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Pensions and Other Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Pensions and Other Employee Benefit Plans [Abstract]  
Reconciliation of Changes in Plans' Benefit Obligations and Fair Value of Assets

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets for 2016 and 2015, and a statement of the funded status as of December 31, 2016 and 2015. We use a December 31 measurement date for the pension plan and other post-retirement benefits (in thousands).







 

 

 

 

 

 

 

 

 

 

 



Pension Benefits

 

Other Benefits

 

Year Ended December 31,

 

Year Ended December 31,

 

2016

 

2015

 

2016

 

2015

Reconciliation of benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

Obligation at beginning of period

$

 46,976 

 

$

 48,172 

 

$

 559 

 

$

 1,623 

Service cost

 

 668 

 

 

 511 

 

 

 1 

 

 

 2 

Interest cost

 

 1,982 

 

 

 1,896 

 

 

 22 

 

 

 38 

Participant contributions

 

 45 

 

 

 22 

 

 

 20 

 

 

 38 

Actuarial loss (gain)

 

 1,537 

 

 

 (1,930)

 

 

 (6)

 

 

 (1)

Benefit payments

 

 (1,745)

 

 

 (1,695)

 

 

 (52)

 

 

 (92)

Curtailment and settlement

 

         —

 

 

         —

 

 

         —

 

 

 (1,049)

Obligation at December 31,

 

 49,463 

 

 

 46,976 

 

 

 544 

 

 

 559 

Reconciliation of fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 29,296 

 

 

 28,476 

 

 

         —

 

 

         —

Actual return on plan assets

 

 1,709 

 

 

 (248)

 

 

         —

 

 

         —

Employer contributions

 

 2,161 

 

 

 2,741 

 

 

 32 

 

 

 54 

Participant contributions

 

 45 

 

 

 22 

 

 

 20 

 

 

 38 

Benefit payments

 

 (1,745)

 

 

 (1,695)

 

 

 (52)

 

 

 (92)

Fair value of plan assets at December 31,

 

 31,466 

 

 

 29,296 

 

 

         —

 

 

         —

Funded status at end of period

$

 (17,997)

 

$

 (17,680)

 

$

 (544)

 

$

 (559)



Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Loss

The pre-tax amounts recognized in accumulated other comprehensive loss as of December 31, 2016 and 2015 consist of (in thousands):







 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other Benefits

 

December 31,

 

December 31,

 

2016

 

2015

 

2016

 

2015

Actuarial loss

$

 (17,816)

 

$

 (16,830)

 

$

 (80)

 

$

 (95)

Amendments-prior service cost

 

         —

 

 

         —

 

 

 (47)

 

 

 (69)



$

 (17,816)

 

$

 (16,830)

 

$

 (127)

 

$

 (164)



Amounts Recognized in Other Comprehensive Loss

The amounts recognized in other comprehensive loss during the years ended December 31, 2016, 2015 and 2014 consist of (in thousands):





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Year Ended December 31,



2016

 

2015

 

2014

 

Pension Benefits

 

Other Benefits

 

Pension Benefits

 

Other Benefits

 

Pension Benefits

 

Other Benefits

Actuarial (loss) gain during the period

$

 (1,875)

 

$

 10 

 

$

 (425)

 

$

 1 

 

$

 (7,972)

 

$

 (145)

Amortization of actuarial loss

 

 889 

 

 

 5 

 

 

 795 

 

 

 26 

 

 

 408 

 

 

 39 

Amortization of prior service cost

 

         —

 

 

 22 

 

 

         —

 

 

 11 

 

 

         —

 

 

 9 

Recognition due to curtailment

 

         —

 

 

         —

 

 

         —

 

 

 428 

 

 

         —

 

 

         —

Total recognized in other comprehensive income (loss)

$

 (986)

 

$

 37 

 

$

 370 

 

$

 466 

 

$

 (7,564)

 

$

 (97)



Amounts Recognized in the Balance Sheets

Amounts recognized in the balance sheet consist of (in thousands):





 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other Benefits

 

December 31,

 

December 31,

 

2016

 

2015

 

2016

 

2015

Current Liabilities

$

         —

 

$

         —

 

$

 108 

 

$

 120 

Long-Term Liabilities

 

 17,997 

 

 

 17,680 

 

 

 436 

 

 

 439 



$

 17,997 

 

$

 17,680 

 

$

 544 

 

$

 559 



Components of Net Periodic Cost

The following table provides the components of net periodic cost included in income from continuing operations for the plans for the years ended December 31, 2016, 2015 and 2014 (in thousands):





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other Benefits

 

 

Year Ended December 31,

 

 

Year Ended December 31,

 

2016

 

2015

 

2014

 

2016

 

2015

 

2014

Service cost

$

 668 

 

$

 511 

 

$

 188 

 

$

 1 

 

$

 2 

 

$

 1 

Interest cost

 

 1,982 

 

 

 1,896 

 

 

 1,882 

 

 

 22 

 

 

 38 

 

 

 71 

Expected return on plan assets

 

 (2,047)

 

 

 (2,107)

 

 

 (1,882)

 

 

         —

 

 

         —

 

 

         —

Recognition due to curtailment

 

         —

 

 

         —

 

 

         —

 

 

         —

 

 

 428 

 

 

         —

Amortization of prior service cost

 

         —

 

 

         —

 

 

         —

 

 

 22 

 

 

 11 

 

 

 9 

Amortization of net actuarial loss

 

 889 

 

 

 795 

 

 

 408 

 

 

 5 

 

 

 26 

 

 

 39 

Net periodic cost

$

 1,492 

 

$

 1,095 

 

$

 596 

 

$

 50 

 

$

 505 

 

$

 120 



Assumptions Used to Determine Net Periodic Cost

Assumptions used to determine net periodic cost:





 

 

 

 

 

 

For the Year Ended December 31,

 

2016

 

2015

 

2014

Discount rate

4.25%

 

4.00%

 

4.75%

Expected return on plan assets

7.00%

 

7.25%

 

7.25%

Rate of compensation increase

4.25%

 

4.25%

 

4.25%



Assumptions Used to Determine Benefit Obligation

Assumptions used to determine the benefit obligation:





 

 

 

 

 

 

December 31,

 

2016

 

2015

 

2014

Discount rate

4.00%

 

4.25%

 

4.00%

Rate of compensation increase

4.25%

 

4.25%

 

4.25%



Pension Plans' Actual and Targeted Asset Allocations

The pension plan’s actual and targeted asset allocations, based on the revised policy as of December 31, 2016 were as follows:

 

 

 

 

 

 



 

 

 

 

December 31, 2016

 

Target Allocation

 

Actual Allocation

 

Target

 

Target Range

Liquid return-seeking investments

 61% 

 

 56.5% 

 

45-65%

Alternative investments

 9% 

 

 14.5% 

 

0-20%

Fixed income investments

 30% 

 

 29.0% 

 

20-40%



 100% 

 

 100% 

 

 100% 



Fair Values of Pension Plan Assets

The table below provides the fair values of the Company’s pension plan assets at December 31, 2016 and 2015, by asset category. The table also identifies the level of inputs used to determine the fair value of assets in each category. The Company’s pension plan assets are mainly held in commingled employee benefit fund trusts.





 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

In Active Markets

 

Significant

 

Significant

 

 

 

 

 

 

For Identical

 

Observable

 

Unobservable

 

 

 

 

 

 

Assets

 

Inputs

 

Inputs

 Asset Category

 

Total

 

Percentage

 

Level 1

 

Level 2

 

Level 3



 

(In thousands)

At December 31, 2016:

 

 

 

 

 

 

 

 

 

 

Liquid return-seeking:

 

 

 

 

 

 

 

 

 

 

Multi-asset fund(1)

 

$     19,142 

 

 61% 

 

 

 

$          19,142 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

Commingled funds(2)

 

 9,389 

 

 30% 

 

 

 

 9,389 

 

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

Equity long/short fund(3)

 

 835 

 

 3% 

 

 

 

 

 

$                  835 

Private equity fund(4)

 

 129 

 

 0% 

 

 

 

 

 

 129 

Distressed opportunity limited partnership(5)

 

 448 

 

 1% 

 

 

 

 

 

 448 

Multi-strategy limited partnerships(6)

 

 1,523 

 

 5% 

 

 

 

 

 

 1,523 



 

 2,935 

 

 9% 

 

         —

 

         —

 

 2,935 



 

$     31,466 

 

 100% 

 

         —

 

$          28,531 

 

$               2,935 



 

 

 

 

 

 

 

 

 

 

At December 31, 2015:

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

U.S. large-cap(7) 

 

$       7,159 

 

 24% 

 

 

 

$            7,159 

 

 

U.S. small-cap(8) 

 

 1,989 

 

 7% 

 

 

 

 1,989 

 

 

Global (9)          

 

 2,333 

 

 8% 

 

 

 

 2,333 

 

 

Non-U.S.(10) 

 

 3,704 

 

 13% 

 

 

 

 3,704 

 

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

Equity long/short fund(3) 

 

 847 

 

 3% 

 

 

 

 

 

$                  847 

Real Estate Securities(11) 

 

 614 

 

 2% 

 

 

 

 614 

 

 

Private equity fund(4) 

 

 174 

 

 0% 

 

 

 

 

 

 174 



 

 16,820 

 

 57% 

 

         —

 

 15,799 

 

 1,021 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

Commingled funds(2) 

 

 10,708 

 

 37% 

 

 

 

 10,708 

 

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

Distressed opportunity limited partnership(5) 

 

 313 

 

 1% 

 

 

 

 

 

 313 

Multi-strategy limited partnerships(6) 

 

 1,455 

 

 5% 

 

 

 

 

 

 1,455 



 

 12,476 

 

 43% 

 

         —

 

 10,708 

 

 1,768 



 

$     29,296 

 

 100% 

 

         —

 

$          26,507 

 

$               2,789 



(1)

A single fund that invests in global equities, marketable real assets and fixed income securities. The fund has no limitation on redemptions.



(2)

Investments in bonds representing many sectors of the broad bond market with both short-term and intermediate-term maturities. The fund has no limitation on redemptions.



(3)

Investments primarily in long and short positions in equity securities of U.S. and non-U.S. companies. The fund has semi-annual tender offer redemption periods on June 30 and December 31 and is reported on a one month lag. 



(4)

Fund invests in portfolios of secondary interest in established venture capital, buyout, mezzanine and special situation funds on a global basis. Fund is valued on a quarterly lag with adjustment for subsequent cash activity. The fund terminates on June 26, 2019, subject to extension for up to three one-year periods. Earlier redemptions are not permitted.  



(5)

Investments mainly in discounted debt securities, bank loans, trade claims and other debt and equity securities of financially troubled companies. This partnership has semi-annual withdrawal rights on June 30 and December 31. This fund is reported on a one month lag.



(6)

Investments mainly in partnerships that have multi-strategy investment programs and do not rely on a single investment model. As of December 31, 2016 and 2015, investments include a partnership that has monthly liquidation rights with notice of 33 days.



(7)

Investments in common stocks that rank among the largest 1,000 companies in the U.S. stock market.



(8)

Investments in common stocks that rank among the small capitalization stocks in the U.S. stock market.





(9)

Investments in common stocks across the world without being limited by national borders or to specific regions.



(10)

Investments in common stocks of companies from developed and emerging countries outside the United States.



(11)

Investments in real estate through a fund of funds which invests in global public real estate securities (REITs).
Changes in Fair Value of Pension Plan Assets

Additional information pertaining to the changes in the fair value of the pension plan assets classified as Level 3 for the years ended December 31, 2016 and 2015 is presented below:







 

 

 

 

 

 

 

 

 

 

 

 

 



Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)

 

Private
Equity
Fund

 

 

Equity
Long/Short
Fund

 

 

Distressed
Opportunity
Ltd. Partnership

 

 

 Multi
Strategy
Funds

 

 

Total  



(In thousands)

Balance at January 1, 2015

$          249

 

 

$          801

 

 

$                368

 

 

$       1,370

 

 

$       2,788

Unrealized gain (loss)

2 

 

 

 46 

 

 

 (55)

 

 

 26 

 

 

 19 

Realized gain/(loss)

       —

 

 

       —

 

 

            —

 

 

 59 

 

 

 59 

Purchases

       —

 

 

       —

 

 

            —

 

 

 639 

 

 

 639 

Sales

(77)

 

 

       —

 

 

            —

 

 

 (639)

 

 

 (716)

Balance at December 31, 2015

 174 

 

 

 847 

 

 

 313 

 

 

 1,455 

 

 

 2,789 

Unrealized gain (loss)

(2)

 

 

 (12)

 

 

 135 

 

 

 68 

 

 

 189 

Sales

(43)

 

 

       —

 

 

            —

 

 

       —

 

 

 (43)

Balance at December 31, 2016

$          129

 

 

$          835

 

 

$                448

 

 

$       1,523

 

 

$       2,935



Benefit Payments Expected to be Paid

The following benefit payments, which reflect future services, as appropriate, are expected to be paid (in thousands):



 

 

 

 

 

 

 

 

 

 

 

 

 

Pension
Benefits

 

Other
Benefits

 

2017

$

 1,778 

 

$

 110 

 

2018

 

 1,943 

 

 

 61 

 

2019

 

 1,935 

 

 

 53 

 

2020

 

 2,100 

 

 

 48 

 

2021

 

 2,226 

 

 

 43 

 

2022 to 2026

 

 13,291 

 

 

 150