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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Employee Benefit Plans  
Schedule of change in benefit obligation

 

 

 

 

 

 

 

 

(in thousands)

    

2015

    

2014

 

Benefit obligations at beginning of year

 

$

28,728

 

$

23,402

 

Interest cost

 

 

1,159

 

 

1,131

 

Actuarial (gain) loss

 

 

(1,618)

 

 

5,067

 

Benefit paid

 

 

(988)

 

 

(872)

 

Benefit obligations at end of year

 

$

27,281

 

$

28,728

 

 

Schedule of change in plan assets

 

 

 

 

 

 

 

 

(in thousands)

    

2015

    

2014

 

Fair value of plan assets at beginning of year

 

$

20,638

 

$

19,632

 

Actual (loss) gain on plan assets

 

 

(433)

 

 

618

 

Benefits paid

 

 

(988)

 

 

(872)

 

Employer contribution

 

 

320

 

 

1,260

 

Fair value of plan assets at end of year

 

$

19,537

 

$

20,638

 

 

Schedule of funded status

 

 

 

 

 

 

 

 

(in thousands)

    

2015

    

2014

 

Funded status

 

$

(7,744)

 

$

(8,090)

 

Unrecognized net actuarial loss/accumulated other comprehensive loss

 

 

10,591

 

 

11,488

 

Net amount recognized

 

$

2,847

 

$

3,398

 

 

Summary of our pension plan projected benefit obligation, accumulated obligation and fair value of pension plan assets

 

 

 

 

 

 

 

 

(in thousands)

    

2015

    

2014

 

Projected benefit obligation

 

$

27,281

 

$

28,728

 

Accumulated benefit obligation (“ABO”)

 

 

27,281

 

 

28,728

 

Fair value of plan assets

 

 

19,537

 

 

20,638

 

ABO less fair value of plan assets

 

 

7,744

 

 

8,090

 

 

Schedule of amounts recognized in consolidated balance sheets

 

 

 

 

 

 

 

 

(in thousands)

    

2015

    

2014

 

Current Liabilities

 

$

 —

 

$

320

 

Noncurrent Liabilities

 

 

7,744

 

 

7,770

 

Total Amount Recognized

 

$

7,744

 

$

8,090

 

 

Schedule of components of net periodic pension costs

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

(in thousands)

    

2015

    

2014

    

2013

Interest cost

 

$

1,159

 

$

1,131

 

$

1,041

Expected return on plan assets

 

 

(1,264)

 

 

(1,270)

 

 

(1,165)

Recognized net actuarial loss

 

 

976

 

 

540

 

 

916

Net periodic benefit cost

 

$

871

 

$

401

 

$

792

 

Change in Accumulated Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

(in thousands)

    

2015

    

2014

    

2013

Beginning of year

 

$

(11,488)

 

$

(6,310)

 

$

(11,512)

Net actuarial (loss) gain

 

 

(79)

 

 

(5,718)

 

 

4,286

Amortization of net loss

 

 

976

 

 

540

 

 

916

End of year

 

$

(10,591)

 

$

(11,488)

 

$

(6,310)

 

Target pension plan asset allocation and actual pension plan allocation of assets

 

 

 

 

 

 

 

 

 

    

Target

    

    

    

    

 

Asset Category

 

Allocation

 

2015

 

2014

 

Equity securities

 

77

%  

77

%  

76

%  

Debt securities and cash

 

23

 

23

 

24

 

 

 

100

%  

100

%  

100

%  

 

Plan assets using the fair value hierarchy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets at Fair Value as of December 31, 2015

 

(in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

 

Cash and cash equivalents

 

$

86

 

$

 —

 

$

 —

 

$

86

 

Registered investment companies:

 

 

 

 

 

 

 

 

 

 

 

 

 

International equity

 

 

7,060

 

 

 —

 

 

 —

 

 

7,060

 

Large cap blend

 

 

7,922

 

 

 —

 

 

 —

 

 

7,922

 

Intermediate-term bond

 

 

4,469

 

 

 —

 

 

 —

 

 

4,469

 

Total assets at fair value

 

$

19,537

 

$

 —

 

$

 —

 

$

19,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets at Fair Value as of December 31, 2014

 

(in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

 

Cash and cash equivalents

 

$

75

 

$

 —

 

$

 —

 

$

75

 

Registered investment companies:

 

 

 

 

 

 

 

 

 

 

 

 

 

International equity

 

 

7,544

 

 

 —

 

 

 —

 

 

7,544

 

Large cap blend

 

 

8,195

 

 

 —

 

 

 —

 

 

8,195

 

Intermediate-term bond

 

 

4,824

 

 

 —

 

 

 —

 

 

4,824

 

Total assets at fair value

 

$

20,638

 

$

 —

 

$

 —

 

$

20,638

 

 

Schedule of estimated future benefit payments

 

 

 

 

 

(in thousands)

    

    

 

 

2016

 

$

1,089

 

2017

 

 

1,157

 

2018

 

 

1,196

 

2019

 

 

1,267

 

2020

 

 

1,336

 

2021 to 2025

 

 

7,714

 

 

Schedule of weighted-average assumptions used for pension plan

 

 

 

 

 

 

 

 

 

    

2015

    

2014

    

2013

 

Weighted-average actuarial assumptions used to determine benefit obligations:

 

 

 

 

 

 

 

Discount rate

 

4.43

%  

4.08

%  

4.92

%  

Expected return on assets

 

6.35

%  

6.85

%  

7.00

%  

Weighted-average actuarial assumptions used to determine net periodic benefit cost:

 

 

 

 

 

 

 

Discount rate

 

4.08

%  

4.92

%  

4.09

%  

Expected return on assets

 

6.35

%  

6.85

%  

7.00

%  

Rate of compensation increase

 

N/A

 

N/A

 

N/A