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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Employee Benefit Plans  
Schedule of funded status of the retirement income plan

 

December 31,   2015     2014  
(in thousands)            
Accumulated benefit obligation at end of year   $ 42,894     $ 47,410  
                 
CHANGE IN PROJECTED BENEFIT OBLIGATION:                
Benefit obligation at beginning of year   $ 47,410     $ 37,528  
Service cost            
Interest cost     1,898       1,946  
Amendments            
Actuarial loss (gain)     (4,593 )     9,725  
Benefits paid     (1,821 )     (1,789 )
Projected benefit obligation at end of year   $ 42,894     $ 47,410  
CHANGE IN PLAN ASSETS:                
Fair value of plan assets at beginning of year   $ 32,622     $ 32,426  
Actual return on plan assets     (714 )     1,220  
Employer contribution     850       765  
Benefits paid     (1,821 )     (1,789 )
Fair value of plan assets at end of year   $ 30,937     $ 32,622  
                 
Funded status at end of year   $ (11,957 )   $ (14,788 )

 

December 31,   2015     2014  
(in thousands)            
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:                
Noncurrent assets   $     $  
Current liabilities            
Noncurrent liabilities     (11,957 )     (14,788 )
    $ (11,957 )   $ (14,788 )

 

December 31,   2015     2014  
(in thousands)            
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CONSIST OF:                
Net loss (gain)   $ 23,172     $ 25,583  
Prior service cost (credit)            
Net transition obligation (asset)            
    $ 23,172     $ 25,583  
Schedule of amounts recognized in balance sheet

 

December 31,   2015     2014  
(in thousands)            
Funded status   $ (11,957 )   $ (14,788 )
SERP liability     (21,052 )     (19,611 )
Long-term pension liability   $ (33,009 )   $ (34,399 )
 
Schedule of net periodic benefit cost

 

Years ended December 31,   2015     2014     2013  
(in thousands)                  
Service cost for benefits earned during the period   $     $     $  
Interest cost on projected benefit obligation     1,898       1,946       1,741  
Expected return on plan assets     (2,259 )     (2,240 )     (2,043 )
Amortization of net loss     790       531       784  
Net periodic benefit plan cost   $ 429     $ 237     $ 482  
 
Schedule of amounts recognized in other comprehensive loss
(in thousands)   2015     2014     2013  
Net loss (gain)   $ (1,621 )   $ 10,745     $ (6,976 )
Amortization of net loss     (790 )     (531 )     (784 )
Net transition obligation (asset)                  
Amount recognized in accumulated other comprehensive loss   $ (2,411 )   $ 10,214     $ (7,760 )
Schedule of components of net periodic benefit
(in thousands)   2016  
Amortization of net loss   $ 753  
Prior service cost (credit)      
Net transition obligation (asset)      
Estimated net periodic benefit plan cost   $ 753  
Schedule of weighted average assumptions
December 31,   2015     2014     2013  
Projected Benefit Obligation:                        
Discount rate     4.70 %     4.15 %     5.20 %
Rate of compensation increase     N/A       N/A       N/A  
Net Benefit Cost:                        
Discount rate     4.15 %     5.20 %     4.16 %
Expected return on plan assets     7.00 %     7.00 %     7.00 %
Rate of compensation increase     N/A       N/A       N/A  
Schedule of allocation of plan assets
Asset Category   Target
Allocation
for 2016
    Percentage of
Plan Assets as of
December 31,
2015
    Percentage of
Plan Assets as of
December 31,
2014
 
Cash and Cash Equivalents     0% -   5 %     0.7 %     1.0 %
Debt Securities – Core Fixed Income     15% - 50 %     25.8 %     24.3 %
Domestic Equity Securities     0% - 40 %     38.5 %     37.0 %
International Equity Securities     0% - 30 %     23.2 %     22.8 %
Real Estate     0% - 20 %     7.2 %     10.5 %
Real Return     0% - 20 %     —     %     1.6 %
Alternative/Opportunistic/Special funds     0% - 20 %     4.6 %     2.8 %
Total     100 %     100.0 %     100.0 %
Schedule of level three defined benefit plan assets

Fair Value Hierarchy as of December 31, 2015:

 

Investments (in thousands)         Total     Level 1     Level 2     Level 3  
Cash and Cash Equivalents     (1 )   $ 210     $ 210     $     $  
Fixed Income Securities     (2 )     7,987             7,987        
Domestic Equity Securities     (3 )     11,908       4,285       7,623        
International Equity Securities     (4 )     7,163             7,163        
Real Estate     (5 )     2,224                   2,224  
Real Return     (6 )                        
Alternative/Opportunistic/Special funds     (7 )     1,445                   1,445  
            $ 30,937     $ 4,495     $ 22,773     $ 3,669  

 

Fair Value Hierarchy as of December 31, 2014:

 

Investments (in thousands)         Total     Level 1     Level 2     Level 3  
Cash and Cash Equivalents     (1 )   $ 329     $ 329     $     $  
Fixed Income Securities     (2 )     7,915       3,194       4,721        
Domestic Equity Securities     (3 )     12,076       4,324       7,752        
International Equity Securities     (4 )     7,442             7,442        
Real Estate     (5 )     3,420                   3,420  
Real Return     (6 )     515             515        
Alternative/Opportunistic/Special funds     (7 )     925                   925  
            $ 32,622     $ 7,847     $ 20,430     $ 4,345  

 

(1) Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds.
(2) Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.
(3) Domestic equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
(4) International equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
(5) Real estate fund values are primarily reported by the fund manager and are based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data.
(6) Real return funds invest in global equities, commodities and inflation protected core bonds that are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets.
(7) Alternative/Opportunistic/Special funds can invest across the capital structure in both liquid and illiquid securities that are valued using a market approach based on the quoted market prices of identical instruments, or if no market price is available, instruments will be held at their fair market value (which may be cost) as reasonably determined by the investment manager, independent dealers, or pricing services.
Schedule of reconciliation of level 3 assets
Investments (in thousands)   Balance at
December
31, 2014
    Net Realized
and
Unrealized
Gains/(Losses)
    Net
Purchases,
Issuances
and
Settlements
    Net
Transfers In
to (Out of)
Level 3
    Balance at
December
31, 2015
 
Real Estate   $ 3,420     $ 279     $ (1,475 )   $     $ 2,224  
Alternative/Opportunistic/Special funds     925       70       450             1,445  
    $ 4,345     $ 349     $ (1,025 )   $     $ 3,669  

 

 

 

Investments (in thousands)   Balance at
December
31, 2013
    Net Realized
and
Unrealized
Gains/(Losses)
    Net
Purchases,
Issuances
and
Settlements
    Net
Transfers In
to (Out of)
Level 3
    Balance at
December
31, 2014
 
Real Estate   $ 2,705     $ 133     $ 582     $     $ 3,420  
Alternative/Opportunistic/Special funds           21       904             925  
    $ 2,705     $ 154     $ 1,486     $     $ 4,345  
Schedule of future benefits payable for the retirement income plan over the next ten years
(in thousands)      
2016   $ 2,228  
2017     2,328  
2018     2,449  
2019     2,510  
2020     2,546  
2021-2025     13,818  
Schedule of summary of the changes in non-vested restricted shares
 
    Shares     Weighted Average Grant-
Date Fair Value
 
Non-vested shares at January 1, 2015     3,575,150     $ 12.04  
Granted     895,725       12.30  
Vested     (1,054,625 )     8.66  
Forfeited     (104,075 )     12.78  
Non-vested shares at December 31, 2015     3,312,175     $ 13.17  
 
    Shares     Weighted Average Grant-
Date Fair Value
 
Non-vested shares at January 1, 2014     4,114,800     $ 9.67  
Granted     657,375       18.84  
Vested     (1,108,790 )     7.20  
Forfeited     (88,235 )     12.83  
Non-vested shares at December 31, 2014     3,575,150     $ 12.04