Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Employee Benefit Plans

Summary of Net Periodic Benefit Cost and Actuarial Assumptions Used to Determine Net Cost

	Year ended December 31,
	2014			2013			2012
	(dollars in thousands)
Interest cost on projected benefit obligation	$	4,144		$	3,710		$	4,011
Return on plan assets		(4,797)			(4,509)			(4,783)
Recognized net actuarial losses		4,385			6,330			5,487
Net periodic benefit cost	$	3,732		$	5,531		$	4,715
Actuarial assumptions used to determine net cost:
Discount rate		4.47%	%		3.58%	%		4.10%	%
Expected return on assets		6.75%	%		6.75%	%		7.00%	%
Rate of increase in compensation		n.a.			n.a.			n.a.

Target and Actual Asset Allocation for Pension Plan by Asset Category

	Percentage of Plan Assets at December 31,
	Target
	Allocation
Asset Category	2015		2014		2013
Cash	5.0	%	6.2	%	5.2	%
Equity securities:
Domestic	65.0		62.9		63.4
International	25.0		25.9		25.9
Fixed income securities	5.0		5.0		5.5
Total	100	%	100	%	100	%

Future Benefit Payments Under Defined Benefit Pension Plan

Year ended December 31,	(in thousands)
2015	$	6,288
2016		6,359
2017		6,392
2018		6,557
2019		6,644
Thereafter		33,459
	$	65,699

Changes in Fair Value of Plan Assets and Plan Benefit Obligations and Funded Status of Plan

	Year ended December 31,
	2014		2013
	(in thousands)
Change in Fair Value of Plan Assets
Balance at beginning of year	$	72,617	$	66,137
Actual return on plan assets		3,711		8,545
Company contribution		5,213		3,478
Benefit payments		(5,585)		(5,543)
Balance at end of year	$	75,956	$	72,617

	Year ended December 31,
	2014		2013
	(in thousands)
Change in Benefit Obligations
Balance at beginning of year	$	95,178	$	105,320
Interest cost		4,144		3,710
Assumption change loss (gain)		17,054		(9,627)
Actuarial loss		132		1,318
Benefit payments		(5,585)		(5,543)
Balance at end of year	$	110,923	$	95,178

Amounts Recognized in Consolidated Balance Sheets

	At December 31,
	2014		2013
	(in thousands)
Funded Status
Funded status at December 31,	$	(34,967)	$	(22,561)
Amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities	$	(218)	$	(194)
Long-term liabilities		(34,749)		(22,367)
Net amount recognized in Consolidated Balance Sheets	$	(34,967)	$	(22,561)

Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Loss

	Year ended December 31,
	2014		2013
	(in thousands)
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss:
Net actuarial loss	$	(56,147)	$	(42,261)
Accumulated other comprehensive loss		(56,147)		(42,261)
Cumulative Company contributions in excess of net periodic benefit cost		21,180		19,700
Net amount recognized in Consolidated Balance Sheets	$	(34,967)	$	(22,561)

Actuarial Assumptions Used to Determine Benefit Obligation

	Year ended December 31,
	2014		2013
Actuarial assumptions used to determine benefit obligation:
Discount rate	3.75	%	4.47	%
Rate of increase in compensation	n.a.		n.a.
Measurement date	December 31		December 31

Plan Assets at Fair Value

	Quoted Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
At December 31, 2014	(Level 1)		(Level 2)		(Level 3)		Total Value
	(in thousands)
Cash and cash equivalents	$	4,693	$	—	$	—	$	4,693
Fixed Income		3,824		—		—		3,824
Equities		7,676		—		—		7,676
Mutual Funds		6,550		—		—		6,550
Equity Partnerships		—		7,723		—		7,723
Hedge Fund Investments:
Cash		1,010		—		—		1,010
Long-Short Equity Fund		—		15,878		12,755		28,633
Event Driven Fund		—		3,471		9,562		13,033
Distressed Credit		—		—		1,320		1,320
Multi-Strategy Fund		—		—		1,494		1,494
Total	$	23,753	$	27,072	$	25,131	$	75,956

	Quoted Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
At December 31, 2013	(Level 1)		(Level 2)		(Level 3)		Total Value
	(in thousands)
Cash and cash equivalents	$	3,762	$	—	$	—	$	3,762
Fixed Income		4,000		—		—		4,000
Mutual Funds		13,234		—		—		13,234
Equity Partnerships		—		6,876		—		6,876
Hedge Fund Investments:
Cash		527		—		—		527
Long-Short Equity Fund		—		14,566		11,655		26,221
Event Driven Fund		—		5,928		8,752		14,680
Distressed Credit		—		—		1,429		1,429
Multi-Strategy Fund		—		—		1,888		1,888
Total	$	21,523	$	27,370	$	23,724	$	72,617

Summary of Changes in the Fair Value of the Level 3 Plan Assets

	Changes in Fair Value of Level 3 Assets
	Long-
	Short		Event				Multi-
	Equity		Driven		Distressed		Strategy
	Fund			Fund	Credit		Fund		Total
	(in thousands)
Balance, December 31, 2013	$	10,863	$	8,863	$	2,199	$	1,799	$	23,724
Realized gains		—		—		13		3		16
Unrealized gains		843		505		57		59		1,464
Purchases		1,049		16		5		6		1,076
Sales		—		(2,512)		(954)		(373)		(3,839)
Transfer to Level 2 (1)		—		2,690		—		—		2,690
Balance, December 31, 2014	$	12,755	$	9,562	$	1,320	$	1,494	$	25,131

______________

(1) The transfer of $2.7million from Level 3 to Level 2 was comprised of certain hedge funds that were moved due to liquidity classifications.  

	Changes in Fair Value of Level 3 Assets
	Long-
	Short		Event				Multi-
	Equity		Driven		Distressed		Strategy
	Fund			Fund	Credit		Fund		Total
	(in thousands)
Balance, December 31, 2012	$	9,992	$	7,152	$	2,559	$	1,950	$	21,653
Realized gains		—		—		(7)		(5)		(12)
Unrealized gains		2,971		1,252		158		223		4,604
Purchases		1,343		459		6		9		1,817
Sales		—		—		(517)		(378)		(895)
Transfer to Level 2 (2)		(3,443)		—		—		—		(3,443)
Balance, December 31, 2013	$	10,863	$	8,863	$	2,199	$	1,799	$	23,724

______________

(2) The transfer of $3.4million from Level 3 to Level 2 was comprised of certain hedge funds that became redeemable within 90 days from December 31, 2014.

Benefit Obligations in Excess of the Fair Value of Plan Assets

	At December 31, 2014						At December 31, 2013
			Benefit						Benefit
	Pension		Equalization				Pension		Equalization
	Plan		Plan		Total		Plan		Plan		Total
	(in thousands)
Projected benefit obligation	$	107,570	$	3,353	$	110,923	$	91,946	$	3,232	$	95,178
Accumulated benefit obligation	$	107,570	$	3,353	$	110,923	$	91,946	$	3,232	$	95,178
Fair value of plan assets	$	75,956	$	—	$	75,956	$	72,617	$	—	$	72,617
Projected benefit obligation greater than fair value of plan assets	$	31,614	$	3,353	$	34,967	$	19,329	$	3,232	$	22,561
Accumulated benefit obligation greater than fair value of plan assets	$	31,614	$	3,353	$	34,967	$	19,329	$	3,232	$	22,561

Multiemployer Plans

											Expiration
				FIP/RP							Date of
		Pension Protections Act		Status	Company Contributions						Collective
	EIN/Pension	Zone Status		Pending Or	(amounts in millions)					Surcharge	Bargaining
Pension Fund	Plan Number	2014	2013	Implemented	2014		2013		2012	Imposed	Agreement
Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account	13-6123601 / 001	Green	Green	No	11.8 (b)	(a)	13.4 (b)	(a)	12.9 (b)	No	5/8/2016
Steamfitters Industry Pension Fund	13-6149680 / 001	Yellow	Yellow	Implemented	5.1 (b)	(a)	4.3 (b)	(a)	3.5 (b)	No	6/30/2014
Excavators Union Local 731 Pension Fund	13-1809825 / 002	Green	Green	No	5.3		3.2		3.3	No	6/30/2016
Carpenters Pension Trust Fund for Northern California	94-6050970 / 001	Red	Red	Implemented	1.8		2.1		2.3	No	6/30/2015

______________

(a) These amounts exceeded5% of the respective total plan contributions.