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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2017
RETIREMENT PLANS |
Schedule of weighted-average rates assumed in the actuarial calculations for the pension plan and other postretirement benefit plans |
|  | 2017 |  | 2016 |  | 2015 |
Discount Rate – Pension Benefit |  | 4.6 | % | 4.3 | % | 5.8 | %
Discount Rate – Postretirement Benefit |  | 4.3 | % | 3.9 | % | N/A |
Annual salary increase |  | 6.5 | % | 6.5 | % | 6.5 | %
Expected long-term return on plan assets |  | 6.1 | % | 6.3 | % | 6.5 | %
Schedule of effect of one-percentage point increase in assumed health care cost trend rates of net periodic postretirement health care benefit cost |
|  | 2017 |  | 2016 |
|  | Accumulated postretirement benefit obligation |  | Service cost plus interest cost |  | Accumulated postretirement benefit obligation |  | Service cost plus interest cost |
At trend |  |  | 5,308 |  |  | 389 |  |  | 5,108 |  |  | 194 |
At trend + 1% |  |  | 5,723 |  |  | 429 |  |  | 5,487 |  |  | 214 |
Dollar Impact |  |  | 415 |  |  | 40 |  |  | 379 |  |  | 20 |
Percentage Impact |  |  | 7.8 | % |  | 10.3 | % |  | 7.4 | % |  | 10.3 | %
At trend – 1% |  |  | 4,944 |  |  | 355 |  |  | 4,775 |  |  | 177 |
Dollar Impact |  |  | (364) |  |  | (34) |  |  | (333) |  |  | (17) |
Percentage Impact |  |  | (6.9) | % |  | (8.7) | % |  | (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 2017 and 2016 (in thousands):
|  | 2017 |  | 2016 |
|  | Pension Benefits |  | Postretirement Benefits |  | Pension Benefits |  | Postretirement Benefits |
Projected benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year: |  | $ | 76,119 |  | $ | 5,108 |  | $ | 14,400 |  | $ | — |
Viya Acquisition |  |  | — |  |  | — |  |  | 69,178 |  |  | 5,472 |
Service cost |  |  | 1,676 |  |  | 183 |  |  | 1,308 |  |  | 97 |
Interest cost |  |  | 3,388 |  |  | 206 |  |  | 2,002 |  |  | 97 |
Curtailment |  |  | — |  |  | — |  |  | 128 |  |  | — |
Benefits and settlements paid |  |  | (3,942) |  |  | (367) |  |  | (6,445) |  |  | (206) |
Actuarial (gain) loss |  |  | 3,114 |  |  | 177 |  |  | (4,437) |  |  | (325) |
Experience loss |  |  | — |  |  | — |  |  | (15) |  |  | (27) |
Balance at end of year |  | $ | 80,355 |  | $ | 5,307 |  | $ | 76,119 |  | $ | 5,108 |
Plan net assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year: |  | $ | 75,331 |  | $ | — |  | $ | 11,946 |  | $ | — |
Viya Acquisition |  |  | — |  |  | — |  |  | 45,116 |  |  | — |
Actual return on plan assets |  |  | 8,789 |  |  | — |  |  | 1,717 |  |  | — |
Company contributions |  |  | 842 |  |  | 367 |  |  | 22,963 |  |  | 206 |
Benefits and settlements paid |  |  | (4,070) |  |  | (367) |  |  | (6,411) |  |  | (206) |
Balance at end of year |  | $ | 80,892 |  | $ | — |  | $ | 75,331 |  | $ | — |
Under funded status of plan |  | $ | 537 |  | $ | (5,307) |  | $ | (788) |  | $ | (5,108) |
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):
|  | 2017 |  | 2016 |
|  | GT&T Pension Benefit |  | Viya Pension Benefit |  | Postretirement Benefits |  | GT&T Pension Benefit |  | Viya Pension Benefit |  | Postretirement Benefits |
Projected benefit obligation |  | $ | 13,205 |  | $ | 67,150 |  | $ | 5,307 |  | $ | 12,549 |  | $ | 63,571 |  | $ | 5,108 |
Plan Net Assets |  |  | 10,307 |  |  | 70,585 |  |  | — |  |  | 8,655 |  |  | 66,676 |  |  | — |
Over/ (Under) funded status of plan |  | $ | (2,898) |  | $ | 3,435 |  | $ | (5,307) |  | $ | (3,894) |  | $ | 3,105 |  | $ | (5,108) |
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, 2017 are as follows (in thousands):
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Cash, cash equivalents, money markets and other |  | $ | 6,363 |  | $ | 6,363 |  | $ | — |  | $ | — |
Common stock |  |  | 28,467 |  |  | 25,312 |  |  | 3,155 |  |  | — |
Mutual funds - equities |  |  | 9,248 |  |  | 9,248 |  |  | — |  |  | — |
Exchange traded funds - equities |  |  | 904 |  |  | 904 |  |  | — |  |  | — |
Fixed income securities |  |  | 35,414 |  |  | — |  |  | 35,414 |  |  | — |
Annuities |  |  | 496 |  |  | — |  |  | — |  |  | 496 |
Total |  | $ | 80,892 |  | $ | 41,827 |  | $ | 38,569 |  | $ | 496 |
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 |  |  | 22,560 |  |  | 21,344 |  |  | 1,216 |  |  | — |
Mutual funds - equities |  |  | 7,141 |  |  | 6,180 |  |  | 961 |  |  | — |
Exchange traded funds - equities |  |  | 1,553 |  |  | 1,553 |  |  | — |  |  | — |
Fixed income securities |  |  | 10,598 |  |  | — |  |  | 10,598 |  |  | — |
Annuities |  |  | 503 |  |  | — |  |  | — |  |  | 503 |
Total |  | $ | 75,331 |  | $ | 62,053 |  | $ | 12,775 |  | $ | 503 |
Schedule of weighted-average asset allocations, by asset category |
|  | 2017 |  | 2016 |
Cash, cash equivalents, money markets and other |  | 8 | % | 44 | %
Common stock |  | 35 |  | 30 |
Mutual funds - equities |  | 11 |  | 9 |
Exchange traded funds - equities |  | 1 |  | 2 |
Fixed income securities |  | 44 |  | 14 |
Annuities |  | 1 |  | 1 |
Total |  | 100 | % | 100 | %
Schedule of amounts recognized on the Company's consolidated balance sheets | Amounts recognized on the Company’s consolidated balance sheets consist of (in thousands):
|  | As of December 31, |
|  | 2017 |  | 2016 |
|  | Pension benefits |  | Postretirement benefits |  | Pension benefits |  | Postretirement benefits |
Accrued and current liabilities |  | $ | — |  | $ | 392 |  | $ | — |  | $ | 381 |
Other Liabilities |  |  | 2,898 |  |  | 4,915 |  |  | 3,894 |  |  | 4,727 |
Other Assets |  |  | 3,435 |  |  | — |  |  | 3,105 |  |  | — |
Accumulated other comprehensive income, net of tax |  |  | 2,953 |  |  | 174 |  |  | 1,418 |  |  | 352 |
Schedule of amounts recognized in accumulated other comprehensive loss | Amounts recognized in accumulated other comprehensive loss consist of (in thousands):
|  | As of December 31, |
|  | 2017 |  | 2016 |
|  | Pension benefits |  | Postretirement benefits |  | Pension benefits |  | Postretirement benefits |
Net actuarial gain / (loss) |  | $ | 1,408 |  | $ | 174 |  | $ | (386) |  | $ | 352 |
Accumulated other comprehensive income / ( loss), pre-tax |  |  | 1,408 |  |  | 174 |  |  | (386) |  |  | 352 |
Accumulated other comprehensive income, net of tax |  |  | 2,953 |  |  | 174 |  |  | 1,418 |  |  | 352 |
Schedule of components of the plan's net periodic pension cost | Components of the plan’s net periodic pension cost are as follows for the years ended December 31, 2017, 2016 and 2015 (in thousands):
|  | 2017 |  | 2016 |  | 2015 |
|  | Pension benefits |  | Postretirement benefits |  | Pension benefits |  | Postretirement benefits |  | Pension benefits |  | Postretirement benefits |
Service cost |  | $ | 1,676 |  | $ | 183 |  | $ | 1,308 |  | $ | 97 |  | $ | 652 |  | $ | — |
Interest cost |  |  | 3,388 |  |  | 206 |  |  | 2,002 |  |  | 97 |  |  | 766 |  |  | — |
Expected return on plan assets |  |  | (4,470) |  |  | — |  |  | (2,024) |  |  | — |  |  | (813) |  |  | — |
Amortization of unrecognized net actuarial loss |  |  | 716 |  |  | — |  |  | 1,271 |  |  | — |  |  | 245 |  |  | — |
Curtailment |  |  | — |  |  | — |  |  | 128 |  |  | — |  |  | — |  |  | — |
Net periodic pension cost |  | $ | 1,310 |  | $ | 389 |  | $ | 2,685 |  | $ | 194 |  | $ | 850 |  | $ | — |
Schedule of estimated benefits | The following estimated benefits, which reflect expected future service, as appropriate, are expected to be paid over the next ten years as indicated below (in thousands):
|  | Pension |  | Postretirement
Fiscal Year |  | Benefits |  | Benefits
2018 |  | $ | 4,088 |  | $ | 399
2019 |  |  | 4,772 |  |  | 362
2020 |  |  | 4,190 |  |  | 327
2021 |  |  | 4,380 |  |  | 297
2022 |  |  | 4,915 |  |  | 322
2023 - 2027 |  |  | 22,938 |  |  | 1,807
|  | $ | 45,283 |  | $ | 3,514

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