Rendering

Component: (Network and Table)
Network
2318301 - Disclosure - Employee Retirement Plans (Tables)
(http://www.ptgi.com/role/EmployeeRetirementPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001006837 (http://www.sec.gov/CIK)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
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