DEFINED BENEFIT PLANS (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Compensation and Retirement Disclosure [Abstract] |
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| Reconciliation of benefit obligations, plan assets, and funded status of the combined plans |
The table that follows provides a reconciliation of benefit obligations, plan assets, and funded status of the combined plans in the accompanying consolidated balance sheets at December 31, 2016 and 2015: | | | | | | | | | | | | December 31, | | December 31, | (Amounts in thousands) | | 2016 | | 2015 | Change in projected benefit obligation | | | | | Benefit obligation at beginning of year | | $ | 47,652 |
| | $ | 48,263 |
| Service cost | | — |
| | — |
| Interest cost | | 1,914 |
| | 1,996 |
| Actuarial (gain) loss | | (227 | ) | | (618 | ) | Benefits and expenses paid | | (2,201 | ) | | (1,989 | ) | Projected benefit obligation at end of year | | $ | 47,138 |
| | $ | 47,652 |
| | | | | | Change in plan assets | | |
| | |
| Fair value of plan assets at beginning of year | | $ | 31,972 |
| | $ | 33,183 |
| Actual return on plan assets | | 1,060 |
| | (975 | ) | Employer and participant contributions | | 647 |
| | 1,753 |
| Benefits and expenses paid | | (2,201 | ) | | (1,989 | ) | Fair value of plan assets at end of year | | $ | 31,478 |
| | $ | 31,972 |
| | | | | | Funded status and financial position: | | |
| | |
| Fair value of plan assets | | $ | 31,478 |
| | $ | 31,972 |
| Benefit obligation at end of year | | 47,138 |
| | 47,652 |
| Funded status | | $ | (15,660 | ) | | $ | (15,680 | ) | | | | | | Amount recognized in the balance sheet consists of: | | |
| | |
| Current liability | | $ | (1,753 | ) | | $ | (647 | ) | Noncurrent liability | | (13,907 | ) | | (15,033 | ) | Liability recognized in the balance sheet | | $ | (15,660 | ) | | $ | (15,680 | ) |
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| Accumulated other comprehensive loss |
Amounts recognized in accumulated other comprehensive loss at December 31, 2016 and 2015 consisted of the following: | | | | | | | | | | (Amounts in thousands) | | December 31,
| | December 31, | | | 2016 | | 2015 | Initial net asset (obligation) | | $ | — |
| | $ | — |
| Prior service credit (cost) | | — |
| | — |
| Net loss | | 18,817 |
| | 19,271 |
| Accumulated other comprehensive loss | | $ | 18,817 |
| | $ | 19,271 |
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| Actuarial assumptions |
The weighted average rate assumptions used in determining pension costs and the projected benefit obligation for the periods indicated are as follows: | | | | | | | | | | | | | For the year ended December 31, | | | 2016 | | 2015 | | 2014 | Discount rate for projected benefit obligation | | 3.97 | % | | 4.18 | % | | 3.80 | % | Discount rate for pension costs | | 4.18 | % | | 4.25 | % | | 4.75 | % | Expected long-term average return on plan assets | | 7.00 | % | | 7.00 | % | | 7.00 | % |
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| Net periodic benefit costs |
The Company’s net periodic benefit expense for the combined plans for the periods indicated consists of the following components: | | | | | | | | | | | | | | (Amounts in thousands) | | For the year ended December 31, | | | 2016 | | 2015 | | 2014 | Service cost | | $ | — |
| | $ | — |
| | $ | — |
| Interest cost | | 1,914 |
| | 1,996 |
| | 1,914 |
| Expected return on plan assets | | (2,176 | ) | | (2,309 | ) | | (2,269 | ) | Amortization of loss | | 1,348 |
| | 1,192 |
| | 491 |
| Net periodic benefit expense | | $ | 1,086 |
| | $ | 879 |
| | $ | 136 |
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| Pension assets |
The weighted-average asset allocations at December 31, 2016 by asset category are as follows: | | | | | | | | | | | | | Target
Allocation | | Actual allocation as of December 31, 2016 | | Weighted Average
Expected Long-Term
Rate of Return (1) | Asset Category | | | | | | | U.S. Large Cap Funds | | 25.0 | % | | 21.6 | % | | 4.2 | % | U.S. Mid Cap Funds | | 5.0 | % | | 7.9 | % | | 0.7 | % | U.S. Small Cap Funds | | 3.0 | % | | 3.0 | % | | 0.5 | % | International Equity | | 15.0 | % | | 14.8 | % | | 1.0 | % | Fixed income | | 45.0 | % | | 44.3 | % | | 0.5 | % | Other investments | | 7.0 | % | | 8.4 | % | | 0.1 | % | | | 100.0 | % | | 100.0 | % | | 7.0 | % |
(1) The weighted average expected long-term rate of return by asset category is based on the Company’s target allocation and historical results.
The weighted-average asset allocations at December 31, 2015 by asset category are as follows: | | | | | | | | | | | | | Target
Allocation | | Actual allocation as of December 31, 2015 | | Weighted Average
Expected Long-Term
Rate of Return (1) | Asset Category | | | | | | | U.S. Large Cap Funds | | 25.0 | % | | 21.5 | % | | 2.0 | % | U.S. Mid Cap Funds | | 5.0 | % | | 8.1 | % | | 0.5 | % | U.S. Small Cap Funds | | 3.0 | % | | 2.9 | % | | 0.3 | % | International Equity | | 15.0 | % | | 14.7 | % | | 1.3 | % | Fixed income | | 45.0 | % | | 44.9 | % | | 2.3 | % | Other investments | | 7.0 | % | | 7.9 | % | | 0.6 | % | | | 100.0 | % | | 100.0 | % | | 7.0 | % |
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| Plan assets measured at fair value on a recurring basis |
The following table summarizes the Company’s plan assets measured at fair value on a recurring basis (at least annually) as of December 31, 2016 and 2015:
| | | | | | | | | | | | | | | | | | (Amounts in thousands) | | Fair value as of | | Quoted Prices in Active | | Significant Other | | Significant | | | December 31, | | Markets for Identical | | Observable Inputs | | Unobservable Inputs | | | 2016 | | Assets (Level 1) | | (Level 2) | | (Level 3) | Equity Securities (1) | | | | | | | | | U.S. Large Cap Funds | | $ | 6,784 |
| | $ | 6,784 |
| | $ | — |
| | $ | — |
| U.S. Mid Cap Funds | | 2,477 |
| | 1,226 |
| | 1,251 |
| | — |
| U.S. Small Cap Funds | | 931 |
| | 470 |
| | 461 |
| | — |
| International Funds | | 4,662 |
| | 4,662 |
| | — |
| | — |
| Fixed Income | | |
| | |
| | |
| | |
| Domestic Bond Funds (2) | | 13,954 |
| | — |
| | 13,954 |
| | — |
| Other Investments | | |
| | |
| | |
| | |
| Commodity Funds (3) | | 1,584 |
| | — |
| | 1,584 |
| | — |
| Cash & Cash Equivalents | | 1,086 |
| | 1,086 |
| | — |
| | — |
| | | $ | 31,478 |
| | $ | 14,228 |
| | $ | 17,250 |
| | $ | — |
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| | | | | | | | | | | | | | | | | | (Amounts in thousands) | | Fair value as of | | Quoted Prices in Active | | Significant Other | | Significant | | | December 31, | | Markets for Identical | | Observable Inputs | | Unobservable Inputs | | | 2015 | | Assets (Level 1) | | (Level 2) | | (Level 3) | Equity Securities (1) | | | | | | | | | U.S. Large Cap Funds | | $ | 6,877 |
| | $ | 6,877 |
| | $ | — |
| | $ | — |
| U.S. Mid Cap Funds | | 2,604 |
| | 1,357 |
| | 1,247 |
| | — |
| U.S. Small Cap Funds | | 938 |
| | 467 |
| | 471 |
| | — |
| International Funds | | 4,702 |
| | 4,702 |
| | — |
| | — |
| Fixed Income | | |
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| | |
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| Domestic Bond Funds (2) | | 14,340 |
| | — |
| | 14,340 |
| | — |
| Other Investments | | |
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| | |
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| Commodity Funds (3) | | 1,541 |
| | — |
| | 1,541 |
| | — |
| Cash & Cash Equivalents | | 970 |
| | 970 |
| | — |
| | — |
| | | $ | 31,972 |
| | $ | 14,373 |
| | $ | 17,599 |
| | $ | — |
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(1) Equity securities are comprised of mutual funds valued at net asset value per share multiplied by number of shares at measurement date. (2) Domestic bonds are comprised of mutual funds valued at net asset value per share multiplied by number of shares at measurement date. (3) Commodity funds are comprised of two mutual funds which represent small market energy funds. |
| Benefit plan payments |
These benefit payments consist of qualified defined benefit plan payments that are made from the respective plan trusts and do not represent an immediate cash outflow to the Company. | | | | | | Fiscal Year | | Expected Benefit Payments | (Amounts in thousands) | |
| | | | 2017 | | $ | 2,252 |
| 2018 | | 2,373 |
| 2019 | | 2,451 |
| 2020 | | 2,565 |
| 2021 | | 2,624 |
| 2022-2026 | | 14,028 |
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