PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS (Tables)
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12 Months Ended |
Dec. 31, 2016 |
Pension, Profit Sharing, and Other Employee Benefit Plans [Abstract] |
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The Plan's Funded Status |
(In thousands) | | 2016 | | 2015 | Reconciliation of Projected Benefit Obligation: | | | | | | | | Projected obligation at January 1 | | $ | 39,416 | | $ | 42,629 | | Interest cost | | | 1,657 | | | 1,629 | | Actuarial gain (loss) | | | 251 | | | (212) | | Benefit payments | | | (1,248) | | | (1,971) | | Increase (decrease) related to change in assumptions | | | 707 | | | (2,659) | | | Projected obligation at December 31 | | | 40,783 | | | 39,416 | Reconciliation of Fair Value of Plan Assets: | | | | | | | | Fair value of plan assets at January 1 | | | 30,683 | | | 33,200 | | Actual return on plan assets | | | 755 | | | (546) | | Contribution | | | 5,830 | | | - | | Benefit payments | | | (1,248) | | | (1,971) | | | Fair value of plan assets at December 31 | | | 36,020 | | | 30,683 | | | | | | | | | | Funded status at December 31 | | $ | (4,763) | | $ | (8,733) | | | | | | | | | | Accumulated benefit obligation at December 31 | | $ | 40,783 | | $ | 39,416 | | | | | | | | | | Unrecognized net actuarial loss | | $ | 13,689 | | $ | 13,038 | | Net periodic pension cost not yet recognized | | $ | 13,689 | | $ | 13,038 |
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Weighted-Average Assumptions Used To Determine Benefit Obligations |
| | 2016 | | 2015 | | 2014 | Discount rate | | 4.15% | | 4.26% | | 3.91% | Rate of compensation increase | | N/A | | N/A | | N/A |
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Net Periodic Benefit Cost |
(In thousands) | | 2016 | | 2015 | | 2014 | Interest cost on projected benefit obligation | | $ | 1,657 | | $ | 1,629 | | $ | 1,600 | Expected return on plan assets | | | (1,614) | | | (1,622) | | | (1,971) | Recognized net actuarial loss | | | 1,164 | | | 1,032 | | | 251 | | Net periodic benefit cost | | $ | 1,207 | | $ | 1,039 | | $ | (120) | | | | | | | | | | | |
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Weighted-Average Assumptions Used To Determine Net Periodic Benefit Cost |
| | 2016 | | 2015 | | 2014 | Discount rate | | 4.26% | | 3.91% | | 4.77% | Expected return on plan assets | | 5.00% | | 5.00% | | 6.00% | Rate of compensation increase | | N/A | | N/A | | N/A |
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Components Of Net Unrecognized Benefits Costs That Is Reflected In Accumulated Other Comprehensive Income (Loss) |
| | | Unrecognized | | | | Net | (In thousands) | | Gain/(Loss) | Included in accumulated other comprehensive income (loss) at January 1, 2014 | | $ | 5,539 | | Additions during the year | | | 977 | | Reclassifications due to recognition as net periodic pension cost | | | (251) | | Increase related to change in assumptions | | | 8,509 | Included in accumulated other comprehensive income (loss) as of December 31, 2014 | | | 14,774 | | Additions during the year | | | 1,955 | | Reclassifications due to recognition as net periodic pension cost | | | (1,032) | | Decrease related to change in assumptions | | | (2,659) | Included in accumulated other comprehensive income (loss) as of December 31, 2015 | | | 13,038 | | Additions during the year | | | 1,108 | | Reclassifications due to recognition as net periodic pension cost | | | (1,164) | | Increase related to change in assumptions | | | 707 | Included in accumulated other comprehensive income (loss) as of December 31, 2016 | | | 13,689 | | Applicable tax effect | | | (5,433) | Included in accumulated other comprehensive income (loss) net of tax effect at December 31, 2016 | | $ | 8,256 | | | | | | Amount expected to be recognized as part of net periodic pension cost in the next fiscal year | | $ | 836 |
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Component of Net Periodic Benefit |
(In thousands) | | 2016 | | 2015 | | 2014 | Net actuarial loss | | $ | (13,689) | | $ | (13,038) | | $ | (14,774) | | Net periodic benefit cost not yet recognized | | $ | (13,689) | | $ | (13,038) | | $ | (14,774) |
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Pension Plan Weighted Average Allocations |
| | | 2016 | | 2015 | Asset Category: | | | | | | | Cash and certificates of deposit | | 2.6 | % | | 9.7 | % | Equity Securities: | | 71.2 | | | 71.6 | | Debt Securities | | 26.2 | | | 18.7 | | | Total pension plan assets | | 100.0 | % | | 100.0 | % |
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Fair Values Of Pension Plan Assets By Asset Category |
| | | | 2016 | | | | | Quoted Prices in | | Significant Other | | Significant | | | | | | | | Active Markets for | | Observable | | Unobservable | | | | | | | | Identical Assets | | Inputs | | Inputs | | | | (In thousands) | | (Level 1) | | (Level 2) | | (Level 3) | | Total | Asset Category: | | | | | | | | | | | | | Money market funds | | $ | - | | $ | 925 | | $ | - | | $ | 925 | Mutual funds: | | | | | | | | | | | | | | Large cap U.S. equity funds | | | 7,189 | | | 10,168 | | | - | | | 17,357 | | Small/Mid cap U.S. equity funds | | | 2,288 | | | 2,140 | | | - | | | 4,428 | | International equity funds | | | 2,053 | | | 1,806 | | | - | | | 3,859 | | Short-term fixed income funds | | | - | | | 9,451 | | | - | | | 9,451 | Total mutual funds | | | 11,530 | | | 23,565 | | | - | | | 35,095 | | Total pension plan assets | | $ | 11,530 | | $ | 24,490 | | $ | - | | $ | 36,020 |
| | | | 2015 | | | | | Quoted Prices in | | Significant Other | | Significant | | | | | | | | Active Markets for | | Observable | | Unobservable | | | | | | | | Identical Assets | | Inputs | | Inputs | | | | (In thousands) | | (Level 1) | | (Level 2) | | (Level 3) | | Total | Asset Category: | | | | | | | | | | | | | Cash and certificates of deposit | | $ | 2,853 | | $ | - | | $ | - | | $ | 2,853 | Equity Securities: | | | | | | | | | | | | | | Industrials | | | 2,020 | | | - | | | - | | | 2,020 | | Financials | | | 2,025 | | | - | | | - | | | 2,025 | | Telecommunication services | | | 1,060 | | | - | | | - | | | 1,060 | | Consumer | | | 3,061 | | | - | | | - | | | 3,061 | | Health care | | | 2,355 | | | - | | | - | | | 2,355 | | Information technology | | | 3,156 | | | - | | | - | | | 3,156 | | Energy | | | 758 | | | - | | | - | | | 758 | | Materials | | | 367 | | | - | | | - | | | 367 | | Equity-based mutual funds | | | 5,205 | | | - | | | - | | | 5,205 | | Other | | | 1,949 | | | - | | | - | | | 1,949 | | | Total equity securities | | | 21,956 | | | - | | | - | | | 21,956 | Fixed income securities: | | | | | | | | | | | | | | Corporate bonds | | | - | | | 5,750 | | | - | | | 5,750 | Other | | | 124 | | | - | | | - | | | 124 | | Total pension plan assets | | $ | 24,933 | | $ | 5,750 | | $ | - | | $ | 30,683 |
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Benefit Payments |
| | Pension | (In thousands) | | Benefits | 2017 | | $ | 2,520 | 2018 | | | 1,920 | 2019 | | | 1,950 | 2020 | | | 1,680 | 2021 | | | 2,580 | 2022 - 2026 | | | 12,900 |
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