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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Pension and Other Postretirement Benefit Expense [Abstract]  
Pension Benefit Costs
Summaries of the changes in the benefit obligations, plan assets and funded status of the plans are as follows:
 
 
 
 
 
Other Postretirement
 
Pension Benefits
 
Benefits
 
2015
 
2014
 
2015
 
2014
 
(In thousands)
CHANGE IN BENEFIT OBLIGATIONS
 
 
 
 
 
 
 
Benefit obligations at January 1
$
353,736

 
$
355,468

 
$
36,098

 
$
42,531

Service cost
9

 
21,478

 
866

 
1,649

Interest cost
14,604

 
17,070

 
1,904

 
1,841

Re-entry of former Magnum employees
—

 
—

 
85,843

 
—

Plan amendments
—

 
(23
)
 
—

 
—

Curtailments
—

 
(25,787
)
 
—

 
—

Benefits paid
(61,955
)
 
(53,974
)
 
(3,646
)
 
(3,431
)
Other-primarily actuarial loss (gain)
(5,102
)
 
39,504

 
(17,605
)
 
(6,492
)
Benefit obligations at December 31
$
301,292

 
$
353,736

 
$
103,460

 
$
36,098

CHANGE IN PLAN ASSETS
 
 
 
 
 
 
 
Value of plan assets at January 1
$
336,709

 
$
347,952

 
$
—

 
$
—

Actual return on plan assets
(1,679
)
 
36,130

 
—

 
—

Employer contributions
424

 
6,601

 
3,646

 
3,431

Benefits paid
(61,955
)
 
(53,974
)
 
(3,646
)
 
(3,431
)
Value of plan assets at December 31
$
273,499

 
$
336,709

 
$
—

 
$
—

Accrued benefit cost
$
(27,793
)
 
$
(17,027
)
 
$
(103,460
)
 
$
(36,098
)
ITEMS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC BENEFIT COST
 
 
 
 
 
 
 
Prior service credit (cost)
$
—

 
$
—

 
$
26,944

 
$
21,972

Accumulated gain (loss)
(16,769
)
 
(11,332
)
 
11,313

 
9,125

 
$
(16,769
)
 
$
(11,332
)
 
$
38,257

 
$
31,097

BALANCE SHEET AMOUNTS
 
 
 
 
 
 
 
Current liability
$
(420
)
 
$
(767
)
 
$
(3,650
)
 
$
(3,430
)
Noncurrent liability
$
(27,373
)
 
$
(16,260
)
 
$
(99,810
)
 
$
(32,668
)
 
$
(27,793
)
 
$
(17,027
)
 
$
(103,460
)
 
$
(36,098
)
Other Postretirement Benefit Costs
The following table details the components of pension and postretirement benefit costs (credits):
 
Pension Benefits
 
Other Postretirement Benefits
 
Year Ended December 31,
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
(In thousands)
Service cost
$
9

 
$
21,478

 
$
27,065

 
$
866

 
$
1,649

 
$
2,027

Interest cost
14,604

 
17,070

 
16,207

 
1,904

 
1,841

 
1,739

Curtailments
—

 
(25,368
)
 
47

 
—

 
—

 
(5,444
)
Settlements
2,656

 
646

 
—

 
—

 
—

 
—

Expected return on plan assets
(20,367
)
 
(23,756
)
 
(23,761
)
 
—

 
—

 
—

Amortization of prior service credits
—

 
(257
)
 
(204
)
 
(8,335
)
 
(10,003
)
 
(10,621
)
Amortization of other actuarial losses
8,850

 
3,128

 
14,616

 
(2,109
)
 
(761
)
 
(252
)
Net benefit cost (credit)
$
5,752

 
$
(7,059
)
 
$
33,970

 
$
(7,674
)
 
$
(7,274
)
 
$
(12,551
)
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Assumptions Used
The following table provides the weighted average assumptions used to determine the actuarial present value of projected benefit obligations at December 31 of the respective years.
 
Pension Benefits
 
Other Postretirement Benefits
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
Discount rate
4.59%
 
4.15%
 
4.57%
 
3.91%
Rate of compensation increase
N/A
 
N/A
 
N/A
 
N/A

The following table provides the weighted average assumptions used to determine net periodic benefit cost for the respective years ended December 31.
 
Pension Benefits
 
Other Postretirement Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.15%
 
5.08/
4.23/
4.14%
 
4.13/
5.05%
 
3.91%
 
4.58%
 
3.64/
4.58%
Rate of compensation increase
N/A
 
N/A
 
3.39%
 
N/A
 
N/A
 
N/A
N/A
Expected return on plan assets
7.00%
 
7.75%
 
7.75%
 
N/A
 
N/A
 
N/A
N/A
Schedule of Allocation of Plan Assets
The Company's pension plan assets at December 31, 2015 and 2014, respectively, are categorized below according to the fair value hierarchy as defined in Note 17, "Fair Value Measurements":
 
Total
 
Level 1
 
Level 2
 
Level 3
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
(In thousands)
Equity Securities:(A)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. small-cap
$
11,640

 
$
16,512

 
$
11,640

 
$
16,512

 
$
—

 
$
—

 
$
—

 
$
—

U.S. mid-cap
28,524

 
46,481

 
10,979

 
17,301

 
17,545

 
29,180

 
—

 
—

U.S. large-cap
67,244

 
89,008

 
33,249

 
43,181

 
33,995

 
45,827

 
—

 
—

Non-U.S.
18,785

 
25,905

 
—

 
—

 
18,785

 
25,905

 
—

 
—

Fixed income securities:
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

U.S. government securities(B)
18,844

 
13,708

 
18,183

 
12,988

 
661

 
720

 
—

 
—

Non-U.S. government securities(C)
766

 
1,599

 
—

 
—

 
766

 
1,599

 
—

 
—

U.S. government asset and mortgage backed securities(D)
1,056

 
830

 
—

 
—

 
1,056

 
830

 
—

 
—

Corporate fixed income(E)
39,939

 
22,702

 
—

 
—

 
39,939

 
22,702

 
—

 
—

State and local government securities(F)
5,725

 
8,005

 
—

 
—

 
5,725

 
8,005

 
—

 
—

Other fixed income(G)
57,209

 
83,735

 
—

 
—

 
57,209

 
83,735

 
—

 
—

Short-term investments(H)
3,898

 
6,818

 
—

 
—

 
3,898

 
6,818

 
—

 
—

Other investments(I)
19,869

 
21,406

 
—

 
—

 
1,234

 
3,336

 
18,635

 
18,070

Total
$
273,499

 
$
336,709

 
$
74,051

 
$
89,982

 
$
180,813

 
$
228,657

 
$
18,635

 
$
18,070

 (A) Equity securities includes investments in 1) common stock, 2) preferred stock and 3) mutual funds. Investments in common and preferred stocks are valued using quoted market prices multiplied by the number of shares owned. Investments in mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date and are traded on listed exchanges.
(B) U.S. government securities includes agency and treasury debt. These investments are valued using dealer quotes in an active market.
(C) Non-U.S. government securities includes debt securities issued by foreign governments and are valued utilizing a price spread basis valuation technique with observable sources from investment dealers and research vendors.
(D) U.S. government asset and mortgage backed securities includes government-backed mortgage funds which are valued utilizing an income approach that includes various valuation techniques and sources such as discounted cash flows models, benchmark yields and securities, reported trades, issuer trades and/or other applicable data.
(E) Corporate fixed income is primarily comprised of corporate bonds and certain corporate asset-backed securities that are denominated in the U.S. dollar and are investment-grade securities. These investments are valued using dealer quotes.
(F) State and local government securities include different U.S. state and local municipal bonds and asset backed securities, these investments are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes, benchmark yields and securities, reported trades, issuer trades and/or other applicable data.
(G) Other fixed income investments are actively managed fixed income vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.
(H) Short-term investments include governmental agency funds, government repurchase agreements, commingled funds, and pooled funds and mutual funds. Governmental agency funds are valued utilizing an option adjusted spread valuation technique and sources such as interest rate generation processes, benchmark yields and broker quotes. Investments in governmental repurchase agreements, commingled funds and pooled funds and mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.
(I) Other investments includes cash, forward contracts, derivative instruments, credit default swaps, interest rate swaps and mutual funds. Investments in interest rate swaps are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer trades and/or other applicable data. Forward contracts and derivative instruments are valued at their exchange listed price or broker quote in an active market. The mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date and are traded on listed exchanges.
Schedule of Expected Benefit Payments
The following represents expected future benefit payments from the plan, which reflect expected future service, as appropriate:
 
 
 
Other
 
Pension
 
Postretirement
 
Benefits
 
Benefits
 
(In thousands)
2016
$
19,164

 
$
8,356

2017
20,320

 
8,341

2018
21,833

 
8,344

2019
21,341

 
8,281

2020
21,461

 
8,245

Next 5 years
106,953

 
38,178

 
$
211,072

 
$
79,745