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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2016
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:
 
Pension Benefits
 
Other Postretirement Benefits
 
Successor
Predecessor
 
Successor
Predecessor
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2015
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2015
(In thousands)
 
 
 
 
 
 
 
 
 
CHANGE IN BENEFIT OBLIGATIONS
 
 
 
 
 
 
 
 
 
Benefit obligations at beginning of period
$
341,427

$
301,292

 
$
353,736

 
$
120,311

$
103,460

 
$
36,098

Service cost
—

—

 
9

 
180

393

 
866

Interest cost
2,768

9,338

 
14,604

 
978

3,223

 
1,904

Re-entry of former Magnum employees
—

—

 
—

 
—

—

 
85,843

Settlements
(135
)
—

 
—

 
—

—

 
—

Curtailments
—

454

 
—

 
—

714

 
—

Benefits paid
(11,009
)
(8,699
)
 
(61,955
)
 
(1,962
)
(8,273
)
 
(3,646
)
Other-primarily actuarial gain
(19,422
)
—

 
(5,102
)
 
(7,640
)
—

 
(17,605
)
Fresh start accounting adjustments
—

39,042

 
—

 
—

20,794

 
 
Benefit obligations at end of period
$
313,629

$
341,427

 
$
301,292

 
$
111,867

$
120,311

 
$
103,460

CHANGE IN PLAN ASSETS
 
 
 
 
 
 
 
 
 
Value of plan assets at beginning of period
$
292,726

$
273,499

 
$
336,709

 
$
—

$
—

 
$
—

Actual return on plan assets
(7,899
)
27,811

 
(1,679
)
 
 
—

 
—

Employer contributions
407

115

 
424

 
1,962

8,273

 
3,646

Benefits paid
(11,009
)
(8,699
)
 
(61,955
)
 
(1,962
)
(8,273
)
 
(3,646
)
Value of plan assets at end of period
$
274,225

$
292,726

 
$
273,499

 
$
—

$
—

 
$
—

Accrued benefit cost
$
(39,404
)
$
(48,701
)
 
$
(27,793
)
 
$
(111,867
)
$
(120,311
)
 
$
(103,460
)
ITEMS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC BENEFIT COST
 
 
 
 
 
 
 
 
 
Prior service credit (cost)
$
—

$
—

 
$
—

 
$
—

$
—

 
$
26,944

Accumulated gain (loss)
6,751

—

 
(16,769
)
 
7,640

—

 
11,313

 
$
6,751

$
—

 
$
(16,769
)
 
$
7,640

$
—

 
$
38,257

BALANCE SHEET AMOUNTS
 
 
 
 
 
 
 
 
 
Current liability
$
(520
)
$
(420
)
 
$
(420
)
 
$
(10,422
)
$
(8,352
)
 
$
(3,650
)
Noncurrent liability
(38,884
)
(48,281
)
 
$
(27,373
)
 
(101,445
)
(111,959
)
 
(99,810
)
 
$
(39,404
)
$
(48,701
)
 
$
(27,793
)
 
$
(111,867
)
$
(120,311
)
 
$
(103,460
)
Other Postretirement Benefit Costs
The following table details the components of pension and postretirement benefit costs (credits):
 
 
Pension Benefits
 
Other Postretirement Benefits
 
Successor
Predecessor
 
Successor
Predecessor
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2015
 
Year Ended December 31, 2014
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2015
 
Year Ended December 31, 2014
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
—

$
—

 
$
9

 
$
21,478

 
$
180

$
393

 
$
866

 
$
1,649

Interest cost
2,768

9,338

 
14,604

 
17,070

 
978

3,223

 
1,904

 
1,841

Curtailments
—

454

 
—

 
(25,368
)
 
—

(970
)
 
—

 
—

Settlements
(135
)
—

 
2,656

 
646

 
—

—

 
—

 
—

Expected return on plan assets
(4,770
)
(13,623
)
 
(20,367
)
 
(23,756
)
 
—

—

 
—

 
—

Amortization of prior service credits
—

—

 
—

 
(257
)
 
—

(7,854
)
 
(8,335
)
 
(10,003
)
Amortization of other actuarial losses (gains)
—

3,973

 
8,850

 
3,128

 
—

(849
)
 
(2,109
)
 
(761
)
Net benefit cost (credit)
$
(2,137
)
$
142

 
$
5,752

 
$
(7,059
)
 
$
1,158

$
(6,057
)
 
$
(7,674
)
 
$
(7,274
)
Schedule of Assumptions Used
The following table provides the weighted average assumptions used to determine the actuarial present value of projected benefit obligations for the respective periods.
 
Successor
Predecessor
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2015
(Percentages)
 
 
 
 
Pension Benefits
 
 
 
 
Discount rate
3.95
3.39
 
4.59
Rate of compensation increase
N/A
N/A
 
N/A
 
 
 
 
 
Other Postretirement Benefits
 
 
 
 
Discount rate
3.93
3.37
 
4.57
Rate of compensation increase
N/A
N/A
 
N/A

The following table provides the weighted average assumptions used to determine net periodic benefit cost for the respective periods.
 
Successor
Predecessor
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2015
 
Year Ended December 31, 2014
(Percentages)
 
 
 
 
 
 
Pension Benefits
 
 
 
 
 
 
Discount rate
3.39/3.95
4.59/3.80
 
4.15/4.61/4.41/4.60
 
5.08/4.23/4.14
Rate of compensation increase
N/A
N/A
 
N/A
 
N/A
Expected return on plan assets
6.85
6.85
 
7.00
 
7.75
 
 
 
 
 
 
 
Other Postretirement Benefits
 
 
 
 
 
 
Discount rate
3.37
4.57/3.80
 
3.91
 
4.58
Rate of compensation increase
N/A
N/A
 
N/A
 
N/A
Expected return on plan assets
N/A
N/A
 
N/A
 
N/A
Schedule of Allocation of Plan Assets
The Company’s pension plan assets at December 31, 2016 and 2015, respectively, are categorized below according to the fair value hierarchy as defined in Note 16, “Fair Value Measurements”:
 
Total
 
Level 1
 
Level 2
 
Level 3
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
(In thousands)
Equity Securities:(A)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. small-cap
$
13,520

 
$
11,640

 
$
13,520

 
$
11,640

 
$
—

 
$
—

 
$
—

 
$
—

U.S. mid-cap
29,687

 
28,524

 
9,422

 
10,979

 
20,265

 
17,545

 
—

 
—

U.S. large-cap
70,226

 
67,244

 
34,107

 
33,249

 
36,119

 
33,995

 
—

 
—

Non-U.S.
18,937

 
18,785

 
—

 
—

 
18,937

 
18,785

 
—

 
—

Fixed income securities:

 

 
 
 
 
 
 
 
 
 
 
 
—

U.S. government securities(B)
26,519

 
18,844

 
19,973

 
18,183

 
6,546

 
661

 
—

 
—

Non-U.S. government securities(C)
1,567

 
766

 
—

 
—

 
1,567

 
766

 
—

 
—

U.S. government asset and mortgage backed securities(D)
1,074

 
1,056

 
—

 
—

 
1,074

 
1,056

 
—

 
—

Corporate fixed income(E)
58,191

 
39,939

 
—

 
—

 
58,191

 
39,939

 
—

 
—

State and local government securities(F)
6,406

 
5,725

 
—

 
—

 
6,406

 
5,725

 
—

 
—

Other investments(I)
26,151

 
19,869

 
—

 
—

 
6,910

 
1,234

 
19,241

 
18,635

Total
$
252,278

 
$
212,392

 
$
77,022

 
$
74,051

 
$
156,015

 
$
119,706

 
$
19,241

 
$
18,635

Other fixed income(G)
35,519

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments(H)
8,598

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other liabilities(J)
(22,170
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
274,225

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 (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 include 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.
(J)Net payable amount due for pending securities purchased and sold due to broker/dealer.
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)
2017
$
19,403

 
$
12,300

2018
21,117

 
12,716

2019
20,763

 
13,033

2020
21,209

 
13,408

2021
21,917

 
13,763

Next 5 years
102,619

 
64,920

 
$
207,028

 
$
130,140