XML 51 R37.htm IDEA: XBRL DOCUMENT v3.3.1.900
Employee Benefits Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Amount Recognized in Accumulated Other Comprehensive Income (Loss)
       Changes in Accumulated Other Comprehensive Income (Loss) (net of tax) by component are presented below (in thousands):
 
 
 
Unrecognized Pension and Post-retirement Benefit Costs
 
Net Unrealized Gains (Losses) on Marketable Securities
 
Net Losses on Cash Flow Hedges
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2012
$
(75,737
)
 
$
22,194

 
$
(12,541
)
 
$
(66,084
)
 
Other comprehensive income before reclassifications
51,371

 
14,482

 
—

 
65,853

 
Amounts reclassified from accumulated other comprehensive income (loss)
3,036

 
(436
)
 
243

 
2,843

Balance at December 31, 2013
(21,330
)
 
36,240

 
(12,298
)
 
2,612

 
Other comprehensive income (loss) before reclassifications
(12,628
)
 
8,694

 
—

 
(3,934
)
 
Amounts reclassified from accumulated other comprehensive income (loss)
(926
)
 
(5,977
)
 
224

 
(6,679
)
Balance at December 31, 2014
(34,884
)
 
38,957

 
(12,074
)
 
(8,001
)
 
Other comprehensive income (loss) before reclassifications
3,777

 
(2,255
)
 
—

 
1,522

 
Amounts reclassified from accumulated other comprehensive income (loss)
1,238

 
(8,937
)
 
264

 
(7,435
)
Balance at December 31, 2015
$
(29,869
)
 
$
27,765

 
$
(11,810
)
 
$
(13,914
)
Retirement Income Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Funded Status
The obligations and funded status of the plans are presented below (in thousands):
 
December 31,
 
2015
 
2014
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
Change in projected benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at end of prior year
$
341,133

 
$
28,397

 
$
317,815

 
$
25,898

Service cost
8,530

 
262

 
8,284

 
303

Interest cost
13,477

 
1,018

 
14,001

 
1,041

Amendments (a)
—

 
—

 
(33,700
)
 
(500
)
Actuarial (gain) loss
(19,290
)
 
(810
)
 
50,741

 
3,508

Benefits paid
(18,144
)
 
(1,909
)
 
(16,008
)
 
(1,853
)
Benefit obligation at end of year
325,706

 
26,958

 
341,133

 
28,397

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at end of prior year
272,939

 
—

 
257,831

 
—

Actual return (loss) on plan assets
(3,760
)
 
—

 
22,116

 
—

Employer contribution
9,000

 
1,909

 
9,000

 
1,853

Benefits paid
(18,144
)
 
(1,909
)
 
(16,008
)
 
(1,853
)
Fair value of plan assets at end of year
260,035

 
—

 
272,939

 
—

Funded status at end of year
$
(65,671
)
 
$
(26,958
)
 
$
(68,194
)
 
$
(28,397
)

_____________________
(a)Amendments relate to the modification of the Company’s Retirement Plan and Excess Benefit Plan discussed above.
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the Company's balance sheets consist of the following (in thousands): 
 
December 31,
 
2015
 
2014
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
Current liabilities
$
—

 
$
(2,102
)
 
$
—

 
$
(2,319
)
Noncurrent liabilities
(65,671
)
 
(24,856
)
 
(68,194
)
 
(26,078
)
Total
$
(65,671
)
 
$
(26,958
)
 
$
(68,194
)
 
$
(28,397
)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The accumulated benefit obligation in excess of plan assets is as follows (in thousands):    
 
December 31,
 
2015
 
2014
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
Projected benefit obligation
$
(325,706
)
 
$
(26,958
)
 
$
(341,133
)
 
$
(28,397
)
Accumulated benefit obligation
(302,446
)
 
(25,785
)
 
(312,762
)
 
(27,603
)
Fair value of plan assets
260,035

 
—

 
272,939

 
—
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income consist of the following (in thousands):    
 
Years Ended December 31,
 
2015
 
2014
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
Net loss
$
118,963

 
$
9,592

 
$
124,407

 
$
11,341

Prior service benefit
(27,344
)
 
(224
)
 
(30,811
)
 
(264
)
Total
$
91,619

 
$
9,368

 
$
93,596

 
$
11,077
Schedule of Net Periodic Benefit Costs
The components of net periodic benefit cost are presented below (in thousands):
 
Years Ended December 31,
 
2015
 
2014
 
2013
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
Service cost
$
8,530

 
$
262

 
$
8,284

 
$
303

 
$
9,137

 
$
190

Interest cost
13,477

 
1,018

 
14,001

 
1,041

 
12,742

 
872

Expected return on plan assets
(19,795
)
 
—

 
(18,699
)
 
—

 
(17,108
)
 
—

Amortization of:
 
 
 
 
 
 
 
 
 
 
 
Net loss
9,710

 
937

 
8,178

 
675

 
10,437

 
661

Prior service cost (benefit)
(3,467
)
 
(39
)
 
(2,889
)
 
(17
)
 
3

 
94

Net periodic benefit cost
$
8,455

 
$
2,178

 
$
8,875

 
$
2,002

 
$
15,211

 
$
1,817
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The changes in benefit obligations recognized in other comprehensive income are presented below (in thousands): 
 
Years Ended December 31,
 
2015
 
2014
 
2013
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
Net (gain) loss
$
4,266

 
$
(811
)
 
$
47,324

 
$
3,508

 
$
(30,065
)
 
$
(533
)
Prior service benefit
—

 
—

 
(33,700
)
 
(500
)
 
—

 
—

Amortization of:
 
 
 
 
 
 
 
 
 
 
 
Net loss
(9,710
)
 
(937
)
 
(8,178
)
 
(675
)
 
(10,437
)
 
(661
)
Prior service (cost) benefit
3,467

 
39

 
2,889

 
17

 
(3
)
 
(94
)
Total recognized in other comprehensive income
$
(1,977
)
 
$
(1,709
)
 
$
8,335

 
$
2,350

 
$
(40,505
)
 
$
(1,288
)
Schedule of Recognized Net Periodic Benefit Obligation and Other Comprehensive Income
The total amount recognized in net periodic benefit costs and other comprehensive income are presented below (in thousands): 
 
Years Ended December 31,
 
2015
 
2014
 
2013
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
Total recognized in net periodic benefit cost and other comprehensive income
$
6,478

 
$
469

 
$
17,210

 
$
4,352

 
$
(25,294
)
 
$
529
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The following are amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost during 2016 (in thousands): 
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
Net loss
$
6,830

 
$
715

Prior service benefit
(3,470
)
 
(40
)
Schedule of Allocation of Plan Assets
The expected long-term rate of return is based on the weighted average of the expected returns on investments based upon the target asset allocation of the pension fund. The Company’s target allocations for the plan’s assets are presented below:
 
 
December 31, 2015
Equity securities
 
50
%
Fixed income
 
40
%
Alternative investments
 
10
%
Total
 
100
%
Fair Value, Measurement Inputs, Disclosure
The fair value of the Company’s Retirement Plan assets at December 31, 2015 and 2014, and the level within the three levels of the fair value hierarchy defined by the FASB guidance on fair value measurements are presented in the table below (in thousands):
Description of Securities
Fair Value as of
December 31,
2015
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Cash and Cash Equivalents
$
1,266

 
$
1,266

 
$
—

 
$
—

Common Collective Trusts (a)
 
 
 
 
 
 
 
Equity funds
144,279

 
—

 
144,279

 
—

Fixed income funds
103,877

 
—

 
103,877

 
—

Real Estate Funds
2,025

 
—

 
2,025

 
—

Total Common Collective Trusts
250,181

 
—

 
250,181

 
—

Limited Partnership Interest in Real Estate (b)
8,588

 
—

 
—

 
8,588

Total Plan Investments
$
260,035

 
$
1,266

 
$
250,181

 
$
8,588


Description of Securities
Fair Value as of
December 31,
2014
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Cash and Cash Equivalents
$
1,237

 
$
1,237

 
$
—

 
$
—

Common Collective Trust (a)
 
 
 
 
 
 
 
Equity funds
149,839

 
—

 
149,839

 
—

Fixed income funds
113,115

 
—

 
113,115

 
—

       Total Common Collective Trusts
262,954

 
—

 
262,954

 
—

Limited Partnership Interest in Real Estate (b)
8,748

 
—

 
—

 
8,748

Total Plan Investments
$
272,939

 
$
1,237

 
$
262,954

 
$
8,748

 _____________________
(a)
The Common Collective Trusts are invested in equity and fixed income securities, or a combination thereof. The investment objective of each trust is to produce returns in excess of, or commensurate with, its predefined index.
(b)
This investment is a commercial real estate partnership that purchases land, develops limited infrastructure, and sells it for commercial development. The Company is restricted from selling its partnership interest during the life of the partnership which is generally 5-7 years. Return on investment is realized as land is sold. The fair value of the limited partnership interest in real estate is based on the NAV of the partnership which reflects the appraised value of the land.
Changes in Fair Value of Investments in Real Estate
The table below reflects the changes in the fair value of investments in the real estate limited partnership during the period (in thousands): 
    
 
Fair Value of
Investments in
Real Estate
Balances at December 31, 2013
$
8,857

Sale of land
(357
)
Unrealized gain in fair value
248

Balances at December 31, 2014
8,748

Unrealized loss in fair value
(160
)
Balances at December 31, 2015
$
8,588
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):
        
 
Retirement
Income
Plan
 
Non-Qualified
Retirement
Plans
2016
$
12,502

 
$
2,102

2017
13,752

 
2,069

2018
14,973

 
2,059

2019
16,141

 
2,024

2020
17,210

 
1,985

2021-2025
100,358

 
9,151
Retirement Income Plan | Benefit Obligations  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used
The following are the weighted-average actuarial assumptions used to determine the benefit obligations:
 
December 31,
 
2015
 
2014
 
 
 
Non-Qualified
 
 
 
Non-Qualified
 
Retirement
Income
Plan
 
Supplemental
Retirement
Plan
 
Excess
Benefit
Plan
 
Retirement
Income
Plan
 
Supplemental
Retirement
Plan
 
Excess
Benefit
Plan
Discount rate
4.57
%
 
3.99
%
 
4.59
%
 
4.0
%
 
3.4
%
 
4.1
%
Rate of compensation increase
4.5
%
 
N/A

 
4.5
%
 
4.5
%
 
N/A

 
4.5
%
Retirement Income Plan | Net Periodic Benefit Costs  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used
The following are the weighted-average actuarial assumptions used to determine the net periodic benefit cost for the twelve months ended December 31: 
 
2015
 
2014 (a)
 
2013
 
 
 
Non-Qualified
 
 
 
Non-Qualified
 
 
 
Non-Qualified
 
Retirement
Income
Plan
 
Supplemental Retirement
Plan
 
Excess
Benefit
Plan
 
Retirement
Income
Plan
 
Supplemental Retirement
Plan
 
Excess
Benefit
Plan
 
Retirement
Income
Plan
 
Supplemental Retirement
Plan
 
Excess
Benefit
Plan
Discount rate
4.0
%
 
3.4
%
 
4.1
%
 
4.9
%
 
3.9
%
 
4.9
%
 
4.0
%
 
3.1
%
 
4.0
%
Expected long-term return on plan assets
7.5
%
 
N/A

 
N/A

 
7.5
%
 
N/A

 
N/A

 
7.5
%
 
N/A

 
N/A

Rate of compensation increase
4.5
%
 
N/A

 
4.5
%
 
4.75
%
 
N/A

 
4.75
%
 
4.75
%
 
N/A

 
4.75
%

 _____________________
(a)
The Retirement Plan and the Excess Benefit Plan were remeasured on February 28, 2014 due to the above mentioned plan amendment. The discount rate used to remeasure the benefit obligation was 4.6% for the Retirement Plan and 4.5% for the Excess Benefit Plan, compared to 4.9% for both plans as of January 1, 2014. All other assumptions remained consistent with assumptions used at January 1, 2014.
Other Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Funded Status
The following table contains a reconciliation of the change in the benefit obligation, the fair value of plan assets, and the funded status of the plan (in thousands):
 
December 31,
 
2015
 
2014
Change in benefit obligation:
 
 
 
Benefit obligation at end of prior year
$
100,700

 
$
92,847

Service cost
3,454

 
2,845

Interest cost
4,035

 
4,463

Actuarial loss (gain)
(11,423
)
 
3,465

Amendment (a)
(824
)
 
—

Benefits paid
(4,544
)
 
(4,031
)
Retiree contributions
1,245

 
1,111

Benefit obligation at end of year
92,643

 
100,700

Change in plan assets:
 
 
 
Fair value of plan assets at end of prior year
41,358

 
42,192

Actual return (loss) on plan assets
(469
)
 
2,086

Employer contribution
500

 
—

Benefits paid
(4,544
)
 
(4,031
)
Retiree contributions
1,245

 
1,111

Fair value of plan assets at end of year
38,090

 
41,358

Funded status at end of year
$
(54,553
)
 
$
(59,342
)
_____________________
(a)
Amendment relates to modification of the Company's Other Post-retirement Benefit Plan which increased mail order co-payments for post age 65 medications. The plan change was approved in 2015. The amendment became effective January 1, 2016
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the Company's balance sheets consist of the following (in thousands):
 
December 31,
 
2015
 
2014
Current liabilities
$
—

 
$
—

Noncurrent liabilities
(54,553
)
 
(59,342
)
Total
$
(54,553
)
 
$
(59,342
)
Schedule of Amount Recognized in Accumulated Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income consist of the following (in thousands):
        
 
December 31,
 
2015
 
2014
Net gain
$
(38,802
)
 
$
(31,943
)
Prior service benefit
(12,213
)
 
(14,457
)
Total
$
(51,015
)
 
$
(46,400
)
Schedule of Net Periodic Benefit Costs
Net periodic benefit cost is made up of the components listed below (in thousands):
 
Years Ended December 31,
 
2015
 
2014
 
2013
Service cost
$
3,454

 
$
2,845

 
$
3,843

Interest cost
4,035

 
4,463

 
5,156

Expected return on plan assets
(2,070
)
 
(2,116
)
 
(1,951
)
Amortization of:
 
 
 
 
 
Prior service benefit
(3,068
)
 
(4,753
)
 
(5,657
)
Net gain
(2,025
)
 
(2,671
)
 
(626
)
Net periodic benefit cost
$
326

 
$
(2,232
)
 
$
765
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The changes in benefit obligations recognized in other comprehensive income are presented below (in thousands):
 
Years Ended December 31,
 
2015
 
2014
 
2013
Net (gain) loss
$
(8,884
)
 
$
3,496

 
$
(52,366
)
Prior service benefit
(824
)
 
—

 
(97
)
Amortization of:
 
 
 
 
 
Prior service benefit
3,068

 
4,753

 
5,657

Net gain
2,025

 
2,671

 
626

Total recognized in other comprehensive income
$
(4,615
)
 
$
10,920

 
$
(46,180
)
Schedule of Recognized Net Periodic Benefit Obligation and Other Comprehensive Income


The total amount recognized in net periodic benefit cost and other comprehensive income are presented below (in thousands):
 
Years Ended December 31,
 
2015
 
2014
 
2013
Total recognized in net periodic benefit cost and other comprehensive income
$
(4,289
)
 
$
8,688

 
$
(45,415
)
Schedule of Allocation of Plan Assets
The Company’s target allocations for the plan’s assets are presented below:
 
 
December 31, 2015
Equity securities
 
65
%
Fixed income
 
30
%
Alternative investments
 
5
%
Total
 
100
%
Fair Value, Measurement Inputs, Disclosure
The fair value of the Company’s Other Post-retirement Benefits Plan assets at December 31, 2015 and 2014, and the level within the three levels of the fair value hierarchy defined by the FASB guidance on fair value measurements are presented in the table below (in thousands): 
Description of Securities
Fair Value as of
December 31,
2015
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Institutional Funds (a)
 
 
 
 
 
 
 
Equity funds
24,881

 
—

 
24,881

 
—

Fixed income funds
11,599

 
—

 
11,599

 
—

Total Institutional Funds
36,480

 
—

 
36,480

 
—

Limited Partnership Interest in Real Estate (b)
1,610

 
—

 
—

 
1,610

Total Plan Investments
$
38,090

 
$
—

 
$
36,480

 
$
1,610

 
 
 
 
 
 
 
 
Description of Securities
Fair Value as of
December 31,
2014
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Cash and Cash Equivalents
$
1,100

 
$
1,100

 
$
—

 
$
—

Institutional Funds (a)
 
 
 
 
 
 
 
Equity funds
26,399

 
—

 
26,399

 
—

Fixed income funds
12,219

 
—

 
12,219

 
—

Total Institutional Funds
38,618

 
—

 
38,618

 
—

Limited Partnership Interest in Real Estate (b)
1,640

 
—

 
—

 
1,640

Total Plan Investments
$
41,358

 
$
1,100

 
$
38,618

 
$
1,640

 ___________________
(a)
The institutional funds are invested in equity or fixed income securities, or a combination thereof. The investment objective of each trust is to produce returns in excess of, or commensurate with, its predefined index.
(b)
This investment is a commercial real estate partnership that purchases land, develops limited infrastructure, and sells it for commercial development. The Company is restricted from selling its partnership interest during the life of the partnership which is generally 5-7 years. Return of investment is realized as land is sold. The fair value of the limited partnership interest in real estate is based on the NAV of the partnership which reflects the appraised value of the land.
Changes in Fair Value of Investments in Real Estate
The table below reflects the changes in the fair value of the investments in real estate during the period (in thousands): 
            
 
Fair Value of
Investments  in
Real Estate
Balance at December 31, 2013
$
1,661

Sale of land
(67
)
 Unrealized gain in fair value
46

Balance at December 31, 2014
1,640

 Unrealized gain in fair value
(30
)
Balance at December 31, 2015
$
1,610
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands): 
            
2016
$
3,426

2017
3,814

2018
4,178

2019
4,449

2020
4,807

2021-2025
27,761
Other Postretirement Benefit Plan | Accrued Postretirement Benefit  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used
The following are the weighted-average actuarial assumptions used to determine the accrued post-retirement benefit obligations:
    
 
December 31,
 
2015
 
2014
Discount rate at end of year
4.59
%
 
4.10
%
Health care cost trend rates:
 
 
 
Initial
7.00
%
 
7.25
%
Ultimate
4.50
%
 
4.50
%
Year ultimate reached
2026

 
2026
Other Postretirement Benefit Plan | Net Periodic Benefit Costs  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used
The following are the weighted-average actuarial assumptions used to determine the net periodic benefit cost for the twelve months ended December 31:
 
2015
 
2014
 
2013 (a)
Discount rate at beginning of year
4.1
%
 
4.9
%
 
4.1
%
Expected long-term return on plan assets
5.2
%
 
5.2
%
 
5.2
%
Health care cost trend rates:
 
 
 
 
 
Initial
7.25
%
 
7.5
%
 
7.75
%
Ultimate
4.5
%
 
4.5
%
 
4.5
%
Year ultimate reached
2026

 
2026

 
2026


_____________________
(a) The Other Post-retirement Benefits Plan was remeasured at October 3, 2013 due to a plan amendment. The discount rate increased from 4.1% as of January 1, 2013 to 4.9% at the remeasurement date. All other assumptions remained consistent with assumptions used at January 1, 2013.