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Note 14 - Benefit Plans | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Pension and Other Postretirement Benefits Disclosure [Text Block] |
14. | Benefit Plans
Medical and Dental Plan The Company maintains medical and dental benefit plans covering its full-time domestic employees and their dependents. Certain plans are partially or fully self-funded plans under which participant claims are obligations of the plan. These plans are funded through employer and employee contributions at a level sufficient to pay for the benefits provided by the plan. The Company’s contributions to the plans were $15,019, $14,352, and $11,701 for the years ended December 31, 2016, 2015, and 2014, respectively. The Company ’s foreign subsidiaries participate in government sponsored medical benefit plans. In certain cases, the Company purchases supplemental medical coverage for certain employees at these foreign locations . The expenses related to these plans are not material to the Company’s consolidated financial statements. S avings Plan The Company maintains defined-contribution 401(k) savings plans for eligible domestic employees. Under the plans, employees may defer receipt of a portion of their eligible compensation. The Company amended the 401(k) savings plans effective January 1, 2009, to add Company matching and non-elective contributions. The Company may contribute a matching contribution of 50% of the first 6% of eligible compensation of employees. The Company may also contribute a non-elective contribution for eligible employees employed on December 31, 2008. Both Company matching contributions and non-elective contributions are subject to vesting. Forfeitures may be applied against plan expenses and company contributions. The Company recognized $3,400, $3,000 and $3,400 of expense related to this plan in 2016, 2015 and 2014, respectively. Pension Plans The Company has frozen noncontributory salaried and hourly pension plans (Pension Plans) covering certain domestic employees. The benefits under the salaried plan are based upon years of service and the participants’ defined final average monthly compensation. The benefits under the hourly plan are based on a unit amount at the date of termination multiplied by the participant’s years of credited service. The Company’s funding policy for the Pension Plans is to contribute amounts at least equal to the minimum annual amount required by applicable regulations. The Company uses a December 31 measurement date for the Pension Plans. The table that includes the accumulated benefit obligation and reconciliation of the changes in projected benefit obligation, changes in plan assets and the funded status of the Pension Plans is as follows:
|  | Year Ended December 31, |
|  | 201 6 |  |  | 201 5 |
Accumulated benefit obligation at end of period |  | $ | 65,956 |  |  | $ | 63,894 |
Change in projected benefit obligation |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of period |  | $ | 63,894 |  |  | $ | 68,376 |
Interest cost |  |  | 2,747 |  |  |  | 2,681 |
Net actuarial loss (gain) |  |  | 1,363 |  |  |  | (5,254 | )
Benefits paid |  |  | (2,048 | ) |  |  | (1,909 | )
Projected benefit obligation at end of period |  | $ | 65,956 |  |  | $ | 63,894 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of period |  | $ | 43,985 |  |  | $ | 45,452 |
Actual return (loss) on plan assets |  |  | 3,820 |  |  |  | (384 | )
Company contributions |  |  | 731 |  |  |  | 826 |
Benefits paid |  |  | (2,048 | ) |  |  | (1,909 | )
Fair value of plan assets at end of period |  | $ | 46,488 |  |  | $ | 43,985 |
Funded status: accrued pension liability included in other long-term liabilities |  | $ | (19,468 | ) |  | $ | (19,909 | )
Amounts recognized in accumulated other comprehensive loss |  |  |  |  |  |  |  |
Net actuarial loss, net of tax |  | $ | (11,040 | ) |  | $ | (11,362 | )
The actuarial loss for the Pension Plans that was amortized from AOCL into net periodic (benefit) cost during 2016 is $941. The amount in AOCL as of December 31, 2016 that is expected to be recognized as a component of net periodic pension expense during the next fiscal year is $883. The components of net periodic pension (benefit) cost are as follows:
|  | Year E nded December 31, |
|  | 201 6 |  |  | 201 5 |  |  | 201 4 |
Interest cost |  | $ | 2,747 |  |  | $ | 2,681 |  |  | $ | 2,591 |
Expected return on plan assets |  |  | (2,868 | ) |  |  | (3,041 | ) |  |  | (2,933 | )
Amortization of net loss |  |  | 941 |  |  |  | 1,228 |  |  |  | 106 |
Net periodic pension (benefit) cost |  | $ | 820 |  |  | $ | 868 |  |  | $ | (236 | )
Weighted-average assumptions used to determine the benefit obligations are as follows:
|  | December 31, |
|  | 201 6 |  |  | 201 5 |
Discount rate – salaried pension plan |  |  | 4.14 | % |  |  | 4.36 | %
Discount rate – hourly pension plan |  |  | 4.16 | % |  |  | 4.39 | %
Rate of compensation increase (1) |  |  | n/a |  |  |  | n/a |
| (1) | No compensation increase was assumed as the plans were frozen effective December 31, 2008.
Weighted-average assumptions used to determine net periodic pension (benefit) cost are as follows:
|  | Y ear E nded December 31, |
|  | 201 6 |  |  | 201 5 |  |  | 201 4 |
Discount rate |  |  | 4.39 | % |  |  | 3.99 | % |  |  | 5.01 | %
Expected long-term rate of return on plan assets |  |  | 6.62 | % |  |  | 6.75 | % |  |  | 6.88 | %
Rate of compensation increase (1) |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
| (1) | No compensation increase was assumed as the plans were frozen effective December 31, 2008 .
To determine the long-term rate of return assumption for plan assets, the Company studies historical markets and preserves the long-term historical relationships between equities and fixed-income securities consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. The Company evaluates current market factors such as inflation and interest rates before it determines long-term capital market assumptions and reviews peer data and historical returns to check for reasonableness and appropriateness. The Pension Plans ’ weighted-average asset allocation at December 31, 2016 and 2015, by asset category, is as follows:
|  |  |  |  |  | December 31, 201 6 |  |  | December 31, 201 5 |
Asset Category |  | Target |  |  | Dollars |  |  | % |  |  | Dollars |  |  | % |
Fixed Income |  |  | 20 | % |  | $ | 7,812 |  |  |  | 17 | % |  | $ | 8,571 |  |  |  | 19 | %
Domestic equity |  |  | 49 | % |  |  | 19,615 |  |  |  | 42 | % |  |  | 20,479 |  |  |  | 47 | %
International equity |  |  | 21 | % |  |  | 13,466 |  |  |  | 29 | % |  |  | 9,687 |  |  |  | 22 | %
Real estate |  |  | 10 | % |  |  | 5,595 |  |  |  | 12 | % |  |  | 5,248 |  |  |  | 12 | %
Total |  |  | 100 | % |  | $ | 46,488 |  |  |  | 100 | % |  | $ | 43,985 |  |  |  | 100 | %
The fair values of the Pension Plans ’ assets at December 31, 2016 are as follows:
|  | Total |  |  | Quoted Prices in Active Markets for Identical A sset (L evel 1) |  |  | Significant Observable I nputs (L evel 2) |  |  | Significant U nobservable I nputs (L evel 3) |
Mutual fund s |  | $ | 37,860 |  |  | $ | 37,860 |  |  | $ | – |  |  | $ | – |
Other investments |  |  | 8,628 |  |  |  | – |  |  |  | – |  |  |  | 8,628 |
Total |  | $ | 46,488 |  |  | $ | 37,860 |  |  | $ | – |  |  | $ | 8,628 |
The fair values of the Pension Pl an's assets at December 31, 2015 are as follows:
|  | Total |  |  | Quoted Prices in Active Markets for Identical A sset (L evel 1) |  |  | Significant O b servable I nputs (L evel 2) |  |  | Significant Unobservable I nputs (L evel 3) |
Mutual fund s |  | $ | 40,310 |  |  | $ | 40,310 |  |  | $ | – |  |  | $ | – |
Other investment s |  |  | 3,675 |  |  |  | – |  |  |  | – |  |  |  | 3,675 |
Total |  | $ | 43,985 |  |  | $ | 40,310 |  |  | $ | – |  |  | $ | 3,675 |
A reconciliation of beg inning and ending balances for Level 3 assets for the years ended December 31, 2016 and 2015 is as follows:
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |
Balance at beginning of period |  | $ | 3,675 |  |  | $ | 3,185 |
Purchases |  |  | 4,400 |  |  |  | 408 |
Realized gains |  |  | 553 |  |  |  | 82 |
Balance at end of period |  | $ | 8,628 |  |  | $ | 3,675 |
Mutual Funds – This category includes investments in mutual funds that encompass both equity and fixed income securities that are designed to provide a diverse portfolio. The plan’s mutual funds are designed to track exchange indices, and invest in diverse industries. Some mutual funds are classified as regulated investment companies. Investment managers have the ability to shift investments from value to growth strategies, from small to large capitalization funds, and from U.S. to international investments. These investments are valued at the closing price reported on the active market on which the individual securities are traded. These investments are classified within Level 1 of the fair value hierarchy. Other Investments – This category includes investments in limited partnerships and are valued at estimated fair value, as determined with the assistance of each respective limited partnership, based on the net asset value of the investment as of the balance sheet date, which is subject to judgment, and therefore is classified within Level 3 of the fair value hierarchy. The Company ’s target allocation for equity securities and real estate is generally between 65% - 85%, with the remainder allocated primarily to fixed income (bonds). The Company regularly reviews its actual asset allocation and periodically rebalances its investments to the targeted allocation when considered appropriate. The Company expects to make estimated contributions of $568 to the Pension Plans in 2017. The following benefit payments are expected to be paid from the Pension Plans:
201 7 |  | $ | 2,258 |
201 8 |  |  | 2,354 |
201 9 |  |  | 2,430 |
20 20 |  |  | 2,556 |
202 1 |  |  | 2,692 |
2022 – 2026 |  |  | 16,021 |
Certain of the Company ’s foreign subsidiaries participate in local defined benefit or other post-employment benefit plans. These plans provide benefits that are generally based on years of credited service and a percentage of the employee’s eligible compensation earned throughout the applicable service period. Liabilities recorded under these plans are included in accrued wages and employee benefits in the Company’s consolidated balance sheets and are not material.

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