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Pension Plan (Tables)
12 Months Ended
Dec. 31, 2016
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, 2016 and 2015:

 

 

 

2016

 

 

2015

 

 

 

(000s)

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

106,839

 

 

$

116,697

 

Actual return (loss) on plan assets

 

 

8,858

 

 

 

(3,223

)

Benefits paid

 

 

(5,651

)

 

 

(6,086

)

Administrative expenses

 

 

(369

)

 

 

(549

)

Fair value of plan assets at end of year

 

$

109,677

 

 

$

106,839

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

118,180

 

 

$

127,342

 

Service cost

 

 

926

 

 

 

1,051

 

Interest cost

 

 

4,997

 

 

 

4,912

 

Benefits paid

 

 

(5,651

)

 

 

(6,086

)

Actuarial (gain) loss

 

 

(7,503

)

 

 

(9,039

)

Benefit obligation at end of year

 

$

110,949

 

 

$

118,180

 

Amounts recognized in the Consolidated Balance Sheet:

 

 

 

 

 

 

 

 

Other non-current liabilities

 

 

1,272

 

 

 

11,341

 

Total amounts recognized at end of year

 

$

1,272

 

 

$

11,341

 

 

Components of Net Periodic Pension Cost (Benefit)

 

 

 

2016

 

 

2015

 

 

2014

 

 

 

(000s)

 

Components of net periodic cost (benefit)

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

926

 

 

$

1,051

 

 

$

966

 

Interest cost

 

 

4,997

 

 

 

4,912

 

 

 

4,985

 

Expected return on plan assets

 

 

(5,708

)

 

 

(6,254

)

 

 

(7,772

)

Recognized actuarial loss

 

 

3,072

 

 

 

3,164

 

 

 

1,107

 

Net periodic cost

 

$

3,287

 

 

$

2,873

 

 

$

(714

)

 

Measurement Dates

 

 

 

2016

 

2015

Measurement Dates

 

 

 

 

Benefit obligations

 

12/31/2016

 

12/31/2015

Fair value of plan assets

 

12/31/2016

 

12/31/2015

 

Weighted-average Assumptions for Net Periodic Benefit Cost

 

 

 

2016

 

 

2015

 

Weighted average assumptions as of December 31

 

 

 

 

 

 

 

 

Discount rate

 

 

4.14

%

 

 

4.34

%

Rate of compensation increase

 

 

4.00

%

 

 

4.00

%

 

Weighted Average Assumptions

 

 

 

2016

 

 

2015

 

 

2014

 

Weighted-average assumptions for net periodic benefit

   cost calculations

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.34

%

 

 

3.95

%

 

 

4.95

%

Expected long-term rate of return on plan assets

 

 

5.50

%

 

 

5.50

%

 

 

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, 2016 and December 31, 2015 by asset category are as follows:

 

 

 

2016

 

 

2015

 

Equities:

 

 

 

 

 

 

 

 

U.S. Large Cap

 

$

8,547

 

 

$

8,520

 

U.S. Mid Cap

 

 

2,651

 

 

 

2,613

 

U.S. Small Cap

 

 

2,669

 

 

 

2,649

 

International Developed

 

 

6,534

 

 

 

6,406

 

Emerging Markets

 

 

4,360

 

 

 

4,114

 

Fixed income:

 

 

 

 

 

 

 

 

Core Fixed Income

 

 

23,719

 

 

 

23,782

 

Long Duration Fixed Income

 

 

58,312

 

 

 

55,931

 

Real Estate:

 

 

 

 

 

 

 

 

REIT Fund

 

 

2,216

 

 

 

2,212

 

Cash/Currency:

 

 

 

 

 

 

0

 

Cash Equivalents

 

 

669

 

 

 

612

 

Total market value

 

$

109,677

 

 

$

106,839

 

 

Estimated Future Benefit

There will be benefit payments under this plan beyond 2026.

 

Estimated Future Benefit Payments (000s)

 

 

 

 

2017

 

$

6,180

 

2018

 

 

6,421

 

2019

 

 

6,596

 

2020

 

 

6,716

 

2021

 

 

6,799

 

2022-2026

 

 

34,353

 

Total

 

$

67,065

 

 

Plan Assets

 

 

 

2016

 

 

2015

 

Plan Assets

 

 

 

 

 

 

 

 

Asset Category

 

 

 

 

 

 

 

 

Equity securities

 

 

23

%

 

 

23

%

Fixed income securities

 

 

75

%

 

 

75

%

Other

 

 

2

%

 

 

2

%

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 12/31/2016

 

 

Permitted Range

Total Equity

 

 

23

%

 

10-30%

Total Fixed Income

 

 

75

%

 

70-90%

Other

 

 

2

%

 

0-10%