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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Employee Benefit Plans [Abstract]  
Changes in Benefit Obligations and Fair Value of Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Thousands)

 

 

Retirement Plan

 

 

Postretirement Benefits

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

Change in Projected Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

Projected Benefit Obligation at Beginning of Year

 

$

36,735 

 

$

32,897 

 

$

12,127 

 

$

12,530 

Service Cost

 

 

593 

 

 

588 

 

 

(64)

 

 

22 

Interest Cost

 

 

1,422 

 

 

1,500 

 

 

427 

 

 

521 

Actuarial (Gain) Loss

 

 

(737)

 

 

3,113 

 

 

(1,931)

 

 

(342)

Benefits Paid and Expected Expenses

 

 

(1,510)

 

 

(1,363)

 

 

(684)

 

 

(646)

Medicare Part D Reimbursements

 

 

 -

 

 

 -

 

 

44 

 

 

42 

Projected Benefit Obligation at End of Year

 

$

36,503 

 

$

36,735 

 

$

9,919 

 

$

12,127 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Plan Assets at Beginning of Year

 

$

35,772 

 

$

34,414 

 

$

 -

 

$

 -

Actual Return on Plan Assets

 

 

213 

 

 

2,125 

 

 

 -

 

 

 -

Employer Contributions

 

 

646 

 

 

600 

 

 

640 

 

 

604 

Benefits Paid and Actual Expenses

 

 

(1,513)

 

 

(1,367)

 

 

(684)

 

 

(646)

Medicare Part D Reimbursements

 

 

 -

 

 

 -

 

 

44 

 

 

42 

Fair Value of Plan Assets at End of Year

 

$

35,118 

 

$

35,772 

 

$

 -

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded (Unfunded) Status

 

$

(1,385)

 

$

(963)

 

$

(9,919)

 

$

(12,127)

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

Discount Rate

 

 

4.50% 

 

 

4.00% 

 

 

4.50% 

 

 

4.00% 

Rate of Compensation Increase

 

 

4.50% 

 

 

4.50% 

 

 

N/A

 

 

N/A

 

Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Thousands)

 

 

Retirement Plan

 

 

Postretirement Benefits

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

Prior Service Credit (Cost)

 

$

 

$

13 

 

$

(982)

 

$

(1,087)

Net Loss

 

 

(9,290)

 

 

(8,130)

 

 

(867)

 

 

(2,855)

Accumulated Other Comprehensive Loss

 

$

(9,281)

 

$

(8,117)

 

$

(1,849)

 

$

(3,942)

 

Components Of Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Thousands)

 

 

Pension Plan

 

 

Postretirement Benefits

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

Components of Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost

 

$

593 

 

$

588 

 

$

(64)

 

$

22 

Interest Cost

 

 

1,422 

 

 

1,500 

 

 

427 

 

 

521 

Expected Return on Plan Assets

 

 

(2,543)

 

 

(2,453)

 

 

 -

 

 

 -

Amortization of Prior Service Cost

 

 

(3)

 

 

(3)

 

 

105 

 

 

100 

Amortization of Net Loss

 

 

437 

 

 

83 

 

 

57 

 

 

80 

Net Periodic Benefit Cost (Credit)

 

$

(94)

 

$

(285)

 

$

525 

 

$

723 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

Discount Rate

 

 

4.00% 

 

 

4.75% 

 

 

4.00% 

 

 

4.75% 

Expected Return on Plan Assets

 

 

7.25% 

 

 

7.25% 

 

 

N/A

 

 

N/A

Rate of Compensation Increase

 

 

4.50% 

 

 

4.50% 

 

 

N/A

 

 

N/A

 

One Percent Change in Assumed Health Care Cost Trend Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Thousands)

 

 

 

 

 

 

1% Increase

 

 

1% Decrease

Service and Interest Costs

 

$

25 

 

$

(23)

Postretirement Benefit Obligation

 

 

1,278 

 

 

(1,066)

 

Expected Future Benefit Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Thousands)

 

 

 

 

 

 

Retirement Plan

 

 

Postretirement Benefits

2016

 

$

1,764 

 

$

538 

2017

 

 

1,739 

 

 

543 

2018

 

 

1,793 

 

 

557 

2019

 

 

1,909 

 

 

566 

2020

 

 

2,124 

 

 

570 

2021-2025

 

 

12,455 

 

 

2,833 

 

Multi-employer Pension and Other Postretirement Benefit Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Thousands)

Pension

FIP/RP

 

 

 

 

 

 

 

 

Protection

Status

Contribution

 

 

 

 

 

Act Zone

Pending/

Amount

Surcharge

 

Plan

Company

EIN

Status

Implemented (5)

2015

 

2014

Imposed

Expiration Date

MM&P (1)

WSC

13-100310

Green

Yes

$        486

 

$        609

No

9/30/2025 & 9/30/2025

 

SCI

 

 

 

$        369

 

$        378

 

6/30/2027

 

CGL

 

 

 

$        700

 

$        790

 

9/30/2025 & 6/30/2020

MEBA (2)

WSC

51-029896

Green

No

$        235

 

$        272

No

9/30/2020

 

SCI

 

 

 

$        143

 

$        127

 

6/30/2017

 

CGL

 

 

 

$        281

 

$        257

 

9/30/2020 & 6/30/2020

ARA (3)

WSC

13-161999

Green

No

$             -

 

$             -

No

*

 

CGL

 

 

 

$          54

 

$          54

 

9/30/15 & 6/30/17

SPP (4)

WSC

13-100329

Green

No

$          74

 

$          86

No

9/30/2017 & 12/31/2016

 

SCI

 

 

 

$          81

 

$          85

 

6/30/2017

 

CGL

 

 

 

$          93

 

$          90

 

12/31/2016 & 6/30/2017

 

Total Contributions

 

 

$     2,516

 

$     2,748

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Masters, Mates & Pilots Pension Plan

 

(2) MEBA Pension Trust

 

(3) American Radio Association Pension Trust

 

(4) Seafarers Pension Plan

 

(5) Financial Improvement Plan/Rehabilitation Plan

 

*In full force and effect until otherwise noted