XML 39 R26.htm IDEA: XBRL DOCUMENT v3.3.1.900
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Amounts included in accumulated other comprehensive loss, net of tax, that have not yet been recognized in net periodic benefit cost are as follows
Amounts included in accumulated other comprehensive loss, net of tax, at December 31, 2015 that have not yet been recognized in net periodic benefit cost are as follows:
 
Pension
plans
 
Other
postretirement
benefits
 
(In thousands)
Prior service cost
$
—

 
$
(39
)
Net actuarial loss
$
11,904

 
$
(185
)
Amounts included in accumulated other comprehensive loss, net of tax, expected to be recognized in net periodic benefit cost during the following fiscal year
Amounts included in accumulated other comprehensive loss, net of tax, at December 31, 2015 expected to be recognized in net periodic benefit cost during the fiscal year ending December 31, 2016 are as follows:
 
Pension
plans
 
Other
postretirement
benefits
 
(In thousands)
Prior service credit
$
—

 
$
(16
)
Net actuarial loss
$
397

 
$
—
Components of net periodic benefit cost
The following table sets forth the components of net periodic postretirement benefit cost for the years ended December 31, 2015, 2014 and 2013:
 
2015
 
2014
 
2013
 
(In thousands)
Service cost, benefits attributed for service of active employees for the period
$
147

 
$
130

 
$
154

Interest cost on the accumulated postretirement benefit obligation
251

 
269

 
255

Amortization of prior service cost
53

 
161

 
161

Net periodic postretirement benefit cost
$
451

 
$
560

 
$
570

The following table sets forth the components of net periodic pension cost for the years ended December 31, 2015, 2014 and 2013 based on a December 31 measurement date:
 
2015
 
2014
 
2013
 
(In thousands)
Service cost — benefits earned during the year
$
4

 
$
4

 
$
5

Interest cost on projected benefit obligations
1,769

 
1,888

 
1,842

Expected return on plan assets
(2,151
)
 
(2,806
)
 
(2,744
)
Amortization of net loss
656

 
606

 
719

Settlement expense
762

 
858

 
806

Net periodic pension cost
$
1,040

 
$
550

 
$
628
Actuarial assumptions used in the determination of the net period pension cost
Actuarial assumptions used in the determination of the net periodic pension cost are:    
 
2015
 
2014
 
2013
Discount rate
3.81
%
 
4.47
%
 
3.68
%
Expected long-term return on plan assets
5.00
%
 
6.50
%
 
6.50
%
Rate of compensation increase
n/a

 
n/a

 
n/a

The actuarial assumption used in the determination of the benefit obligation of the above data is:
 
2015
 
2014
Discount rate
4.14
%
 
3.81
%
Schedule of Changes in Benefit Obligations, Plan Assets and Funded Status
The following table provides a reconciliation of benefit obligations, plan assets and funded status based on a December 31 measurement date:
 
2015
 
2014
 
(In thousands)
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of plan year
$
48,200

 
$
45,561

Service cost
4

 
4

Interest cost
1,769

 
1,888

Actuarial (gain)/loss
(906
)
 
4,989

Benefits paid
(3,596
)
 
(4,242
)
Projected benefit obligation at measurement date
$
45,471

 
$
48,200

 
 
 
 
Change in plan assets:
 
 
 
Fair value of plan assets at beginning of plan year
$
48,656

 
$
49,873

Actual return on plan assets
(1,457
)
 
3,025

Benefits paid
(3,596
)
 
(4,242
)
Fair value of plan assets at measurement date
$
43,603

 
$
48,656

 
 
 
 
Funded status of the plan:
 
 
 
Benefit plan assets in excess of benefit obligation
—

 
456

Benefit obligation in excess of plan assets
(1,868
)
 
—

Accrued pension liability (prepaid pension asset)
$
(1,868
)
 
$
456
Fair value of the Company's qualified pension plan assets by category
The fair value of the Company's qualified pension plan assets by category at December 31, 2015 are as follows:
 
Market
value
 
Quoted
prices in active
markets for
identical assets
(Level 1)
 
Significant
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
(In thousands)
Equity securities (a)
$
5,614

 
$
—

 
$
5,614

 
$
—

Fixed income funds (b)
36,954

 
—

 
36,954

 
—

Cash/cash equivalents (c)
1,035

 
1,035

 
—

 
—

Total
$
43,603

 
$
1,035

 
$
42,568

 
$
—


(a)
The Equity funds in aggregate are well diversified by market capitalization, investment style and geography. The funds seek to provide investment results approximating the aggregate price and dividend performance of securities included in the S&P 500 Index, Russell 2000 Index and MSCI All Country World ex-US Index.

(b)
The Fixed Income funds consist of bonds.  In aggregate, the funds seek to provide investment return approximating the return of the Plan’s obligations.  The funds consist of Long Credit bonds, Intermediate Credit bonds, Short Duration Government Credit bonds and Bank Loans.

(c)
This category comprises the cash held to pay beneficiaries. The fair value of cash equals its book value.    
    
The fair value of the Company’s qualified pension plan assets by category at December 31, 2014 are as follows:
 
Market
value
 
Quoted
prices in active
markets for
identical assets
(Level  1)
 
Significant
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
(In thousands)
Equity securities (a)
$
6,356

 
$
—

 
$
6,356

 
$
—

Fixed income funds (b)
41,351

 
—

 
41,351

 
—

Cash/cash equivalents (c)
949

 
949

 
—

 
—

Total
$
48,656

 
$
949

 
$
47,707

 
$
—



(a)
The Equity funds in aggregate are well diversified by market capitalization, investment style and geography. The funds seek to provide investment results approximating the aggregate price and dividend performance of securities included in the S&P 500 Index, Russell 2000 Index and MSCI All Country World ex-US Index.

(b)
The Fixed Income funds consist of bonds.  In aggregate, the funds seek to provide investment return approximating the return of the Plan’s obligations.  The funds consist of Long Credit bonds, Intermediate Credit bonds, Short Duration Government Credit bonds and Bank Loans.

(c)
This category comprises the cash held to pay beneficiaries. The fair value of cash equals its book value.
    
Schedule of Changes in Projected Benefit Obligations
The following table provides a reconciliation of the projected benefit obligation at the Company's December 31 measurement date:
 
2015
 
2014
 
(In thousands)
Benefit obligation at beginning of year
$
6,767

 
$
6,376

Service cost
147

 
130

Interest cost
251

 
269

Actuarial (gain) loss
(812
)
 
462

Plan participants' contributions
628

 
708

Benefits paid
(881
)
 
(1,178
)
Benefit obligation and funded status at end of year
$
6,100

 
$
6,767
Schedule of Amounts Recognized in Balance Sheet
The amounts recognized in the Consolidated Balance Sheets at December 31 are:
 
2015
 
2014
 
(In thousands)
Accrued compensation and employee benefits
$
391

 
$
425

Accrued non-pension postretirement benefits
5,709

 
6,342

Amounts recognized at December 31
$
6,100

 
$
6,767