Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2015

Weighted Average Assumptions used in Determining Net Periodic Benefit Cost

The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:


	Years Ended December 31,
	2015			2014			2013
Discount rate		4.0	%		4.8	%		3.9	%
Expected rate of return on plan assets		8.0			9.0			9.0

Fair Value Measurements of Investments Held by Retirement Plan

The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2015:


(in thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity:
Large-cap value ⁽¹⁾	$	15,925	$	—	$	15,925	$	—
Large-cap growth ⁽²⁾		17,923		—		17,923		—
Large-cap core ⁽³⁾		11,662		—		11,662		—
Mid-cap value ⁽⁴⁾		3,792		—		3,792		—
Mid-cap growth ⁽⁵⁾		3,726		—		3,726		—
Mid-cap core ⁽⁶⁾		3,706		—		3,706		—
Small-cap value ⁽⁷⁾		2,717		—		2,717		—
Small-cap growth ⁽⁸⁾		2,688		—		2,688		—
Small-cap core ⁽⁹⁾		5,458		—		5,458		—
International equity ⁽¹⁰⁾		22,799		—		22,799		—
Fixed Income Funds:
Fixed Income – U.S. Core ⁽¹¹⁾		70,496		—		70,496		—
Intermediate duration ⁽¹²⁾		23,527		—		23,527		—
Equity Securities:
Company common stock		24,594		24,594		—		—
Cash Equivalents:								—
Money market ^*		2,875		919		1,956		—

	$	211,888	$	25,513	$	186,375	$	—

*	Includes cash equivalent investments in equity and fixed income strategies.

(1)

This category contains large-cap stocks with above-average yields. The portfolio typically holds between 60 and 70 stocks.

(2)

This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S.

(3)

This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index.

(4)

This category employs an indexing investment approach designed to track the performance of the CRSP U.S. Mid-Cap Value Index.

(5)

This category employs an indexing investment approach designed to track the performance of the CRSP U.S. Mid-Cap Growth Index.

(6)

This category seeks to track the performance of the S&P MidCap 400 Index.

(7)

This category consists of a selection of investments based on the Russell 2000 Value Index.

(8)

This category consists of a selection of investments based on the Russell 2000 Growth Index.

(9)

This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest U.S. company.

(10)

This category has investments in medium to large non-U.S. companies, including high-quality, durable growth companies and companies based in countries with stable economic and political systems. A portion of this category consists of an index fund designed to track the MSC ACWI ex-U.S. Net Dividend Return Index.

(11)

This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment-grade fixed-income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the U.S. government and its agencies.

(12)

This category consists of a mutual fund that invests in a diversified portfolio of high-quality bonds and other fixed-income securities, including U.S. government obligations, mortgage-related and asset-backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated “A” or better.

Weighted Average Asset Allocations for Retirement Plan

The asset allocations for the Retirement Plan as of December 31, 2015 and 2014 were as follows:


	At December 31,
	2015			2014
Equity securities		55	%		65	%
Debt securities		44			33
Cash equivalents		1			2

Total		100	%		100	%

Expected Future Annuity Payments by Retirement Plan

The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated:


(in thousands)
2016	$	7,050
2017		7,114
2018		7,195
2019		7,367
2020		7,451
2021 and thereafter		39,809

Total	$	75,986

Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfare Plan

The following table presents the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:


	Years Ended December 31,
	2015			2014			2013
Discount rate		4.0	%		4.3	%		3.5	%
Current medical trend rate		6.5			7.0			7.5
Ultimate trend rate		5.0			5.0			5.0
Year when ultimate trend rate will be reached		2018			2018			2018

Expected Future Payments for Premiums and Claims under Health and Welfare Plan

The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan:


(in thousands)
2016	$	1,304
2017		1,283
2018		1,257
2019		1,222
2020		1,191
2021 and thereafter		5,446

Total	$	11,703

Pension Benefits

Information Regarding Benefit Plan

The following table sets forth certain information regarding the Retirement Plan as of the dates indicated:


	December 31,
(in thousands)	2015			2014
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	157,061		$	126,841
Interest cost		6,063			5,895
Actuarial (gain) loss		(7,891	)		31,544
Annuity payments		(6,339	)		(5,827	)
Settlements		(2,276	)		(1,392	)

Benefit obligation at end of year	$	146,618		$	157,061

Change in Plan Assets:
Fair value of assets at beginning of year	$	222,990		$	219,330
Actual (loss) return on plan assets		(2,487	)		10,879
Contributions		—			—
Annuity payments		(6,339	)		(5,827	)
Settlements		(2,276	)		(1,392	)

Fair value of assets at end of year	$	211,888		$	222,990

Funded status (included in “Other assets”)	$	65,270		$	65,929

Changes recognized in other comprehensive (loss) income for the year ended December 31:
Amortization of prior service cost	$	—		$	—
Amortization of actuarial loss		(8,208	)		(3,289	)
Net actuarial loss arising during the year		12,155			40,100

Total recognized in other comprehensive loss for the year (pre-tax)	$	3,947		$	36,811

Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31:
Prior service cost	$	—		$	—
Actuarial loss, net		87,885			83,938

Total accumulated other comprehensive loss (pre-tax)	$	87,885		$	83,938

Components of Net Periodic Benefit Cost

The components of net periodic pension credit were as follows for the years indicated:


	Years Ended December 31,
(in thousands)	2015			2014			2013
Components of net periodic pension credit:
Interest cost	$	6,063		$	5,895		$	5,455
Expected return on plan assets		(17,559	)		(19,435	)		(16,588	)
Amortization of net actuarial loss		8,208			3,289			9,406

Net periodic pension credit	$	(3,288	)	$	(10,251	)	$	(1,727	)

Post-Retirement Benefits

Information Regarding Benefit Plan

The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated:


	December 31,
(in thousands)	2015			2014
Change in benefit obligation:
Benefit obligation at beginning of year	$	18,375		$	18,322
Service cost		4			4
Interest cost		700			759
Actuarial (gain) loss		(880	)		238
Premiums and claims paid		(919	)		(948	)

Benefit obligation at end of year	$	17,280		$	18,375

Change in plan assets:
Fair value of assets at beginning of year	$	—		$	—
Employer contribution		919			948
Premiums and claims paid		(919	)		(948	)

Fair value of assets at end of year	$	—		$	—

Funded status (included in “Other liabilities”)	$	(17,280	)	$	(18,375	)

Changes recognized in other comprehensive (loss) income for the year ended December 31:		2015			2014
Amortization of prior service cost	$	249		$	249
Amortization of actuarial gain		(383	)		(474	)
Net actuarial (gain) loss arising during the year		(880	)		238

Total recognized in other comprehensive loss for the year (pre-tax)	$	(1,014	)	$	13

Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31:
Prior service cost	$	(1,533	)	$	(1,782	)
Actuarial loss, net		6,137			7,400

Total accumulated other comprehensive loss (pre-tax)	$	4,604		$	5,618

Components of Net Periodic Benefit Cost

The following table presents the components of net periodic benefit cost for the years indicated:


	Years Ended December 31,
(in thousands)	2015			2014			2013
Components of Net Periodic Benefit Cost:
Service cost	$	4		$	4		$	4
Interest cost		700			759			683
Amortization of past-service liability		(249	)		(249	)		(249	)
Amortization of net actuarial loss		383			474			657

Net periodic benefit cost	$	838		$	988		$	1,095