Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Compensation And Retirement Disclosure [Abstract]

Components of pension plan and SERP expense

The measurement date used for the Pension Plan and SERP is December 31. The components of the expense consisted of the following:

	Pension Plan									SERP
	For the years ended December 31,									For the years ended December 31,
(in thousands)	2015			2014			2013			2015		2014		2013
Interest cost	$	2,940		$	3,279		$	3,642		$	1,713	$	1,685	$	1,637
Expected return on plan assets, net of expenses		(3,876	)		(4,571	)		(4,396	)		-		-		-
Special termination benefits		860			1,838			-			290		365		-
Settlement charges		3,345			2,021			2,302			1,121		2,279		1,083
Amortization of net loss		2,095			1,239			2,918			2,354		2,188		2,844
Total for defined benefit plans	$	5,364		$	3,806		$	4,466		$	5,478	$	6,517	$	5,564

Assumptions used in determining annual retirement plan expense

Assumptions used in determining the annual retirement plans expense were as follows:

	Pension Plan						SERP
	For the years ended December 31,						For the years ended December 31,
	2015		2014		2013		2015		2014		2013
Discount rate		3.46%		4.27%		3.33%		3.14%		3.62%		2.76%
Long-term rate of return on plan assets		7.50%		7.50%		7.50%	N / A		N / A		N / A
Increase in compensation levels		4.54%		5.05%		5.37%		4.41%		4.83%		5.05%

Benefit obligation and funded status

The following table presents information about our plan assets and obligations:

	Pension Plan						SERP
	For the years ended December 31,						For the years ended December 31,
(in thousands)	2015			2014			2015			2014
Accumulated benefit obligation	$	78,859		$	85,279		$	46,428		$	45,617
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	92,384		$	82,151		$	52,374		$	48,572
Interest cost		2,940			3,279			1,713			1,685
Benefits paid		(484	)		(407	)		(251	)		(253	)
Actuarial (gains) losses		(525	)		14,344			566			6,650
Curtailments		-			(1,097	)		-			(53	)
Special termination benefits		860			1,838			290			365
Settlement charges		(10,554	)		(7,724	)		(2,418	)		(4,592	)
Projected benefit obligation at end of year		84,621			92,384			52,274			52,374
Plan assets:
Fair value at beginning of year		59,096			63,113			-			-
Actual return on plan assets		(2,345	)		4,114			-			-
Company contributions		-			-			2,669			4,845
Benefits paid		(484	)		(407	)		(251	)		(253	)
Settlement charges		(10,554	)		(7,724	)		(2,418	)		(4,592	)
Fair value at end of year		45,713			59,096			-			-
Under funded status	$	(38,908	)	$	(33,288	)	$	(52,274	)	$	(52,374	)
Amounts recognized as assets and liabilities in
the consolidated balance sheets:
Current liabilities	$	-		$	-		$	(17,500	)	$	(4,650	)
Non-current liabilities		(38,908	)		(33,288	)		(34,774	)		(47,724	)
Total	$	(38,908	)	$	(33,288	)	$	(52,274	)	$	(52,374	)
Amounts recognized in accumulated other comprehensive
loss consist of:
Net loss	$	27,502		$	27,247		$	22,731		$	25,640

Changes in plan assets and benefit obligations recognized in other comprehensive income

Other changes in plan assets and benefit obligations recognized in net periodic benefit cost and other comprehensive loss (income) consist of:

	Pension Plan						SERP
	For the years ended December 31,						For the years ended December 31,
(in thousands)	2015			2014			2015			2014
Net actuarial loss	$	5,695		$	14,801		$	566		$	6,650
Amortization of net loss		(2,095	)		(1,239	)		(2,354	)		(2,188	)
Curtailment charges		-			(1,097	)		-			(53	)
Settlement charges		(3,345	)		(2,021	)		(1,121	)		(2,279	)
Total recognized in other comprehensive (loss) income		255			10,444			(2,909	)		2,130
Net periodic benefit cost		5,364			3,806			5,478			6,517
Total recognized in net periodic benefit cost and    other comprehensive loss	$	5,619		$	14,250		$	2,569		$	8,647

Accumulated benefit obligation in excess of plan assets

Information for defined benefit plans with an accumulated benefit obligation in excess of plan assets was as follows:

	Pension Plan				SERP
	For the years ended December 31,				For the years ended December 31,
(in thousands)	2015		2014		2015		2014
Accumulated benefit obligation	$	78,859	$	85,279	$	46,428	$	45,617
Fair value of plan assets	$	45,713	$	59,096	$	-	$	-

Projected benefit obligation in excess of plan assets

Information for defined benefit plans with a projected benefit obligation in excess of plan assets was as follows:

	Pension Plan				SERP
	For the years ended December 31,				For the years ended December 31,
(in thousands)	2015		2014		2015		2014
Projected benefit obligation	$	84,621	$	92,384	$	52,274	$	52,374
Fair value of plan assets	$	45,713	$	59,096	$	-	$	-

Assumptions used to determine defined benefit plan benefit obligation

Assumptions used to determine benefit obligations for the defined plans was as follows:

	Pension Plan				SERP
	For the years ended December 31,				For the years ended December 31,
	2015		2014		2015		2014
Discount rate		3.75%		3.46%		3.39%		3.14%
Rate of compensation increases		4.32%		4.54%		4.26%		4.42%

Pension plan assets allocation

Information related to our Pension Plan asset allocations by asset category were as follows:

			Percentage of Plan Assets
	Target Allocations		as of December 31,
Investment Type	for 2016		2015		2014
US equity securities		27%		25%		30%
Non-US equity securities		39%		43%		36%
Fixed-income securities		30%		23%		28%
Other		4%		9%		6%
Total		100%		100%		100%

Defined benefit plan assets at fair value

The following table sets forth our plan asset categories that are measured at fair value as of December 31, 2015 and the level of inputs utilized for fair value.

	As of December 31, 2015
(in thousands)		Total		Level 1		Level 2		Level 3
US equity securities
Mutual funds		$	11,457	$	11,457		-		-
Non-US equity securities
Mutual funds			19,634		19,634		-		-
Fixed income securities
Mutual funds			10,222		10,222		-		-
Other
Alternative investment funds			3,681		-		3,681		-
Subtotal		$	44,994	$	41,313	$	3,681	$	—
Cash			719		719		-		-
Total		$	45,713	$	42,032	$	3,681	$	—

The following table sets forth our plan asset categories that are measured at fair value as of December 31, 2014 and the level of inputs utilized for fair value.

	As of December 31, 2014
(in thousands)		Total		Level 1		Level 2		Level 3
US equity securities
Mutual funds		$	17,650	$	17,650		-		-
Non-US equity securities
Mutual funds			21,264		21,264		-		-
Fixed income securities
Mutual funds			16,758		16,758		-		-
Other
Alternative investment funds			3,369		-		3,369		-
Subtotal		$	59,041	$	55,672	$	3,369	$	—
Cash			55		55
Total		$	59,096	$	55,727	$	3,369	$	—

Estimated future benefit payments

The estimated future benefit payments expected to be paid out of the plans for the next ten years are as follows:

(in thousands)	Pension Plan		SERP
2016	$	3,630	$	17,500
2017	$	3,655	$	1,753
2018	$	4,146	$	2,359
2019	$	4,147	$	2,467
2020	$	5,073	$	2,549
2021-2025	$	26,252	$	15,380