |
U.S. Small/Mid Cap Growth |  |  |  | 2,950 |  |  |  | — |  |  |  | 2,950 |  |  |  | 2,825 |  |  |  | — |  |  |  | 2,825 |
U.S. Small/Mid Cap Value |  |  |  | 2,721 |  |  |  | — |  |  |  | 2,721 |  |  |  | 2,784 |  |  |  | — |  |  |  | 2,784 |
Non-U. S. Core |  |  |  | 10,317 |  |  |  | — |  |  |  | 10,317 |  |  |  | 10,840 |  |  |  | — |  |  |  | 10,840 |
U.S. Large Cap Passive |  |  |  | 7,192 |  |  |  | — |  |  |  | 7,192 |  |  |  | 6,929 |  |  |  | — |  |  |  | 6,929 |
Emerging Markets |  |  |  | 703 |  |  |  | — |  |  |  | 703 |  |  |  | 711 |  |  |  | — |  |  |  | 711 |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Core |  |  |  | 24,019 |  |  |  | — |  |  |  | 24,019 |  |  |  | 22,720 |  |  |  | — |  |  |  | 22,720 |
U.S. Passive |  |  |  | 9,275 |  |  |  | — |  |  |  | 9,275 |  |  |  | 8,747 |  |  |  | — |  |  |  | 8,747 |
Opportunistic |  |  |  | 1,296 |  |  |  | — |  |  |  | 1,296 |  |  |  | 1,341 |  |  |  | — |  |  |  | 1,341 |
Total |  |  | $ | 72,972 |  |  | $ | 268 |  |  | $ | 72,704 |  |  | $ | 70,627 |  |  | $ | 245 |  |  | $ | 70,382 |
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 i n 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) |  | 2014 |  | 2013
Benefit obligation: |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 8,048 |  |  | $ | 8,482 |
Service cost |  |  | 136 |  |  |  | 144 |
Interest cost |  |  | 377 |  |  |  | 335 |
Benefits paid |  |  | (236 | ) |  |  | (236 | )
Actuarial (gain) loss |  |  | 1,078 |  |  |  | (677 | )
Balance, December 31 |  | $ | 9,403 |  |  | $ | 8,048 |
The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2014, 2013 and 2012, the SERP's expected benefit cash flows were discounted using the Citigroup Above Median Curve.
|  | 2014 |  | 2013 |  | 2012
Weighted average discount rate |  | 3.75 | % |  | 4.75 | % |  | 4.00 | %
Rate of increase in compensation levels |  | (a) |  | 3.75 | % |  | 3.75 | %
(a) | 6.00% graded down to 3.25% over the first seven years of service.
The accumulated benefit obligation was $7,622,000 and $5,917,000 as of December 31, 2014 and 2013, respectively. Since this is an unfunded plan there are no plan assets. Benefits paid were $236,000 in 2014, $236,000 in 2013 and $236,000 in 2012. Expected future benefits payable by the Company over the next ten years are as follows:
|  | Amount |
2015 |  | $ | 236,000
2016 |  |  | 244,000
2017 |  |  | 258,000
2018 |  |  | 324,000
2019 |  |  | 323,000
2020-2024 |  |  | 2,852,000
The SERP's pension cost included the following components:
|  |  | For the Year Ended December 31,
(In thousands) |  |  | 2014 |  | 2013 |  | 2012
Service cost – benefits earned during the year |  |  | $ | 136 |  |  | $ | 144 |  |  | $ | 115 |
Interest cost on projected benefit obligations |  |  |  | 377 |  |  |  | 335 |  |  |  | 307 |
Net amortization and deferral |  |  |  | 431 |  |  |  | 551 |  |  |  | 360 |
Net periodic pension cost |  |  | $ | 944 |  |  | $ | 1,030 |  |  | $ | 782 |
The pretax amounts in accumulated other comprehensive loss as of December 31 were as follows:
|  |  | The Plan |  | SERP
(In thousands) |  |  | 2014 |  | 2013 |  | 2014 |  | 2013
Prior service cost |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |
Net actuarial loss |  |  |  | 25,464 |  |  |  | 11,471 |  |  |  | 3,723 |  |  |  | 3,075 |
Total |  |  | $ | 25,464 |  |  | $ | 11,479 |  |  | $ | 3,723 |  |  | $ | 3,075 |
The estimated pretax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2014 expected to be recognized as components of net periodic benefit cost in 2015 for the Plan are $0 and $1,606,000, respectively. The estimated pretax prior service cost and net actuarial loss in accumulated other comprehensive loss at December 31, 2014 expected to be recognized as components of net periodic benefit cost in 2015 for the SERP are $0 and $654,000 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 2014, 2013 and 2012 was $5,298,000, $5,065,000, and $5,213,000, 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 2014, 2013 and 2012 were $584,000, $591,000, and $537,000, respectively.

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