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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2016
Compensation And Retirement Disclosure [Abstract] |
Employee benefit plans | Note 11 - Employee benefit plans: Defined contribution plans - We maintain various defined contribution pension plans. Company contributions are based on matching or other formulas. Defined contribution plan expense approximated $2.4 million in 2014, $2.5 million in 2015 and $2.7 million in 2016. Accounting for defined benefit pension and postretirement benefits other than pension (OPEB) plans - We recognize all changes in the funded status of these plans through other income. Any future changes will be recognized either in net income, to the extent they are reflected in periodic benefit cost, or through other comprehensive income. Defined benefit plans - We maintain a defined benefit pension plan in the U.S. We also maintain a plan in the United Kingdom related to a former disposed business unit in the U.K. The benefits under our defined benefit plans are based upon years of service and employee compensation. The plans are closed to new participants and no additional benefits accrue to existing plan participants. Our funding policy is to contribute annually the minimum amount required under ERISA (or equivalent non-U.S.) regulations plus additional amounts as we deem appropriate. 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 |
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 |
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 |
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 |
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 |
The weighted-average discount rate assumptions used in determining the actuarial present value of our benefit obligations as of December 31, 2015 and 2016 are 4.0% and 3.7%, respectively. Such weighted-average rates were determined using the projected benefit obligations at each date. Since our plans are closed to new participants and no new additional benefits accrue to existing plan participants, assumptions regarding future compensation levels are not applicable. Consequently, the accumulated benefit obligations for all of our defined benefit pension plans were equal to the projected benefit obligations at December 31, 2014 and 2015. 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 | %
Variances from actuarially assumed rates will result in increases or decreases in accumulated pension obligations, pension expense and funding requirements in future periods. At December 31, 2015 and 2016, all of the assets attributable to our U.S. plan were invested in the Combined Master Retirement Trust (CMRT), a collective investment trust sponsored by Contran to permit the collective investment by certain master trusts that fund certain employee benefits plans sponsored by Contran and certain of its affiliates. For 2014, 2015 and 2016, the long-term rate of return assumption for plan assets invested in the CMRT was 7.5%, based on the long-term asset mix of the assets of the CMRT and the expected long-term rates of return for such asset components as well as advice from Contran’s actuaries. 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 |
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 |
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 |
The amounts shown in the table above for unrecognized actuarial losses and prior service credit at December 31, 2015 and 2016 have not been recognized as components of our periodic OPEB cost as of those dates. These amounts will be recognized as components of our periodic OPEB cost in future years. These amounts, net of deferred income taxes, are now recognized in our accumulated other comprehensive income at December 31, 2015 and 2016. We expect to recognize approximately $.2 million of actuarial gains as a component of our periodic OPEB 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 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 | )
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 | )
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 | %
The assumed health care cost trend rates have an effect on the amount we report for health care plans. A one-percent change in assumed health care cost trend rates would not have a material effect on the net periodic OPEB cost for 2016 or on the accumulated OPEB obligation at December 31, 2016. The weighted-average discount rate used in determining the net periodic OPEB cost for 2016 was 3.2% (the rate was 3.0% in 2015 and 3.2% in 2014). The weighted-average rate was determined using the projected benefit obligation as of the beginning of each year. Variances from actuarially-assumed rates will result in additional increases or decreases in accumulated OPEB obligations, net periodic OPEB cost and funding requirements in future periods.

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