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RETIREMENT PLANS (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Compensation and Retirement Disclosure [Abstract] |
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| Components of Net Periodic Benefit Cost |
The following table summarizes the components of net periodic pension cost for the years ended December 31, 2014, 2013, and 2012: | | | | | | | | | | | | | | Year Ended December 31, | (Dollars in thousands) | 2014 | | 2013 | | 2012 | Components of net periodic pension cost: | | | | | | Service cost | $ | 5,747 |
| | $ | 6,613 |
| | $ | 7,082 |
| Interest cost | 3,678 |
| | 3,115 |
| | 2,876 |
| Expected return on plan assets | (3,617 | ) | | (3,303 | ) | | (2,791 | ) | Amortization of prior service cost | 651 |
| | 651 |
| | 740 |
| Amortization of actuarial loss | 195 |
| | 1,631 |
| | 1,648 |
| Curtailment | 982 |
| | — |
| | 1,517 |
| Net periodic pension cost | $ | 7,636 |
| | $ | 8,707 |
| | $ | 11,072 |
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| Detail of Prior Service Cost and Net Actuarial Loss Recognized In Accumulated Other Comprehensive Income |
The following table provides detail on prior service cost and net actuarial loss recognized in Accumulated other comprehensive loss at December 31, 2014 and 2013: | | | | | | | | | (Dollars in thousands) | 2014 | | 2013 | Amounts recognized in Accumulated other comprehensive loss: | | | Prior service cost | $ | 756 |
| | $ | 1,923 |
| Net actuarial loss | 26,361 |
| | 9,512 |
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| Reconciliation of Plans' Benefit Obligation, Plan Assets and Funded Status |
The following table sets forth a reconciliation of the plans’ benefit obligation, plan assets and funded status at December 31, 2014 and 2013: | | | | | | | | | | | | Year Ended December 31, | (Dollars in thousands) | | 2014 | | 2013 | Change in Projected Benefit Obligation: | | | | | Benefit obligation at beginning of period | | $ | 78,701 |
| | $ | 81,944 |
| Service cost | | 5,747 |
| | 6,613 |
| Interest cost | | 3,678 |
| | 3,115 |
| Actuarial loss (gain) | | 17,493 |
| | (10,472 | ) | Benefits paid | | (2,922 | ) | | (2,499 | ) | Curtailment | | 465 |
| | — |
| Benefit obligation on December 31 | | $ | 103,162 |
| | $ | 78,701 |
| Change in Plan Assets: | | | | | Plan assets at fair value, beginning of fiscal year | | $ | 53,470 |
| | $ | 51,528 |
| Actual net return on plan assets | | 4,065 |
| | 4,052 |
| Employer contributions | | 7,965 |
| | 389 |
| Benefits paid | | (2,922 | ) | | (2,499 | ) | Plan assets at fair value on December 31 | | $ | 62,578 |
| | $ | 53,470 |
| Unfunded projected benefit obligation recognized in other liabilities on the consolidated balance sheets | | $ | (40,584 | ) | | $ | (25,231 | ) |
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| Summary of Expected Future Pension Benefit Payments |
The following table summarizes expected future pension benefit payments: | | | | | (Dollars in thousands) | | 2015 | $ | 2,607 |
| 2016 | 2,887 |
| 2017 | 3,196 |
| 2018 | 3,589 |
| 2019 | 4,048 |
| 2020-2024 | 28,277 |
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| Actuarial Assumptions Used In Defined Benefit Pension Plans |
The actuarial assumptions used in the defined benefit pension plans were as follows: | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Weighted average assumptions used to determine benefit obligations as of December 31: | | | | | | | Discount rate | | 3.83 | % | | 4.75 | % | | 3.80 | % | Rate of compensation increase | | N/A |
| | N/A |
| | N/A |
| Weighted average assumptions used to determine net periodic pension cost for the fiscal year: | | | | | | |
| Discount rate | | 4.75 | % | | 3.84 | % | | 4.30 | % | Rate of compensation increase | | N/A |
| | N/A |
| | N/A |
| Expected long-term return on plan assets | | 6.50 | % | | 6.50 | % | | 6.50 | % |
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| Schedule of Pension Plan's Asset Allocation |
The following table provides the pension plans’ asset allocation on December 31, 2014 and 2013: | | | | | | | | | | | | Allocation of Plan Assets | | 2014 | | Allocation on | | 2013 | | Allocation on | | Targeted Allocation | | December 31, 2014 | | Targeted Allocation | | December 31, 2013 | Other securities: | 55-60% | | | | 60% | | | Fixed income funds | | | 44 | % | | | | 48 | % | Other funds | | | 11 | % | | | | 10 | % | Equity securities: | 40-45% | | |
| | 40% | | |
| Domestic equity funds - large cap | | | 27 | % | | | | 24 | % | Domestic equity funds - small cap | | | 12 | % | | | | 12 | % | International equity funds | | | 6 | % | | | | 6 | % |
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| Schedule of Pension Plans Assets at Fair Value |
The following table sets forth by level, within the fair value hierarchy, the pension plans’ assets at fair value as of December 31, 2014 and 2013. | | | | | | | | | | | | | | | | | (Dollars in thousands) | Total | | Level 1 | | Level 2 | | Level 3 | December 31, 2014 | | | | | | | | Fixed income funds | $ | 27,810 |
| | $ | 27,810 |
| | $ | — |
| | $ | — |
| Domestic equity funds - large cap | 16,814 |
| | 16,814 |
| | — |
| | — |
| Domestic equity funds - small cap | 7,569 |
| | 7,569 |
| | — |
| | — |
| International equity funds | 3,534 |
| | 3,534 |
| | — |
| | — |
| Other funds | 6,851 |
| | 6,851 |
| | — |
| | — |
| Total assets at fair value | $ | 62,578 |
| | $ | 62,578 |
| | $ | — |
| | $ | — |
| December 31, 2013 | | | | | | | | Fixed income funds | $ | 25,764 |
| | $ | 25,764 |
| | $ | — |
| | $ | — |
| Domestic equity funds - large cap | 13,086 |
| | 13,086 |
| | — |
| | — |
| Domestic equity funds - small cap | 6,214 |
| | 6,214 |
| | — |
| | — |
| International equity funds | 3,167 |
| | 3,167 |
| | — |
| | — |
| Other funds | 5,239 |
| | 5,239 |
| | — |
| | — |
| Total assets at fair value | $ | 53,470 |
| | $ | 53,470 |
| | $ | — |
| | $ | — |
| Fair value is determined based on the net asset value of units held by the plan at period end. |
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