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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2016
Defined Benefit Pension Plans |
Expected Benefit Payments | We expect to contribute approximately $.3 million to all of our defined benefit pension plans during 2017. Benefit payments to all plan participants out of plan assets are expected to be the equivalent of:
Years ending December 31, |  | Amount |
|  | (In thousands) |
2017 |  | $ | 3,615 |
2018 |  |  | 3,642 |
2019 |  |  | 3,629 |
2020 |  |  | 3,658 |
2021 |  |  | 3,724 |
Next 5 years |  |  | 17,931 |
Funded Status of Defined Benefit Plans | The funded status of our defined benefit pension plans is presented in the table below.
|  | December 31, |
|  | 2015 |  |  | 2016 |
|  | (In thousands) |
Change in projected benefit obligations (PBO): |  |  |  |  |  |  |  |
Benefit obligations at beginning of the year |  | $ | 61,225 |  |  | $ | 57,086 |
Interest cost |  |  | 2,376 |  |  |  | 2,302 |
Participant contributions |  |  | 8 |  |  |  | 6 |
Actuarial losses (gains) |  |  | (2,579 | ) |  |  | 292 |
Change in currency exchange rates |  |  | (471 | ) |  |  | (1,804 | )
Benefits paid |  |  | (3,473 | ) |  |  | (3,621 | )
Benefit obligations at end of the year |  |  | 57,086 |  |  |  | 54,261 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of the year |  |  | 48,816 |  |  |  | 44,067 |
Actual return on plan assets |  |  | (1,572 | ) |  |  | 3,278 |
Employer contributions |  |  | 800 |  |  |  | 565 |
Participant contributions |  |  | 8 |  |  |  | 6 |
Change in currency exchange rates |  |  | (512 | ) |  |  | (2,027 | )
Benefits paid |  |  | (3,473 | ) |  |  | (3,621 | )
Fair value of plan assets at end of year |  |  | 44,067 |  |  |  | 42,268 |
Funded status |  | $ | (13,019 | ) |  | $ | (11,993 | )
Amounts recognized in the balance sheet: |  |  |  |  |  |  |  |
Noncurrent pension asset |  | $ | 1,303 |  |  | $ | 1,037 |
Accrued pension costs: |  |  |  |  |  |  |  |
Current |  |  | (167 | ) |  |  | (156 | )
Noncurrent |  |  | (14,155 | ) |  |  | (12,874 | )
Total |  | $ | (13,019 | ) |  | $ | (11,993 | )
Accumulated other comprehensive loss - actuarial losses, net |  | $ | 34,137 |  |  | $ | 32,514 |
Total |  | $ | 21,118 |  |  | $ | 20,521 |
Accumulated benefit obligations (ABO) |  | $ | 57,086 |  |  | $ | 54,261 |
Changes in Other Comprehensive Income | The amounts shown in the table above for actuarial losses (gains) at December 31, 2015 and 2016 have not been recognized as components of our periodic defined benefit pension cost as of those dates. These amounts will be recognized as components of our periodic defined benefit cost in future years. These amounts, net of deferred income taxes, are recognized in our accumulated other comprehensive income (loss) at December 31, 2015 and 2016. We expect that $1.6 million of the unrecognized actuarial losses will be recognized as a component of our periodic defined benefit pension cost in 2017. The table below details the changes in other comprehensive income during 2014, 2015 and 2016.
|  | Years ended December 31, |
|  | 2014 |  |  | 2015 |  |  | 2016 |
|  | (In thousands) |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain (loss) arising during the year |  | $ | (9,519 | ) |  | $ | (2,373 | ) |  | $ | 122 |
Amortization of unrecognized net actuarial loss |  |  | 934 |  |  |  | 1,340 |  |  |  | 1,474 |
Total |  | $ | (8,585 | ) |  | $ | (1,033 | ) |  | $ | 1,596 |
Components of Net Periodic Defined Benefit Cost (Income) | The components of our net periodic defined benefit pension cost are presented in the table below. The amount shown below for the amortization of unrecognized actuarial losses in 2014, 2015 and 2016, net of deferred income taxes, was recognized as a component of our accumulated other comprehensive income (loss) at December 31, 2013, 2014 and 2015, respectively.
|  | Years ended December 31, |
|  | 2014 |  |  | 2015 |  |  | 2016 |
|  | (In thousands) |
Net periodic pension cost: |  |  |  |  |  |  |  |  |  |  |  |
Interest cost on PBO |  | $ | 2,538 |  |  | $ | 2,376 |  |  | $ | 2,302 |
Expected return on plan assets |  |  | (3,409 | ) |  |  | (3,353 | ) |  |  | (2,911 | )
Recognized actuarial losses |  |  | 934 |  |  |  | 1,340 |  |  |  | 1,474 |
Total |  | $ | 63 |  |  | $ | 363 |  |  | $ | 865 |
Information Concerning Defined Benefit Pension Plans (Including Certain Plans for Which ABO Exceeds Fair Value of Plan Assets) | Certain information concerning our defined benefit pension plans (including information concerning certain plans for which ABO exceeds the fair value of plan assets as of the indicated date) is presented in the table below.
|  | December 31, |
|  | 2015 |  |  | 2016 |
|  | (In thousands) |
PBO at end of the year |  |  |  |  |  |  |  |
U.S. plan |  | $ | 47,895 |  |  | $ | 44,967 |
U.K. plan |  |  | 9,191 |  |  |  | 9,294 |
Total |  | $ | 57,086 |  |  | $ | 54,261 |
Fair value of plan assets at end of the year |  |  |  |  |  |  |  |
U.S. plan |  | $ | 33,573 |  |  | $ | 31,937 |
U.K. plan |  |  | 10,494 |  |  |  | 10,331 |
Total |  | $ | 44,067 |  |  | $ | 42,268 |
Plans for which the ABO exceeds plan assets: |  |  |  |  |  |  |  |
PBO |  | $ | 47,895 |  |  | $ | 44,967 |
ABO |  |  | 47,895 |  |  |  | 44,967 |
Fair value of plan assets |  |  | 33,573 |  |  |  | 31,937 |
Summary of Assumptions Used to Determine Net Benefit Obligation | The weighted-average rate assumptions used in determining the net periodic pension cost for 2014, 2015 and 2016 are presented in the table below. Such weighted-average discount rates were determined using the projected benefit obligations as of the beginning of each year and the weighted-average long-term return on plan assets was determined using the fair value of plan assets as of the beginning of each year.
|  | Years ended December 31, |
Rate |  | 2014 |  |  | 2015 |  |  | 2016 |
Discount rate |  |  | 4.5 | % |  |  | 3.8 | % |  |  | 4.0 | %
Long-term rate of return on plan assets |  |  | 7.2 | % |  |  | 7.2 | % |  |  | 7.0 | %
Aggregate Fair Value of CMRT Pension Plan Assets by Fair Value Level | The CMRT unit value is determined semi-monthly, and the plans have the ability to redeem all or any portion of their investment in the CMRT at any time based on the most recent semi-monthly valuation. However, the plans do not have the right to individual assets held by the CMRT and the CMRT has the sole discretion in determining how to meet any redemption request. For purposes of our plan asset disclosure, we consider the investment in the CMRT as a Level 2 input because (i) the CMRT value is established semi-monthly and the plans have the right to redeem their investment in the CMRT, in part or in whole, at any time based on the most recent value and (ii) observable inputs from Level 1 or Level 2 (or assets not subject to classification in the fair value hierarchy) were used to value approximately 91% and 92% of the assets of the CMRT at December 31, 2015 and 2016, respectively, as noted below. CMRT assets not subject to classification in the fair value hierarchy consist principally of certain investments measured at net asset value per share in accordance with ASC 820-10. The aggregate fair value of all of the CMRT assets, including funds of Contran and its other affiliates that also invest in the CMRT, and supplemental asset mix details of the CMRT are as follows:
|  | December 31, |
|  | 2015 |  |  | 2016 |
|  | (In millions) |
CMRT asset value |  | $ | 648.8 |  |  | $ | 637.8 |
CMRT assets comprised of: |  |  |  |  |  |  |  |
Assets not subject to fair value hierarchy |  |  | 30 | % |  |  | 30 | %
Assets subject to fair value hierarchy: |  |  |  |  |  |  |  |
Level 1 |  |  | 54 |  |  |  | 54 |
Level 2 |  |  | 7 |  |  |  | 8 |
Level 3 |  |  | 9 |  |  |  | 8 |
|  |  | 100 | % |  |  | 100 | %
CMRT asset mix: |  |  |  |  |  |  |  |
Domestic equities, principally publicly traded |  |  | 29 | % |  |  | 31 | %
International equities, principally publicly traded |  |  | 22 |  |  |  | 22 |
Fixed income securities, principally publicly traded |  |  | 38 |  |  |  | 36 |
Privately managed limited partnerships |  |  | 5 |  |  |  | 5 |
Hedge funds |  |  | 5 |  |  |  | 5 |
Other, primarily cash |  |  | 1 |  |  |  | 1 |
|  |  | 100 | % |  |  | 100 | %
The composition of our December 31, 2015 and 2016 pension plan assets by fair value level is shown in the table below.
|  | Fair Value Measurements |
|  | Total |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |
|  | (In thousands) |
December 31, 2015: |  |  |  |  |  |  |  |  |  |  |  |
CMRT |  | $ | 33,573 |  |  | $ | - |  |  | $ | 33,573 |
Other |  |  | 10,494 |  |  |  | 10,494 |  |  |  | - |
Total |  | $ | 44,067 |  |  | $ | 10,494 |  |  | $ | 33,573 |
December 31, 2016: |  |  |  |  |  |  |  |  |  |  |  |
CMRT |  | $ | 31,937 |  |  | $ | - |  |  | $ | 31,937 |
Other |  |  | 10,331 |  |  |  | 10,331 |  |  |  | - |
Total |  | $ | 42,268 |  |  | $ | 10,331 |  |  | $ | 31,937 |
OPEB |
Expected Benefit Payments | Postretirement benefits other than pensions - We provide certain health care and life insurance benefits for eligible retired employees. These plans are closed to new participants, and no additional benefits accrue to existing plan participants. The majority of all retirees are required to contribute a portion of the cost of their benefits and certain current and future retirees are eligible for reduced health care benefits at age 65. We have no OPEB plan assets, rather, we fund postretirement benefits as they are incurred, net of any contributions by the retiree. At December 31, 2016, we currently expect to contribute approximately $.4 million to all OPEB plans during 2017. Contribution to our OPEB plans to cover benefit payments expected to be paid to OPEB plan participants are summarized in the table below:
Years ending December 31, |  | Amount |
|  | (In thousands) |
2017 |  | $ | 434 |
2018 |  |  | 389 |
2019 |  |  | 346 |
2020 |  |  | 304 |
2021 |  |  | 266 |
Next 5 years |  |  | 860 |
Funded Status of Defined Benefit Plans | The funded status of our OPEB plans is presented in the table below.
|  | December 31, |
|  | 2015 |  |  | 2016 |
|  | (In thousands) |
Change in accumulated OPEB obligations: |  |  |  |  |  |  |  |
Obligations at beginning of the year |  | $ | 3,882 |  |  | $ | 3,238 |
Interest cost |  |  | 108 |  |  |  | 96 |
Actuarial gain |  |  | (336 | ) |  |  | (263 | )
Net benefits paid |  |  | (416 | ) |  |  | (327 | )
Obligations at end of the year |  |  | 3,238 |  |  |  | 2,744 |
Fair value of plan assets |  |  | - |  |  |  | - |
Funded status |  | $ | (3,238 | ) |  | $ | (2,744 | )
Accrued OPEB costs recognized in the balance sheet: |  |  |  |  |  |  |  |
Current |  | $ | (465 | ) |  | $ | (434 | )
Noncurrent |  |  | (2,773 | ) |  |  | (2,310 | )
Total |  | $ | (3,238 | ) |  | $ | (2,744 | )
Accumulated other comprehensive income (loss): |  |  |  |  |  |  |  |
Net actuarial losses |  | $ | 790 |  |  | $ | 679 |
Prior service credit |  |  | (541 | ) |  |  | - |
Total |  | $ | 249 |  |  | $ | 679 |
Changes in Other Comprehensive Income | The table below details the changes in other comprehensive income during 2014, 2015 and 2016.
|  | Years ended December 31, |
|  | 2014 |  |  | 2015 |  |  | 2016 |
|  | (In thousands) |
Changes in benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain (loss) arising during the year |  | $ | (385 | ) |  | $ | 336 |  |  | $ | 263 |
Amortization of unrecognized: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial gain |  |  | (176 | ) |  |  | (101 | ) |  |  | (152 | )
Prior service credit |  |  | (644 | ) |  |  | (621 | ) |  |  | (541 | )
Total |  | $ | (1,205 | ) |  | $ | (386 | ) |  | $ | (430 | )
Components of Net Periodic Defined Benefit Cost (Income) | The components of our periodic OPEB cost are presented in the table below. The amounts shown below for the amortization of unrecognized actuarial gains and prior service credit in 2014, 2015 and 2016, net of deferred income taxes, were recognized as components of our accumulated other comprehensive income at December 31, 2013, 2014 and 2015, respectively.
|  | Years ended December 31, |
|  | 2014 |  |  | 2015 |  |  | 2016 |
|  | (In thousands) |
Net periodic OPEB cost (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 114 |  |  | $ | 108 |  |  | $ | 96 |
Amortization of actuarial gain |  |  | (176 | ) |  |  | (101 | ) |  |  | (152 | )
Amortization of prior service credit |  |  | (644 | ) |  |  | (621 | ) |  |  | (541 | )
Total |  | $ | (706 | ) |  | $ | (614 | ) |  | $ | (597 | )
Summary of Assumptions Used to Determine Net Benefit Obligation | A summary of our key actuarial assumptions used to determine the net benefit obligation as of December 31, 2015 and 2016 follows:
|  | 2015 |  |  | 2016 |
Health care inflation: |  |  |  |  |  |  |  |
Initial rate |  |  | 7.0 | % |  |  | 6.5 | %
Ultimate rate |  |  | 5.0 | % |  |  | 4.5 | %
Year of ultimate rate achievement |  |  | 2021 |  |  |  | 2021 |
Discount rate |  |  | 3.2 | % |  |  | 3.1 | %

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