Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

The following tables set forth the change in plan assets, change in projected benefit obligation, rate assumptions and components of net periodic benefit cost as of December 31 with respect to these plans. The measurement dates of the assets and liabilities of both plans were December 31 of the respective years presented.



	Year Ended December 31, 2015
(in thousands)	Hourly Employees’ Pension Plan				Employees’ Retirement Plan				Total
Change in projected benefit obligation
Benefit obligation at beginning of year		$	10,456			$	21,595		$	32,051
Service cost		9				4			13
Interest cost		405				868			1,273
Liability actuarial loss (gain)		(574		)		(1,125		)	(1,699		)
Benefits paid		(647		)		(781		)	(1,428		)
Benefit obligation at end of year		9,649				20,561			30,210
Change in fair value of plan assets
Fair value of plan assets at beginning of year		9,223				17,114			26,337
Return on plan assets		(149		)		(273		)	(422		)
Employer contributions		592				632			1,224
Benefits paid		(647		)		(781		)	(1,428		)
Fair value of plan assets at end of year		9,019				16,692			25,711
Underfunded status – December 31, 2015		$	(630	)		$	(3,869	)	$	(4,499	)



	Year Ended December 31, 2014
(in thousands)	Hourly Employees’ Pension Plan				Employees’ Retirement Plan				Total
Change in projected benefit obligation
Benefit obligation at beginning of year		$	9,477			$	18,335		$	27,812
Service cost		8				4			12
Interest cost		422				852			1,274
Liability actuarial (gain) loss		1,189				3,163			4,352
Benefits paid		(640		)		(759		)	(1,399		)
Benefit obligation at end of year		10,456				21,595			32,051
Change in fair value of plan assets
Fair value of plan assets at beginning of year		8,873				16,401			25,274
Return on plan assets		442				820			1,262
Employer contributions		548				652			1,200
Benefits paid		(640		)		(759		)	(1,399		)
Fair value of plan assets at end of year		9,223				17,114			26,337
Underfunded status – December 31, 2014		$	(1,233	)		$	(4,481	)	$	(5,714	)

Schedule of Assumptions Used

Assumptions used to determine benefit obligations at December 31:



	Hourly Employees’ Pension Plan		Employees’ Retirement Plan
	2015	2014	2015	2014
Discount rate	4.30%	4.00%	4.40%	4.10%
Composite rate of compensation increase	N/A	N/A	N/A	N/A

Assumptions used to determine net periodic benefit cost for the years ended December 31:



	Hourly Employees’ Pension Plan		Employees’ Retirement Plan
	2015	2014	2015	2014
Discount rate	4.00%	4.60%	4.10%	4.75%
Long-term rate of return on plan assets	7.25%	7.25%	7.25%	7.25%
Composite rate of compensation increase	N/A	N/A	N/A	N/A

Schedule of Net Benefit Costs

The following tables present the components of net periodic benefit cost (gains are denoted with parentheses and losses are not):



	Year Ended December 31, 2015
(in thousands)	Hourly Employees’ Pension Plan				Employees’ Retirement Plan				Total
Service cost		$	9			$	4		$	13
Interest cost		405				868			1,273
Expected return on plan assets		(661		)		(1,229		)	(1,890		)
Amortization of net loss (gain)		248				401			649
Net periodic benefit cost		$	1			$	44		$	45



	Year Ended December 31, 2014
(in thousands)	Hourly Employees’ Pension Plan				Employees’ Retirement Plan				Total
Service cost		$	8			$	4		$	12
Interest cost		422				852			1,274
Expected return on plan assets		(637		)		(1,180		)	(1,817		)
Amortization of net loss (gain)		72				60			132
Net periodic benefit cost		$	(135	)		$	(264	)	$	(399	)

Schedule of Allocation of Plan Assets

The pension plans' weighted-average asset allocations as a percentage of plan assets at December 31 are as follows:



	Hourly Employees’ Pension Plan		Employees’ Retirement Plan
	2015	2014	2015	2014
Equity securities	55%	53%	55%	55%
Debt securities	37%	38%	37%	38%
Short-term investments	3%	5%	3%	3%
Other	5%	4%	5%	4%
Total	100%	100%	100%	100%

Fair Value, Assets Measured on Recurring Basis

The following table presents the hierarchy levels for our postretirement benefit plan investments as of December 31:



(in thousands)	December 31, 2015			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Mutual Funds:
Mid Cap		$	1,623		$	1,623		$	—	$	—
Large Cap		4,411			4,411
International		2,915			2,915

Common/Collective:
Liability Driven Solution		3,543						3,543
Wells Fargo International Equity Index Fund		1,080						1,080
Wells Fargo Core Bond		1,774						1,774
Wells Fargo/Causeway		1,112						1,112
Wells Fargo Large Cap Growth Index Fund		1,429						1,429
Wells Fargo Large Cap Value Index Fund		1,415						1,415
Wells Fargo Multi-Manager Small Cap		1,707						1,707
Wells Fargo Russell 2000 Index Fund		800						800
Wells Fargo S&P Mid Cap Index Fund		942						942
Wells Fargo/MFS Value CIT F		736						736
Wells Fargo/T Rowe Price I Large-Cap Growth Managed CIT		749						749
T. Rowe Price Equity Income		738						738

Cash & Short-term Investments		737			737
Total		$	25,711		$	9,686		$	16,025	$	—



(in thousands)	December 31, 2014			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Mutual Funds:
Mid Cap		$	1,642		$	1,642		$	—	$	—
Large Cap		5,162			5,162
International		2,985			2,985

Common/Collective:
Liability Driven Solution		3,702						3,702
Wells Fargo International Equity Index Fund		1,098						1,098
Wells Fargo Core Bond		1,810						1,810
Wells Fargo/Causeway		1,118						1,118
Wells Fargo Large Cap Growth Index Fund		1,473						1,473
Wells Fargo Large Cap Value Index Fund		1,476						1,476
Wells Fargo Multi-Manager Small Cap		1,783						1,783
Wells Fargo Russell 2000 Index Fund		860						860
Wells Fargo S&P Mid Cap Index Fund		990						990
T. Rowe Price Equity Income		1,310						1,310

Cash & Short-term Investments		928			928
Total		$	26,337		$	10,717		$	15,620	$	—

Schedule of Expected Benefit Payments

The following table illustrates the estimated pension benefit payments that are projected to be paid:



(in thousands)	Hourly Employees’ Pension Plan			Employees’ Retirement Plan			Total
2016		$	635		$	926	$	1,561
2017		640			1,036		1,676
2018		648			1,132		1,780
2019		655			1,165		1,820
2020		655			1,207		1,862
Years 2021 through 2025		$	3,156		$	6,512	$	9,668

Supplemental Employee Retirement Plans, Defined Benefit