EMPLOYEE BENEFIT PLANS (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] |
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| Schedule of obligation and funded status |
The following table sets forth the obligation and funded status as of December 31, 2015 and 2014: | | | | | | | | | | (In Thousands) | | 2015 | | 2014 | Change in benefit obligation: | | |
| | |
| Benefit obligation at beginning of year | | $ | 23,450 |
| | $ | 18,186 |
| Service cost | | — |
| | 484 |
| Interest cost | | 757 |
| | 859 |
| Actuarial gain | | (144 | ) | | 277 |
| Benefits paid | | (639 | ) | | (1,660 | ) | Curtailment gain | | (3,155 | ) | | — |
| Other, change in actuarial assumptions | | (1,322 | ) | | 5,304 |
| Benefit obligation at end of year | | $ | 18,947 |
| | $ | 23,450 |
| | | | | | Change in plan assets: | | |
| | |
| Fair value of plan assets at beginning of year | | $ | 13,906 |
| | $ | 14,258 |
| Actual return on plan assets | | 25 |
| | 487 |
| Employer contribution | | 965 |
| | 850 |
| Benefits paid | | (704 | ) | | (1,736 | ) | Adjustment to fair value of plan assets | | 31 |
| | 47 |
| Fair value of plan assets at end of year | | 14,223 |
| | 13,906 |
| Funded status | | $ | (4,724 | ) | | $ | (9,544 | ) | | | | | | Accounts recognized on balance sheet as: | | |
| | |
| Total liabilities | | $ | (4,724 | ) | | $ | (9,544 | ) | | | | | | Amounts not yet recognized as a component of net periodic pension cost: | | |
| | |
| Amounts recognized in accumulated other comprehensive income (loss) consist of: | | |
| | |
| Net loss | | $ | 6,267 |
| | $ | 6,965 |
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| Schedule of components of the net periodic benefit cost of the domestic non-contributory defined benefit plan |
Components of Net Periodic Cost and Other Amounts Recognized in Other Comprehensive Income (loss) as of December 31, 2015, 2014, and 2013 are as follows:
| | | | | | | | | | | | | | (In Thousands) | | 2015 | | 2014 | | 2013 | Net periodic pension cost: | | |
| | |
| | |
| Service cost | | $ | 64 |
| | $ | 560 |
| | $ | 638 |
| Interest cost | | 757 |
| | 859 |
| | 770 |
| Expected return on plan assets | | (983 | ) | | (1,153 | ) | | (985 | ) | Amortization of prior service cost | | — |
| | — |
| | 25 |
| Amortization of unrecognized net loss | | 159 |
| | 209 |
| | 479 |
| Net periodic benefit cost | | $ | (3 | ) | | $ | 475 |
| | $ | 927 |
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| Schedule of weighted-average assumptions used to determine benefit obligations and net periodic cost |
Weighted-average assumptions used to determine benefit obligations at December 31, 2015, 2014, and 2013: | | | | | | | | | | | 2015 | | 2014 | | 2013 | Discount rate | 4.17 | % | | 3.83 | % | | 4.75 | % | Rate of compensation increase | N/A |
| | 3.00 | % | | 3.00 | % |
Weighted-average assumptions used to determine net periodic cost for years ended December 31, 2015, 2014, and 2013:
| | | | | | | | | | | 2015 | | 2014 | | 2013 | Discount rate | 3.83 | % | | 4.75 | % | | 4.00 | % | Expected long-term return on plan assets | 7.00 | % | | 8.00 | % | | 8.00 | % | Rate of compensation increase | N/A |
| | 3.00 | % | | 3.00 | % |
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| Schedule of plan's weighted-average asset allocations by asset category |
The Plan’s weighted-average asset allocations at December 31, 2015 and 2014 by asset category are as follows:
| | | | | | | | Asset Category | | 2015 | | 2014 | Cash | | 8.56 | % | | 11.54 | % | Fixed income securities | | 10.33 | % | | 12.46 | % | Equity | | 61.73 | % | | 76.00 | % | Inflation Hedges/Real Assets | | 5.03 | % | | — | % | Hedged Strategies | | 14.35 | % | | — | % | Total | | 100.00 | % | | 100.00 | % |
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| Schedule setting forth by level, within the fair value hierarchy the Plan's assets at fair value |
The following table sets forth by level, within the fair value hierarchy detailed in Note 21 - Fair Value Measurements, the Plan’s assets at fair value as of December 31, 2015 and 2014:
| | | | | | | | | | | | | | | | | | | | 2015 | (In Thousands) | | Level I | | Level II | | Level III | | Total | Assets: | | |
| | |
| | |
| | |
| Cash and cash equivalents | | $ | 1,218 |
| | $ | — |
| | $ | — |
| | $ | 1,218 |
| Mutual funds - taxable fixed income | | 1,467 |
| | — |
| | — |
| | 1,467 |
| Mutual funds - domestic equity | | 8,150 |
| | — |
| | — |
| | 8,150 |
| Mutual funds - international equity | | 631 |
| | — |
| | — |
| | 631 |
| Inflation Hedges/Real Assets | | 715 |
| | — |
| | — |
| | 715 |
| Hedged Strategies | | 2,042 |
| | — |
| | — |
| | 2,042 |
| Total assets at fair value | | $ | 14,223 |
| | $ | — |
| | $ | — |
| | $ | 14,223 |
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| | | | | | | | | | | | | | | | | | | | 2014 | (In Thousands) | | Level I | | Level II | | Level III | | Total | Assets: | | |
| | |
| | |
| | |
| Cash and cash equivalents | | $ | 1,606 |
| | $ | — |
| | $ | — |
| | $ | 1,606 |
| Mutual funds - taxable fixed income | | 1,732 |
| | — |
| | — |
| | 1,732 |
| Mutual funds - domestic equity | | 8,372 |
| | — |
| | — |
| | 8,372 |
| Mutual funds - international equity | | 2,196 |
| | — |
| | — |
| | 2,196 |
| Total assets at fair value | | $ | 13,906 |
| | $ | — |
| | $ | — |
| | $ | 13,906 |
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| Schedule of future benefit payments that reflect expected future service, as appropriate, expected to be paid |
The following future benefit payments that reflect expected future service, as appropriate, are expected to be paid:
| | | | | (In Thousands) | | 2016 | $ | 783 |
| 2017 | 799 |
| 2018 | 812 |
| 2019 | 848 |
| 2020 | 882 |
| Thereafter | 4,734 |
| | $ | 8,858 |
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