XML 55 R40.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]    
Schedule of Costs of Retirement Plans
Net periodic pension benefit expense recorded in the Company's statement of operations for defined benefit pension plans include the following components (dollars in thousands):
 
 
Pension Benefit
 
 
2016
 
2015
 
2014
Service cost
 
$
950

 
$
890

 
$
760

Interest cost
 
1,510

 
1,580

 
1,760

Expected return on plan assets
 
(1,610
)
 
(1,840
)
 
(2,070
)
Settlements and curtailments
 
1,330

 
2,750

 
—

Amortization of net loss
 
930

 
1,340

 
1,120

Net periodic benefit expense
 
$
3,110

 
$
4,720

 
$
1,570

  
Schedule of Assumptions Used
Weighted average assumptions used in accounting for the U.S. defined benefit pension plans are as follows:
 
 
Pension Benefit
 
 
2016
 
2015
 
2014
Discount rate for obligations
 
4.35
%
 
4.62
%
 
4.17
%
Discount rate for benefit costs
 
4.62
%
 
4.17
%
 
5.01
%
Rate of increase in compensation levels
 
N/A

 
N/A

 
N/A

Expected long-term rate of return on plan assets
 
7.13
%
 
7.50
%
 
7.50
%
The Company utilizes a high-quality (Aa or greater) corporate bond yield curve as the basis for its domestic discount rate for its pension benefit plans. Management believes this yield curve removes the impact of including additional required corporate bond yields (potentially considered in the above-median curve) resulting from the uncertain economic climate that does not necessarily reflect the general trend in high-quality interest rates.
Actuarial valuations of the Company's non-U.S. defined benefit pension plans were prepared as of December 31, 2016, 2015 and 2014. Weighted average assumptions used in accounting for the non-U.S. defined benefit pension plans are as follows:
 
 
Pension Benefit
 
 
2016
 
2015
 
2014
Discount rate for obligations
 
2.80
%
 
3.80
%
 
3.70
%
Discount rate for benefit costs
 
3.80
%
 
3.70
%
 
4.50
%
Rate of increase in compensation levels
 
3.90
%
 
3.90
%
 
3.80
%
Expected long-term rate of return on plan assets
 
4.90
%
 
4.90
%
 
5.60
%
  
Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets
 
 
Pension Benefit
 
 
2016
 
2015
Changes in Projected Benefit Obligations
 
 
 
 
Benefit obligations at January 1
 
$
(38,240
)
 
$
(43,730
)
Service cost
 
(950
)
 
(890
)
Interest cost
 
(1,510
)
 
(1,580
)
Participant contributions
 
(60
)
 
(60
)
Actuarial loss
 
(4,080
)
 
(150
)
Benefit payments
 
1,250

 
1,640

Settlements and curtailments
 
2,360

 
5,210

Change in foreign currency
 
3,590

 
1,320

Projected benefit obligations at December 31
 
$
(37,640
)
 
$
(38,240
)
Changes in Plan Assets
 
 
 
 
Fair value of plan assets at January 1
 
$
28,270

 
$
32,610

Actual return on plan assets
 
2,910

 
50

Employer contributions
 
1,890

 
3,640

Participant contributions
 
60

 
60

Benefit payments
 
(1,250
)
 
(1,640
)
Settlements
 
(2,530
)
 
(5,210
)
Change in foreign currency
 
(3,090
)
 
(1,240
)
Fair value of plan assets at December 31
 
$
26,260

 
$
28,270

Funded status at December 31
 
$
(11,380
)
 
$
(9,970
)
  
Schedule of Amounts Recognized in Balance Sheet
 
 
Pension Benefit
 
 
2016
 
2015
Amounts Recognized in Balance Sheet
 
 
 
 
Prepaid benefit cost
 
$
740

 
$
590

Current liabilities
 
(830
)
 
(320
)
Noncurrent liabilities
 
(11,290
)
 
(10,240
)
Net liability recognized at December 31
 
$
(11,380
)
 
$
(9,970
)
  
Schedule of Accumulated Other Comprehensive Income
 
 
Pension Benefit
 
 
2016
 
2015
Amounts Recognized in Accumulated Other Comprehensive Loss
 
 
 
 
Unrecognized prior-service cost
 
$
60

 
$
80

Unrecognized net loss
 
17,910

 
18,570

Total accumulated other comprehensive loss recognized at December 31
 
$
17,970

 
$
18,650

Changes in AOCI by component for the year ended December 31, 2016 are summarized as follows, net of tax (dollars in thousands):
 
 
Defined Benefit Plans
 
 Derivative Instruments
 
Foreign Currency Translation
 
Total
Balance, December 31, 2015
 
$
(12,370
)
 
$
(1,790
)
 
$
2,860

 
$
(11,300
)
Net unrealized losses arising during the period (a)
 
(1,270
)
 
(1,150
)
 
(12,620
)
 
(15,040
)
Less: Net realized losses reclassified to net income (b)
 
(1,520
)
 
(420
)
 
—

 
(1,940
)
Net current-period other comprehensive income (loss)
 
250

 
(730
)
 
(12,620
)
 
(13,100
)
Balance, December 31, 2016
 
$
(12,120
)
 
$
(2,520
)
 
$
(9,760
)
 
$
(24,400
)

__________________________
(a) Defined benefit plans, net of income tax of $0.3 million. See Note 15, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax of $0.7 million. See Note 12, "Derivative Instruments," for further details.
(b) Defined benefit plans, net of income tax of $0.7 million. See Note 15, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax of $0.3 million. See Note 12, "Derivative Instruments," for further details.
Changes in AOCI by component for the year ended December 31, 2015 are summarized as follows, net of tax (dollars in thousands):
 
 
Defined Benefit Plans
 
 Derivative Instruments
 
Foreign Currency Translation
 
Total
Balance, December 31, 2014
 
$
(14,180
)
 
$
610

 
$
23,790

 
$
10,220

Net unrealized losses arising during the period (a)
 
(1,320
)
 
(3,610
)
 
(12,370
)
 
(17,300
)
Less: Net realized losses reclassified to net income (b)
 
(3,130
)
 
(960
)
 
—

 
(4,090
)
Net current-period other comprehensive income (loss)
 
1,810

 
(2,650
)
 
(12,370
)
 
(13,210
)
Less: Distribution of the Cequent businesses
 
—

 
250

 
(8,560
)
 
(8,310
)
Balance, December 31, 2015
 
$
(12,370
)
 
$
(1,790
)
 
$
2,860

 
$
(11,300
)
__________________________
(a) Defined benefit plans, net of income tax of $0.4 million. See Note 15, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax expense of $1.9 million. See Note 12, "Derivative Instruments," for further details.
(b) Defined benefit plans, net of income tax of $1.8 million. See Note 15, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax expense of $0.3 million. See Note 12, "Derivative Instruments," for further details.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
 
 
Accumulated Benefit Obligations
 
Projected Benefit Obligations
 
 
2016
 
2015
 
2016
 
2015
Benefit Obligations at December 31,
 
 
 
 
 
 
 
 
Total benefit obligations
 
$
(34,790
)
 
$
(35,890
)
 
$
(37,640
)
 
$
(38,240
)
Plans with benefit obligations exceeding plan assets
 
 
 
 
 
 
 
 
Benefit obligations
 
$
(17,400
)
 
$
(17,940
)
 
$
(37,200
)
 
$
(37,560
)
Plan assets
 
7,880

 
9,200

 
25,080

 
27,000

  
Schedule of Effect of Change in Discount Rate and Expected Return on Assets on Benefit Obligations and Expense
 
 
Pension Benefit
 
 
December 31, 2016
Benefit Obligation
 
2016 Expense
Discount rate
 
 
 
 
25 basis point increase
 
$
(1,110
)
 
$
(80
)
25 basis point decrease
 
$
1,180

 
$
90

Expected return on assets
 
 
 
 
50 basis point increase
 
N/A

 
$
(130
)
50 basis point decrease
 
N/A

 
$
130

  
Schedule of Allocation of Plan Assets
The actual weighted average asset allocation of the Company's domestic and foreign pension plans' assets at December 31, 2016 and 2015 and target allocations by class, were as follows:
 
 
Domestic Pension
 
Foreign Pension
 
 
 
 
Actual
 
 
 
Actual
 
 
Target
 
2016
 
2015
 
Target
 
2016
 
2015
Equity securities
 
60
%
 
59
%
 
62
%
 
33
%
 
27
%
 
26
%
Fixed income
 
40
%
 
38
%
 
36
%
 
45
%
 
48
%
 
40
%
Diversified growth(a)
 
—
%
 
—
%
 
—
%
 
22
%
 
24
%
 
20
%
Cash and other
 
—
%
 
3
%
 
2
%
 
—

 
1
%
 
14
%
Total
 
100
%
 
100
%
 
100
%
 
100
%
 
100
%
 
100
%
  
Fair Value, Assets Measured on Recurring Basis [Table Text Block]
The following table summarizes the level under the fair value hierarchy (see Note 3, "Summary of Significant Accounting Policies") that the Company's pension plan assets are measured on a recurring basis as of December 31, 2016 (dollars in thousands):
 
 
Total
 
Level 1
 
Level 2
 
Level 3
Plan assets subject to leveling
 
 
 
 
 
 
 
 
Investment funds
 
 
 
 
 
 
 
 
Fixed income
 
$
2,930

 
$
2,930

 
$
—

 
$
—

Cash and cash equivalents
 
190

 
190

 
—

 
—

Plan assets measured at net asset value(a)
 
 
 
 
 
 
 
 
Investment funds
 
 
 
 
 
 
 
 
Equity securities
 
9,640

 
 
 
 
 
 
Fixed income
 
8,920

 
 
 
 
 
 
Diversified growth
 
4,170

 
 
 
 
 
 
Cash and cash equivalents
 
320

 
 
 
 
 
 
Other(b)
 
90

 
 
 
 
 
 
Total
 
$
26,260

 
$
3,120

 
$
—

 
$
—

________________________________________
(a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the fair value of plan assets.
(b) Comprised of investments in foreign government bonds.
  
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (dollars in thousands):
 
 
Pension
Benefit
December 31, 2017
 
$
1,950

December 31, 2018
 
1,350

December 31, 2019
 
1,370

December 31, 2020
 
1,400

December 31, 2021
 
1,440

Years 2022-2025
 
7,680