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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] |
Employee Benefit Plans | Employee Benefit Plans The Company provides certain full-time employees with pension benefits under defined benefit and defined contribution plans. The measurement date for all plans is December 31. The Company's expense for its defined contribution plans amounted to $7.8 million in 2016, $8.7 million in 2015 and $11.2 million in 2014. The Company also provides certain health insurance benefits to employees as well as retirees. The Company has an unfunded noncontributory defined benefit pension plan. The plan provides defined benefits based on years of service and average monthly compensation using a career average formula. Pension benefits were frozen at July 1, 2010. The Company also had a funded defined benefit plan which was terminated in 2015. Effective December 2015, the funded defined benefit plan (the "Plan") was amended to include a lump-sum pension benefit payout option for certain plan participants. In addition, in December 2015, the Plan completed the purchase of group annuity contracts that transferred the liability for the remaining retirees and active employees who did not elect a lump sum option to an insurance company. As a result of these changes, we recognized pension settlement charges of $31.9 million after tax ($51.4 million pre-tax) during the twelve months ended December 31, 2015. The Company also has postretirement health care benefit plans covering substantially all of its full time employees hired prior to January 1, 2003. These plans are generally contributory and include a cap on the Company's share of the related costs. Obligation and Funded Status Following are the details of the obligation and funded status of the pension and postretirement benefit plans:
(in thousands) | Pension Benefits |  | Postretirement Benefits
Change in benefit obligation | 2016 |  | 2015 |  | 2016 |  | 2015
Benefit obligation at beginning of year | $ | 8,677 |  |  | $ | 133,984 |  |  | $ | 39,152 |  |  | $ | 42,300 |
Service cost | — |  |  | 236 |  |  | 760 |  |  | 900 |
Interest cost | 194 |  |  | 182 |  |  | 1,549 |  |  | 1,584 |
Actuarial (gains) losses | (421 | ) |  | (6,299 | ) |  | (10,823 | ) |  | (4,762 | )
Participant contributions | — |  |  | — |  |  | 653 |  |  | 535 |
Retiree drug subsidy received | — |  |  | — |  |  | 5 |  |  | 138 |
Benefits paid | (1,338 | ) |  | (119,426 | ) |  | (1,539 | ) |  | (1,543 | )
Benefit obligation at end of year | $ | 7,112 |  |  | $ | 8,677 |  |  | $ | 29,757 |  |  | $ | 39,152 |
(in thousands) | Pension Benefits |  | Postretirement Benefits
Change in plan assets | 2016 |  | 2015 |  | 2016 |  | 2015
Fair value of plan assets at beginning of year | $ | 285 |  |  | $ | 116,041 |  |  | $ | — |  |  | $ | — |
Actual gains on plan assets | — |  |  | 517 |  |  | — |  |  | — |
Company contributions | 1,053 |  |  | 3,153 |  |  | 886 |  |  | 1,008 |
Participant contributions | — |  |  | — |  |  | 653 |  |  | 535 |
Benefits paid | (1,338 | ) |  | (119,426 | ) |  | (1,539 | ) |  | (1,543 | )
Fair value of plan assets at end of year | $ | — |  |  | $ | 285 |  |  | $ | — |  |  | $ | — |
Under funded status of plans at end of year | $ | (7,112 | ) |  | $ | (8,392 | ) |  | $ | (29,757 | ) |  | $ | (39,152 | )
Amounts recognized in the Consolidated Balance Sheets at December 31, 2016 and 2015 consist of:
| Pension Benefits |  | Postretirement Benefits
(in thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
Accrued expenses | $ | (1,295 | ) |  | $ | (1,051 | ) |  | $ | (1,148 | ) |  | $ | (1,247 | )
Employee benefit plan obligations | (5,817 | ) |  | (7,341 | ) |  | (28,609 | ) |  | (37,905 | )
Net amount recognized | $ | (7,112 | ) |  | $ | (8,392 | ) |  | $ | (29,757 | ) |  | $ | (39,152 | )
Following are the details of the pre-tax amounts recognized in accumulated other comprehensive loss at December 31, 2016:
| Pension Benefits |  | Postretirement Benefits
(in thousands) | Unamortized Actuarial Net Losses |  | Unamortized Prior Service Costs |  | Unamortized Actuarial Net Losses |  | Unamortized Prior Service Costs
Balance at beginning of year | $ | 4,811 |  |  | $ | — |  |  | $ | 11,988 |  |  | $ | (355 | )
Amounts arising during the period | (421 | ) |  | — |  |  | (10,823 | ) |  | — |
Amounts recognized as a component of net periodic benefit cost | (146 | ) |  | — |  |  | (768 | ) |  | 355 |
Balance at end of year | $ | 4,244 |  |  | $ | — |  |  | $ | 397 |  |  | $ | — |
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year, excluding the impact of the pension termination, are as follows:
(in thousands) | Pension |  | Postretirement |  | Total
Prior service cost | $ | — |  |  | $ | (355 | ) |  | $ | (355 | )
Net actuarial loss | 146 |  |  | 768 |  |  | 914 |
Amounts applicable to the Company's defined benefit plans with accumulated benefit obligations in excess of plan assets are as follows:
| December 31,
(in thousands) | 2016 |  | 2015
Projected benefit obligation | $ | 7,112 |  |  | $ | 8,392 |
Accumulated benefit obligation | $ | 7,112 |  |  | $ | 8,392 |
The combined benefits expected to be paid for all Company defined benefit plans over the next ten years (in thousands) are as follows:
Year |  | Expected Pension Benefit Payout |  | Expected Postretirement Benefit Payout |  | Medicare Part D Subsidy
2017 |  | $ | 1,295 |  |  | $ | 987 |  |  | $ | (161 | )
2018 |  | 1,368 |  |  | 1,006 |  |  | (177 | )
2019 |  | 1,405 |  |  | 1,020 |  |  | (194 | )
2020 |  | 1,289 |  |  | 1,039 |  |  | (213 | )
2021 |  | 1,180 |  |  | 1,057 |  |  | (232 | )
2022-2026 |  | 1,101 |  |  | 6,203 |  |  | (1,134 | )
Following are components of the net periodic benefit cost for each year:
| Pension Benefits |  | Postretirement Benefits
| December 31, |  | December 31,
(in thousands) | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Service cost | $ | — |  |  | $ | 236 |  |  | $ | 180 |  |  | $ | 760 |  |  | $ | 900 |  |  | $ | 687 |
Interest cost | 194 |  |  | 182 |  |  | 4,774 |  |  | 1,549 |  |  | 1,584 |  |  | 1,511 |
Expected return on plan assets | — |  |  | — |  |  | (7,615 | ) |  | (355 | ) |  | (543 | ) |  | (543 | )
Recognized net actuarial loss | 146 |  |  | 1,516 |  |  | 934 |  |  | 768 |  |  | 1,517 |  |  | 812 |
Benefit cost (income) | $ | 340 |  |  | $ | 1,934 |  |  | $ | (1,727 | ) |  | $ | 2,722 |  |  | $ | 3,458 |  |  | $ | 2,467 |
Following are weighted average assumptions of pension and postretirement benefits for each year:
| Pension Benefits |  | Postretirement Benefits
| 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Used to Determine Benefit Obligations at Measurement Date |  |  |  |  |  |  |  |  |  |  |
Discount rate (a) | N/A |  | N/A |  |  | 0.65 | % |  | 4.0 | % |  | 4.2 | % |  | 3.9 | %
Used to Determine Net Periodic Benefit Cost for Years ended December 31 |  |  |  |  |  |  |  |  |  |  |
Discount rate (b) | N/A |  | 0.65 | % |  | 4.7 | % |  | 4.2 | % |  | 3.9 | % |  | 4.8 | %
Expected long-term return on plan assets | N/A |  | N/A |  |  | 7 | % |  | — |  |  | — |  |  | — |
Rate of compensation increases | N/A |  | N/A |  |  | N/A |  |  | — |  |  | — |  |  | — |
(a) | In 2014, the calculated discount rate for the unfunded pension plan was different than the defined benefit pension plan. The calculated rate for the unfunded employee retirement plan was 2.40%, 2.60% and 2.40% in 2016, 2015 and 2014, respectively. Since it was terminated in 2015, the defined benefit pension plan did not have a discount rate in 2015 or 2016.
(b) | In 2015 and 2014, the calculated discount rate for the unfunded pension plan was different than the defined benefit pension plan. The calculated rate for the unfunded employee retirement plan was 2.60%, 2.40% and 2.90% in 2016, 2015 and 2014, respectively. Since it was terminated in 2015, the defined benefit pension plan did not have a discount rate in 2015 or 2016.
Assumed Health Care Cost Trend Rates at Beginning of Year |  |  |
| 2016 |  | 2015
Health care cost trend rate assumed for next year | 5.0 | % |  | 5.5 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.0 | % |  | 5.0 | %
Year that the rate reaches the ultimate trend rate | 2017 |  |  | 2017 |
The assumed health care cost trend rate has an effect on the amounts reported for postretirement benefits. A one-percentage-point change in the assumed health care cost trend rate would have the following effects:
| One-Percentage-Point
| Increase |  | Decrease
Effect on total service and interest cost components in 2016 | $ | (3,803 | ) |  | $ | 3,182 |
Effect on postretirement benefit obligation as of December 31, 2016 | (130,198 | ) |  | 113,429 |

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