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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015



	Year Ended December 31,
(in thousands)	2015			2014			2013
Interest cost	$	4,055		$	4,144		$	3,710
Expected return on plan assets		(5,021)			(4,797)			(4,509)
Recognized net actuarial losses		1,869			4,385			6,330
Net periodic benefit cost	$	903		$	3,732		$	5,531
Actuarial assumptions used to determine net cost:
Discount rate		3.75	%		4.47	%		3.58	%
Expected return on assets		6.50	%		6.75	%		6.75	%
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 as of December 31,
	Target
	Allocation		Actual Allocation
Asset Category	2016		2015		2014
Cash	5	%	4	%	6	%
Equity securities:
Domestic	65		61		63
International	25		30		26
Fixed income securities	5		5		5
Total	100	%	100	%	100	%

Future Benefit Payments Under the Plans



Year ended December 31,	(in thousands)
2016	$	6,399
2017		6,439
2018		6,601
2019		6,687
2020		6,720
Thereafter		33,510
	$	66,356

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



	Year Ended December 31,
(in thousands)	2015		2014
Change in Fair Value of Plan Assets
Balance at beginning of year	$	75,956	$	72,617
Actual return on plan assets		(984)		3,711
Company contribution		2,900		5,213
Benefit payments		(5,576)		(5,585)
Balance at end of year	$	72,296	$	75,956



	Year Ended December 31,
(in thousands)	2015		2014
Change in Benefit Obligations
Balance at beginning of year	$	110,923	$	95,178
Interest cost		4,055		4,144
Assumption change (gain) loss		(3,838)		17,054
Actuarial loss		378		132
Benefit payments		(5,576)		(5,585)
Balance at end of year	$	105,942	$	110,923

Net Amount Recognized in Consolidated Balance Sheets



	As of December 31,
(in thousands)	2015		2014
Funded status	$	(33,646)	$	(34,967)
Amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities	$	(218)	$	(218)
Long-term liabilities		(33,428)		(34,749)
Net amount recognized in Consolidated Balance Sheets	$	(33,646)	$	(34,967)

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



	Year Ended December 31,
(in thousands)	2015		2014
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss:
Net actuarial loss	$	(56,824)	$	(56,147)
Accumulated other comprehensive loss		(56,824)		(56,147)
Cumulative Company contributions in excess of net periodic benefit cost		23,178		21,180
Net amount recognized in Consolidated Balance Sheets	$	(33,646)	$	(34,967)

Actuarial Assumptions Used to Determine Benefit Obligation



	Year Ended December 31,
	2015		2014
Actuarial assumptions used to determine benefit obligation:
Discount rate	4.10	%	3.75	%
Rate of increase in compensation	n.a.		n.a.
Measurement date	December 31		December 31

Plan Assets at Fair Value



	As of December 31, 2015								As of December 31, 2014
	Fair Value Hierarchy								Fair Value Hierarchy
(in thousands)	Level 1		Level 2		Level 3		Total Value		Level 1		Level 2		Level 3		Total Value

Cash and cash equivalents	$	2,654	$	—	$	—	$	2,654	$	4,693	$	—	$	—	$	4,693
Fixed Income		4,029		—		—		4,029		3,824		—		—		3,824
Equities		6,566		—		—		6,566		7,676		—		—		7,676
Mutual Funds		6,994		—		—		6,994		6,550		—		—		6,550
Equity Partnerships		—		7,920		—		7,920		—		7,723		—		7,723
Hedge Fund Investments:
Cash		324		—		—		324		1,010		—		—		1,010
Long-Short Equity Fund		—		12,640		16,370		29,010		—		15,878		12,755		28,633
Event-Driven Fund		—		3,618		6,984		10,602		—		3,471		9,562		13,033
Distressed Credit		—		—		935		935		—		—		1,320		1,320
Multi-Strategy Fund		—		—		1,262		1,262		—		—		1,494		1,494
Private Credit		—		—		2,000		2,000		—		—		—		—
Total	$	20,567	$	24,178	$	27,551	$	72,296	$	23,753	$	27,072	$	25,131	$	75,956

Summary of Changes in Fair Value of Level 3 Plan Assets



	Changes in Fair Value of Level 3 Assets
	Long-Short		Event-Driven		Distressed		Multi-Strategy
(in thousands)	Equity Fund		Fund		Credit		Fund		Private Credit		Total
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)
Reclassified to Level 3 (a)		—		2,690		—		—		—		2,690
Balance, December 31, 2014	$	12,755	$	9,562	$	1,320	$	1,494	$	—	$	25,131
Realized gains		(50)		(16)		(7)		(9)		—		(82)
Unrealized gains		581		(585)		(28)		(38)		—		(70)
Purchases		5,631		—		—		225		2,642		8,498
Sales		(2,547)		(1,977)		(350)		(410)		(642)		(5,926)
Balance, December 31, 2015	$	16,370	$	6,984	$	935	$	1,262	$	2,000	$	27,551

(a)

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

Benefit Obligations in Excess of Fair Value of Plans' Assets



	As of December 31, 2015						As of December 31, 2014
			Benefit						Benefit
	Pension		Equalization				Pension		Equalization
(in thousands)	Plan		Plan		Total		Plan		Plan		Total
Projected benefit obligation	$	102,495	$	3,447	$	105,942	$	107,570	$	3,353	$	110,923
Accumulated benefit obligation		102,495		3,447		105,942		107,570		3,353		110,923
Fair value of plan assets		72,296		—		72,296		75,956		—		75,956
Projected benefit obligation greater than fair value of plan assets	$	30,199	$	3,447	$	33,646	$	31,614	$	3,353	$	34,967
Accumulated benefit obligation greater than fair value of plan assets	$	30,199	$	3,447	$	33,646	$	31,614	$	3,353	$	34,967

Key Information for the 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

2015

2014

Implemented

2015

2014

2013

Imposed

Agreement

Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account

13-6123601/001

Green

13.6

(a)

11.8

(a)

13.4

(a)

5/31/2016

Steamfitters Industry Pension Fund

13-6149680/001

Green

Yellow

6.2

(a)

5.1

(a)

4.3

(a)

6/30/2017

Excavators Union Local 731 Pension Fund

13-1809825/002

Green

7.1

5.3

3.2

6/30/2016

Local 147 Construction Workers Retirement Fund

13-6528181

Green

5.6

(a)

1.3

0.2

6/30/2018

Iron Workers Locals 40,361 & 417 Pension Fund

51-6102576/001

Yellow

Implemented

5.2

(a)

0.7

0.5

6/30/2020

New York City District Council of Carpenters Pension Plan

51-0174276/001

Green (b)

Green

3.1

2.6

1.6

6/30/2016

(a)

These amounts exceeded 5% of the respective total plan contributions.

(b)

Pension Protection Act zone status is as of July 1, 2015 and 2014, respectively.