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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [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
 
Year Ended December 31, 2017
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2017
 
October 2 through December 31, 2016
January 1 through October 1, 2016
(In thousands)
 
 
 
 
 
 
 
 
 
CHANGE IN BENEFIT OBLIGATIONS
 
 
 
 
 
 
 
 
 
Benefit obligations at beginning of period
$
313,629

 
$
341,427

$
301,292

 
$
111,867

 
$
120,311

$
103,460

Service cost
—

 
—

—

 
671

 
180

393

Interest cost
11,169

 
2,768

9,338

 
4,150

 
978

3,223

Divestitures (see Note 5 to the Consolidated Financial Statements)
(29,097
)
 
—

—

 
—

 
—

—

Settlements
(1,532
)
 
(135
)
—

 
—

 
—

—

Curtailments
—

 
—

454

 
(520
)
 
—

714

Benefits paid
(38,197
)
 
(11,009
)
(8,699
)
 
(8,152
)
 
(1,962
)
(8,273
)
Other-primarily actuarial (gain) loss
14,126

 
(19,422
)
—

 
2,503

 
(7,640
)
—

Fresh start accounting adjustments
—

 
—

39,042

 
—

 
—

$
20,794

Benefit obligations at end of period
$
270,098

 
$
313,629

$
341,427

 
$
110,519

 
$
111,867

$
120,311

CHANGE IN PLAN ASSETS
 
 
 
 
 
 
 
 
 
Value of plan assets at beginning of period
$
274,225

 
$
292,726

$
273,499

 
$
—

 
$
—

$
—

Actual return on plan assets
39,689

 
(7,899
)
27,811

 
 
 
—

—

Employer contributions
429

 
407

115

 
8,152

 
1,962

8,273

Benefits paid
(38,197
)
 
(11,009
)
(8,699
)
 
(8,152
)
 
(1,962
)
(8,273
)
Divestitures
$
(20,504
)
 
$
—

$
—

 
$
—

 
$
—

$
—

Value of plan assets at end of period
$
255,642

 
$
274,225

$
292,726

 
$
—

 
$
—

$
—

Accrued benefit cost
$
(14,456
)
 
$
(39,404
)
$
(48,701
)
 
$
(110,519
)
 
$
(111,867
)
$
(120,311
)
ITEMS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC BENEFIT COST
 
 
 
 
 
 
 
 
 
Prior service credit (cost)
$
—

 
$
—

$
—

 
$
—

 
$
—

$
—

Accumulated gain
16,178

 
6,751

—

 
5,137

 
7,640

—

 
$
16,178

 
$
6,751

$
—

 
$
5,137

 
$
7,640

$
—

BALANCE SHEET AMOUNTS
 
 
 
 
 
 
 
 
 
Current liability
$
(420
)
 
$
(520
)
$
(420
)
 
$
(8,150
)
 
$
(10,422
)
$
(8,352
)
Noncurrent liability
(14,036
)
 
(38,884
)
(48,281
)
 
(102,369
)
 
(101,445
)
(111,959
)
 
$
(14,456
)
 
$
(39,404
)
$
(48,701
)
 
$
(110,519
)
 
$
(111,867
)
$
(120,311
)
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
 
Year Ended December 31, 2017
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2015
 
Year Ended December 31, 2017
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2015
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
—

 
$
—

$
—

 
$
9

 
$
671

 
$
180

$
393

 
$
866

Interest cost
11,169

 
2,768

9,338

 
14,604

 
4,150

 
978

3,223

 
1,904

Curtailments
—

 
—

454

 
—

 
(520
)
 
—

(970
)
 
—

Settlements
(1,532
)
 
(135
)
—

 
2,656

 
—

 
—

—

 
—

Expected return on plan assets
(16,498
)
 
(4,770
)
(13,623
)
 
(20,367
)
 
—

 
—

—

 
—

Amortization of prior service credits
—

 
—

—

 
—

 
—

 
—

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

 
—

3,973

 
8,850

 
—

 
—

(849
)
 
(2,109
)
Net benefit cost (credit)
$
(6,861
)
 
$
(2,137
)
$
142

 
$
5,752

 
$
4,301

 
$
1,158

$
(6,057
)
 
$
(7,674
)
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
 
Year Ended December 31, 2017
 
October 2 through December 31, 2016
January 1 through October 1, 2016
(Percentages)
 
 
 
 
Pension Benefits
 
 
 
 
Discount rate
3.49/3.27
 
3.95
3.39
Rate of compensation increase
N/A
 
N/A
N/A
 
 
 
 
 
Other Postretirement Benefits
 
 
 
 
Discount rate
3.49
 
3.93
3.37
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
 
Year Ended December 31, 2017
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2015
(Percentages)
 
 
 
 
 
 
Pension Benefits
 
 
 
 
 
 
Discount rate
3.77
 
3.39/3.95
4.59/3.80
 
4.15/4.61/4.41/4.60
Rate of compensation increase
N/A
 
N/A
N/A
 
N/A
Expected return on plan assets
6.20
 
6.85
6.85
 
7.00
 
 
 
 
 
 
 
Other Postretirement Benefits
 
 
 
 
 
 
Discount rate
3.85
 
3.37
4.57/3.80
 
3.91
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, 2017 and 2016, 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
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
(In thousands)
Equity Securities:(A)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. small-cap
$
5,064

 
$
13,520

 
$
5,064

 
$
13,520

 
$
—

 
$
—

 
$
—

 
$
—

U.S. mid-cap
22,640

 
29,687

 
6,017

 
9,422

 
16,623

 
20,265

 
—

 
—

U.S. large-cap
43,232

 
70,226

 
21,416

 
34,107

 
21,816

 
36,119

 
—

 
—

Non-U.S.
10,115

 
18,937

 
—

 
—

 
10,115

 
18,937

 
—

 
—

Fixed income securities:

 

 
 
 
 
 
 
 
 
 
 
 
—

U.S. government securities(B)
66,922

 
26,519

 
60,286

 
19,973

 
6,636

 
6,546

 
—

 
—

Non-U.S. government securities(C)
4,050

 
1,567

 
—

 
—

 
4,050

 
1,567

 
—

 
—

U.S. government asset and mortgage backed securities(D)
2,440

 
1,074

 
—

 
—

 
2,440

 
1,074

 
—

 
—

Corporate fixed income(E)
54,679

 
58,191

 
—

 
—

 
54,679

 
58,191

 
—

 
—

State and local government securities(F)
3,829

 
6,406

 
—

 
—

 
3,829

 
6,406

 
—

 
—

Other investments(I)
27,057

 
26,151

 
—

 
—

 
8,457

 
6,910

 
18,600

 
19,241

Total
$
240,028

 
$
252,278

 
$
92,783

 
$
77,022

 
$
128,645

 
$
156,015

 
$
18,600

 
$
19,241

Other fixed income(G)
16,646

 
35,519

 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments(H)
8,573

 
8,598

 
 
 
 
 
 
 
 
 
 
 
 
Other liabilities(J)
(9,605
)
 
(22,170
)
 
 
 
 
 
 
 
 
 
 
 
 
 
$
255,642

 
$
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)
2018
$
17,614

 
$
12,381

2019
17,834

 
12,549

2020
18,174

 
12,990

2021
18,635

 
13,239

2022
19,235

 
13,423

Next 5 years
83,071

 
62,854

 
$
174,563

 
$
127,436