PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Pension and Other Postretirement Benefit Expense [Abstract] |
|
| Schedule of status of plans |
The following table sets forth a reconciliation of the related benefit obligation and plan assets related to the benefits provided by the Company (in thousands): | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2015 | | 2014 | | 2015 | | 2014 | Change in projected benefit obligation: | | | | | | | | Projected benefit obligation at beginning of the period | $ | 296,416 |
| | $ | 261,714 |
| | $ | 9,804 |
| | $ | 10,063 |
| Service cost | 7,457 |
| | 6,937 |
| | 5 |
| | 23 |
| Interest cost | 12,350 |
| | 13,341 |
| | 289 |
| | 385 |
| Plan amendments | — |
| | — |
| | (1,684 | ) | | — |
| Participant contributions | — |
| | — |
| | 281 |
| | 326 |
| Actuarial (gain) loss | (21,134 | ) | | 58,922 |
| | (1,182 | ) | | (362 | ) | Benefits paid | (15,867 | ) | | (36,476 | ) | | (1,219 | ) | | (1,324 | ) | Liability (gain) loss related to curtailment | (5,413 | ) | | — |
| | — |
| | 693 |
| Liability (gain) related to settlement | — |
| | (8,022 | ) | | — |
| | — |
| Projected benefit obligation at end of the period | $ | 273,809 |
| | $ | 296,416 |
| | $ | 6,294 |
| | $ | 9,804 |
| Accumulated benefit obligation at end of the period | $ | 273,388 |
| | $ | 290,933 |
| | $ | — |
| | $ | — |
| Change in plan assets: | | | | | | | | Fair value of plan assets at beginning of the period | $ | 225,862 |
| | $ | 244,302 |
| | $ | — |
| | $ | — |
| Actual return on plan assets | (50 | ) | | 18,036 |
| | — |
| | — |
| Employer contributions | 611 |
| | — |
| | 938 |
| | 998 |
| Participant contributions | — |
| | — |
| | 281 |
| | 326 |
| Benefits paid | (15,867 | ) | | (6,270 | ) | | (1,219 | ) | | (1,324 | ) | Benefits paid related to settlement | — |
| | (30,206 | ) | | — |
| | — |
| Fair value of plan assets at the end of period | $ | 210,556 |
| | $ | 225,862 |
| | $ | — |
| | $ | — |
| Funded status | $ | (63,253 | ) | | $ | (70,554 | ) | | $ | (6,294 | ) | | $ | (9,804 | ) |
|
| Schedule of assumptions used in computing the benefit obligation |
Assumptions used in computing the benefit obligation as of December 31, 2015 and 2014 were as follows: | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2015 | | 2014 | | 2015 | | 2014 | Discount rate | 4.55 - 4.65% |
| | 4.20 - 4.27% |
| | 2.30 - 4.51% | | 3.03 - 4.20% | Expected return on plan assets | 7.10 | % | | 7.10 | % | | N/A | | N/A | Rate of compensation increase | 2.50 | % | | 2.50 | % | | N/A | | N/A |
|
| Schedule of pension plan investments measured at fair value |
The following table presents the fair value of the Company's pension plan investments as of December 31, 2015 and 2014 (in thousands): | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | Equity Securities | | | | | | | | U.S. equity securities | $ | 110,705 |
| | $ | — |
| | $ | — |
| | $ | 110,705 |
| Non-U.S. equity securities | 20,866 |
| | — |
| | — |
| | 20,866 |
| Debt Securities | | | | | | | | Fixed income funds and cash investment funds | 78,985 |
| | — |
| | — |
| | 78,985 |
| December 31, 2015 | $ | 210,556 |
| | $ | — |
| | $ | — |
| | $ | 210,556 |
| | | | | | | | | Equity Securities | | | | | | | | U.S. equity securities | $ | 115,102 |
| | $ | — |
| | $ | — |
| | $ | 115,102 |
| Non-U.S. equity securities | 22,081 |
| | — |
| | — |
| | 22,081 |
| Debt Securities | | | | | | | | Fixed income funds and cash investment funds | 88,679 |
| | — |
| | — |
| | 88,679 |
| December 31, 2014 | $ | 225,862 |
| | $ | — |
| | $ | — |
| | $ | 225,862 |
|
|
| Schedule of amounts related to the Company's pension plan recognized in consolidated balance sheet |
See Note 2 of the consolidated financial statements for the description of the levels of the fair value hierarchy. | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2015 | | 2014 | | 2015 | | 2014 | | (in thousands) | Amounts recognized in the consolidated balance sheets consist of: | | | | | | | | Current liabilities | $ | — |
| | $ | — |
| | $ | (818 | ) | | $ | (1,039 | ) | Noncurrent liabilities | (63,253 | ) | | (70,554 | ) | | (5,476 | ) | | (8,765 | ) | Net amount recognized | $ | (63,253 | ) | | $ | (70,554 | ) | | $ | (6,294 | ) | | $ | (9,804 | ) | Amounts recognized in accumulated other comprehensive income (loss) before taxes: | | | | | | | | Net actuarial loss | $ | 40,493 |
| | $ | 58,780 |
| | $ | 474 |
| | $ | 1,018 |
| Prior service cost (credit) | — |
| | — |
| | (3,600 | ) | | (2,768 | ) | Net amount recognized | $ | 40,493 |
| | $ | 58,780 |
| | $ | (3,126 | ) | | $ | (1,750 | ) |
|
| Schedule of amounts related to the Company's pension plan recognized in other comprehensive income |
The following table sets forth other changes in the benefit obligation recognized in other comprehensive income for the Company's pension and other postretirement benefits plans (in thousands): | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2015 | | 2014 | | 2015 | | 2014 | Net actuarial loss (gain) | $ | (6,629 | ) | | $ | 48,606 |
| | $ | (687 | ) | | $ | 330 |
| Prior service cost/(credit) | — |
| | — |
| | (1,684 | ) | | — |
| Curtailment (gain)/loss | (5,413 | ) | | — |
| | — |
| | — |
| Amortization of: | | | | | | | | Prior service (credit) cost | — |
| | (10 | ) | | 852 |
| | 2,029 |
| Actuarial (gain) loss | (6,311 | ) | | (2,006 | ) | | 144 |
| | (534 | ) | Gain recognized related to settlement | — |
| | (6,060 | ) | | — |
| | — |
| Gain recognized related to curtailment | — |
| | — |
| | — |
| | (449 | ) | Total recognized in OCI | $ | (18,353 | ) | | $ | 40,530 |
| | $ | (1,375 | ) | | $ | 1,376 |
|
|
| Schedule of components of the net periodic benefit cost |
The following table sets forth the components of the net periodic benefit cost for the Company's pension and other postretirement benefit plans (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | Service cost | $ | 7,457 |
| | $ | 6,937 |
| | $ | 8,009 |
| | $ | 5 |
| | $ | 23 |
| | $ | 37 |
| Interest cost | 12,350 |
| | 13,341 |
| | 12,066 |
| | 289 |
| | 385 |
| | 325 |
| Expected return on plan assets | (14,455 | ) | | (15,743 | ) | | (13,912 | ) | | — |
| | — |
| | — |
| Amortization of prior service cost (credit) | — |
| | 10 |
| | 14 |
| | (852 | ) | | (2,029 | ) | | (3,378 | ) | Recognized actuarial loss | 6,311 |
| | 2,006 |
| | 8,623 |
| | (144 | ) | | 534 |
| | 767 |
| Settlement and curtailment related expense | — |
| | 6,060 |
| | — |
| | — |
| | 449 |
| | — |
| Net periodic benefit cost | $ | 11,663 |
| | $ | 12,611 |
| | $ | 14,800 |
| | $ | (702 | ) | | $ | (638 | ) | | $ | (2,249 | ) |
|
| Schedule of assumptions used to determine net periodic benefit cost |
Assumptions used to determine net periodic benefit cost for the years ended December 31, 2015, 2014, and 2013 were as follows: | | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | Discount rate | 4.18 - 4.54% |
| | 5.10 - 5.18% |
| | 4.30 - 4.40% |
| | 1.69 - 4.20% | | 2.69 - 5.05% | | 2.25 - 4.25% | Expected return on plan assets | 7.10 | % | | 7.10 | % | | 7.10 | % | | N/A | | N/A | | N/A | Rate of compensation increase | 2.50 | % | | 2.50 | % | | 2.50 | % | | N/A | | N/A | | N/A |
|
| Schedule of weighted-average asset allocations by asset category |
The Company's pension plans' weighted-average asset allocations as of December 31, 2015 and 2014, by asset category were as follows: | | | | | | | | Plan Assets at
December 31, | | 2015 | | 2014 | Asset Category: | | | | Temporary investment funds | 1 | % | | 4 | % | Equity investment funds | 63 | % | | 61 | % | Fixed income funds | 36 | % | | 35 | % | Total | 100 | % | | 100 | % |
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| Estimated future benefit payments under our pension and other postretirement plans |
Estimated future benefit payments under the pension and other postretirement plans are as follows (in thousands): | | | | | | | | | | Pension Benefits | | Other Benefits | 2016 | $ | 15,906 |
| | $ | 817 |
| 2017 | 16,576 |
| | 784 |
| 2018 | 16,626 |
| | 683 |
| 2019 | 16,681 |
| | 622 |
| 2020 | 17,938 |
| | 556 |
| 2021 - 2025 | 89,655 |
| | 2,058 |
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