| Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Contribution Expenses | The Company recorded the following 401(k) Plan matching contribution and profit sharing expenses in the consolidated statement of operations for the years ended December 31, 2016, 2015 and 2014 (in millions): | | | | | | | | | | | | | | Year Ended December 31, | | 2016 | | 2015 | | 2014 | 401(k) Plan matching contribution expense | $ | 6.6 |
| | $ | 5.9 |
| | $ | 5.4 |
| Profit sharing expense | $ | — |
| | $ | — |
| | $ | 1.2 |
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Schedule of Changes in Projected Benefit Obligations | The change in the benefit obligations, change in the plan assets, funded status and amounts recognized in the consolidated balance sheets were as follows (in millions): | | | | | | | | | | Year Ended December 31, | | 2016 | | 2015 | | Pension Plan | Change in projected benefit obligation: | | | | Benefit obligation at beginning of year | $ | 60.3 |
| | $ | 69.3 |
| Service cost | 0.1 |
| | 0.5 |
| Interest cost | 2.5 |
| | 2.6 |
| Plan curtailment | — |
| | (0.9 | ) | Plan settlements | (0.6 | ) | | — |
| Benefit payments | (2.5 | ) | | (2.6 | ) | Actuarial (gain) loss | 1.1 |
| | (8.6 | ) | Benefit obligation at end of year | $ | 60.9 |
| | $ | 60.3 |
| Change in plan assets: | | | | Fair value of plan assets at beginning of year | $ | 47.5 |
| | $ | 49.6 |
| Plan settlements | (0.6 | ) | | — |
| Benefit payments | (2.5 | ) | | (2.6 | ) | Actual return on assets | 3.8 |
| | (1.0 | ) | Employer contribution | 1.6 |
| | 1.5 |
| Fair value of plan assets at end of year | $ | 49.8 |
| | $ | 47.5 |
| Funded status — benefit obligation in excess of plan assets | $ | (11.1 | ) | | $ | (12.8 | ) | Reconciliation of amounts recognized in the consolidated balance sheets: | | | | Accrued benefit obligation, long-term | $ | (11.1 | ) | | $ | (12.8 | ) | Unrecognized net actuarial loss | 7.1 |
| | 6.8 |
| Accumulated other comprehensive loss | 7.1 |
| | 6.8 |
| Net amount recognized at end of year | $ | (4.0 | ) | | $ | (6.0 | ) |
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Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Selected information for the Company’s Pension Plan with an accumulated benefit obligation in excess of plan assets were as follows (in millions): | | | | | | | | | | Year Ended December 31, | | 2016 | | 2015 | Accumulated benefit obligation | $ | 60.9 |
| | $ | 60.3 |
| Fair value of plan assets | $ | 49.8 |
| | $ | 47.5 |
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Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Selected information for the Company’s Pension Plan with projected benefit obligation in excess of plan assets were as follows (in millions): | | | | | | | | | | Year Ended December 31, | | 2016 | | 2015 | Projected benefit obligation | $ | 60.9 |
| | $ | 60.3 |
| Fair value of plan assets | $ | 49.8 |
| | $ | 47.5 |
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Components of Net Periodic Pension Cost | The components of net periodic pension cost (income) for 2016, 2015 and 2014 were as follows (in millions): | | | | | | | | | | | | | | Pension Plan | | Year Ended December 31, | | 2016 | | 2015 | | 2014 | Service cost | $ | 0.1 |
| | $ | 0.5 |
| | $ | 0.4 |
| Interest cost | 2.5 |
| | 2.6 |
| | 2.6 |
| Expected return on assets | (3.2 | ) | | (3.3 | ) | | (3.1 | ) | Amortization of net loss | 0.1 |
| | 0.8 |
| | 0.3 |
| Curtailment gain recognized | — |
| | (0.9 | ) | | — |
| Net periodic benefit cost (income) | $ | (0.5 | ) | | $ | (0.3 | ) | | $ | 0.2 |
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Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The components of changes recognized in other comprehensive (income) loss for the Pension Plan for 2016, 2015 and 2014 were as follows (in millions): | | | | | | | | | | | | | | Pension Plan | | Year Ended December 31, | | 2016 | | 2015 | | 2014 | Changes in plan assets and benefit obligations recognized in other comprehensive loss: | | | | | | Net (gain) loss | $ | 0.4 |
| | $ | (4.3 | ) | | $ | 9.9 |
| Amounts recognized as a component of net periodic benefit cost: | | | | | | Amortization or settlement recognition of net loss | (0.1 | ) | | (0.8 | ) | | (0.3 | ) | Total recognized in other comprehensive loss | $ | 0.3 |
| | $ | (5.1 | ) | | $ | 9.6 |
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Schedule of Assumptions Used | The significant weighted average assumptions used to determine the benefit obligations for the years ended December 31, 2016 and 2015, were as follows: | | | | | | | | Benefit Obligations Assumptions | | 2016 | | 2015 | Pension Plan: | | | | Discount rate for Penreco Pension Plan | 4.08 | % | | 4.30 | % | Discount rate for Superior Pension Plan | 4.06 | % | | 4.27 | % | Discount rate for Great Falls Pension Plan | 4.04 | % | | 4.21 | % |
The significant weighted average assumptions used to determine the net periodic benefit cost (income) for the years ended December 31, 2016, 2015 and 2014 were as follows: | | | | | | | | | | | Net Periodic Benefit Cost (Income) Assumptions | | 2016 | | 2015 | | 2014 | Pension Plan: | | | | | | Discount rate for Penreco Pension Plan | 4.30 | % | | 3.92 | % | | 4.78 | % | Discount rate for Superior Pension Plan | 4.27 | % | | 3.86 | % | | 4.66 | % | Discount rate for Great Falls Pension Plan | 4.21 | % | | 4.13 | % | | 4.97 | % | Expected return on plan assets for Penreco Pension Plan (1) | 6.75 | % | | 6.75 | % | | 6.75 | % | Expected return on plan assets for Superior Pension Plan (1) | 6.75 | % | | 6.75 | % | | 6.75 | % | Expected return on plan assets for Great Falls Pension Plan (1) | 6.75 | % | | 6.75 | % | | 6.75 | % | Rate of compensation increase for Great Falls Pension Plan | N/A |
| | 3.00 | % | | 3.00 | % |
| | (1) | The Company considered the historical returns, the future expectation for returns for each asset class and fair value of the plan assets, as well as the target asset allocation of the Pension Plan portfolio which was developed in accordance with the Company’s Statement of Investment Policy, to develop the expected long-term rate of return on plan assets. |
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Schedule of Allocation of Plan Assets | The Pension Plan’s target asset allocation is currently comprised of the following: | | | | | Asset Class | Range of Asset Allocation | | Target Allocation | Domestic equities | 15–25% | | 20% | Foreign equities | 15–25% | | 20% | Fixed income | 55–65% | | 60% |
The Company’s Pension Plan asset allocations, as of December 31, 2016 and 2015, by asset category, are as follows: | | | | | | | | 2016 | | 2015 | Cash and cash equivalents | 1 | % | | 1 | % | Domestic equities | 17 | % | | 20 | % | Foreign equities | 17 | % | | 19 | % | Fixed income | 65 | % | | 60 | % | | 100 | % | | 100 | % |
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Schedule of Pension Plan assets measured at fair value | The Company’s Pension Plan assets measured at fair value at December 31, 2016 and 2015, were as follows (in millions): | | | | | | | | | | | | | | | | | | Fair Value of Pension Assets at December 31, | | 2016 | | 2015 | | Level 1 | | Total | | Level 1 | | Total | Cash and cash equivalents | $ | 0.3 |
| | $ | 0.3 |
| | $ | 0.4 |
| | $ | 0.4 |
| Total plan assets subject to leveling | $ | 0.3 |
| | 0.3 |
| | $ | 0.4 |
| | 0.4 |
| Plan assets measured at net asset value | | | | | | | | Domestic equities | | | 8.6 |
| | | | 9.6 |
| Foreign equities | | | 8.7 |
| | | | 9.2 |
| Fixed income | | | 32.2 |
| | | | 28.3 |
| Total plan assets measured at net asset value | | | 49.5 |
| | | | 47.1 |
| Total plan assets | | | $ | 49.8 |
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| | $ | 47.5 |
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Schedule of Expected Benefit Payments | The following benefit payments for the Pension Plan, which reflect expected future service, as appropriate, are expected to be paid in the years indicated as of December 31, 2016 (in millions): | | | | | | Pension Benefits | 2017 | $ | 2.9 |
| 2018 | 3.0 |
| 2019 | 3.1 |
| 2020 | 3.3 |
| 2021 | 3.4 |
| 2022 to 2026 | 17.9 |
| Total | $ | 33.6 |
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