Pension Plans (Tables)

12 Months Ended

Dec. 31, 2015

Defined Benefit Plan Disclosure [Line Items]

Changes in benefit obligation, plan assets and funded status

The change in the pension benefit obligation, change in plan assets and the funded status is as follows:

	Years Ended December 31,
	2015			2014
	(in thousands)
Change in benefit obligation
Benefit obligation at January 1	$	25,863		$	21,491
Service cost	177			227
Interest cost	947			970
Actuarial (gain) loss	(998		)	4,451
Assumed administrative expenses	(177		)	(227		)
Benefits paid	(1,075		)	(1,049		)
Benefit obligation at December 31	$	24,737		$	25,863
Change in plan assets
Plan assets at January 1	$	17,281		$	16,731
Actual return on plan assets	(358		)	888
Administrative expenses	(177		)	(227		)
Employer contributions	541			938
Benefits paid	(1,075		)	(1,049		)
Plan assets at fair value at December 31	$	16,212		$	17,281
Funded status
Benefit obligation in excess of plan assets at December 31	$	(8,525	)	$	(8,582	)

Amounts recognized in consolidated balance sheets

Amounts recognized in the consolidated balance sheets are as follows:

	Years Ended December 31,
	2015			2014
	(in thousands)
Accrued benefit liability—short term	$	(112	)	$	(112	)
Accrued benefit liability—long term	(8,413		)	(8,470		)
Net liability recognized at December 31	$	(8,525	)	$	(8,582	)
Net actuarial loss	$	(8,747	)	$	(8,902	)
Net prior service cost	(17		)	(25		)
Accumulated other comprehensive loss pre-tax at December 31	$	(8,764	)	$	(8,927	)

Components of net periodic benefit cost for the pension and postretirement plans

The components of net periodic benefit cost for the years ended December 31, 2015, 2014 and 2013 are as follows:

	Years Ended December 31,
	2015			2014			2013
	(in thousands)
Components of net periodic benefit cost
Service cost	$	177		$	227		$	198
Interest cost	947			970			882
Expected return on plan assets	(1,282		)	(1,251		)	(1,114		)
Recognized actuarial loss	798			269			767
Amortization of prior service cost	8			8			8
Total net periodic benefit cost	$	648		$	223		$	741

Summary of benefits which reflect expected future service expected to be paid out

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows (in thousands):

2016	$	1,154
2017	1,192
2018	1,254
2019	1,295
2020	1,327
2021 and thereafter	7,162

Company's pension plans' asset valuation in the fair value hierarchy levels

The Company's pension plans' asset valuation in the fair value hierarchy levels, discussed in detail in Note 5, along with the weighted average asset allocations as of December 31, 2015, by asset category, are as follows:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Asset Category
Short-term investments	$	—	$	607	$	—	$	607
Corporate stocks - common	3,831		—		—		3,831
Mutual funds - equity	5,775		—		—		5,775
Debt securities
Exchange traded funds	4,938		—		—		4,938
Government	608		—		—		608
Asset backed	—		453		—		453
Total assets at fair value	$	15,152	$	1,060	$	—	$	16,212

The Company's pension plans' asset valuation in the fair value hierarchy levels, along with the weighted average asset allocations as of December 31, 2014, by asset category, are as follows:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Asset Category
Short-term investments	$	—	$	753	$	—	$	753
Corporate stocks - common	4,092		—		—		4,092
Mutual funds - equity	6,084		—		—		6,084
Debt securities
Exchange traded funds	5,698		—		—		5,698
Government	526		—		—		526
Asset backed	—		128		—		128
Total assets at fair value	$	16,400	$	881	$	—	$	17,281

Benefit Obligations [Member]

Defined Benefit Plan Disclosure [Line Items]

Assumptions used to determine pension and postretirement items

The decrease in the discount rates and the use of the updated mortality tables and projection scales resulted in an increase in the benefit obligation, which will be amortized through actuarial losses. The assumptions used to determine end of year benefit obligations are shown in the following table:

	Years Ended December 31,
	2015		2014
Discount rate	4.08	%	3.75	%

Net Periodic Cost [Member]

Defined Benefit Plan Disclosure [Line Items]

Assumptions used to determine pension and postretirement items

The assumptions used in the measurement of net periodic cost are shown in the following table:

	Years Ended December 31
	2015		2014		2013
Discount rate	3.75	%	4.64	%	3.70	%
Expected return on plan assets	7.50	%	7.50	%	7.50	%