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Pension and Other Post-Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2014
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Schedule of Net Benefit Costs
The components of pension expense and other post-retirement benefit expense for the Company's benefit plans included the following:

 
 
Pension Benefits
 
Other Post-Retirement Benefits
(in thousands)
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Interest cost
 
20,518

 
18,447

 
21,505

 
49

 
98

 
163

Expected return on plan assets
 
(24,157
)
 
(23,900
)
 
(26,939
)
 
—

 
—

 
—

Amortization of prior service cost
 
—

 
32

 
44

 
(103
)
 
—

 
—

Amortization of actuarial loss
 
7,378

 
10,627

 
8,585

 
34

 
8

 
86

Total
 
$
3,739

 
$
5,206

 
$
3,195

 
$
(20
)
 
$
106

 
$
249
Schedule of Assumptions Used
Actuarial assumptions used to develop the components of pension expense and other post-retirement benefit expense were as follows:
 
 
Pension Benefits
 
Other Post-Retirement Benefits
 
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Discount rates:
 
 
 
 
 
 
 
 
 
 
 
 
WHX Pension Plan
 
4.40
%
 
3.50
%
 
4.15
%
 
N/A

 
N/A

 
N/A

Other post-retirement benefit plans
 
N/A

 
N/A

 
N/A

 
4.10
%
 
3.65
%
 
4.20
%
Expected return on assets
 
7.00
%
 
7.50
%
 
8.00
%
 
N/A

 
N/A

 
N/A

Rate of compensation increase
 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

Health care cost trend rate - initial
 
N/A

 
N/A

 
N/A

 
7.00
%
 
7.25
%
 
7.50
%
Health care cost trend rate - ultimate
 
N/A

 
N/A

 
N/A

 
5.00
%
 
5.00
%
 
5.00
%
Year ultimate reached
 
N/A

 
N/A

 
N/A

 
2022

 
2022

 
2022

The weighted-average assumptions used in the valuations at December 31 were as follows:
 
 
Pension Benefits
 
Other Post-Retirement Benefits
 
 
2014
 
2013
 
2014
 
2013
Discount rates:
 
 
 
 
 
 
 
 
WHX Pension Plan
 
3.70
%
 
4.40
%
 
N/A

 
N/A

Other post-retirement benefit plans
 
N/A

 
N/A

 
3.55
%
 
4.10
%
Rate of compensation increase
 
N/A

 
N/A

 
N/A

 
N/A

Health care cost trend rate - initial
 
N/A

 
N/A

 
6.75
%
 
7.25
%
Health care cost trend rate - ultimate
 
N/A

 
N/A

 
5.00
%
 
5.00
%
Year ultimate reached
 
N/A

 
N/A

 
2022

 
2022
Schedule of Net Funded Status
Summarized below is a reconciliation of the funded status for the Company's qualified defined benefit pension plan and post-retirement benefit plan:
 
 
Pension Benefits
 
Other Post-Retirement Benefits
(in thousands)
 
2014
 
2013
 
2014
 
2013
Change in benefit obligation:
 
 
 
 
 
 
 
 
Benefit obligation at January 1
 
$
494,272

 
$
543,799

 
$
1,084

 
$
4,208

Service cost
 
—

 
—

 
—

 
—

Interest cost
 
20,518

 
18,447

 
49

 
98

Actuarial loss (gain)
 
51,274

 
(34,269
)
 
293

 
(1,403
)
Participant contributions
 
—

 
—

 
1

 
4

Plan change
 
—

 
—

 
—

 
(1,506
)
Benefits paid
 
(34,276
)
 
(34,429
)
 
(71
)
 
(317
)
Transfer from Canfield Salaried SEPP
 
36

 
724

 
—

 
—

Benefit obligation at December 31
 
$
531,824

 
$
494,272

 
$
1,356

 
$
1,084

 
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
 
Fair value of plan assets at January 1
 
$
351,869

 
$
328,726

 
$
—

 
$
—

Actual returns on plan assets
 
(14,676
)
 
43,742

 
—

 
—

Participant contributions
 
—

 
—

 
1

 
4

Benefits paid
 
(34,276
)
 
(34,429
)
 
(71
)
 
(317
)
Company contributions
 
20,540

 
13,106

 
70

 
313

Transfer from Canfield Salaried SEPP
 
36

 
724

 
—

 
—

Fair value of plan assets at December 31
 
323,493

 
351,869

 
—

 
—

Funded status
 
$
(208,331
)
 
$
(142,403
)
 
$
(1,356
)
 
$
(1,084
)
 
 
 
 
 
 
 
 
 
Accumulated benefit obligation ("ABO") for qualified defined benefit plans:
 
 
 
 
 
 
 
 
ABO at January 1
 
$
494,272

 
$
543,799

 
$
1,084

 
$
4,208

ABO at December 31
 
$
531,824

 
$
494,272

 
$
1,356

 
$
1,084

 
 
 
 
 
 
 
 
 
Amounts recognized on the consolidated balance sheet:
 
 
 
 
 
 
 
 
Current liability
 
$
—

 
$
—

 
$
(124
)
 
$
(111
)
Noncurrent liability
 
(208,331
)
 
(142,403
)
 
(1,232
)
 
(973
)
Total
 
$
(208,331
)
 
$
(142,403
)
 
$
(1,356
)
 
$
(1,084
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations recognized in comprehensive (loss) income are as follows:
 
 
Pension Benefits
 
Other Post-Retirement Benefits
(in thousands)
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Current year actuarial (loss) gain
 
$
(90,106
)
 
$
54,111

 
$
(51,882
)
 
$
(293
)
 
$
1,403

 
$
(150
)
Amortization of actuarial loss
 
7,378

 
10,627

 
8,585

 
34

 
8

 
86

Current year prior service credit
 
—

 
—

 
—

 
—

 
1,506

 
—

Amortization of prior service cost (credit)
 
—

 
32

 
44

 
(103
)
 
—

 
—

Total recognized in comprehensive (loss) income
 
$
(82,728
)
 
$
64,770

 
$
(43,253
)
 
$
(362
)
 
$
2,917

 
$
(64
)
Pretax amounts included in accumulated other comprehensive loss (income) at December 31, 2014 and 2013 were as follows:
 
 
Pension Benefits
 
Other Post-Retirement Benefits
(in thousands)
 
2014
 
2013
 
2014
 
2013
Prior service cost (credit)
 
$
—

 
$
—

 
$
(1,402
)
 
$
(1,506
)
Net actuarial loss
 
285,132

 
202,404

 
698

 
440

Accumulated other comprehensive loss (income)
 
$
285,132

 
$
202,404

 
$
(704
)
 
$
(1,066
)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Additional information for the plans with accumulated benefit obligations in excess of plan assets:
 
 
Pension Benefits
 
Other Post-Retirement Benefits
(in thousands)
 
2014
 
2013
 
2014
 
2013
Projected benefit obligation
 
$
531,824

 
$
494,272

 
$
1,356

 
$
1,084

Accumulated benefit obligation
 
$
531,824

 
$
494,272

 
$
1,356

 
$
1,084

Fair value of plan assets
 
$
323,493

 
$
351,869

 
$
—

 
$
—
Schedule of Allocation of Plan Assets
The WHX Pension Plan assets at December 31, 2014 and 2013, by asset category, are as follows (in thousands):

Fair Value Measurements as of December 31, 2014:
 
 
Assets (Liabilities) at Fair Value as of December 31, 2014
Asset Class
 
Level 1
 
Level 2
 
Level 3
 
Total
Equity securities:
 
 
 
 
 
 
 
 
U.S. large cap
 
$
9,548

 
$
—

 
$
—

 
$
9,548

U.S. mid-cap growth
 
36,771

 
—

 
—

 
36,771

U.S. small-cap value
 
18,207

 
2,626

 
—

 
20,833

International large cap value
 
10,058

 
—

 
—

 
10,058

Emerging markets growth
 
375


—


—


375

Equity contracts
 
240

 
2,330

 
—

 
2,570

Fixed income securities:
 

 

 

 

Corporate bonds and loans
 
—

 
50,895

 
—

 
50,895

Other types of investments:
 

 

 

 

Common trust funds (1)
 
—

 
122,628

 
—

 
122,628

Fund of funds (2)
 
—

 
41,831

 
—

 
41,831


 
75,199

 
220,310

 
—

 
295,509

Shorts
 
(46,909
)
 
(206
)
 
—

 
(47,115
)
Total
 
$
28,290

 
$
220,104

 
$
—

 
248,394

Cash and cash equivalents
 
 
 
 
 
 
 
75,099

Total pension assets
 
 
 
 
 
 
 
$
323,493

Fair Value Measurements as of December 31, 2013:
 
 
Assets (Liabilities) at Fair Value as of December 31, 2013
Asset Class
 
Level 1
 
Level 2
 
Level 3
 
Total
Equity securities:
 
 
 
 
 
 
 
 
U.S. large cap
 
$
27,226

 
$
593

 
$
—

 
$
27,819

U.S. mid-cap growth
 
62,106

 
—

 
—

 
62,106

U.S. small-cap value
 
14,374

 
2,019

 
—

 
16,393

International large cap value
 
16,258

 
—

 
—

 
16,258

Equity contracts
 
95

 
—

 
—

 
95

Fixed income securities:
 
 
 
 
 
 
 


Corporate bonds and loans
 
33

 
63,028

 
500

 
63,561

Other types of investments:
 
 
 
 
 
 
 


Common trust funds (1)
 
—

 
98,024

 
—

 
98,024

Fund of funds (2)
 
—

 
41,648

 
—

 
41,648

 
 
120,092

 
205,312

 
500

 
325,904

Shorts
 
(62,404
)
 
(932
)
 
—

 
(63,336
)
Total
 
$
57,688

 
$
204,380

 
$
500

 
262,568

Cash and cash equivalents
 
 
 
 
 
 
 
93,571

Net payables
 
 
 
 
 
 
 
(4,270
)
Total pension assets
 
 
 
 
 
 
 
$
351,869


(1)
Common trust funds are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds are primarily publicly traded equity securities, fixed income securities and commodity-related securities and are valued at their net asset values ("NAV") that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity.
(2)
Fund of funds consist of fund-of-fund LLC or commingled fund structures. The underlying assets in these funds are primarily publicly traded equity securities, fixed income securities and commodity-related securities. The LLCs are valued based on NAVs calculated by the fund and are not publicly available. In most cases, the liquidity for the LLCs is quarterly with advance notice and is subject to liquidity of the underlying funds. In some cases, there may be extended lock-up periods greater than 90 days or side-pockets for non-liquid assets.
Schedule of Level Three Defined Benefit Plan Assets Roll Forward
Changes in the WHX Pension Plan assets for which fair value is determined using significant unobservable inputs (Level 3) were as follows during 2014 and 2013 (in thousands):
Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Year Ended December 31, 2014
 
Corporate Bonds and Loans
 
 
Beginning balance as of January 1, 2014
 
$
500

 
 
Transfers into Level 3
 
—

 
 
Transfers out of Level 3
 
—

 
 
Gains or losses included in changes in net assets
 
73

 
 
Purchases, issuances, sales and settlements
 
 
 
 
Purchases
 
—

 
 
Issuances
 
—

 
 
Sales
 
(573
)
 
 
Settlements
 
—

 
 
Ending balance as of December 31, 2014
 
$
—

 
 
 
 
 
 
 
Year Ended December 31, 2013
 
U.S. Mid Cap Growth
 
Corporate Bonds and Loans
Beginning balance as of January 1, 2013
 
$
208

 
$
545

Transfers into Level 3
 
—

 
—

Transfers out of Level 3
 
—

 
—

Gains or losses included in changes in net assets
 
23

 
84

Purchases, issuances, sales and settlements
 
 
 
 
Purchases
 
—

 
—

Issuances
 
—

 
—

Sales
 
(231
)
 
(129
)
Settlements
 
—

 
—

Ending balance as of December 31, 2013
 
$
—

 
$
500
Category, fair value, redemption frequency, and redemption notice period for those assets whose fair value is estimated using the NAV
The following tables present the category, fair value, redemption frequency and redemption notice period for those assets whose fair value was estimated using the NAV per share (or its equivalents), as well as plan assets which have redemption notice periods, as of December 31, 2014 and December 31, 2013 (in thousands):
Class Name
 
Description
 
Fair Value December 31, 2014
 
Redemption frequency
 
Redemption Notice Period
Fund of funds
 
Equity long/short hedge funds
 
$
5,479

 
Quarterly
 
45 day notice
Fund of funds
 
Fund of fund composites
 
$
36,352

 
Daily
 
None
Common trust funds
 
Equity long/short hedge funds
 
$
59,727

 
Annually
 
45 day notice
Common trust funds
 
Event driven hedge funds
 
$
50,131

 
Monthly
 
90 day notice
Common trust funds
 
Equity long/short hedge funds
 
$
12,770

 
Annually
 
90 day notice
Separately managed fund
 
Separately managed fund
 
$
28,917

 
Monthly
 
30 day notice
Separately managed fund
 
Separately managed fund
 
$
66,851

 
Quarterly
 
45 day notice

Class Name
 
Description
 
Fair Value December 31, 2013
 
Redemption frequency
 
Redemption Notice Period
Fund of funds
 
Equity long/short hedge funds
 
$
5,673

 
Quarterly
 
45 day notice
Fund of funds
 
Fund of fund composites
 
$
35,975

 
Quarterly
 
45 day notice
Common trust funds

Event driven hedge funds
 
$
68,843

 
Annually
 
45 day notice
Common trust funds
 
Event driven hedge funds
 
$
16,621

 
Monthly
 
90 day notice
Common trust funds
 
Equity long/short hedge funds
 
$
12,560

 
Annually
 
90 day notice
Separately managed fund
 
Separately managed fund
 
$
34,783

 
Monthly
 
30 day notice
Separately managed fund
 
Separately managed fund
 
$
76,634

 
Quarterly
 
45 day notice
Schedule of Expected Benefit Payments
Estimated future benefit payments for the benefit plans over the next ten years are as follows (in thousands):
 
 
Pension
 
Other Post-Retirement
Years
 
Benefits
 
Benefits
2015
 
$
34,961

 
$
124

2016
 
34,828

 
118

2017
 
34,660

 
110

2018
 
34,446

 
104

2019
 
34,195

 
104

2020-2024
 
164,091

 
399