Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

The components of net periodic pension cost for both plans are as follows:



	(In thousands) Years Ended December 31,
	2015			2014			2013
Service cost	$	785		$	693		$	843
Interest cost	1,350			1,278			1,160
Expected return on plan assets	(1,495		)	(1,400		)	(1,222		)
Amortization of actuarial losses	887			419			1,093
Net periodic pension cost	$	1,527		$	990		$	1,874

Reclassification out of Accumulated Other Comprehensive Income

The components of the reclassifications of net actuarial losses from accumulated other comprehensive loss to net income for 2015 were as follows:



	(In thousands) Year Ended December 31,
	2015
Amortization of actuarial loss - total before tax ⁽¹⁾	$	887
Tax benefit	(330		)
Net of tax	$	557


(1)	The amortization expense is included in the computation of periodic pension cost and is a decrease to net income upon reclassification from accumulated other comprehensive loss.

Obligation and Funded Status of Defined Benefit Pension Plan and Retirement Plan

The obligations and funded status of both plans are as follows:



	(In thousands) December 31,
	2015			2014
Change in benefit obligation⁽¹⁾
Beginning benefit obligation (January 1)	$	33,299		$	28,438
Service cost	785			693
Interest cost	1,350			1,278
Actuarial (gain) loss	(2,599		)	4,117
Benefits paid	(1,325		)	(1,227		)
Ending benefit obligation (December 31)	$	31,510		$	33,299
Change in plan assets
Beginning fair value of plan assets (January 1)	$	19,725		$	18,367
Return on assets	(296		)	669
Employer contribution	1,829			1,916
Benefits paid	(1,325		)	(1,227		)
Ending fair value of plan assets (December 31)	$	19,933		$	19,725
Funded status (under funded)	$	(11,577	)	$	(13,574	)
Amounts recognized in the consolidated balance sheet
Current liabilities	$	527		$	464
Non-current liabilities	$	11,050		$	13,110
Unrecognized loss included in accumulated other comprehensive loss
Beginning unrecognized loss, before tax (January 1)	$	10,614		$	6,183
Amortization	(887		)	(419		)
Liability (gain) loss	(2,599		)	4,117
Asset loss	1,791			733
Ending unrecognized loss, before tax (December 31)	8,919			10,614
Tax impact	(3,316		)	(3,970		)
Unrecognized loss included in accumulated other comprehensive loss, net of tax	$	5,603		$	6,644
Prepaid benefit cost included in other assets	$	1,984		$	1,832
Accrued benefit cost included in other liabilities	$	4,646		$	4,795


(1)	Projected benefit obligation equals the accumulated benefit obligation for the plans.

Company's Pension Plan Asset Allocation, by Asset Category

Our Pension Plan asset allocations at December 31, 2015 and 2014, by asset category, were as follows:



	December 31,
	2015		2014
Equity securities	74	%	76	%
Cash and equivalents	6	%	4	%
Debt securities	20	%	20	%
Total⁽¹⁾	100	%	100	%


(1)	Our overall investment strategy is to achieve an asset allocation within the following ranges to achieve an appropriate rate of return relative to risk.



Cash	0-25%
Fixed income securities	0-50%
Equities	50-95%

Summary of Return on Plan Asset



	(In thousands) Year Ended December 31, 2015
	Level 1		Level 2		Level 3		Total
Cash and other investments	$	1,149	$	—	$	—	$	1,149
Fixed income securities	3,986		—		—		3,986
Equities⁽¹⁾	9,468		5,330		—		14,798
Total	$	14,603	$	5,330	$	—	$	19,933



	(In thousands) Year Ended December 31, 2014
	Level 1		Level 2		Level 3		Total
Cash and other investments	$	886	$	—	$	—	$	886
Fixed income securities	3,896		—		—		3,896
Equities⁽¹⁾	9,687		5,256		—		14,943
Total	$	14,469	$	5,256	$	—	$	19,725


(1)	Represents mutual funds and commingled accounts which invest primarily in equities, but may also hold fixed income securities, cash and other investments.

Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

The assumptions used to compute the fair value of stock option grants under the Stock Incentive Plans for years ended December 31, 2015, 2014, and 2013 were as follows:



	Years Ended December 31,
	2015		2014		2013
Risk-free interest rate	1.13	%	1.67	%	1.44	%
Expected volatility	53.72	%	55.27	%	53.89	%
Expected dividends	—		—		—
Expected term (in months)	47		66		66

The weighted-average assumptions used to determine the net periodic benefit costs under the two plans were as follows:



	Years Ended December 31,
	2015		2014		2013
Discount rate used to determine pension expense
Pension Plan	4.25	%	4.75	%	4.00	%
LaBarge Retirement Plan	3.70	%	4.00	%	3.10	%

The weighted-average assumptions used to determine the benefit obligations under the two plans were as follows:



	December 31,
	2015		2014		2013
Discount rate used to determine value of obligations
Pension Plan	4.55	%	4.25	%	4.75	%
LaBarge Retirement Plan	4.00	%	3.70	%	4.00	%
Long-term rate of return - Pension Plan only	7.50	%	7.50	%	8.00	%

Expected Future Benefit Payments Under Pension Plans

The following benefit payments under both plans, which reflect expected future service, as appropriate, are expected to be paid:



	(In thousands)
	Pension Plan		LaBarge Retirement Plan
2016	$	1,038	$	527
2017	1,062		521
2018	1,172		512
2019	1,213		500
2020	1,286		485
Thereafter	7,442		2,139