Pension and Other Postretirement Benefits (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Compensation and Retirement Disclosure [Abstract] |
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| Schedule of Net Funded Status |
The following table sets forth information regarding the funded status of our pension and other postretirement benefits as of December 31, 2015 and 2014: | | | | | | | | | | | | | | | Pension Benefits | Postretirement Benefits | | 2015 | 2014 | 2015 | 2014 |
| Change in Benefit Obligation: | | | | | Benefit obligation at beginning of period | $ | 612,688 |
| $ | 558,650 |
| $ | 77,355 |
| $ | 76,134 |
| Service cost | 25,607 |
| 22,205 |
| 2,505 |
| 2,454 |
| Interest cost | 25,203 |
| 26,817 |
| 2,925 |
| 3,338 |
| Actuarial loss (gain) | 21,731 |
| 56,333 |
| (2,165 | ) | (102 | ) | Benefits paid from plan assets | (48,471 | ) | (47,420 | ) | — |
| — |
| Benefits paid from Company assets | (1,537 | ) | (1,392 | ) | (6,131 | ) | (6,057 | ) | Plan participants' contributions | — |
| — |
| 1,448 |
| 1,588 |
| Administrative expenses paid | (1,153 | ) | (1,032 | ) | — |
| — |
| Settlements(1) | — |
| (1,473 | ) | — |
| — |
| Benefit Obligation at End of Period | 634,068 |
| 612,688 |
| 75,937 |
| 77,355 |
| Change in Plan Assets: | | | | | Fair value of plan assets at beginning of period | 470,165 |
| 423,167 |
| — |
| — |
| Actual return on plan assets | (13,283 | ) | 55,450 |
| — |
| — |
| Employer contributions(2) | 41,537 |
| 42,865 |
| 4,683 |
| 4,469 |
| Plan participants' contributions | — |
| — |
| 1,448 |
| 1,588 |
| Benefits paid(2) | (50,008 | ) | (48,812 | ) | (6,131 | ) | (6,057 | ) | Administrative expenses paid | (1,153 | ) | (1,032 | ) | — |
| — |
| Settlements(1)(2) | — |
| (1,473 | ) | — |
| — |
| Fair Value of Plan Assets at End of Period | 447,258 |
| 470,165 |
| — |
| — |
| Unfunded Status | $ | 186,810 |
| $ | 142,523 |
| $ | 75,937 |
| $ | 77,355 |
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(1) We recorded a settlement loss that resulted from lump sum pension distributions. (2) Includes $1,537 and $2,865 paid from our assets for unfunded nonqualified benefits in fiscal years 2015 and 2014, respectively. |
| Schedule of Amounts Recognized in Balance Sheet |
Amounts recognized in the consolidated balance sheet for the years ended December 31 consist of the following: | | | | | | | | | | | | | | | Pension Benefits | Postretirement Benefits | | 2015 | 2014 | 2015 | 2014 | Current accrued benefit cost | $ | 1,599 |
| $ | 1,542 |
| $ | 5,634 |
| $ | 7,790 |
| Non-current accrued benefit cost | 185,211 |
| 140,981 |
| 70,303 |
| 69,565 |
| Net amount recognized | $ | 186,810 |
| $ | 142,523 |
| $ | 75,937 |
| $ | 77,355 |
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| Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) |
Amounts recognized in accumulated other comprehensive loss for the years ended December 31, net of tax, consist of the following: | | | | | | | | | | | | | | | Pension Benefits | Postretirement Benefits | | 2015 | 2014 | 2015 | 2014 | Net actuarial loss | $ | 170,180 |
| $ | 143,734 |
| $ | 10,983 |
| $ | 12,944 |
| Prior service cost (gain) | 716 |
| 992 |
| (3,860 | ) | (5,193 | ) | Accumulated other comprehensive loss | $ | 170,896 |
| $ | 144,726 |
| $ | 7,123 |
| $ | 7,751 |
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| Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year |
Amounts estimated to be amortized from accumulated other comprehensive loss into net periodic benefit costs in 2016, net of tax, consist of the following: | | | | | | | | | Pension Benefits | Postretirement Benefits | Net actuarial loss | $ | 12,088 |
| $ | 481 |
| Prior service cost (gain) | 259 |
| (1,333 | ) | Accumulated other comprehensive loss (income) | $ | 12,347 |
| $ | (852 | ) |
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| Schedule of Assumptions Used |
Weighted-average assumptions used to determine the actuarial present value of the pension and postretirement benefit obligations as of December 31 are: | | | | | | | | | | Pension Benefits | | Postretirement Benefits | | 2015 | 2014 | | 2015 | 2014 | Discount rate | 4.48 | % | 4.08 | % | | 4.09% | 3.77% | Rate of compensation increase | 4.44 | % | 4.47 | % | | — | — | Health care cost trend on covered charges | — |
| — |
| | 6.5% / 5% | 7.5% / 5% |
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were: | | | | | | | | | | | | Pension Benefits | Postretirement Benefits | | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | Discount rate | 4.08 | % | 4.87 | % | 3.95 | % | 3.77% | 4.34% | 3.51% | Expected return on plan assets | 6.25 | % | 6.25 | % | 6.00 | % | — | — | — | Rate of compensation increase | 4.47 | % | 4.25 | % | 4.25 | % | — | — | — | Health care cost trend on covered charges | — |
| — |
| — |
| 7% / 5% | 7.5% / 5% | 8% / 5% |
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| Schedule of Net Periodic Benefit Costs |
The net periodic benefit cost for the years ended December 31, 2015, 2014, and 2013 included the following components: | | | | | | | | | | | | | | | | | | | | | Pension Benefits | Postretirement Benefits | | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | Service cost | $ | 25,607 |
| $ | 22,205 |
| $ | 24,119 |
| $ | 2,505 |
| $ | 2,454 |
| $ | 2,644 |
| Interest cost | 25,203 |
| 26,817 |
| 23,914 |
| 2,925 |
| 3,338 |
| 2,873 |
| Expected return on plan assets | (28,297 | ) | (26,624 | ) | (23,909 | ) | — |
| — |
| — |
| Amortization of: | | | | | | | Net actuarial loss | 20,028 |
| 17,639 |
| 26,371 |
| 1,044 |
| 1,267 |
| 1,794 |
| Prior service cost (gain) | 452 |
| 952 |
| 1,375 |
| (2,181 | ) | (2,181 | ) | (2,181 | ) | Settlement loss | — |
| 789 |
| — |
| — |
| — |
| — |
| Net periodic benefit cost | $ | 42,993 |
| $ | 41,778 |
| $ | 51,870 |
| $ | 4,293 |
| $ | 4,878 |
| $ | 5,130 |
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| Schedule of Expected Benefit Payments |
Estimated future defined benefit pension and other postretirement benefit plan payments to plan participants for the years ending December 31 are as follows: | | | | | | | | | | Year | Pension Benefits | Postretirement Benefits | 2016 | $ | 42,785 |
| | $ | 5,748 |
| | 2017 | 41,056 |
| | 6,240 |
| | 2018 | 42,078 |
| | 6,552 |
| | 2019 | 44,673 |
| | 6,729 |
| | 2020 | 46,845 |
| | 6,909 |
| | After 2020 | 245,255 |
| | 34,598 |
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| Schedule of Allocation of Plan Assets |
The following tables set forth, by level within the fair value hierarchy, the defined benefit pension plan assets measured at fair value as of December 31, 2015 and 2014: | | | | | | | | | | | | | | December 31, 2015 | Investment | Quoted Prices in Active Markets for Identical Inputs (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Equity securities - U.S. | |
| |
| |
| |
| Corporate stocks | $ | 18,908 |
| $ | — |
| $ | — |
| $ | 18,908 |
| Mutual funds | 24,652 |
| 9,206 |
| — |
| 33,858 |
| Equity securities - International | |
| |
| |
| |
| Corporate stocks | 1,410 |
| — |
| — |
| 1,410 |
| Mutual funds | 46,594 |
| — |
| — |
| 46,594 |
| Fixed income investments - U.S. | |
| |
| |
| |
| Corporate debt | 131,109 |
| — |
| — |
| 131,109 |
| U.S. government debt | 42,720 |
| — |
| — |
| 42,720 |
| Mutual funds | 22,393 |
| 70,949 |
| — |
| 93,342 |
| Fixed income investments - International | 26,044 |
| — |
| — |
| 26,044 |
| Absolute return | — |
| — |
| 32,383 |
| 32,383 |
| Real assets | — |
| — |
| 13,622 |
| 13,622 |
| Private equity | — |
| — |
| 2,704 |
| 2,704 |
| Short-term investments | — |
| 4,564 |
| — |
| 4,564 |
| Total | $ | 313,830 |
| $ | 84,719 |
| $ | 48,709 |
| $ | 447,258 |
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| | | | | | | | | | | | | | December 31, 2014 | Investment | Quoted Prices in Active Markets for Identical Inputs (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Equity securities - U.S. | | | | | Corporate stocks | $ | 17,092 |
| $ | — |
| $ | — |
| $ | 17,092 |
| Mutual funds | 18,006 |
| 8,733 |
| — |
| 26,739 |
| Equity securities - International | | | | | Corporate stocks | 946 |
| — |
| — |
| 946 |
| Mutual funds | 43,710 |
| — |
| — |
| 43,710 |
| Fixed income investments - U.S. | | | | | Corporate debt | 128,033 |
| — |
| — |
| 128,033 |
| U.S. government debt | 52,674 |
| — |
| — |
| 52,674 |
| Mutual funds | 29,799 |
| 74,525 |
| — |
| 104,324 |
| Fixed income investments - International | 27,784 |
| — |
| — |
| 27,784 |
| Absolute return | — |
| — |
| 33,021 |
| 33,021 |
| Real assets | — |
| 7,598 |
| 16,518 |
| 24,116 |
| Private equity | — |
| — |
| 3,682 |
| 3,682 |
| Short-term investments | — |
| 8,044 |
| — |
| 8,044 |
| Total | $ | 318,044 |
| $ | 98,900 |
| $ | 53,221 |
| $ | 470,165 |
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Asset allocation information for the defined benefit pension plan at December 31, 2015 and 2014 is as follows: | | | | | | | | Investment | 2015 Actual Allocation | 2015 Target Allocation Range | 2014 Actual Allocation | 2014 Target Allocation Range | Equity securities-U.S. | 12 | % | 3-15% | 9 | % | 3-15% | Equity securities-International | 11 | % | 3-15% | 9 | % | 3-15% | Fixed income investments-U.S. | 59 | % | 35-75% | 61 | % | 35-75% | Fixed income investments-International | 6 | % | 3-10% | 6 | % | 3-10% | Absolute return | 7 | % | 5-15% | 7 | % | 5-15% | Real assets | 3 | % | 3-10% | 5 | % | 3-10% | Private equity | 1 | % | 0-3% | 1 | % | 0-3% | Short-term investments | 1 | % | 0-3% | 2 | % | 0-3% | Total | 100 | % | 100% | 100 | % | 100% |
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| Schedule of Changes in Fair Value of Plan Assets |
The tables below set forth a summary of changes in the fair value of the defined benefit pension plan's Level 3 assets for the years ended December 31, 2015 and 2014: | | | | | | | | | | | | | | December 31, 2015 | | Absolute Return | Real Assets | Private Equity | Total | Balance, beginning of year | $ | 33,021 |
| $ | 16,518 |
| $ | 3,682 |
| $ | 53,221 |
| Realized gains | 108 |
| 763 |
| 174 |
| 1,045 |
| Unrealized gains (losses) | 4 |
| 1,607 |
| (92 | ) | 1,519 |
| Purchases | 272 |
| — |
| 188 |
| 460 |
| Sales | (1,022 | ) | (5,266 | ) | (1,248 | ) | (7,536 | ) | Balance, end of year | $ | 32,383 |
| $ | 13,622 |
| $ | 2,704 |
| $ | 48,709 |
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| | | | | | | | | | | | | | December 31, 2014 | | Absolute Return | Real Assets | Private Equity | Total | Balance, beginning of year | $ | 39,448 |
| $ | 14,737 |
| $ | 3,793 |
| $ | 57,978 |
| Realized gains | 386 |
| 48 |
| 76 |
| 510 |
| Unrealized gains | 1,837 |
| 2,065 |
| 432 |
| 4,334 |
| Purchases | — |
| 48 |
| 359 |
| 407 |
| Sales | (8,650 | ) | (380 | ) | (978 | ) | (10,008 | ) | Balance, end of year | $ | 33,021 |
| $ | 16,518 |
| $ | 3,682 |
| $ | 53,221 |
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