v3.3.1.900
EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2015
EMPLOYEE BENEFIT PLANS  
Net periodic benefit cost recognized for the plans

 

 

 

Pension Benefits

 

Other Benefits

 

(In thousands)

 

12 Months
Ended
December 31,
2015

 

12 Months
Ended
December 31,
2014

 

12 Months
Ended
December 31,
2013

 

12 Months
Ended
December 31,
2015

 

12 Months
Ended
December 31,
2014

 

12 Months
Ended
December 31,
2013

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

 

$

 

$

180

 

$

2

 

$

36

 

$

195

 

Interest cost

 

 

4,277

 

 

4,609

 

 

4,513

 

 

7

 

 

214

 

 

870

 

Expected return on plan assets

 

 

(4,666

)

 

(5,230

)

 

(4,707

)

 

 

 

 

 

 

Amortization of net (gain) loss

 

 

45

 

 

(1,034

)

 

 

 

(2,797

)

 

(348

)

 

(78

)

Amortization of prior service credit

 

 

 

 

 

 

 

 

(2,888

)

 

(1,665

)

 

 

Curtailment gain

 

 

 

 

 

 

 

 

(11,867

)

 

 

 

 

Settlement

 

 

254

 

 

 

 

 

 

(575

)

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net periodic benefit cost (credit)

 

$

(90

)

$

(1,655

)

$

(14

)

$

(18,118

)

$

(1,763

)

$

987

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Summary of changes in other comprehensive income:

 

 

 

Pension Benefits

 

Other Benefits

 

(In thousands)

 

12 Months
Ended
December 31,
2015

 

12 Months
Ended
December 31,
2014

 

12 Months
Ended
December 31,
2015

 

12 Months
Ended
December 31,
2014

 

Net (gain) loss

 

$

(345

)

$

21,641

 

$

73

 

$

561

 

Prior service credit

 

 

 

 

 

 

(1,223

)

 

 

Amortization of net gain

 

 

(45

)

 

1,034

 

 

2,797

 

 

348

 

Amortization of prior service credit

 

 

 

 

 

 

2,888

 

 

1,665

 

Curtailment

 

 

 

 

 

 

11,867

 

 

 

Settlement

 

 

(254

)

 

 

 

575

 

 

 

Allocated tax expense (benefit)

 

 

251

 

 

(8,843

)

 

(6,620

)

 

(1,003

)

​  

​  

​  

​  

​  

​  

​  

​  

Total recognized in other comprehensive (income) loss

 

$

(393

)

$

13,832

 

$

10,357

 

$

1,571

 

Net periodic benefit cost (credit)

 

 

(90

)

 

(1,655

)

 

(18,118

)

 

(1,763

)

​  

​  

​  

​  

​  

​  

​  

​  

Total recognized in net periodic benefit cost (credit) and other comprehensive (income) loss

 

$

(483

)

$

12,177

 

$

(7,761

)

$

(192

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of plan's change in benefit obligations and plan assets and the accrued liability for benefit costs included in the Consolidated Balance Sheets

 

 

 

Pension Benefits

 

Other Benefits

 

(In thousands)

 

12 Months
Ended
December 31,
2015

 

12 Months
Ended
December 31,
2014

 

12 Months
Ended
December 31,
2015

 

12 Months
Ended
December 31,
2014

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of period

 

$

113,955

 

$

98,883

 

$

5,686

 

$

5,718

 

Service cost

 

 

 

 

 

 

2

 

 

36

 

Interest cost

 

 

4,277

 

 

4,609

 

 

7

 

 

214

 

Plan participants' contributions

 

 

 

 

 

 

101

 

 

419

 

Actuarial (gain) loss

 

 

(6,152

)

 

23,532

 

 

73

 

 

561

 

Plan amendment

 

 

 

 

 

 

(1,223

)

 

 

Benefits paid

 

 

(4,665

)

 

(2,247

)

 

(357

)

 

(1,262

)

Administrative expenses

 

 

(106

)

 

(81

)

 

 

 

 

Settlement paid

 

 

(296

)

 

(7,166

)

 

(4,289

)

 

 

Settlement gain

 

 

(44

)

 

(3,575

)

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Benefit obligation at end of period              

 

$

106,969

 

$

113,955

 

$

 

$

5,686

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

 

Pension Benefits

 

Other Benefits

 

(In thousands)

 

12 Months
Ended
December 31,
2015

 

12 Months
Ended
December 31,
2014

 

12 Months
Ended
December 31,
2015

 

12 Months
Ended
December 31,
2014

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

$

70,424

 

$

73,658

 

$

 

$

 

Actual return on plan assets (loss) gain

 

 

(1,184

)

 

3,546

 

 

 

 

 

Employer contribution

 

 

448

 

 

2,714

 

 

4,545

 

 

843

 

Plan participants' contributions

 

 

 

 

 

 

101

 

 

419

 

Benefits paid

 

 

(4,665

)

 

(2,247

)

 

(357

)

 

(1,262

)

Administrative expense

 

 

(106

)

 

(81

)

 

 

 

 

Settlement paid

 

 

(296

)

 

(7,166

)

 

(4,289

)

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Fair value of plan assets at end of period

 

$

64,621

 

$

70,424

 

$

 

$

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net liability for benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded status

 

$

(42,348

)

$

(43,531

)

$

 

$

(5,686

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

 

Pension Benefits

 

Other Benefits

 

(In thousands)

 

December 31,
2015

 

December 31,
2014

 

December 31,
2015

 

December 31,
2014

 

Amounts recognized in the Balance Sheet:

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued expenses and other liabilities

 

$

(152

)

$

(152

)

$

 

$

(629

)

Other long-term liabilities

 

 

(42,196

)

 

(43,379

)

 

 

 

(5,057

)

​  

​  

​  

​  

​  

​  

​  

​  

Net liability recognized

 

$

(42,348

)

$

(43,531

)

$

 

$

(5,686

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Aggregate accumulated benefit obligation

 

$

(106,969

)

$

(113,955

)

$

 

$

(5,686

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Summary of pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets

 

 

 

Pension Benefits

 

(In thousands)

 

December 31,
2015

 

December 31,
2014

 

Aggregated accumulated benefit obligation

 

$

(106,969

)

$

(113,955

)

Aggregated projected benefit obligation

 

 

(106,969

)

 

(113,955

)

Aggregated fair value of plan assets

 

 

64,621

 

 

70,424

 

 

Schedule of components of amounts recognized in accumulated other comprehensive income

 

 

 

Pension Benefits

 

Other Benefits

 

(In thousands)

 

December 31,
2015

 

December 31,
2014

 

December 31,
2015

 

December 31,
2014

 

Net actuarial (gain) loss

 

$

(345

)

$

21,641

 

$

73

 

$

561

 

Prior service credit

 

 

 

 

 

 

(1,223

)

 

 

 

Schedule of amounts in accumulated other comprehensive income expected to be recognized in components of net periodic pension cost

 

(In thousands)

 

Pension
Benefits

 

Net actuarial loss

 

$

27 

 

 

Schedule of weighted-average assumptions used to determine benefit obligations

 

 

 

Pension Benefits

 

Other Benefits

 

 

 

December 31,
2015

 

December 31,
2014

 

December 31,
2015

 

December 31,
2014

 

Discount rate

 

 

4.10 

%

 

3.80 

%

 

N/A

 

 

3.37 

%

Rate of compensation increase

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

Schedule of weighted-average assumptions used to determine net periodic benefit cost

 

 

 

Pension Benefits

 

Other Benefits

 

 

 

12 Months
Ended
December 31,
2015

 

12 Months
Ended
December 31,
2014

 

12 Months
Ended
December 31,
2013

 

12 Months
Ended
December 31,
2015

 

12 Months
Ended
December 31,
2014

 

12 Months
Ended
December 31,
2013

 

Discount rate

 

 

3.80 

%

 

4.73 

%

 

4.17 

%

 

3.37 

%

 

4.00 

%

 

3.90 

%

Weighted average expected long-term return on plan assets

 

 

7.81 

%

 

7.81 

%

 

7.27 

%

 

N/A

 

 

N/A

 

 

N/A

 

Rate of compensation increase

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

Schedule of benefits expected to be paid

 

(In thousands)

 

Pension
Benefits

 

2016

 

$

2,790 

 

2017

 

 

3,926 

 

2018

 

 

3,656 

 

2019

 

 

4,238 

 

2020

 

 

4,034 

 

Years 2021 - 2025

 

 

33,228 

 

 

Schedule of target allocations for plan assets

 

Asset Category

 

Target
Allocation

 

Fixed(1)

 

 

15 

%

Equity Securities—U.S. 

 

 

25 

%

Equity Securities—International

 

 

15 

%

Collective trust fund

 

 

25 

%

Private Real Estate

 

 

15 

%

Commodities broad basket

 

 

%

​  

​  

 

 

 

100 

%

​  

​  

​  

​  


 

 

(1)          

Includes U.S. Treasury Securities and Bond market fund.

 

Schedule of fair value of the pension plan assets

 

 

 

 

 

Fair Value Measurements at December 31, 2015 Using

 

(In thousands)

 

Total Carrying
Value at
December 31, 2015

 

Quoted prices in
active market
(Level 1)

 

Significant other
observable inputs
(Level 2)

 

Significant
unobservable inputs
(Level 3)

 

Cash and cash equivalents

 

$

289 

 

$

289 

 

$

 

$

 

U.S. treasury securities

 

 

1,452 

 

 

1,452 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. companies

 

 

16,884 

 

 

16,884 

 

 

 

 

 

International companies

 

 

9,888 

 

 

9,888 

 

 

 

 

 

Bond market fund

 

 

8,526 

 

 

8,526 

 

 

 

 

 

Collective trust fund

 

 

15,771 

 

 

 

 

15,771 

 

 

 

Commodities broad basket fund

 

 

2,823 

 

 

2,823 

 

 

 

 

 

Private real estate

 

 

8,988 

 

 

 

 

8,988 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total assets at fair value

 

$

64,621 

 

$

39,862 

 

$

24,759 

 

$

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

 

 

 

Fair Value Measurements at December 31, 2014 Using

 

(In thousands)

 

Total Carrying
Value at
December 31, 2014

 

Quoted prices in
active market
(Level 1)

 

Significant other
observable inputs
(Level 2)

 

Significant
unobservable inputs
(Level 3)

 

Cash and cash equivalents

 

$

300 

 

$

300 

 

$

 

$

 

U.S. treasury securities

 

 

1,615 

 

 

1,615 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. companies

 

 

18,513 

 

 

18,513 

 

 

 

 

 

International companies

 

 

10,109 

 

 

10,109 

 

 

 

 

 

Bond market fund

 

 

9,173 

 

 

9,173 

 

 

 

 

 

Collective trust fund

 

 

17,485 

 

 

 

 

17,485 

 

 

 

Commodities broad basket fund

 

 

2,918 

 

 

2,918 

 

 

 

 

 

Private real estate

 

 

10,311 

 

 

 

 

10,311 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total assets at fair value

 

$

70,424 

 

$

42,628 

 

$

27,796 

 

$

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​