| Compensation And Retirement Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Reconciliation of Changes in Projected Benefit Obligation |
The following table sets forth the plans’ changes in Projected Benefit Obligation for the years ended December 31, 2016 and 2015 (in thousands):
|
|
|
2016 |
|
|
2015 |
|
|
Benefit obligation at beginning of year |
|
$ |
211,389 |
|
|
$ |
224,086 |
|
|
Service cost—benefit earned during the period |
|
|
1,269 |
|
|
|
1,495 |
|
|
Interest cost on projected benefit obligation |
|
|
8,073 |
|
|
|
8,997 |
|
|
Actuarial (gain) loss |
|
|
4,547 |
|
|
|
(16,846 |
) |
|
Benefits paid |
|
|
(2,952 |
) |
|
|
(6,343 |
) |
|
Settlements |
|
|
(40,073 |
) |
|
|
- |
|
|
Benefit obligation at end of year |
|
$ |
182,253 |
|
|
$ |
211,389 |
|
|
Schedule of Change in Plan Asset |
The following table sets forth the change in the plans’ assets for the years ended December 31, 2016 and 2015 (in thousands):
|
|
|
2016 |
|
|
2015 |
|
|
Fair value of plan assets at beginning of year |
|
$ |
162,977 |
|
|
$ |
173,771 |
|
|
Actual return on plan assets |
|
|
12,136 |
|
|
|
(6,451 |
) |
|
Company contributions |
|
|
10,000 |
|
|
|
2,000 |
|
|
Benefits paid |
|
|
(2,952 |
) |
|
|
(6,343 |
) |
|
Settlements |
|
|
(40,073 |
) |
|
|
- |
|
|
Fair value of plan assets at end of year |
|
$ |
142,088 |
|
|
$ |
162,977 |
|
|
Schedule of Pension Plan Investment Allocations |
The Company’s pension plan investment allocations, as a percentage of the fair value of total plan assets, as of December 31, 2016 and 2015, by asset category are as follows:
|
Asset Category |
|
2016 |
|
|
2015 |
|
|
Cash |
|
|
0.6 |
% |
|
|
0.4 |
% |
|
Equity securities |
|
|
50.8 |
% |
|
|
37.8 |
% |
|
Fixed income |
|
|
27.4 |
% |
|
|
40.5 |
% |
|
Real assets |
|
|
4.8 |
% |
|
|
10.8 |
% |
|
Hedge funds |
|
|
11.9 |
% |
|
|
10.5 |
% |
|
Master Limited Partnerships |
|
|
4.5 |
% |
|
|
- |
|
|
Total |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
Schedule of Fair Values of Pension Plan Assets |
The fair values of the Company’s pension plan assets at December 31, 2016 and 2015 by asset category are as follows:
Fair Value Measurements at December 31, 2016 (in thousands)
|
|
|
|
|
|
|
|
|
Quoted Prices In |
|
|
Significant |
|
|
Significant |
|
|
|
|
|
|
|
|
|
|
Active Markets for |
|
|
Observable |
|
|
Unobservable |
|
|
|
|
|
|
|
|
|
|
Identical Assets |
|
|
Inputs |
|
|
Inputs |
|
|
Asset Category |
|
|
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Cash |
|
|
|
$ |
874 |
|
|
$ |
874 |
|
|
$ |
- |
|
|
$ |
- |
|
|
Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Large Cap |
|
(a) |
|
|
27,779 |
|
|
|
27,779 |
|
|
|
- |
|
|
|
- |
|
|
International |
|
(b) |
|
|
21,960 |
|
|
|
21,960 |
|
|
|
- |
|
|
|
- |
|
|
Emerging Markets |
|
(c) |
|
|
12,504 |
|
|
|
12,504 |
|
|
|
- |
|
|
|
- |
|
|
U.S. Small Cap |
|
(d) |
|
|
9,974 |
|
|
|
9,974 |
|
|
|
- |
|
|
|
- |
|
|
Fixed Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Fixed Income |
|
(e) |
|
|
36,778 |
|
|
|
36,778 |
|
|
|
- |
|
|
|
- |
|
|
U.S. Inflation Protected Bonds |
|
(f) |
|
|
403 |
|
|
|
403 |
|
|
|
- |
|
|
|
- |
|
|
High Yield Bonds |
|
(g) |
|
|
912 |
|
|
|
912 |
|
|
|
- |
|
|
|
- |
|
|
International Fixed Income |
|
(h) |
|
|
807 |
|
|
|
807 |
|
|
|
- |
|
|
|
- |
|
|
Real Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Real Estate |
|
(i) |
|
|
4,204 |
|
|
|
4,204 |
|
|
|
- |
|
|
|
- |
|
|
Commodities |
|
(j) |
|
|
2,563 |
|
|
|
2,563 |
|
|
|
- |
|
|
|
- |
|
|
Hedge Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedge Funds |
|
(k) |
|
|
16,962 |
|
|
|
- |
|
|
|
16,962 |
|
|
|
- |
|
|
Master Limited Partnerships |
|
(l) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Master Limited Partnerships |
|
|
|
|
6,368 |
|
|
|
6,368 |
|
|
|
- |
|
|
|
- |
|
|
Total |
|
|
|
$ |
142,088 |
|
|
$ |
125,126 |
|
|
$ |
16,962 |
|
|
$ |
- |
|
(a) A daily valued mutual fund investment. The fund invests in publically traded, large capitalization companies domiciled predominantly in the U.S.
|
(b) |
A daily valued mutual fund investment. This fund invests in common stocks of companies domiciled in developed market countries outside of the U.S. |
|
(c) |
A daily valued mutual fund investment. The fund invests in publically traded companies domiciled in emerging market countries. |
|
(d) |
Two daily mutual fund investments with different investment styles (one core, one value, one growth) that invest in publicly traded small capitalization companies. The majority of holdings are domiciled in the U.S. though the funds may hold international stocks. |
(e) Principally consists of a separately managed fixed income portfolio utilized to match the duration of plan liabilities. This liability-driven investment portfolio is comprised of Treasury securities including STRIPS and zero coupon bonds, as well as high quality corporate bonds. Also includes a daily valued mutual fund that invests in publically traded U.S. government, asset-backed, mortgage-backed and corporate fixed-income securities.
|
(f) |
A daily valued mutual fund investment. The fund invests in publically traded bonds backed by the full faith and credit of the federal government and whose principal is adjusted quarterly based on inflation. |
|
(g) |
A daily valued mutual fund investment. The fund invests in publically traded, higher-quality (top-tier BB and B rated) corporate high yield bonds. |
|
(h) |
A daily valued mutual fund investment. The fund invests in publically traded bonds of governments, agencies and companies domiciled in countries outside of the U.S. |
|
(i) |
A daily valued mutual fund investment. The fund invests in publically traded REITs. This is an index mutual fund that tracks the Morgan Stanley REIT Index. The fund normally invests at least 98% of assets that are included in the Morgan Stanley REIT Index. |
|
(j) |
A daily valued mutual fund investment. This fund combines a commodities position, typically through swap agreements, with a portfolio of inflation indexed bonds and other fixed income securities. The commodities position is constructed to track the performance of the Bloomberg Commodity Index. |
|
(k) |
Two separately managed funds of hedge funds. These funds seek attractive risk-adjusted returns through investments in a well-diversified group of managers that employ a variety of unique investment strategies. They target low volatility and low correlation to traditional asset classes. These funds may allocate their assets among a select group of non-traditional portfolio managers that invest or trade in a wide range of securities and other instruments. |
(l) A publically traded, managed fund of master limited partnerships that primarily derives revenue from energy infrastructure assets or activities.
Fair Value Measurements at December 31, 2015 (in thousands)
|
|
|
|
|
|
|
|
|
Quoted Prices In |
|
|
Significant |
|
|
Significant |
|
|
|
|
|
|
|
|
|
|
Active Markets for |
|
|
Observable |
|
|
Unobservable |
|
|
|
|
|
|
|
|
|
|
Identical Assets |
|
|
Inputs |
|
|
Inputs |
|
|
Asset Category |
|
|
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Cash |
|
|
|
$ |
655 |
|
|
$ |
655 |
|
|
$ |
- |
|
|
$ |
- |
|
|
Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Large Cap |
|
(a) |
|
|
23,072 |
|
|
|
23,072 |
|
|
|
- |
|
|
|
- |
|
|
International |
|
(b) |
|
|
18,211 |
|
|
|
18,211 |
|
|
|
- |
|
|
|
- |
|
|
Emerging Markets |
|
(c) |
|
|
13,127 |
|
|
|
13,127 |
|
|
|
- |
|
|
|
- |
|
|
U.S. Small Cap |
|
(d) |
|
|
7,256 |
|
|
|
7,256 |
|
|
|
- |
|
|
|
- |
|
|
Fixed Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Fixed Income |
|
(e) |
|
|
59,517 |
|
|
|
59,517 |
|
|
|
- |
|
|
|
- |
|
|
U.S. Inflation Protected Bonds |
|
(f) |
|
|
1,236 |
|
|
|
1,236 |
|
|
|
- |
|
|
|
- |
|
|
High Yield Bonds |
|
(g) |
|
|
2,295 |
|
|
|
2,295 |
|
|
|
- |
|
|
|
- |
|
|
International Fixed Income |
|
(h) |
|
|
2,900 |
|
|
|
2,900 |
|
|
|
- |
|
|
|
- |
|
|
Real Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Real Estate |
|
(i) |
|
|
10,464 |
|
|
|
10,464 |
|
|
|
- |
|
|
|
- |
|
|
Commodities |
|
(J) |
|
|
7,089 |
|
|
|
7,089 |
|
|
|
- |
|
|
|
- |
|
|
Hedge Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedge Funds |
|
(k) |
|
|
17,155 |
|
|
|
- |
|
|
|
17,155 |
|
|
|
- |
|
|
Total |
|
|
|
$ |
162,977 |
|
|
$ |
145,822 |
|
|
$ |
17,155 |
|
|
$ |
- |
|
|
(a) |
A daily valued mutual fund investment. The fund invests in publically traded, large capitalization companies domiciled predominantly in the U.S. |
|
(b) |
A daily valued mutual fund investment. This fund invests in common stocks of companies domiciled in developed market countries outside of the U.S. |
|
(c) |
A daily valued mutual fund investment. The fund invests in publically traded companies domiciled in emerging market countries. |
|
(d) |
Three daily mutual fund investments with different investment styles (one core, one value, one growth) that invest in publicly traded small capitalization companies. The majority of holdings are domiciled in the U.S. though the funds may hold international stocks. |
|
(e) |
Principally consists of a separately managed fixed income portfolio utilized to match the duration of plan liabilities. This liability-driven investment portfolio is comprised of Treasury securities including STRIPS and zero coupon bonds, as well as high quality corporate bonds. Also includes a daily valued mutual fund that invests in publically traded U.S. government, asset-backed, mortgage-backed and corporate fixed-income securities. |
|
(f) |
A daily valued mutual fund investment. The fund invests in publically traded bonds backed by the full faith and credit of the federal government and whose principal is adjusted quarterly based on inflation. |
|
(g) |
A daily valued mutual fund investment. The fund invests in publically traded, higher-quality (top-tier BB and B rated) corporate high yield bonds. |
|
(h) |
A daily valued mutual fund investment. The fund invests in publically traded bonds of governments, agencies and companies domiciled in countries outside of the U.S. |
|
(i) |
A daily valued mutual fund investment. The fund invests in publically traded REITs. This is an index mutual fund that tracks the Morgan Stanley REIT Index. The fund normally invests at least 98% of assets that are included in the Morgan Stanley REIT Index. |
|
(j) |
A daily valued mutual fund investment. This fund combines a commodities position, typically through swap agreements, with a portfolio of inflation indexed bonds and other fixed income securities. The commodities position is constructed to track the performance of the Bloomberg Commodity Index. |
|
(k) |
Two separately managed funds of hedge funds. These funds seek attractive risk-adjusted returns through investments in a well-diversified group of managers that employ a variety of unique investment strategies. They target low volatility and low correlation to traditional asset classes. These funds may allocate their assets among a select group of non-traditional portfolio managers that invest or trade in a wide range of securities and other instruments. | |
Schedule of Plan Funded Status |
The following table sets forth the plans’ funded status as of December 31, 2016 and 2015 (in thousands):
|
|
|
2016 |
|
|
2015 |
|
|
Funded status of the plan |
|
$ |
(40,165 |
) |
|
$ |
(48,412 |
) |
|
Unrecognized prior service cost |
|
|
2,574 |
|
|
|
2,869 |
|
|
Unrecognized net actuarial loss |
|
|
58,957 |
|
|
|
74,461 |
|
|
Net amount recognized |
|
$ |
21,366 |
|
|
$ |
28,918 |
|
|
Schedule of Amounts Recognized in Consolidated Balance Sheets |
The following table sets forth the amounts recognized in the consolidated balance sheets as of December 31, 2016 and 2015 (in thousands):
|
|
|
2016 |
|
|
2015 |
|
|
Accrued benefit liability |
|
$ |
(40,165 |
) |
|
$ |
(48,412 |
) |
|
Accumulated other comprehensive income |
|
|
61,531 |
|
|
|
77,330 |
|
|
Net amount recognized |
|
$ |
21,366 |
|
|
$ |
28,918 |
|
|
Schedule of Components of Net Periodic Pension Cost |
Net periodic pension cost for the years ended December 31, 2016, 2015 and 2014 for pension and supplemental benefit plans includes the following components (in thousands):
|
|
Pension Benefits |
|
|
|
|
For the Years Ended December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Service cost - benefit earned during the period |
|
$ |
1,269 |
|
|
$ |
1,495 |
|
|
$ |
1,069 |
|
|
Interest cost on projected benefit obligation |
|
|
8,073 |
|
|
|
8,997 |
|
|
|
8,960 |
|
|
Expected return on plan assets |
|
|
(9,730 |
) |
|
|
(11,217 |
) |
|
|
(10,286 |
) |
|
Amortization of prior service cost |
|
|
295 |
|
|
|
296 |
|
|
|
182 |
|
|
Amortization of actuarial loss |
|
|
5,134 |
|
|
|
5,862 |
|
|
|
3,674 |
|
|
Settlements |
|
|
12,510 |
|
|
|
- |
|
|
|
- |
|
|
Net periodic pension cost |
|
$ |
17,551 |
|
|
$ |
5,433 |
|
|
$ |
3,599 |
|
|
Schedule of Actuarial Assumptions for Discount Rates, Expected Long-Term Rates of Return on Plan Assets |
The following tables summarize the Company’s actuarial assumptions for discount rates, expected long-term rates of return on plan assets:
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Pension plan assumptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumed discount rate, general |
|
|
4.18% |
|
|
|
4.52% |
|
|
|
4.09% |
|
|
Assumed discount rate, union |
|
|
4.22% |
|
|
|
4.55% |
|
|
|
4.16% |
|
|
Expected long-term rate of return on plan assets, general |
|
|
6.30% |
|
|
|
6.50% |
|
|
|
6.30% |
|
|
Expected long-term rate of return on plan assets, union |
|
|
6.20% |
|
|
|
6.30% |
|
|
|
7.30% |
|
|
Schedule of Estimated Future Benefit Payments |
The estimated future benefit payments under the Company’s pension plans, excluding the impact of future lump sum offerings, are as follows (in thousands):
|
|
|
Amounts |
|
|
2017 |
|
$ |
9,198 |
|
|
2018 |
|
|
7,984 |
|
|
2019 |
|
|
8,833 |
|
|
2020 |
|
|
9,292 |
|
|
2021 |
|
|
9,027 |
|
|
2022-2026 |
|
|
50,839 |
|
|