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Pension Plan (Tables)
12 Months Ended
Dec. 31, 2015
Compensation And Retirement Disclosure [Abstract]  
Reconciliation of Defined Benefit Pension Plan

The following table shows the reconciliation of the defined benefit pension plan as of December 31, 2015 and 2014:

 

 

 

2015

 

 

2014

 

 

 

(000s)

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

116,697

 

 

$

106,469

 

Actual return (loss) on plan assets

 

 

(3,223

)

 

 

16,470

 

Benefits paid

 

 

(6,086

)

 

 

(5,605

)

Administrative expenses

 

 

(549

)

 

 

(637

)

Fair value of plan assets at end of year

 

$

106,839

 

 

$

116,697

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

127,342

 

 

$

103,558

 

Service cost

 

 

1,051

 

 

 

966

 

Interest cost

 

 

4,912

 

 

 

4,986

 

Benefits paid

 

 

(6,086

)

 

 

(5,605

)

Actuarial (gain) loss

 

 

(9,039

)

 

 

23,437

 

Benefit obligation at end of year

 

$

118,180

 

 

$

127,342

 

Amounts recognized in the Consolidated Balance Sheet:

 

 

 

 

 

 

 

 

Other non-current liabilities

 

 

11,341

 

 

 

10,645

 

Total amounts recognized at end of year

 

$

11,341

 

 

$

10,645

 

 

Components of Net Periodic Pension Cost (Benefit)

 

 

 

2015

 

 

2014

 

 

2013

 

 

 

(000s)

 

Components of net periodic cost (benefit)

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

1,051

 

 

$

966

 

 

$

1,060

 

Interest cost

 

 

4,912

 

 

 

4,985

 

 

 

4,528

 

Expected return on plan assets

 

 

(6,254

)

 

 

(7,772

)

 

 

(7,601

)

Recognized actuarial loss

 

 

3,164

 

 

 

1,107

 

 

 

3,305

 

Net periodic cost

 

$

2,873

 

 

$

(714

)

 

$

1,292

 

 

Measurement Dates

 

 

 

2015

 

2014

Measurement Dates

 

 

 

 

Benefit obligations

 

12/31/2015

 

12/31/2014

Fair value of plan assets

 

12/31/2015

 

12/31/2014

 

Weighted-average Assumptions for Net Periodic Benefit Cost

 

 

 

2015

 

 

2014

 

Weighted average assumptions as of December 31

 

 

 

 

 

 

 

 

Discount rate

 

 

4.34

%

 

 

3.95

%

Rate of compensation increase

 

 

4.00

%

 

 

4.00

%

 

Weighted Average Assumptions

 

 

 

2015

 

 

2014

 

 

2013

 

Weighted-average assumptions for net periodic benefit

   cost calculations

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

3.95

%

 

 

4.95

%

 

 

4.05

%

Expected long-term rate of return on plan assets

 

 

5.50

%

 

 

7.50

%

 

 

7.50

%

Rate of compensation increase

 

 

4.00

%

 

 

4.00

%

 

 

4.00

%

 

Market Values of Our Pension Plan Assets

The market values of our pension plan assets at December 31, 2015 and December 31, 2014 by asset category are as follows:

 

December 31, 2015

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Equities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Large Cap

 

$

8,520

 

 

$

 

 

$

8,520

 

 

$

 

U.S. Mid Cap

 

 

2,613

 

 

 

 

 

 

2,613

 

 

 

 

U.S. Small Cap

 

 

2,649

 

 

 

 

 

 

2,649

 

 

 

 

International Developed

 

 

6,406

 

 

 

 

 

 

6,406

 

 

 

 

Emerging Markets

 

 

4,114

 

 

 

 

 

 

4,114

 

 

 

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Fixed Income

 

 

23,782

 

 

 

 

 

 

23,782

 

 

 

 

Long Duration Fixed Income

 

 

55,931

 

 

 

 

 

 

55,931

 

 

 

 

Real Estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REIT Fund

 

 

2,212

 

 

 

 

 

 

2,212

 

 

 

 

Cash/Currency:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents

 

 

612

 

 

 

 

 

 

612

 

 

 

 

Total market value

 

$

106,839

 

 

$

 

 

$

106,839

 

 

$

 

 

December 31, 2014

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Equities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Large Cap

 

$

9,212

 

 

$

 

 

$

9,212

 

 

$

 

U.S. Mid Cap

 

 

2,852

 

 

 

 

 

 

2,852

 

 

 

 

U.S. Small Cap

 

 

2,626

 

 

 

 

 

 

2,626

 

 

 

 

International Developed

 

 

6,181

 

 

 

 

 

 

6,181

 

 

 

 

Emerging Markets

 

 

4,139

 

 

 

 

 

 

4,139

 

 

 

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Fixed Income

 

 

27,062

 

 

 

 

 

 

27,062

 

 

 

 

Long Duration Fixed Income

 

 

61,718

 

 

 

 

 

 

61,718

 

 

 

 

Real Estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REIT Fund

 

 

2,395

 

 

 

 

 

 

2,395

 

 

 

 

Cash/Currency:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents

 

 

512

 

 

 

 

 

 

512

 

 

 

 

Total market value

 

$

116,697

 

 

$

 

 

$

116,697

 

 

$

 

 

Estimated Future Benefit

There will be benefit payments under this plan beyond 2025.

 

Estimated Future Benefit Payments (000s)

 

 

 

 

2016

 

$

6,086

 

2017

 

 

6,343

 

2018

 

 

6,563

 

2019

 

 

6,753

 

2020

 

 

6,900

 

2021-2025

 

 

35,657

 

Total

 

$

68,302

 

 

Plan Assets

 

 

 

2015

 

 

2014

 

Plan Assets

 

 

 

 

 

 

 

 

Asset Category

 

 

 

 

 

 

 

 

Equity securities

 

 

23

%

 

 

21

%

Fixed income securities

 

 

75

%

 

 

76

%

Other

 

 

2

%

 

 

3

%

Total

 

 

100

%

 

 

100

%

 

Asset Allocation Policy and Ranges Established in accordance with Overall Risk and Return Objectives of Portfolio

The following asset allocation policy and ranges have been established in accordance with the overall risk and return objectives of the portfolio:

 

 

 

As of 12/31/2015

 

 

Permitted Range

Total Equity

 

 

23

%

 

10-30%

Total Fixed Income

 

 

75

%

 

70-90%

Other

 

 

2

%

 

0-10%