XML 55 R38.htm IDEA: XBRL DOCUMENT v3.3.1.900
Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Pension Plan and Post-Retirement Healthcare and Life Insurance Plans
The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands):
 
Pension
 
Post-retirement
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
28,921

 
28,605

 
32,189

 
28,333

 
22,086

 
25,116

Service cost
—

 
—

 
—

 
168

 
169

 
240

Interest cost
1,137

 
1,271

 
1,273

 
1,122

 
1,087

 
981

Actuarial loss (gain)
78

 
51

 
114

 
122

 
51

 
(210
)
Benefits paid
(1,179
)
 
(5,326
)
 
(969
)
 
(644
)
 
(670
)
 
(624
)
Change in actuarial assumptions
(683
)
 
4,320

 
(4,002
)
 
(3,407
)
 
5,610

 
(3,417
)
Benefit obligation at end of year
$
28,274

 
28,921

 
28,605

 
25,694

 
28,333

 
22,086

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
42,744

 
45,202

 
40,072

 
—

 
—

 
—

Actual return on plan assets
(117
)
 
2,868

 
6,099

 
—

 
—

 
—

Employer contributions
—

 
—

 
—

 
644

 
670

 
624

Benefits paid
(1,179
)
 
(5,326
)
 
(969
)
 
(644
)
 
(670
)
 
(624
)
Fair value of plan assets at end of year
$
41,448

 
42,744

 
45,202

 
—

 
—

 
—

Funded status at end of year
$
13,174

 
13,823

 
16,597

 
(25,694
)
 
(28,333
)
 
(22,086
)
Components of Accumulated Other Comprehensive Loss (Gain)
The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2015 and 2014 are summarized in the following table (in thousands):
 
Pension
 
Post-retirement
 
2015
 
2014
 
2015
 
2014
Unrecognized prior service cost
$
—

 
—

 
—

 
(1
)
Unrecognized net actuarial loss (gain)
12,155

 
10,887

 
(1,498
)
 
1,788

Total accumulated other comprehensive loss (gain)
$
12,155

 
10,887

 
(1,498
)
 
1,787

The following table presents the changes in the components of accumulated other comprehensive income, net of tax, for the years ended December 31, 2015 and 2014 (in thousands):
 
 
Changes in Accumulated Other Comprehensive Income by Component, net of tax
For the Years Ended December 31,
 
 
2015
 
2014
 
 
Unrealized
Gains on Securities
Available for 
Sale
 
Post-Retirement
Obligations
 
Unrealized gains (losses) on Derivatives (cash flow hedges)
 
Accumulated
Other
Comprehensive
Income
 
Unrealized
Gains on Securities
Available for 
Sale
 
Post-Retirement
Obligations
 
Accumulated
Other
Comprehensive
Income
Balance at the beginning of the period,
 
$
7,743

 
(7,714
)
 
—

 
29

 
(2,799
)
 
(2,052
)
 
(4,851
)
Current period change in other comprehensive income (loss)
 
(3,792
)
 
1,290

 
(73
)
 
(2,575
)
 
10,542

 
(5,662
)
 
4,880

Balance at the end of the period
 
$
3,951

 
(6,424
)
 
(73
)
 
(2,546
)
 
7,743

 
(7,714
)
 
29
Net Periodic Benefit Cost (Increase)
Net periodic benefit cost (increase) for the years ending December 31, 2015, 2014 and 2013, included the following components (in thousands):
 
Pension
 
Post-retirement
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost
$
—

 
—

 
—

 
168

 
169

 
240

Interest cost
1,137

 
1,271

 
1,273

 
1,122

 
1,087

 
981

Return on plan assets
(2,530
)
 
(3,463
)
 
(3,167
)
 
—

 
—

 
—

Amortization of:
 
 
 
 
 
 
 
 
 
 
 
Net gain (loss)
774

 
441

 
1,352

 
1

 
(204
)
 
15

Lump sum pension distribution
—

 
1,336

 
—

 
—

 
—

 
—

Unrecognized prior service cost
—

 
—

 
—

 
(1
)
 
(4
)
 
(4
)
Net periodic benefit (increase) cost
$
(619
)
 
(415
)
 
(542
)
 
1,290

 
1,048

 
1,232
Weighted Average Actuarial Assumptions Used
The weighted average actuarial assumptions used in the plan determinations at December 31, 2015, 2014 and 2013 were as follows:
 
Pension
 
Post-retirement
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate
4.50
%
 
4.00
%
 
5.00
%
 
4.50
%
 
4.00
%
 
5.00
%
Rate of compensation increase
—

 
—

 
—

 
—

 
—

 
—

Expected return on plan assets
6.00

 
8.00

 
8.00

 
—

 
—

 
—

Medical and life insurance benefits cost rate of increase
—

 
—

 
—

 
6.00

 
6.00

 
6.00
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate
A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits at December 31, 2015 (in thousands):
 
1% increase
 
1% decrease
Effect on total service cost and interest cost
$
270

 
(210
)
Effect on post-retirement benefits obligation
$
4,460

 
(3,560
)
Estimated Future Benefit Payments
Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands):
 
Pension
 
Post-retirement
2016
$
1,090,000

 
$
810,000

2017
1,137,000

 
843,000

2018
1,164,000

 
883,000

2019
1,189,000

 
924,000

2020
1,247,000

 
949,000
Weighted-Average Asset Allocation of Pension Plan Assets
The weighted-average asset allocation of pension plan assets at December 31, 2015 and 2014 were as follows:
Asset Category
 
2015
 
2014
Domestic equities
 
36
%
 
41
%
Foreign equities
 
11
%
 
12
%
Fixed income
 
51
%
 
45
%
Real estate
 
2
%
 
2
%
Cash
 
0
%
 
0
%
Total
 
100
%
 
100
%
Target Allocation of Assets and Acceptable Ranges
The target allocation of assets and acceptable ranges around the targets are as follows:
Asset Category
 
Target
 
Allowable Range
Domestic equities
 
44
%
 
35-55%
Foreign equities
 
14
%
 
5-25%
Fixed income
 
40
%
 
30-50%
Real estate
 
2
%
 
0-10%
Cash
 
0
%
 
0-35%
Total
 
100
%
 
 
Assets Measured at Fair Value on Recurring Basis
The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits at December 31, 2015 and 2014, respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
 
Fair value measurements at December 31, 2015
(in thousands)
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Group annuity contracts
$
134

 
—

 
134

 
—

Mutual funds:
 
 
 
 
 
 
 
Fixed income
12,378

 
12,378

 
—

 
—

International equity
4,455

 
4,455

 
—

 
—

Large U.S. equity
1,224

 
1,224

 
—

 
—

Small/Mid U.S. equity
791

 
791

 
—

 
—

Total mutual funds
18,848

 
18,848

 
—

 
—

Pooled separate accounts:
 
 
 
 
 
 
 
Fixed income
8,653

 
—

 
8,653

 
—

Large U.S. equity
10,962

 
—

 
10,962

 
—

Small/Mid U.S. equity
2,851

 
—

 
2,851

 
—

Total pooled separate accounts
22,466

 
—

 
22,466

 
—

Total investments
$
41,448

 
18,848

 
22,600

 
—

 
 
Fair value measurements at December 31, 2014
(in thousands)
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Group annuity contracts
$
152

 
—

 
152

 
—

Mutual funds:
 
 
 
 
 
 
 
Fixed income
—

 
—

 
—

 
—

International equity
5,370

 
5,370

 
—

 
—

Large U.S. equity
1,689

 
1,689

 
—

 
—

Small/Mid U.S. equity
1,309

 
1,309

 
—

 
—

Total mutual funds
8,368

 
8,368

 
—

 
—

Pooled separate accounts:
 
 
 
 
 
 
 
Fixed income
19,789

 
—

 
19,789

 
—

Large U.S. equity
11,857

 
—

 
11,857

 
—

Small/Mid U.S. equity
2,578

 
—

 
2,578

 
—

Total pooled separate accounts
34,224

 
—

 
34,224

 
—

Total investments
$
42,744

 
8,368

 
34,376

 
—
Status of Unvested Stock Awards
A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below:
 
Restricted Stock Awards
 
2015
 
2014
 
2013
Outstanding at beginning of year
846,462

 
782,213

 
846,883

Granted
339,936

 
426,726

 
386,669

Forfeited
(240,191
)
 
(126,743
)
 
(68,954
)
Vested
(354,461
)
 
(235,734
)
 
(382,385
)
Outstanding at the end of year
591,746

 
846,462

 
782,213
Status of Unexercised Stock Options
A summary of the status of the granted but unexercised stock options as of December 31, and changes during the year is presented below:
 
2015
 
2014
 
2013
 
Number
of
stock
options
 
Weighted
average
exercise
price
 
Number
of
stock
options
 
Weighted
average
exercise
price
 
Number
of
stock
options
 
Weighted
average
exercise
price
Outstanding at beginning of year
1,284,321

 
$
15.32

 
1,233,742

 
$
15.24

 
4,152,016

 
$
17.50

Granted
65,972

 
16.38

 
171,935

 
16.44

 
85,250

 
15.23

Exercised
(201,320
)
 
15.72

 
(9,678
)
 
12.11

 
(28,464
)
 
12.41

Forfeited
(62,287
)
 
14.93

 
(4,178
)
 
14.50

 
(53,444
)
 
10.34

Expired
(2,000
)
 
17.94

 
(107,500
)
 
16.54

 
(2,921,616
)
 
18.57

Outstanding at the end of year
1,084,686

 
$
15.32

 
1,284,321

 
$
15.32

 
1,233,742

 
$
15.24
Stock Options Outstanding
The following table summarizes information about stock options outstanding at December 31, 2015:
 
Options Outstanding
 
Options Exercisable
Range of exercise prices
Number
of
options
outstanding
 
Average
remaining
contractual
life
 
Weighted
average
exercise
price
 
Number
of
options
exercisable
 
Weighted
average
exercise
price
$10.27-15.23
506,478

 
4.2 years
 
$
12.49

 
465,478

 
$
12.27

$16.38-18.87
578,208

 
3.9 years
 
$
17.63

 
355,134

 
$
18.05
Weighted Average Assumptions of Fair Value Option Grants
The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
 
For the year ended December 31,
 
2015
 
2014
 
2013
Expected dividend yield
3.49
%
 
3.66
%
 
3.41
%
Expected volatility
21.29
%
 
20.04
%
 
33.38
%
Risk-free interest rate
1.58
%
 
0.96
%
 
0.88
%
Expected option life
8 years

 
6.5 years

 
8 years