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RETIREMENT PLANS (Tables)

12 Months Ended

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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Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in accumulated other comprehensive income (loss).

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Tabular disclosure of the weighted average percentage allocation of plan assets by major asset category.

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Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

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Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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