XML 43 R29.htm IDEA: XBRL DOCUMENT v3.3.1.900
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]  
Summary of Asset Allocation
As of December 31, 2015 and 2014, these assets were allocated among asset categories as follows:

Asset Category
 
2015
  
2014
  
Current
Minimum, Target
and Maximum
Allocation Policy
 
U.S. equity securities
  
50
%
  
52
%
  
30% — 50%— 70
%
International equity securities
  
18
%
  
18
%
  
0% — 20%— 30
%
Debt securities
  
28
%
  
30
%
  
15% — 30%— 55
%
Cash and cash equivalents
  
4
%
  
%
  
0% — 0%— 5
%
   
100
%
  
100
%
    
Schedule of Change in Benefit Obligation
The following table presents the change in benefit obligation and plan assets for the Company’s defined benefit plans and postretirement benefit plan (in thousands):

          
Other Postretirement
Benefits
 
  
Pension Benefits
  
Postretirement
 
  
Pension Plan
  
SERP
  
Welfare Plan
 
  
2015
  
2014
  
2015
  
2014
  
2015
  
2014
 
Change in benefit obligation
            
Benefit obligation at beginning of year
 
$
315,075
  
$
249,960
  
$
1,637
  
$
1,529
  
$
1,264
  
$
2,307
 
Service cost
  
14,683
   
10,645
   
   
   
   
 
Interest cost
  
13,302
   
12,839
   
64
   
73
   
36
   
110
 
Actuarial loss (gain)
  
(39,474
)
  
66,640
   
(30
)
  
180
   
(321
)
  
(1,065
)
Gross benefits paid
  
(6,261
)
  
(25,009
)
  
(145
)
  
(145
)
  
(88
)
  
(88
)
Benefit obligation at end of year
 
$
297,325
  
$
315,075
  
$
1,526
  
$
1,637
  
$
891
  
$
1,264
 
                         
Accumulated benefit obligation at end of year
 
$
238,775
  
$
241,592
  
$
1,526
  
$
1,637
  
$
  
$
 
Weighted-Average Assumption Used to Determine Benefit Obligation and Net Periodic Benefit Cost
Weighted-average assumption used to determine benefit obligation at end of year
                        
Discount rate
  
4.5
%
  
4.1
%
  
4.5
%
  
4.1
%
  
4.5
%
  
4.1
%
Rate of compensation increase
 
Age-based table
   
4.25
%
  
   
   
   
 
Health care cost trend rate
                        
Initial rate
  
   
   
   
   
6.5
%
  
7.0
%
Ultimate rate
  
   
   
   
   
5.0
%
  
5.0
%
Years to ultimate
  
   
   
   
   
2019
   
2019
 
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate
Effect of one-percentage-point change in assumed health care cost trend rate on postretirement obligation
                        
Increase
 
$
  
$
  
$
  
$
  
$
107
  
$
167
 
Decrease
  
   
   
   
   
(93
)
  
(141
)
Summary of Change in Plan Assets
Change in plan assets
                        
Fair value of plan assets at beginning of year
 
$
242,275
  
$
254,523
  
$
  
$
  
$
  
$
 
Actual return on plan assets
  
(2,426
)
  
12,761
   
   
   
   
 
Employer contribution
  
10,000
   
   
145
   
145
   
88
   
88
 
Gross benefits paid
  
(6,261
)
  
(25,009
)
  
(145
)
  
(145
)
  
(88
)
  
(88
)
Fair value of plan assets at end of year
 
$
243,588
  
$
242,275
  
$
  
$
  
$
  
$
 
Summary of Funded Status at End of Year
The following table presents the funded status and amounts recognized in the Company’s consolidated balance sheet for the Company’s defined benefit plans and postretirement benefit plan at December 31, 2015 and 2014 (in thousands):

          
Other Postretirement
Benefits
 
  
Pension Benefits
  
Postretirement
 
  
Pension Plan
  
SERP
  
Welfare Plan
 
  
2015
  
2014
  
2015
  
2014
  
2015
  
2014
 
Funded status at end of year
            
Fair value of plan assets
 
$
243,588
  
$
242,275
  
$
  
$
  
$
  
$
 
Benefit obligations
  
297,325
   
315,075
   
1,526
   
1,637
   
891
   
1,264
 
Funded status and amount recognized at end of year
 
$
(53,737
)
 
$
(72,800
)
 
$
(1,526
)
 
$
(1,637
)
 
$
(891
)
 
$
(1,264
)
Amounts Recognized in the Consolidated Balance Sheets
Amounts recognized in the consolidated balance sheets
                        
Noncurrent asset
 
$
  
$
  
$
  
$
  
$
  
$
 
Current liability
  
   
   
(149
)
  
(141
)
  
(68
)
  
(83
)
Long-term liability
  
(53,737
)
  
(72,800
)
  
(1,377
)
  
(1,496
)
  
(823
)
  
(1,181
)
Amounts Recognized in Accumulated Other Comprehensive Income
Amounts recognized in accumulated other comprehensive income
                        
Net actuarial loss (gain)
 
$
77,940
  
$
104,795
  
$
508
  
$
566
  
$
(6,319
)
 
$
(6,787
)
Prior service cost (credit)
  
   
   
   
   
   
 
Accumulated other compensation income
 
$
77,940
  
$
104,795
  
$
508
  
$
566
  
$
(6,319
)
 
$
(6,787
)
Projected Benefit Obligation in Excess of Plan Assets
The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, 2015 and 2014 were as follows (in thousands):

 
Pension Benefits
 
 
Pension Plan
 
SERP
 
 
2015
 
2014
 
2015
 
2014
 
Projected benefit obligation in excess of plan assets
        
Projected benefit obligation at end of year
 
$
297,325
  
$
315,075
  
$
1,526
  
$
1,637
 
Fair value of plan assets at end of year
  
243,588
   
242,275
   
   
 
Accumulated Benefit Obligation in Excess of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2015 and 2014 were as follows (in thousands):

 
Pension Benefits
 
 
Pension Plan
 
SERP
 
 
2015
 
2014
 
2015
 
2014
 
Accumulated benefit obligation in excess of plan assets
        
Projected benefit obligation at end of year
 
$
  
$
  
$
1,526
  
$
1,637
 
Accumulated benefit obligation at end of year
  
   
   
1,526
   
1,637
 
Fair value of plan assets at end of year
  
   
   
   
 
Schedule of Employer Contribution
The following tables presents the expected cash flows for the Company’s defined benefit plans and postretirement benefit plan at December 31, 2015 and 2014 (in thousands):
 
              
Other Postretirement
Benefits
 
  
Pension Benefits
  
Postretirement
 
  
Pension Plan
  
SERP
  
Welfare Plan
 
  
2015
  
2014
  
2015
  
2014
  
2015
  
2014
 
Expected employer contributions
            
First year
 
$
  
$
8,400
  
$
152
  
$
143
  
$
70
  
$
84
 
Expected Benefit Payments
              
Other Postretirement
Benefits
 
  
Pension Benefits
  
Postretirement
 
  
Pension Plan
  
SERP
  
Welfare Plan
 
  
2015
  
2014
  
2015
  
2014
  
2015
  
2014
 
Expected benefit payments (gross)
            
Year one
 
$
7,678
  
$
7,100
  
$
152
  
$
143
  
$
81
  
$
96
 
Year two
  
8,298
   
7,672
   
157
   
151
   
86
   
98
 
Year three
  
9,013
   
8,333
   
154
   
155
   
86
   
103
 
Year four
  
9,748
   
9,080
   
152
   
153
   
86
   
95
 
Year five
  
10,415
   
9,868
   
149
   
150
   
85
   
94
 
Next five years
  
63,860
   
62,666
   
608
   
621
   
341
   
445
 
Summary of Expected Federal Subsidy
              
Other Postretirement
Benefits
 
  
Pension Benefits
  
Postretirement
 
  
Pension Plan
  
SERP
  
Welfare Plan
 
  
2015
  
2014
  
2015
  
2014
  
2015
  
2014
 
Expected federal subsidy
            
Year one
 
$
  
$
  
$
  
$
  
$
(11
)
 
$
(11
)
Year two
  
   
   
   
   
(11
)
  
(11
)
Year three
  
   
   
   
   
(11
)
  
(11
)
Year four
  
   
   
   
   
(12
)
  
(12
)
Year five
  
   
   
   
   
(12
)
  
(12
)
Next five years
  
   
   
   
   
(55
)
  
(55
)
Pension Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the Company’s defined benefit plans for the years ended December 31, 2015, 2014 and 2013 were as follows (in thousands):

  
Pension Benefits
 
  
Pension Plan
  
SERP
 
  
2015
  
2014
  
2013
  
2015
  
2014
  
2013
 
Components of net periodic benefit cost
            
Service cost
 
$
14,683
  
$
10,645
  
$
12,824
  
$
  
$
  
$
 
Interest cost
  
13,302
   
12,839
   
11,400
   
64
   
73
   
70
 
Expected return on plan assets
  
(17,921
)
  
(18,858
)
  
(16,127
)
  
   
   
 
Amortization:
                        
Actuarial loss
  
7,728
   
701
   
8,276
   
28
   
16
   
19
 
Prior service credit
  
   
   
   
   
   
 
Net periodic benefit cost
  
17,792
   
5,327
   
16,373
   
92
   
89
   
89
 
                         
Other changes in plan assets and benefit obligations recognized in other comprehensive income
                        
Current year actuarial loss (gain)
  
(19,127
)
  
72,737
   
(61,759
)
  
(30
)
  
180
   
(138
)
Recognition of actuarial loss
  
(7,728
)
  
(701
)
  
(8,276
)
  
(28
)
  
(16
)
  
(19
)
Recognition of prior service credit
  
   
   
   
   
   
 
Total recognized in other comprehensive income
  
(26,855
)
  
72,036
   
(70,035
)
  
(58
)
  
164
   
(157
)
                         
Total recognized in net periodic benefit cost and other comprehensive income
 
$
(9,063
)
 
$
77,363
  
$
(53,662
)
 
$
34
  
$
253
  
$
(68
)
Weighted-Average Assumption Used to Determine Benefit Obligation and Net Periodic Benefit Cost
Weighted average assumptions used to determine net periodic benefit cost
                        
Discount rate
  
4.1
%
  
5.0
%
  
4.1
%
  
4.1
%
  
5.0
%
  
4.1
%
Expected long-term rate of return on plan assets
  
7.5
%
  
7.5
%
  
7.5
%
  
   
   
 
Rate of compensation increase
  
4.25
%
  
4.25
%
  
4.25
%
  
   
   
 
Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2016 are as follows (in thousands):
 
  
Pension Benefits   
 
  
Pension Plan
  
SERP
 
Actuarial loss
 
$
4,924
  
$
26
 
Prior service credit
  
   
 
  
$
4,924
  
$
26
 
Other Postretirement Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost and other changes in benefit obligations recognized in other comprehensive income for the Company’s postretirement benefit plan for the years ended December 31, 2015, 2014 and 2013 were as follows (in thousands):

  
Other Postretirement Benefits
 
  
Postretirement Welfare Plan
 
  
2015
  
2014
  
2013
 
Components of net periodic benefit cost
      
Service cost
 
$
  
$
  
$
 
Interest cost
  
36
   
110
   
112
 
Amortization:
            
Actuarial gain
  
(793
)
  
(649
)
  
(620
)
Prior service cost
  
   
   
 
Net periodic benefit cost
  
(757
)
  
(539
)
  
(508
)
             
Other changes in benefit obligations recognized in other comprehensive income
            
Current year actuarial gain
  
(322
  
(1,065
)
  
(600
)
Recognition of actuarial gain
  
793
   
649
   
620
 
Recognition of prior service cost
  
   
   
 
Adjustment for actual Medicare Part D reimbursement
  
(3
)
  
(8
)
  
(5
)
Total recognized in other comprehensive income
  
468
   
(424
)
  
15
 
             
Total recognized in net periodic benefit cost and other comprehensive income
 
$
(289
 
$
(963
)
 
$
(493
)
Weighted-Average Assumption Used to Determine Benefit Obligation and Net Periodic Benefit Cost
Weighted average assumptions used to determine net periodic benefit cost
            
Discount rate
  
4.1
%
  
5.0
%
  
4.1
%
Health care cost trend rate:
            
Initial rate
  
7.0
%
  
7.0
%
  
7.5
%
Ultimate rate
  
5.0
%
  
5.0
%
  
5.0
%
Years to ultimate
  
2019
   
2018
   
2018
 
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate
Effect of one-percentage-point change in assumed health care cost trend rate on aggregate service and interest cost
            
Increase
 
$
5
  
$
7
  
$
10
 
Decrease
  
(4
)
  
(6
)
  
(9
)
Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2016 are as follows (in thousands):
 
  
Other
Postretirement
Benefits
 
  
Postretirement
Welfare Plan
 
Actuarial gain
 
$
(745
)
Prior service cost
  
 
 
$
(745
)