XML 63 R43.htm IDEA: XBRL DOCUMENT v3.3.1.900
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
%
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