XML 68 R40.htm IDEA: XBRL DOCUMENT v3.3.1.900
PENSION PLAN AND OTHER BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2015
Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Change in Benefit Obligation
The following table presents (1) changes in the plan's projected benefit obligation and plan assets, and (2) the plan's funded status at December 31, 2015 and 2014 (in thousands):
Change in projected benefit obligation:
 
2015
 
2014
Benefit obligation at beginning of year
 
$
45,544

 
$
36,186

Service cost
 
1,231

 
1,045

Interest cost
 
1,806

 
1,738

Actuarial (gain) loss
 
(3,199
)
 
8,064

Benefits paid
 
(1,585
)
 
(1,489
)
Benefit obligation at end of year
 
$
43,797

 
$
45,544
Change in Plan Assets
Change in plan assets:
 
2015
 
2014
Fair value of plan assets at beginning of year
 
$
43,336

 
$
41,782

Actual return on plan assets
 
(1,800
)
 
3,043

Employer contributions
 
—

 
—

Benefits paid
 
(1,585
)
 
(1,489
)
Fair value of plan assets at end of year
 
$
39,951

 
$
43,336

 
 
 
 
 
Funded status
 
$
(3,846
)
 
$
(2,208
)
Amount Recognized in Accumulated Other Comprehensive Income
Amount recognized in accumulated other comprehensive income (loss) at December 31, 2015 and 2014 consist of the following (in thousands):
 
 
2015
 
2014
Net actuarial loss
 
$
17,863

 
$
17,388

Prior service cost
 
7

 
15

Total before tax effects
 
$
17,870

 
$
17,403
Assumptions Used in Determining Benefit Obligation
The principal actuarial assumptions used in determining the projected benefit obligation as of December 31, 2015, 2014 and 2013 were as follows:
 
 
2015
 
2014
 
2013
Discount rate
 
4.39
%
 
4.09
%
 
4.92
%
Assumed rate of future compensation increase
 
5.00
%
 
5.00
%
 
5.00
%
Components of Net Periodic Benefit Cost
Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) in 2015, 2014 and 2013 consist of the following (in thousands):

Net periodic benefit cost
 
2015
 
2014
 
2013
Service cost, benefits earned during the year
 
$
1,231

 
$
1,045

 
$
1,195

Interest cost on projected benefit obligation
 
1,806

 
1,738

 
1,587

Expected return on plan assets
 
(3,287
)
 
(3,174
)
 
(2,824
)
Amortization of net loss
 
1,414

 
649

 
1,579

Amortization of  prior service cost
 
7

 
7

 
14

Net periodic cost
 
$
1,171

 
$
265

 
$
1,551
Schedule of Other Amounts Recognized in Other Comprehensive Income
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
 
2015
 
2014
 
2013
Net actuarial (gain) loss
 
$
1,888

 
$
8,195

 
$
(6,367
)
Recognized loss
 
(1,414
)
 
(649
)
 
(1,579
)
Amortization of prior service cost
 
(7
)
 
(7
)
 
(14
)
Total recognized in other comprehensive income (loss) (before tax effect)
 
$
467

 
$
7,539

 
$
(7,960
)
 
 
 
 
 
 
 
Total recognized in net benefit cost and other comprehensive income (loss) (before tax effect)
 
$
1,638

 
$
7,804

 
$
(6,409
)
Amounts Expected to be Recognized in Net Periodic Cost
Amounts expected to be recognized in net periodic cost during 2016 (in thousands):
 
 
Loss recognition
 
$
1,534

Prior service cost recognition
 
$
7
Assumptions Used in Determining Net Periodic Benefit Cost
The principal actuarial assumptions used in determining the net periodic benefit cost for the years ended December 31, 2015, 2014 and 2013 were as follows:
 
 
2015
 
2014
 
2013
Discount rate
 
4.09
%
 
4.92
%
 
4.26
%
Expected long-term rate of return on assets
 
7.75
%
 
7.75
%
 
7.75
%
Assumed rate of future compensation increase
 
5.00
%
 
5.00
%
 
5.00
%
Target Assets Allocations
The expected return on plan assets was determined based on a CAPM using historical and expected future returns of the various asset classes, reflecting the target allocations described below.
Asset Class
 
Target Allocation 2015
 
Percentage of Plan Assets at December 31,
 
Expected Long-Term Rate of Return
 
 
 
 
2015
 
2014
 
 
Large cap domestic equities
 
30% - 60%
 
58
%
 
50
%
 
10.3
%
Mid-cap domestic equities
 
0% - 20%
 
4
%
 
14
%
 
10.6
%
Small-cap domestic equities
 
0% - 15%
 
3
%
 
3
%
 
10.8
%
International equities
 
0% - 25%
 
6
%
 
4
%
 
10.3
%
Intermediate fixed income
 
20% - 50%
 
23
%
 
26
%
 
4.7
%
Alternative assets
 
0% - 10%
 
2
%
 
2
%
 
7.5
%
Cash
 
0% - 20%
 
4
%
 
1
%
 
2.5
%
Total
 
 
 
100
%
 
100
%
 
 
Fair Value of Plan Assets
The fair value of the plan assets at December 31, 2015 and 2014, by asset class are as follows (in thousands):

 
 
Fair Value Measurement at
December 31, 2015 Using
Plan Assets
 
Carrying Value
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash
 
$
1,486

 
$
1,486

 
$
—

 
$
—

Equity securities:
 
 

 
 

 
 

 
 

U.S. companies
 
23,424

 
23,424

 
—

 
—

International companies
 
1,277

 
1,277

 
—

 
—

 
 
 
 
 
 
 
 
 
Mutual funds
 
8,548

 
8,548

 
—

 
—

 
 
 
 
 
 
 
 
 
Debt securities:
 
 

 
 

 
 

 
 

U.S. Treasuries/Government bonds
 
2,468

 
—

 
2,468

 
—

U.S. Corporate bonds
 
2,748

 
—

 
2,748

 
—

Total plan assets
 
$
39,951

 
$
34,735

 
$
5,216

 
$
—


 
 
Fair Value Measurement at
December 31, 2014 Using
Plan Assets
 
Carrying Value
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash
 
$
626

 
$
626

 
$
—

 
$
—

Equity securities:
 
 

 
 

 
 

 
 

U.S. companies
 
28,011

 
28,011

 
—

 
—

International companies
 
856

 
856

 
—

 
—

 
 
 
 
 
 
 
 
 
Mutual funds
 
7,111

 
7,111

 
—

 
—

 
 
 
 
 
 
 
 
 
Debt securities:
 
 

 
 

 
 

 
 

U.S. Treasuries/Government bonds
 
2,701

 
2,701

 
—

 
—

U.S. Corporate bonds
 
3,775

 
—

 
3,775

 
—

Foreign bonds, notes & debentures
 
256

 
—

 
256

 
—

Total plan assets
 
$
43,336

 
$
39,305

 
$
4,031

 
$
—
Estimated Benefit Payments
The following table presents the estimated benefit payments for each of the next five years and the aggregate amount expected to be paid in years six through ten for the pension plan (in thousands):
Calendar Year
 
Future Expected Benefit Payments
2016
 
$
1,913

2017
 
$
1,963

2018
 
$
2,058

2019
 
$
2,105

2020
 
$
2,172

2021-2025
 
$
12,037
Defined Benefit Health Care Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Change in Benefit Obligation
The following table presents (1) changes in the plan's accumulated postretirement benefit obligation and (2) the plan's funded status at December 31, 2015 and 2014 (in thousands):
Changes in accumulated postretirement benefit obligation:
 
2015
 
2014
Accumulated postretirement benefit obligation - beginning of year
 
$
1,663

 
$
1,490

Service cost
 
46

 
39

Interest cost
 
70

 
72

Participant contributions
 
83

 
84

Actuarial (gain) loss
 
215

 
177

Benefits paid
 
(413
)
 
(199
)
Accumulated postretirement benefit obligation at end of year
 
$
1,664

 
$
1,663
Change in Plan Assets
Change in plan assets:
 
2015
 
2014
Fair value of plan assets at beginning of year
 
$
—

 
$
—

Employer contribution
 
330

 
115

Plan participants’ contributions
 
83

 
84

Benefits paid
 
(413
)
 
(199
)
Fair value of plan assets at end of year
 
$
—

 
$
—

 
 
 
 
 
Funded status
 
$
(1,664
)
 
$
(1,663
)
Amount Recognized in Accumulated Other Comprehensive Income
Amount recognized in accumulated other comprehensive income (loss) at December 31, 2015 and 2014 consist of the following (in thousands):
 
 
2015
 
2014
Net actuarial loss
 
$
517

 
$
322

Prior service benefit
 
(434
)
 
(531
)
Total before tax effects
 
$
83

 
$
(209
)
Components of Net Periodic Benefit Cost
The components of net periodic postretirement benefit cost for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):
Net periodic benefit cost
 
2015
 
2014
 
2013
Service cost
 
$
46

 
$
39

 
$
44

Interest cost
 
70

 
72

 
66

Amortization of  prior service benefit
 
(97
)
 
(97
)
 
(97
)
Recognized actuarial loss
 
20

 
3

 
10

Net periodic postretirement cost
 
$
39

 
$
17

 
$
23
Schedule of Other Amounts Recognized in Other Comprehensive Income
Other changes in plan assets and benefit obligations
  recognized  in other comprehensive income (loss):
 
2015
 
2014
 
2013
Net actuarial (gain) loss
 
$
216

 
$
177

 
$
(61
)
Recognized actuarial loss
 
(20
)
 
(3
)
 
(10
)
Amortization of  prior service benefit
 
97

 
97

 
97

Total recognized in other comprehensive income (loss)(before tax effect)
 
$
293

 
$
271

 
$
26

 
 
 
 
 
 
 
Total recognized in net benefit cost and other comprehensive income (loss) (before tax effect)
 
$
332

 
$
288

 
$
49
Amounts Expected to be Recognized in Net Periodic Cost
Amounts expected to be recognized in net periodic cost during 2016 (in thousands):
 
 
Loss recognition
 
$
23

Prior service cost recognition
 
$
(97
)
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan.  A one-percentage point change in assumed health care cost trend rates would have the following effects (in thousands):
Effect of a 1% increase in health care trend rate on:
 
2015
 
2014
 
2013
Benefit obligation
 
$
3

 
$
5

 
$
15

Total service and interest cost
 
$
—

 
$
—

 
$
—

Effect of a 1% decrease in health care trend rate on:
 
2015
 
2014
 
2013
Benefit obligation
 
$
(3
)
 
$
(6
)
 
$
(23
)
Total service and interest cost
 
$
—

 
$
—

 
$
(2
)
Weighted-Average Assumption for Disclosure of Health Care Cost Trend
Weighted-average assumption for disclosure as of December 31:
 
2015
 
2014
 
2013
Discount rate
 
4.39
%
 
4.09
%
 
4.92
%
Health care cost trend: Initial
 
7.00
%
 
7.00
%
 
8.00
%
Health care cost trend: Ultimate
 
5.00
%
 
5.00
%
 
5.00
%
Year ultimate cost trend reached
 
2019

 
2018

 
2018
Weighted-Average Assumption for Net Periodic Cost
Weighted-average assumptions for net periodic cost as of December 31:
 
2015
 
2014
 
2013
Discount rate
 
4.09
%
 
4.92
%
 
4.26
%
Health care cost trend: Initial
 
7.00
%
 
8.00
%
 
9.00
%
Health care cost tread: Ultimate
 
5.00
%
 
5.00
%
 
5.00
%
Year ultimate reached
 
2018

 
2018

 
2018
Estimated Benefit Payments
The following table presents the estimated benefit payments for each of the next five years and the aggregate amount expected to be paid in years six through ten (in thousands):
Calendar Year
 
Future Estimated Benefit Payments
2016
 
$
217

2017
 
$
170

2018
 
$
180

2019
 
$
168

2020
 
$
150

2021-2025
 
$
645
Executive Supplemental Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Change in Benefit Obligation
The following table presents Executive Supplemental Pension plan status at December 31, 2015 and 2014 (in thousands):
Change in projected benefit obligation:
 
2015
 
2014
Benefit obligation at beginning of year
 
$
1,244

 
$
1,116

Service cost
 
44

 
38

Interest cost
 
49

 
55

Actuarial (gain) loss
 
(52
)
 
110

Benefits paid
 
(75
)
 
(75
)
Projected benefit obligation at end of year
 
$
1,210

 
$
1,244
Change in Plan Assets
Changes in plan assets:
 
2015
 
2014
Fair value of plan assets at beginning of year
 
$
—

 
$
—

Employer contributions
 
75

 
75

Benefits paid
 
(75
)
 
(75
)
Fair value of plan assets at end of year
 
$
—

 
$
—

 
 
 
 
 
Unfunded status
 
$
(1,210
)
 
$
(1,244
)
Amount Recognized in Accumulated Other Comprehensive Income
Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2015 and 2014 consist of the following (in thousands):
 
 
2015
 
2014
Net actuarial loss
 
$
173

 
$
275

Prior service cost
 
—

 
—

Total before tax effects
 
$
173

 
$
275
Assumptions Used in Determining Benefit Obligation
Accumulated benefit obligation at December 31, 2015 and 2014 was $1.2 million.
Weighted-average assumption for disclosure as of December 31:
 
2015
 
2014
 
2013
Discount rate
 
4.39
%
 
4.09
%
 
4.92
%
Assumed rate of future compensation increase
 
5.00
%
 
5.00
%
 
5.00
%
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):
Net periodic benefit cost
 
2015
 
2014
 
2013
Service cost
 
$
44

 
$
38

 
$
40

Interest cost
 
49

 
55

 
48

Recognized actuarial loss
 
50

 
29

 
34

Net periodic postretirement benefit cost
 
$
143

 
$
122

 
$
122
Schedule of Other Amounts Recognized in Other Comprehensive Income
Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss):
 
2015
 
2014
 
2013
Net actuarial (gain) loss
 
$
(52
)
 
$
110

 
$
(59
)
Recognized actuarial loss
 
(50
)
 
(29
)
 
(34
)
Total recognized in other comprehensive income (loss) (before tax effect)
 
$
(102
)
 
$
81

 
$
(93
)
 
 
 
 
 
 
 
Total recognized in net benefit cost and other comprehensive income (loss) (before tax effect)
 
$
41

 
$
203

 
$
29
Amounts Expected to be Recognized in Net Periodic Cost
Amounts expected to be recognized in net periodic cost during 2016 (in thousands):
 
 
Loss recognition
 
$
26

Prior service cost recognition
 
$
—
Assumptions Used in Determining Net Periodic Benefit Cost
Weighted-average assumptions for net periodic cost as of December 31:
 
2015
 
2014
 
2013
Discount rate
 
4.09
%
 
4.92
%
 
4.26
%
Salary scale
 
5.00
%
 
5.00
%
 
5.00
%
Estimated Benefit Payments
The following table presents the estimated benefit payments for each of the next five years and the aggregate amount expected to be paid in years six through ten for the Supplemental Pension Plan (in thousands):
Calendar Year
 
Future Estimated Benefit Payments
2016
 
$
74

2017
 
$
73

2018
 
$
112

2019
 
$
111

2020
 
$
108

2021-2025
 
$
498