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Employee Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract] |
Schedule of Change in Projected Benefit Obligation | The following table presents this reconciliation and shows the change in the projected benefit obligation for the Plans for the period from December 31, 2014 through December 31, 2016 (in thousands):
Projected benefit obligation at December 31, 2014 |  | $ | 219,087 |
Service cost - benefits earning during the period |  | 61 |
Interest cost on projected benefit obligation |  | 7,330 |
Contributions |  | 32 |
Actuarial gain |  | (2,375 | )
Benefits paid |  | (7,499 | )
Foreign currency (gain) loss |  | (19,036 | )
Projected benefit obligation at December 31, 2015 |  | $ | 197,600 |
Service cost - benefits earning during the period |  | 15 |
Interest cost on projected benefit obligation |  | 6,659 |
Contributions |  | 8 |
Actuarial loss |  | 30,121 |
Benefits paid |  | (5,564 | )
Foreign currency (gain) loss |  | (36,240 | )
Projected benefit obligation at December 31, 2016 |  | $ | 192,599 |
Schedule of Change in Value of Assets of Plans | The following table presents the change in the value of the assets of the Plans for the period from December 31, 2014 through December 31, 2016 and the plans’ funded status at December 31, 2016 (in thousands):
Fair value of plan assets at December 31, 2014 |  | $ | 181,877 |
Actual return on plan assets |  | 4,619 |
Benefits paid |  | (7,499 | )
Contributions |  | 11,136 |
Foreign currency gain (loss) |  | (17,622 | )
Fair value of plan assets at December 31, 2015 |  | 172,511 |
Actual return on plan assets |  | 34,354 |
Benefits paid |  | (5,564 | )
Contributions |  | 1,376 |
Foreign currency gain (loss) |  | (31,905 | )
Fair value of plan assets at December 31, 2016 |  | 170,772 |
Unfunded status at end of year |  | $ | 21,827 |
Schedule of Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets at December 31, 2016 and 2015 are listed below (in thousands):
|  | December 31,
|  | 2016 |  | 2015
Pension Asset |  | $ | 192 |  |  | $ | 68 |
Pension Liability |  | 22,019 |  |  | 25,157 |
Net liability amount recognized |  | $ | 21,827 |  |  | $ | 25,089 |
Components of Net Periodic Benefit Cost | The following table presents the components of net periodic benefit cost are as follows (in thousands):
|  | Year Ended December 31,
|  | 2016 |  | 2015
Service cost—benefits earning during the period |  | $ | 15 |  |  | $ | 61 |
Interest cost on projected benefit obligation |  | 6,659 |  |  | 7,330 |
Expected return on assets |  | (7,063 | ) |  | (7,507 | )
Actuarial loss |  | 2,830 |  |  | 512 |
Foreign currency gain (loss) |  | (225 | ) |  | (12 | )
Net pension cost |  | $ | 2,216 |  |  | $ | 384 |
Weighted Average Rate of Assumptions for Asset Allocation Plans | The overall expected rate of return on assets is then derived by aggregating the expected return for each asset class over the actual asset allocation for the Plans as of December 31, 2016.
|  | Year Ended December 31,
|  | 2016 |  | 2015
Discount rate |  | 2.85 | % |  | 3.75 | %
Rate of compensation increases (Merchant Navy Officers Pension Fund only) |  | N/A |  |  | 4.55 | %
Rate of future RPI inflation |  | 3.20 | % |  | 3.05 | %
Rate of future CPI inflation |  | 2.10 | % |  | 1.95 | %
Pension increases in payment |  | 3.05 | % |  | 2.90 | %
Long-term rate of return on assets |  | 3.17 | % |  | 4.50 | %
Changes in Benefit Obligations Recognized in Comprehensive Income and Prior Service Credits Amortized from Accumulated Other Comprehensive Income | The following tables present the after-tax changes in benefit obligations recognized in comprehensive income and the after-tax prior service credits that were amortized from accumulated other comprehensive income into net periodic costs are as follows (in thousands):
|  | Year Ended December 31,
|  | 2016 |  | 2015
Net loss (gain) |  | $ | 2,216 |  |  | $ | 384 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) |  | $ | 2,216 |  |  | $ | 384 |
|  | Year Ended December 31,
|  | 2016 |  | 2015
Actuarial (gain) loss |  | $ | 2,830 |  |  | $ | 512 |
Total recognized in other comprehensive (income) loss |  | $ | 2,830 |  |  | $ | 512 |
Schedule of Expected Benefit Payments under Pension and Postretirement Plans | The following table provides expected benefit payments under our pension and post-retirement plans (in thousands):
|  | Expected Benefit Payments
2017 |  | $ | 5,188 |
2018 |  | 5,330 |
2019 |  | 5,477 |
2020 |  | 5,624 |
2021 |  | 5,779 |
Thereafter |  | 31,357 |
Total |  | $ | 58,755 |
Summary of Plans' Weighted-Average Asset Targets and Actual Allocations as Percentage of Plan Assets | The plans’ weighted-average asset targets and actual allocations as a percentage of plan assets, including the notional exposure of future contracts by asset categories at December 31, 2016, are as follows:
|  | Target |  | December 31, 2016
Liability hedging |  | 24.7 | % |  | 25.5 | %
Equities |  | 27.7 | % |  | 32.1 | %
Hedge funds |  | 27.7 | % |  | 32.1 | %
Corporate bonds |  | 15.0 | % |  | 9.3 | %
Property |  | 4.9 | % |  | 1.0 | %
Other |  | — | % |  | — | %
Total |  | 100.0 | % |  | 100.0 | %
Summary of GMSL's Investments Plan | GMSL’s plan investments related to the Global Marine Systems Pension Plan consist of the following (in thousands):
|  | December 31,
|  | 2016 |  | 2015
Equities |  | $ | 47,623 |  |  | $ | 49,535 |
Liability Hedging Assets |  | 40,635 |  |  | 41,649 |
Hedge Funds |  | 47,068 |  |  | 44,363 |
Corporate Bonds |  | 24,492 |  |  | 23,193 |
Property |  | 7,544 |  |  | 9,137 |
Other |  | 205 |  |  | 1,697 |
Total market value of assets |  | $ | 167,567 |  |  | $ | 169,574 |
Present value of liabilities |  | (189,586 | ) |  | (194,730 | )
Net pension liability |  | $ | (22,019 | ) |  | $ | (25,156 | )
GMSL’s plan investments related to the Merchant Navy Officers Pension Fund consist of the following (in thousands):
|  | December 31,
|  | 2016 |  | 2015
Equities |  | $ | 526 |  |  | $ | 660 |
Liability Hedging Assets |  | 1,641 |  |  | 1,190 |
Hedge Funds |  | 519 |  |  | 412 |
Corporate Bonds |  | 519 |  |  | 675 |
Total market value of assets |  | $ | 3,205 |  |  | $ | 2,937 |
Present value of liabilities |  | (3,013 | ) |  | (2,869 | )
Net pension asset (liability) |  | $ | 192 |  |  | $ | 68 |
Summary of Fair Value of Pension Assets and Liabilities | The following table sets forth by level, within the fair value hierarchy, the pension assets and liabilities at fair value for the Global Marine Systems Pension Plan (in thousands):
As of December 31, 2016 |  | Fair Value Measurement Using:
|  | Level 1 |  | Level 2 |  | Total
Equities |  | $ | — |  |  | $ | 47,623 |  |  | $ | 47,623 |
Liability Hedging Assets |  | — |  |  | 40,635 |  |  | 40,635 |
Hedge Funds |  | — |  |  | 47,068 |  |  | 47,068 |
Corporate Bonds |  | — |  |  | 24,492 |  |  | 24,492 |
Property |  | — |  |  | 7,544 |  |  | 7,544 |
Other |  | (37 | ) |  | 242 |  |  | 205 |
Total Plan Net Assets |  | $ | (37 | ) |  | $ | 167,604 |  |  | $ | 167,567 |
As of December 31, 2015 |  | Fair Value Measurement Using:
|  | Level 1 |  | Level 2 |  | Total
Equities |  | $ | — |  |  | $ | 49,535 |  |  | $ | 49,535 |
Liability Hedging Assets |  | — |  |  | 41,649 |  |  | 41,649 |
Hedge Funds |  | — |  |  | 44,363 |  |  | 44,363 |
Corporate Bonds |  | — |  |  | 23,193 |  |  | 23,193 |
Property |  | — |  |  | 9,137 |  |  | 9,137 |
Other |  | 1,697 |  |  | — |  |  | 1,697 |
Total Plan Net Assets |  | $ | 1,697 |  |  | $ | 167,877 |  |  | $ | 169,574 |
The following table sets forth by level, within the fair value hierarchy, the pension assets and liabilities at fair value for the Merchant Navy Officers Pension Fund (in thousands):
As of December 31, 2016 |  | Fair Value Measurement Using:
|  | Level 3 |  | Total
Equities |  | $ | 525 |  |  | $ | 525 |
Hedge Funds |  | 519 |  |  | 519 |
Corporate Bonds |  | 519 |  |  | 519 |
Liability Hedging Assets |  | 1,641 |  |  | 1,641 |
Total Plan Net Assets |  | $ | 3,204 |  |  | $ | 3,204 |
As of December 31, 2015 |  | Fair Value Measurement Using:
|  | Level 3 |  | Total
Equities |  | $ | 660 |  |  | $ | 660 |
Hedge Funds |  | 412 |  |  | 412 |
Corporate Bonds |  | 675 |  |  | 675 |
Liability Hedging Assets |  | 1,190 |  |  | 1,190 |
Total Plan Net Assets |  | $ | 2,937 |  |  | $ | 2,937 |
Summary of Changes in Fair Value of Level 3 Pension Assets | The table below set forth a summary of changes in the fair value of the Level 3 pension assets for the period from December 31, 2014 through December 31, 2016 for the Merchant Navy Officers Pension Fund (in thousands):
Balance at December 31, 2014 |  | $ | 3,104 |
Actual return on plan assets |  | 3 |
Contributions |  | 84 |
Benefits paid |  | (109 | )
Foreign currency gain (loss) |  | $ | (145 | )
Balance at December 31, 2015 |  | $ | 2,937 |
Actual return on plan assets |  | 972 |
Contributions |  | 20 |
Benefits paid |  | (150 | )
Foreign currency gain (loss) |  | (575 | )
Balance at December 31, 2016 |  | $ | 3,204 |

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