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PENSION AND POSTRETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2016
Compensation And Retirement Disclosure [Abstract]  
Obligations and Funded Status

 

 

 

Domestic Plans

 

 

TCN Plan

 

 

 

Year Ended December 31,

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

 

(In thousands)

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

519,199

 

 

$

556,632

 

 

$

38,265

 

 

$

43,985

 

Interest cost

 

 

21,102

 

 

 

21,613

 

 

 

1,351

 

 

 

1,626

 

Actuarial loss (gain)

 

 

2,641

 

 

 

(21,754

)

 

 

(3,172

)

 

 

(4,095

)

Benefits paid

 

 

(37,586

)

 

 

(37,292

)

 

 

(5,227

)

 

 

(3,251

)

Benefit obligation at end of year

 

 

505,356

 

 

 

519,199

 

 

 

31,217

 

 

 

38,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

494,146

 

 

 

551,821

 

 

 

38,257

 

 

 

42,106

 

Actual return on plan assets

 

 

26,891

 

 

 

(21,889

)

 

 

(778

)

 

 

(598

)

Company contributions

 

 

1,510

 

 

 

1,506

 

 

 

-

 

 

 

-

 

Benefits paid

 

 

(37,586

)

 

 

(37,292

)

 

 

(5,227

)

 

 

(3,251

)

Fair value of plan assets at end of year

 

 

484,961

 

 

 

494,146

 

 

 

32,252

 

 

 

38,257

 

Funded status

 

$

(20,395

)

 

$

(25,053

)

 

$

1,035

 

 

$

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in balance sheet consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Assets

 

$

-

 

 

$

-

 

 

$

1,035

 

 

$

-

 

Accrued pension liability—current

 

 

(1,382

)

 

 

(1,409

)

 

 

-

 

 

 

-

 

Pension liability

 

 

(19,013

)

 

 

(23,644

)

 

 

-

 

 

 

(8

)

Accrued benefit liability

 

 

(20,395

)

 

 

(25,053

)

 

 

-

 

 

 

(8

)

Net (Liability) Asset

 

$

(20,395

)

 

$

(25,053

)

 

$

1,035

 

 

$

(8

)

 

 

 

 

Domestic Plans

 

 

TCN Plan

 

 

 

Year Ended December 31,

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

 

(In thousands)

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plans with accumulated benefit obligation in excess  

       of plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation

 

$

505,356

 

 

$

519,199

 

 

$

31,217

 

 

$

38,265

 

Accumulated benefit obligation

 

 

505,356

 

 

 

519,199

 

 

 

31,217

 

 

 

38,265

 

Fair value of plan assets

 

 

484,961

 

 

 

494,146

 

 

 

32,252

 

 

 

38,257

 

 

Weighted Average Assumptions used Determine Net Periodic Benefit Obligations

 

Assumptions

 

 

 

Domestic Plans

 

 

TCN Plan

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Weighted average assumptions used to determine net periodic benefit obligations at December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.1

%

 

 

4.2

%

 

 

4.1

%

 

 

4.0

%

Rate of compensation increase

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

Net Periodic Benefit Cost

 

 

 

Domestic Plans

 

 

TCN Plan

 

 

 

Year Ended December 31,

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

 

2016

 

 

2015

 

 

2014

 

 

 

(In thousands)

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

$

21,102

 

 

$

21,613

 

 

$

26,972

 

 

$

1,351

 

 

$

1,626

 

 

$

1,900

 

Expected return on plan assets

 

 

(20,006

)

 

 

(26,707

)

 

 

(27,501

)

 

 

(1,587

)

 

 

(2,840

)

 

 

(2,961

)

Actuarial loss (gain)

 

 

(4,244

)

 

 

26,842

 

 

 

(8,728

)

 

 

(807

)

 

 

(657

)

 

 

6,027

 

Net periodic benefit cost (gain)

 

$

(3,148

)

 

$

21,748

 

 

$

(9,257

)

 

$

(1,043

)

 

$

(1,871

)

 

$

4,966

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average assumptions used to determine net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.2

%

 

 

4.0

%

 

 

4.8

%

 

 

4.0

%

 

 

4.0

%

 

 

4.8

%

Expected return on plan assets

 

 

4.2

%

 

 

5.0

%

 

 

5.0

%

 

 

4.7

%

 

 

6.9

%

 

 

6.9

%

Rate of compensation increase

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

Asset Allocations, by Asset Class

The following is a summary of the asset allocations at December 31, 2016 and 2015 by asset category.

 

 

 

Domestic Plans

 

 

TCN Plan

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income

 

 

85

%

 

 

85

%

 

 

67

%

 

 

49

%

Equity Securities

 

 

15

 

 

 

15

 

 

 

33

 

 

 

51

 

Total

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

Total Investments Plans Measured at Fair Value

The following is a summary of total investments for our plans, measured at fair value at:

 

 

 

December 31, 2016

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Pension Benefits:

 

(In thousands)

 

Fixed Income

 

$

167,271

 

 

$

247,882

 

 

$

5,087

 

 

$

420,240

 

Equities

 

 

82,442

 

 

 

-

 

 

 

-

 

 

 

82,442

 

Cash and Accrued Items

 

 

14,531

 

 

 

-

 

 

 

-

 

 

 

14,531

 

Total Investments

 

$

264,244

 

 

$

247,882

 

 

$

5,087

 

 

$

517,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Pension Benefits:

 

(In thousands)

 

Fixed Income

 

$

60,128

 

 

$

356,107

 

 

$

5,752

 

 

$

421,987

 

Equities

 

 

85,065

 

 

 

12

 

 

 

-

 

 

 

85,077

 

Cash and Accrued Items

 

 

25,335

 

 

 

4

 

 

 

-

 

 

 

25,339

 

Total Investments

 

$

170,528

 

 

$

356,123

 

 

$

5,752

 

 

$

532,403

 

 

Changes in Level 3 Fixed Income Instrument Measured on Recurring Basis

The following is a summary of the changes in our Level 3 fixed income instruments measured on a recurring basis:

 

 

 

December 31,

 

 

 

2016

 

 

2015

 

 

 

(In thousands)

 

Balance at beginning of period

 

$

5,752

 

 

$

5,013

 

Purchases, net

 

 

107

 

 

 

1,269

 

Total unrealized loss

 

 

(772

)

 

 

(530

)

Balance at end of period

 

$

5,087

 

 

$

5,752

 

 

Expected Employer Contributions and Expected Benefit Payments

 

 

 

Domestic Plans

 

 

TCN Plan

 

 

 

(In thousands)

 

Expected employer contributions to trusts of defined benefit plans:

 

 

 

 

 

 

 

 

2017

 

$

-

 

 

$

-

 

Expected benefit payments:

 

 

 

 

 

 

 

 

2017

 

$

37,148

 

 

$

5,803

 

2018

 

 

36,929

 

 

 

1,304

 

2019

 

 

36,620

 

 

 

1,571

 

2020

 

 

36,228

 

 

 

1,799

 

2021

 

 

35,876

 

 

 

1,483

 

2022-2026

 

 

169,531

 

 

 

9,309

 

 

Summary of Contributions Under Defined Contribution Plans

The following table summarizes our contributions under the plans:

 

 

 

Thrift Plan

 

 

Global Thrift Plan

 

 

 

Year Ended December 31,

 

 

Year Ended December 31,

 

 

 

2016

 

2015

 

 

2014

 

 

2016

 

2015

 

 

2014

 

 

 

(In thousands)

 

Contributions

$

4,176

 

$

3,840

 

 

$

3,879

 

$

998

 

$

1,095

 

 

$

1,236