Pension and Other Post-Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2016

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

The components of pension expense and other post-retirement benefit (income) expense for the Company's benefit plans included the following:



	Pension Benefits									Other Post-Retirement Benefits
(in thousands)	2016			2015			2014			2016			2015			2014
Service cost	$	—		$	54		$	—		$	—		$	—		$	—
Interest cost	18,507			21,286			20,518			35			46			49
Expected return on plan assets	(23,542		)	(25,046		)	(24,157		)	—			—			—
Amortization of prior service cost	—			—			—			(103		)	(103		)	(103		)
Amortization of actuarial loss	13,174			11,186			7,378			47			37			34
Total	$	8,139		$	7,480		$	3,739		$	(21	)	$	(20	)	$	(20	)

Schedule of Assumptions Used

Actuarial assumptions used to develop the components of pension expense and other post-retirement benefit (income) expense were as follows:



	Pension Benefits						Other Post-Retirement Benefits
	2016		2015		2014		2016		2015		2014
Discount rates:
WHX Pension Plan	4.01	%	3.70	%	4.40	%	N/A		N/A		N/A
JPS Pension Plan	3.93	%	4.00	%	N/A		N/A		N/A		N/A
Other post-retirement benefit plans	N/A		N/A		N/A		3.89	%	3.55	%	4.10	%
Expected return on assets	7.00	%	7.00	%	7.00	%	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		6.50	%	6.75	%	7.00	%
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
	2016		2015		2016		2015
Discount rates:
WHX Pension Plan	3.84	%	4.01	%	N/A		N/A
WHX Pension Plan II	3.64	%	N/A		N/A		N/A
JPS Pension Plan	3.81	%	3.93	%	N/A		N/A
Other post-retirement benefit plans	N/A		N/A		3.74	%	3.89	%
Rate of compensation increase	N/A		N/A		N/A		N/A
Health care cost trend rate - initial	N/A		N/A		6.25	%	6.50	%
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 plans and other post-retirement benefit plan:



	Pension Benefits						Other Post-Retirement Benefits
(in thousands)	2016			2015			2016			2015
Change in benefit obligation:
Benefit obligation at January 1	$	613,394		$	531,824		$	1,213		$	1,356
JPS Pension Plan acquisition	—			117,688			—			—
Service cost	—			54			—			—
Interest cost	18,507			21,286			35			46
Actuarial loss (gain)	7,970			(19,814		)	(3		)	159
Participant contributions	—			—			2			1
Benefits paid	(42,466		)	(37,644		)	(95		)	(349		)
Benefit obligation at December 31	$	597,405		$	613,394		$	1,152		$	1,213

Change in plan assets:
Fair value of plan assets at January 1	$	347,921		$	323,493		$	—		$	—
JPS Pension Plan acquisition	—			87,321			—			—
Actual returns on plan assets	9,903			(43,273		)	—			—
Participant contributions	—			—			2			1
Benefits paid	(42,466		)	(37,644		)	(95		)	(349		)
Company contributions	16,514			18,024			93			348
Fair value of plan assets at December 31	331,872			347,921			—			—
Funded status	$	(265,533	)	$	(265,473	)	$	(1,152	)	$	(1,213	)

Accumulated benefit obligation ("ABO") for qualified defined benefit plans:
ABO at January 1	$	613,394		$	531,824		$	1,213		$	1,356
ABO at December 31	$	597,405		$	613,394		$	1,152		$	1,213

Amounts recognized on the consolidated balance sheets:
Current liability	$	—		$	—		$	(107	)	$	(119	)
Non-current liability	(265,533		)	(265,473		)	(1,045		)	(1,094		)
Total	$	(265,533	)	$	(265,473	)	$	(1,152	)	$	(1,213	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Pretax amounts included in accumulated other comprehensive loss (income) at December 31, 2016 and 2015 were as follows:



	Pension Benefits				Other Post-Retirement Benefits
(in thousands)	2016		2015		2016			2015
Prior service credit	$	—	$	—	$	(1,196	)	$	(1,299	)
Net actuarial loss	330,887		322,451		770			820
Accumulated other comprehensive loss (income)	$	330,887	$	322,451	$	(426	)	$	(479	)

Other changes in plan assets and benefit obligations recognized in comprehensive (loss) income are as follows:



	Pension Benefits									Other Post-Retirement Benefits
(in thousands)	2016			2015			2014			2016			2015			2014
Current year actuarial (loss) gain	$	(21,517	)	$	(48,505	)	$	(90,106	)	$	3		$	(159	)	$	(293	)
Amortization of actuarial loss	13,174			11,186			7,378			47			37			34
Amortization of prior service credit	—			—			—			(103		)	(103		)	(103		)
Total recognized in comprehensive (loss) income	$	(8,343	)	$	(37,319	)	$	(82,728	)	$	(53	)	$	(225	)	$	(362	)

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)	2016		2015		2016		2015
Projected benefit obligation	$	597,405	$	613,394	$	1,152	$	1,213
Accumulated benefit obligation	$	597,405	$	613,394	$	1,152	$	1,213
Fair value of plan assets	$	331,872	$	347,921	$	—	$	—

Schedule of Allocation of Plan Assets

The pension plan assets at December 31, 2016 and 2015, by asset category, are as follows (in thousands):



Fair Value Measurements as of December 31, 2016:
	Assets at Fair Value as of December 31, 2016
Asset Class	Level 1		Level 2		Level 3		Total
Equity securities:
U.S. mid-cap blend	$	22,560	$	—	$	—	$	22,560
U.S. large-cap	34,256		—		—		34,256
Convertible promissory notes	—		—		3,500		3,500
Stock warrants	—		—		875		875
Subtotal	$	56,816	$	—	$	4,375	61,191
Pension assets measured at net asset value (1)
Hedge funds: (2)
Equity long/short							6,832
Event driven							47,771
Value driven							17,648
Fund of funds - long term capital growth (3)							8,325
Common trust funds: (2)
Other							78
Insurance separate account (4)							14,391
Total pension assets measured at net asset value							95,045
Cash and cash equivalents							175,435
Net receivables							201
Total pension assets							$	331,872
Fair Value Measurements as of December 31, 2015:
	Assets at Fair Value as of December 31, 2015
Asset Class	Level 1		Level 2		Level 3		Total
Fixed income security:
Credit contract	$	—	$	3,100	$	—	$	3,100
Subtotal	$	—	$	3,100	$	—	3,100
Pension assets measured at net asset value (1)
Hedge funds: (2)
Equity long/short							2,706
Event driven							45,660
Fund of funds - international large cap growth (5)							4,531
Common trust funds: (2)
Large cap equity							35,081
Mid-cap equity							9,040
Small-cap equity							5,158
International equity							4,664
Intermediate bond fund							6,492
Other							662
Insurance separate account (4)							15,013
Total pension assets measured at net asset value							129,007
Cash and cash equivalents							166,503
Net receivables							49,311
Total pension assets							$	347,921


(1)	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.


(2)	Hedge funds and common trust funds are comprised of shares or units in commingled funds that may not be publicly traded. The underlying assets in these funds are primarily publicly traded equity securities and fixed income securities.

(3)

The limited partnership operates as a fund of funds. The underlying assets in this fund are generally expected to be illiquid. The limited partnership's investment strategy is to seek above-average rates of return and long-term capital growth by investing in a broad range of investments, including, but not limited to, global distressed corporate securities, activist equities, value equities, post-reorganizational equities, municipal bonds, high yield bonds, leveraged loans, unsecured debt, collateralized debt obligations, mortgage-backed securities, commercial mortgage-backed securities, direct lending and sovereign debt.

(4)

The JPS Pension Plan holds a deposit administration group annuity contract with an immediate participation guarantee from Transamerica Life Insurance Company ("TFLIC"). The TFLIC contract unconditionally guarantees benefits to certain salaried JPS Pension Plan participants earned through June 30, 1984 in the plan of a predecessor employer. The assets deposited under the contract are held in a separate custodial account ("TFLIC Assets"). If the TFLIC Assets decrease to the level of the trigger point (as defined in the contract), which represents the guaranteed benefit obligation representing the accumulated plan benefits as of June 30, 1984, TFLIC has the right to cause annuities to be purchased for the individuals covered by these contract agreements. Since the TFLIC Assets have remained in excess of the trigger point, no annuities have been purchased for the individuals covered by these contract arrangements.


(5)	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 net asset values calculated by the fund and are not publicly available.

Schedule of Level Three Defined Benefit Plan Assets Roll Forward

There were no assets for which fair value was determined using significant unobservable inputs (Level 3) during 2015. During 2016 and 2014, changes in Level 3 assets were as follows (in thousands):



Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Year Ended December 31, 2016	Convertible Promissory Notes		Stock Warrants		Total
Beginning balance as of January 1, 2016	$	—	$	—	$	—
Transfers into Level 3	—		—		—
Transfers out of Level 3	—		—		—
Gains or losses included in changes in net assets	—		—		—
Purchases, issuances, sales and settlements
Purchases	3,500		875		4,375
Issuances	—		—		—
Sales	—		—		—
Settlements	—		—		—
Ending balance as of December 31, 2016	$	3,500	$	875	$	4,375



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	$	—

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, unfunded commitments, redemption frequency and redemption notice period for those assets whose fair value was estimated using the net asset value per share (or its equivalents), as well as plan assets which have redemption notice periods, as of December 31, 2016 and December 31, 2015 (in thousands):

December 31, 2016:



Class Name	Description	Fair Value December 31, 2016		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds	Value driven hedge fund	$	17,648	$	—	(1)	6 months
Fund of funds	Long term capital growth	$	8,325	$	27,022	(2)	95 days
Hedge funds	Equity long/short hedge funds	$	6,832	$	6,250	(3)	60 days
Hedge funds	Event driven hedge funds	$	47,771	$	—	Monthly	90 days
Common trust funds	Collective equity investment funds	$	78	$	—	Daily	0-2 days
Insurance separate account	Insurance separate account	$	14,391	$	—	(4)	(4)
Private equity	Asset-based lending-maritime	$	—	$	10,000	(5)	(5)
Private equity	Value driven private equity	$	—	$	12,500	(6)	(6)


(1)	5 year staggered lockup period. One-third of the investment on each of December 31, 2020, 2021 and 2022.

(2)

Each capital commitment is subject to a commitment period of three years during which capital may be drawn-down, subject to two, one-year extensions. During the commitment period, no withdrawals are permitted. Once permitted, withdrawals of available liquidity in underlying investment vehicles is permitted quarterly. The fund-of-funds will not invest in any fund or investment vehicle that has an initial lock-up period of more than five years. Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit.


(3)	Redeemable annually subject to three year rolling, staggered lock up period. Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit.


(4)	Except for benefit payments to participants and beneficiaries and related expenses, withdrawals are restricted for substantially all of the assets in the account, as defined in the contract. However, a suspension or transfer can be requested with 30 days' notice. When funds are exhausted either by benefit payments, purchase of annuity contracts or transfer, the related contract terminates.

(5)

Entered into an agreement effective December 15, 2016 with a commitment of $10.0 million. Capital has not been called as of December 31, 2016. The agreement contains a commitment period of three years, subject to an extension of up to one additional year. Voluntary withdrawals are not permitted. Complete distributions will be made after eight years, subject to an extension of an additional two years.


(6)	Entered into an agreement effective September 8, 2016 with a commitment of $12.5 million. Capital has not been called as of December 31, 2016. Voluntary withdrawals are not permitted. Complete distributions will be made after ten years, subject to an extension of an additional one year.

In addition to those on the table above, the Company has an additional unfunded commitment at December 31, 2016 totaling $20.0 million for a separately managed investment account, which will have a U.S. mid/large-cap equity strategy.

December 31, 2015:



Class Name	Description	Fair Value December 31, 2015		Redemption Frequency	Redemption Notice Period
Hedge funds	Event driven hedge funds	$	45,660	Monthly	90 days
Fund of funds	International large cap growth	$	4,531	(1)	(1)
Hedge funds	Equity long/short hedge funds	$	2,706	(1)	(1)
Common trust funds	Collective equity investment funds	$	61,097	Daily	0-2 days
Insurance separate account	Insurance separate account	$	15,013	(2)	(2)


(1)	Request for redemption had been submitted as of December 31, 2015. Investment was redeemed in 2016.


(2)	Except for benefit payments to participants and beneficiaries and related expenses, withdrawals are restricted for substantially all of the assets in the account, as defined in the contract. However, a suspension or transfer can be requested with 30 days' notice. When funds are exhausted either by benefit payments, purchase of annuity contracts or transfer, the related contract terminates.

Schedule of Expected Benefit Payments

stimated future benefit payments for the benefit plans over the next ten years are as follows (in thousands):



	Pension		Other Post-Retirement
Years	Benefits		Benefits
2017	$	43,910	$	107
2018	43,472		105
2019	42,987		106
2020	42,372		89
2021	41,672		82
2022-2026	195,366		373