v3.6.0.2
Pension and Other Retirement Plans (Tables)
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12 Months Ended |
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| Compensation and Retirement Disclosure [Abstract] |
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| Schedule of Defined Benefit Plans Disclosures |
Summarized information for the Company’s defined benefit pension plans and other postretirement plans is provided below (in thousands): | | | | | | | | | | | | | | | | | | Pension Plans | | Other Postretirement Plans | | | | | | | | | Change in benefit obligations: | | | | | | | | Projected benefit obligations, beginning of year | $ | 1,986,971 |
| | $ | 2,124,373 |
| | $ | 10,055 |
| | $ | 14,005 |
| Service cost | 692 |
| | 709 |
| | — |
| | 81 |
| Interest cost | 82,724 |
| | 81,815 |
| | 320 |
| | 451 |
| Plan amendments | 1,025 |
| | — |
| | — |
| | (3,887 | ) | Impact of Medicare Reform Act | — |
| | — |
| | 60 |
| | 72 |
| Actuarial loss (gain) | 22,615 |
| | (114,431 | ) | | (496 | ) | | 726 |
| Benefits paid | (103,764 | ) | | (105,495 | ) | | (1,064 | ) | | (1,393 | ) | Projected benefit obligations, end of year | 1,990,263 |
| | 1,986,971 |
| | 8,875 |
| | 10,055 |
| Change in plans’ assets: | | | | | | | | Fair value of plans’ assets, beginning of year | 1,530,898 |
| | 1,655,257 |
| | — |
| | — |
| Actual return on plans’ assets | 118,728 |
| | (19,113 | ) | | — |
| | — |
| Employer contributions | — |
| | 249 |
| | 1,064 |
| | 1,393 |
| Benefits paid | (103,764 | ) | | (105,495 | ) | | (1,064 | ) | | (1,393 | ) | Fair value of plans’ assets, end of year | 1,545,862 |
| | 1,530,898 |
| | — |
| | — |
| Under funded status of the plans | $ | (444,401 | ) | | $ | (456,073 | ) | | $ | (8,875 | ) | | $ | (10,055 | ) |
|
| Schedule of Amounts Recognized in Balance Sheet |
Amounts recognized in the Company’s Consolidated Balance Sheets consisted of (in thousands): | | | | | | | | | | | | | | | | | | Pension Plans | | Other Postretirement Plans | | | | | | | | | Employee compensation and benefits (1) | $ | — |
| | $ | — |
| | $ | (1,324 | ) | | $ | (1,409 | ) | Pension obligations, net (2) | (444,401 | ) | | (456,073 | ) | | — |
| | — |
| Postretirement medical, life and other benefits (2) | — |
| | — |
| | (7,551 | ) | | (8,646 | ) | Net amount recognized | $ | (444,401 | ) | | $ | (456,073 | ) | | $ | (8,875 | ) | | $ | (10,055 | ) |
(1) Included in current liabilities within the Company’s Consolidated Balance Sheets. (2) Included in non-current liabilities within the Company’s Consolidated Balance Sheets. |
| Schedule of Net Benefit Costs |
The components of net periodic benefit (credit) cost for Company-sponsored plans were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Plans | | Other Postretirement Plans | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | Service cost | $ | 692 |
| | $ | 709 |
| | $ | 463 |
| | $ | — |
| | $ | 81 |
| | $ | 328 |
| Interest cost | 82,724 |
| | 81,815 |
| | 82,109 |
| | 320 |
| | 451 |
| | 1,466 |
| Expected return on plans’ assets | (107,616 | ) | | (111,690 | ) | | (113,056 | ) | | — |
| | — |
| | — |
| Recognized actuarial (gain) loss | — |
| | — |
| | (159 | ) | | — |
| | 25 |
| | (22 | ) | Amortization of prior service costs (credits) | 90 |
| | — |
| | — |
| | (380 | ) | | (81 | ) | | — |
| Net periodic benefit (credit) cost | $ | (24,110 | ) | | $ | (29,166 | ) | | $ | (30,643 | ) | | $ | (60 | ) | | $ | 476 |
| | $ | 1,772 |
|
The amounts of net periodic benefit (credit) cost for Company-sponsored other post retirement plans applicable to continuing and discontinued operations were as follows (in thousands): | | | | | | | | | | | | | | Other Postretirement Plans | | 2016 | | 2015 | | 2014 | Continuing operations | $ | (60 | ) | | $ | 476 |
| | $ | 605 |
| Discontinued operations | — |
| | — |
| | 1,167 |
| Net periodic benefit (credit) cost | $ | (60 | ) | | $ | 476 |
| | $ | 1,772 |
|
|
| Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) |
Amounts included in the accumulated other comprehensive loss component of shareholders’ equity for Company-sponsored plans were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Plans | | Other Postretirement Plans | | Total | | | | | | | | | | | | | Unrecognized net actuarial losses, net of tax | $ | (66,212 | ) | | $ | (59,217 | ) | | $ | (185 | ) | | $ | (488 | ) | | $ | (66,397 | ) | | $ | (59,705 | ) | Unrecognized prior service (cost) credit, net of tax | (568 | ) | | — |
| | 2,082 |
| | 2,314 |
| | 1,514 |
| | 2,314 |
| Total | $ | (66,780 | ) | | $ | (59,217 | ) | | $ | 1,897 |
| | $ | 1,826 |
| | $ | (64,883 | ) | | $ | (57,391 | ) |
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| Schedule of Assumptions Used |
Assumptions—Weighted average assumptions used each year in accounting for pension benefits and other postretirement benefits were as follows: | | | | | | | | | | | | | | Pension
Plans | | Other Postretirement Plans | | 2016 | | 2015 | | 2016 | | 2015 | Discount rate for expense | 4.30 | % | | 3.95 | % | | 3.45 | % | | 3.30 | % | Discount rate for obligations | 4.05 | % | | 4.30 | % | | 3.30 | % | | 3.45 | % | Increase in future salary levels for expense | — |
| | 3.50 | % | | — |
| | — |
| Increase in future salary levels for obligations | — |
| | 3.50 | % | | — |
| | — |
| Long-term rate of return on plans’ assets for expense | 7.00 | % | | 7.25 | % | | — |
| | — |
|
|
| Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates |
Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. As of December 31, 2016, a 1% change in assumed health care cost trend rates would have the following effects (in thousands): | | | | | | | | | | 1% Increase | | 1% Decrease | Service cost and interest cost | $ | 8 |
| | $ | (7 | ) | Projected benefit obligation | $ | 233 |
| | $ | (213 | ) |
|
| Schedule of Actual and Target Allocations |
The actual allocations for the pension assets at December 31, 2016 and December 31, 2015 and target allocations by asset class were as follows: | | | | | | | | | | | | | | Percentage of Plan Assets | | Actual Allocations | | Target Allocations | Asset category: | 2016 | | 2015 | | 2016 | | 2015 | Equity securities | 53.4 | % | | 51.5 | % | | 50.0 | % | | 50.0 | % | Fixed income securities | 39.6 | % | | 41.6 | % | | 45.0 | % | | 45.0 | % | Cash and other short-term investments | 1.0 | % | | 1.1 | % | | — |
| | — |
| Other alternative investments | 6.0 | % | | 5.8 | % | | 5.0 | % | | 5.0 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
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| Schedule of Allocation of Plan Assets |
The following tables set forth, by asset category, the Company’s pension plan assets as of December 31, 2016 and December 31, 2015, using the fair value hierarchy established under ASC Topic 820 and described in Note 10. The fair value hierarchy in the tables exclude certain investments which are valued using NAV as a practical expedient (in thousands): | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | Pension plan assets measured at fair value: | | | | | | | | Registered investment companies | $ | 575,884 |
| | $ | — |
| | $ | — |
| | $ | 575,884 |
| Common/collective trusts | — |
| | 16,060 |
| | — |
| | 16,060 |
| Fixed income: | | | | | | | | U.S. government securities | — |
| | 200,782 |
| | — |
| | 200,782 |
| Corporate bonds | — |
| | 264,451 |
| | — |
| | 264,451 |
| Mortgage-backed and asset-backed securities | — |
| | 30,961 |
| | — |
| | 30,961 |
| Other (1) | — |
| | (9,155 | ) | | — |
| | (9,155 | ) | Pooled separate account | — |
| | 17,403 |
| | — |
| | 17,403 |
| Total pension plan assets measured at fair value | $ | 575,884 |
| | $ | 520,502 |
| | $ | — |
| | 1,096,386 |
| Pension plan assets measured at NAV as a practical expedient (2) | | | | | | | 424,875 |
| Pension plan assets measured at contract value: | | | | | | | | | | | | | | | 24,601 |
| Total pension plan assets | | | | | | | $ | 1,545,862 |
|
(1) Other includes pending net security purchases of $58 million. (2) In accordance with ASU 2015-07, certain common/collective trusts, the 103-12 investment entity, the international equity limited partnership, real estate, private equity and venture capital limited partnerships that are measured at fair value using the NAV per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets. | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | Pension plan assets measured at fair value: | | | | | | | | Registered investment companies | $ | 585,719 |
| | $ | — |
| | $ | — |
| | $ | 585,719 |
| Common/collective trusts | — |
| | 16,432 |
| | — |
| | 16,432 |
| Fixed income: | | | | | | | | U.S. government securities | — |
| | 167,969 |
| | — |
| | 167,969 |
| Corporate bonds | — |
| | 246,739 |
| | — |
| | 246,739 |
| Mortgage-backed and asset-backed securities | — |
| | 29,473 |
| | — |
| | 29,473 |
| Other (1) | — |
| | 26,582 |
| | — |
| | 26,582 |
| Pooled separate account | — |
| | 18,221 |
| | — |
| | 18,221 |
| Loan fund limited partnership | — |
| | 29,852 |
| | — |
| | 29,852 |
| Total pension plan assets measured at fair value | $ | 585,719 |
| | $ | 535,268 |
| | $ | — |
| | 1,120,987 |
| Pension plan assets measured at NAV as a practical expedient (2) | | | | | | | 385,705 |
| Pension plan assets measured at contract value: | | | | | | | | | | | | | | | 24,206 |
| Total pension plan assets | | | | | | | $ | 1,530,898 |
|
(1) Other includes pending net security purchases of $11 million. (2) In accordance with ASU 2015-07, certain common/collective trusts, the 103-12 investment entity, the international equity limited partnership, real estate, private equity and venture capital limited partnerships that are measured at fair value using the NAV per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets. |
| Schedule of Expected Benefit Payments |
Benefit payments expected to be paid under the Company’s qualified pension plans and other postretirement benefit plans are summarized below (in thousands). The benefit payments reflect expected future service, as appropriate. | | | | | | | | | | Qualified Pension Plan
Benefits | | Other
Postretirement
Benefits | 2017 | $ | 116,559 |
| | $ | 1,324 |
| 2018 | $ | 120,703 |
| | $ | 1,167 |
| 2019 | $ | 123,020 |
| | $ | 1,054 |
| 2020 | $ | 124,767 |
| | $ | 943 |
| 2021 | $ | 125,797 |
| | $ | 851 |
| 2022-2026 | $ | 628,264 |
| | $ | 3,035 |
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- DefinitionTabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.
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- DefinitionTabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.
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- DefinitionTabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.
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- DefinitionTabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.
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- DefinitionTabular disclosure of the effect of a one-percentage-point increase and the effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs and the accumulated postretirement benefit obligation for health care benefits.
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- DefinitionTabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.
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- DefinitionTabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.
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