Rendering

Component: (Network and Table)
Network
2337301 - Disclosure - Employee Benefit Plans (Tables)
(http://www.paragonoffshore.com/role/EmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001594590 (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 Changes in Projected Benefit Obligations
A reconciliation of the changes in projected benefit obligations (“PBO”) for our pension plans is as follows:
 
 
Year Ended December 31,
(In thousands)
 
2016
 
2015
Benefit obligation at beginning of year
 
$
116,068

 
$
124,362

 Service cost
 
4,562

 
5,375

 Interest cost
 
2,254

 
1,946

 Actuarial loss (gain)
 
24,393

 
(2,163
)
 Benefits and expenses paid
 
(1,349
)
 
(1,184
)
 Plan participants’ contribution
 
563

 
641

 Foreign exchange rate changes
 
(5,068
)
 
(12,909
)
 Other: curtailment gain
 
(9,209
)
 
—

Benefit obligation at end of year
 
$
132,214

 
$
116,068

  
Schedule of Changes in Fair Value of Plan Assets
A reconciliation of the changes in fair value of plan assets is as follows:
 
 
Year Ended December 31,
(In thousands)
 
2016
 
2015
 Fair value of plan assets at beginning of year
 
$
115,165

 
$
125,591

 Actual return on plan assets
 
20,588

 
(1,790
)
 Employer contribution
 
5,639

 
4,868

 Benefits paid
 
(938
)
 
(813
)
 Plan participants’ contributions
 
563

 
635

 Expenses paid
 
(411
)
 
(371
)
 Foreign exchange rate changes
 
(3,937
)
 
(12,955
)
 Fair value of plan assets at end of year
 
$
136,669

 
$
115,165

  
Schedule of Net Funded Status
The funded status of the plans is as follows:
 
 
Year Ended December 31,
(In thousands)
 
2016
 
2015
 Funded status
 
$
4,455

 
$
(903
)
  
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
Year Ended December 31,
(In thousands)
 
2016
 
2015
Other assets - noncurrent
 
$
4,455

 
$
938

Other liabilities - noncurrent
 
—

 
(1,841
)
Net pension asset (liability)
 
4,455

 
(903
)
Accumulated other comprehensive loss recognized in financial statements
 
14,329

 
20,351

 Net amount recognized
 
$
18,784

 
$
19,448

  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in AOCL consist of:
 
 
Year Ended December 31,
(In thousands)
 
2016
 
2015
Net loss
 
$
(14,329
)
 
$
(20,572
)
Prior service credit
 
—

 
221

Accumulated other comprehensive income (loss)
 
$
(14,329
)
 
$
(20,351
)
  
Schedule of Net Benefit Costs
Pension cost includes the following components:
 
 
Year Ended December 31,
(In thousands)
 
2016
 
2015
 
2014
 Service cost
 
$
4,562

 
$
5,375

 
$
4,819

 Interest cost
 
2,254

 
1,946

 
2,601

Expected return on plan assets
 
(1,806
)
 
(1,773
)
 
(2,625
)
 Amortization of prior service credit
 
(18
)
 
(18
)
 
(16
)
 Amortization net actuarial loss
 
757

 
755

 
1,077

 Net curtailment gain
 
(201
)
 
—

 
(66
)
 Net pension expense
 
$
5,548

 
$
6,285

 
$
5,790

  
Schedule of Accumulated and Projected Benefit Obligations
Disaggregated information regarding our pension plans is summarized below:
 
 
Year Ended December 31,
(In thousands)
 
2016
 
2015
 Projected benefit obligation
 
$
132,214

 
$
116,068

 Accumulated benefit obligation
 
132,214

 
111,366

 Fair value of plan assets
 
136,669

 
115,165

  
Schedule of Assumptions Used
The key assumptions for the plans are summarized below:
 
 
Year Ended December 31,
 Weighted Average Assumptions Used to Determine Benefit Obligations
 
2016
 
2015
 Discount rate
 
1.15% to 1.42%

 
 2.6% to 2.9%

 Rate of compensation increase
 
3.6
%
 
3.6
%
 
 
Year Ended December 31,
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
 
2016
 
2015
 
2014
 Discount rate
 
1.15% to 1.42%

 
 2.6% to 2.9%

 
 2.7% to 3.9%

 Expected long-term return on plan assets
 
1.03% to 1.06%

 
1.3
%
 
 2.7% to 2.8%

 Rate of compensation increase
 
3.6
%
 
3.6
%
 
3.6
%
  
Schedule of Allocation of Plan Assets
The actual fair value of our pension plans as of December 31, 2016 and 2015 is as follows:
 
 
 
 
Estimated Fair Value Measurements
(In thousands)
 
Carrying
Amount
 
Quoted
Prices in Active
Markets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable
Inputs
(Level 3)
December 31, 2016
 
 
 
 
 
 
 
 
Fixed Income securities:
 
 
 
 
 
 
 
 
Corporate Bonds
 
$
36,089

 
$
—

 
$
36,089

 
$
—

Other
 
100,580

 
—

 
—

 
100,580

Total
 
$
136,669

 
$
—

 
$
36,089

 
$
100,580

 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
Fixed Income securities:
 
 
 
 
 
 
 
 
Corporate Bonds
 
$
28,228

 
$
—

 
$
28,228

 
$
—

Other
 
86,937

 
—

 
—

 
86,937

Total
 
$
115,165

 
$
—

 
$
28,228

 
$
86,937

  
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following table details the activity related to these investments during the year.
 
 
Market Value
Balance as of December 31, 2014
 
$
93,115

Assets sold/benefits paid
 
(791
)
Return on plan assets
 
(5,387
)
Balance as of December 31, 2015
 
86,937

Assets sold/benefits paid
 
$
(938
)
Return on plan assets
 
14,581

Balance at December 31, 2016
 
$
100,580

  
Schedule of Expected Benefit Payments
The following table summarizes our benefit payments at December 31, 2016 estimated to be paid within the next ten years:
 
 
 
Payments by Period
 
Total
 
2017
 
2018
 
2019
 
2020
 
2021
 
Five Years Thereafter
Estimated benefit payments
$
20,561

 
1,022

 
1,205

 
1,395

 
1,570

 
1,766

 
13,603