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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2016
RETIREMENT PLANS |
Schedule of weighted-average rates assumed in the actuarial calculations for the pension plan and other postretirement benefit plans |
|  | 2016 |  | 2015 |  | 2014 |
Discount Rate – Pension Benefit |  | 4.3 | % | 5.8 | % | 5.8 | %
Discount Rate – Postretirement Benefit |  | 3.9 | % | N/A |  | N/A |
Annual salary increase |  | 6.5 | % | 6.5 | % | 6.5 | %
Expected long-term return on plan assets |  | 6.3 | % | 6.5 | % | 7.0 | %
Schedule of effect of one-percentage point increase in assumed health care cost trend rates of net periodic postretirement health care benefit cost |
|  | Accumulated postretirement benefit obligation |  |  | Service cost plus interest cost |
At trend |  |  | 5,108 |  |  | 194 |  |
At trend + 1% |  |  | 5,487 |  |  | 214 |  |
Dollar Impact |  |  | 379 |  |  | 20 |  |
Percentage Impact |  |  | 7.4 | % |  | 10.3 | % |
At trend – 1% |  |  | 4,775 |  |  | 177 |  |
Dollar Impact |  |  | (333) |  |  | (17) |  |
Percentage Impact |  |  | (6.5) | % |  | (8.8) | % |
Schedule of changes during the year in the projected benefit obligations and in the fair value of plan assets | Changes during the year in the projected benefit obligations and in the fair value of plan assets are as follows for 2016 and 2015 (in thousands):
|  | 2016 |  | 2015 |
|  | Pension Benefits |  | Postretirement Benefits |  | Pension Benefits |  | Postretirement Benefits |
Projected benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year: |  | $ | 14,400 |  | $ | — |  | $ | 14,093 |  | $ | — |
Innovative Acquisition |  |  | 69,178 |  |  | 5,472 |  |  | — |  |  | — |
Service cost |  |  | 1,308 |  |  | 97 |  |  | 652 |  |  | — |
Interest cost |  |  | 2,002 |  |  | 97 |  |  | 766 |  |  | — |
Curtailment |  |  | 128 |  |  | — |  |  | — |  |  | — |
Benefits and settlements paid |  |  | (6,445) |  |  | (206) |  |  | (1,329) |  |  | — |
Actuarial (gain) loss |  |  | (4,437) |  |  | (325) |  |  | 218 |  |  | — |
Experience loss |  |  | (15) |  |  | (27) |  |  | — |  |  | — |
Balance at end of year |  | $ | 76,119 |  | $ | 5,108 |  | $ | 14,400 |  | $ | — |
Plan net assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year: |  | $ | 11,946 |  | $ | — |  | $ | 13,165 |  | $ | — |
Innovative Acquisition |  |  | 45,116 |  |  | — |  |  | — |  |  | — |
Actual return on plan assets |  |  | 1,717 |  |  | — |  |  | 110 |  |  | — |
Company contributions |  |  | 22,963 |  |  | 206 |  |  | — |  |  | — |
Benefits and settlements paid |  |  | (6,411) |  |  | (206) |  |  | (1,329) |  |  | — |
Balance at end of year |  | $ | 75,331 |  | $ | — |  | $ | 11,946 |  | $ | — |
Under funded status of plan |  | $ | (788) |  | $ | (5,108) |  | $ | (2,454) |  | $ | — |
Schedule of funded status of the Company’s pension and other retirement benefit plans | The funded status of the Company’s pension and other retirement benefit plans is below (in thousands):
|  | 2016 |  | 2015 |
|  | GTT Pension Benefit |  | Innovative Pension Benefit |  | Postretirement Benefits |  | GTT Pension Benefit |  | Innovative Pension Benefit |  | Postretirement Benefits |
Projected benefit obligation |  | $ | 12,549 |  | $ | 63,571 |  | $ | 5,108 |  | $ | 14,400 |  | $ | — |  | $ | — |
Plan Net Assets |  |  | 8,655 |  |  | 66,676 |  |  | — |  |  | 11,946 |  |  | — |  |  | — |
Over/ (Under) funded status of plan |  | $ | (3,894) |  | $ | 3,105 |  | $ | (5,108) |  | $ | (2,454) |  | $ | — |  | $ | — |
Schedule of fair values for the pension plan's net assets, by asset category | The fair values for the pension plan’s net assets, by asset category, at December 31, 2016 are as follows (in thousands):
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Cash, cash equivalents, money markets and other |  | $ | 32,976 |  | $ | 32,976 |  | $ | — |  | $ | — |
Common stock - domestic |  |  | 17,715 |  |  | 17,715 |  |  | — |  |  | — |
Common stock - foreign |  |  | 4,845 |  |  | 3,629 |  |  | 1,216 |  |  | — |
Mutual funds - equities |  |  | 7,141 |  |  | 6,180 |  |  | 961 |  |  | — |
Exchange traded funds - equities |  |  | 1,553 |  |  | 1,553 |  |  | — |  |  | — |
Fixed income mutual funds |  |  | 10,142 |  |  | — |  |  | 10,142 |  |  | — |
Fixed income securities |  |  | 456 |  |  | — |  |  | 456 |  |  | — |
Annuities |  |  | 503 |  |  | — |  |  | — |  |  | 503 |
Total |  | $ | 75,331 |  | $ | 62,053 |  | $ | 12,775 |  | $ | 503 |
Schedule of weighted-average asset allocations, by asset category |
|  | 2016 |  | 2015 |
Cash, cash equivalents, money markets and other |  | 43.8 | % | 81.5 | %
Common stock - domestic |  | 23.5 |  | 14.7 |
Common stock - foreign |  | 6.4 |  | — |
Mutual funds - equities |  | 9.5 |  | — |
Exchange traded funds - equities |  | 2.1 |  | — |
Fixed income mutual funds |  | 13.5 |  | — |
Fixed income securities |  | 0.6 |  | 3.8 |
Annuities |  | 0.7 |  | — |
Total |  | 100 | % | 100 | %
Schedule of amounts recognized on the Company's consolidated balance sheets |
|  | 2016 |  | 2015 |
Cash, cash equivalents, money markets and other |  | 43.8 | % | 81.5 | %
Common stock - domestic |  | 23.5 |  | 14.7 |
Common stock - foreign |  | 6.4 |  | — |
Mutual funds - equities |  | 9.5 |  | — |
Exchange traded funds - equities |  | 2.1 |  | — |
Fixed income mutual funds |  | 13.5 |  | — |
Fixed income securities |  | 0.6 |  | 3.8 |
Annuities |  | 0.7 |  | — |
Total |  | 100 | % | 100 | %
Amounts recognized on the Company’s consolidated balance sheets consist of (in thousands):
|  | As of December 31, |
|  | 2016 |  | 2015 |
|  | Pension benefits |  | Postretirement benefits |  | Pension benefits |  | Postretirement benefits |
Accrued and current liabilities |  | $ | — |  | $ | 381 |  | $ | — |  | $ | — |
Other Liabilities |  |  | 3,894 |  |  | 4,727 |  |  | 2,454 |  |  | — |
Other Assets |  |  | 3,105 |  |  | — |  |  | — |  |  | — |
Accumulated other comprehensive income / (loss), net of tax |  |  | 1,418 |  |  | 352 |  |  | (3,481) |  |  | — |
Schedule of amounts recognized in accumulated other comprehensive loss | Amounts recognized in accumulated other comprehensive loss consist of (in thousands):
|  | As of December 31, |
|  | 2016 |  | 2015 |
|  | Pension benefits |  | Postretirement benefits |  | Pension benefits |  | Postretirement benefits |
Net actuarial gain / (loss) |  | $ | (386) |  | $ | 352 |  | $ | (5,836) |  | $ | — |
Accumulated other comprehensive income / ( loss), pre-tax |  |  | (386) |  |  | 352 |  |  | (5,836) |  |  | — |
Accumulated other comprehensive income / ( loss), net of tax |  |  | 1,418 |  |  | 352 |  |  | (3,481) |  |  | — |
Schedule of components of the plan's net periodic pension cost |
|  | As of December 31, |
|  | 2016 |  | 2015 |
|  | Pension benefits |  | Postretirement benefits |  | Pension benefits |  | Postretirement benefits |
Net actuarial gain / (loss) |  | $ | (386) |  | $ | 352 |  | $ | (5,836) |  | $ | — |
Accumulated other comprehensive income / ( loss), pre-tax |  |  | (386) |  |  | 352 |  |  | (5,836) |  |  | — |
Accumulated other comprehensive income / ( loss), net of tax |  |  | 1,418 |  |  | 352 |  |  | (3,481) |  |  | — |
Components of the plan’s net periodic pension cost are as follows for the years ended December 31, 2016, 2015 and 2014 (in thousands):
|  | 2016 |  | 2015 |  | 2014 |
|  | Pension benefits |  | Postretirement benefits |  | Pension benefits |  | Postretirement benefits |  | Pension benefits |  | Postretirement benefits |
Service cost |  | $ | 1,308 |  | $ | 97 |  | $ | 652 |  | $ | — |  | $ | 612 |  | $ | — |
Interest cost |  |  | 2,002 |  |  | 97 |  |  | 766 |  |  | — |  |  | 720 |  |  | — |
Expected return on plan assets |  |  | (2,024) |  |  | — |  |  | (813) |  |  | — |  |  | (848) |  |  | — |
Amortization of unrecognized net actuarial loss |  |  | 1,271 |  |  | — |  |  | 245 |  |  | — |  |  | 218 |  |  | — |
Curtailment |  |  | 128 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic pension cost |  | $ | 2,685 |  | $ | 194 |  | $ | 850 |  | $ | — |  | $ | 702 |  | $ | — |
Schedule of estimated pension benefits | The following estimated pension benefits, which reflect expected future service, as appropriate, are expected to be paid over the next ten years as indicated below (in thousands):
|  | Pension |
Fiscal Year |  | Benefits |
2017 |  | $ | 4,433 |
2018 |  |  | 4,001 |
2019 |  |  | 4,348 |
2020 |  |  | 4,461 |
2021 |  |  | 4,676 |
2022 - 2026 |  |  | 22,651 |
|  | $ | 44,570 |

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