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EMPLOYEE BENEFIT PLANS (Tables)
3 Months Ended
Mar. 31, 2015
EMPLOYEE BENEFIT PLANS  
Components of the net periodic benefit cost of the Company's defined benefit pension plan and unfunded excess benefit plan

 

 

Successor

 

 

Predecessor

 

 

 

Company

 

 

Company

 

 

 

February 1, 2015

 

 

January 1, 2015

 

For The

 

 

 

to

 

 

to

 

Three Months Ended

 

 

 

March 31, 2015

 

 

January 31, 2015

 

March 31, 2014

 

 

 

Defined

 

Unfunded

 

 

Defined

 

Unfunded

 

Defined

 

Unfunded

 

 

 

Benefit

 

Excess

 

 

Benefit

 

Excess

 

Benefit

 

Excess

 

 

 

Pension

 

Benefit

 

 

Pension

 

Benefit

 

Pension

 

Benefit

 

 

 

Plan

 

Plan

 

 

Plan

 

Plan

 

Plan

 

Plan

 

 

 

(Dollars In Thousands)

 

 

(Dollars In Thousands)

 

Service cost — benefits earned during the period

 

$

2,577

 

$

252

 

 

$

974

 

$

95

 

$

2,227

 

$

226

 

Interest cost on projected benefit obligation

 

2,652

 

371

 

 

1,002

 

140

 

2,587

 

406

 

Expected return on plan assets

 

(3,423

)

 

 

(1,293

)

 

(3,065

)

 

Amortization of prior service cost

 

(98

)

3

 

 

(33

)

1

 

(98

)

3

 

Amortization of actuarial losses

 

1,781

 

364

 

 

668

 

138

 

1,576

 

321

 

Total net periodic benefit cost

 

$

3,489

 

$

990

 

 

$

1,318

 

$

374

 

$

3,227

 

$

956

 

 

Predecessor  
EMPLOYEE BENEFIT PLANS  
Schedule of benefit obligation, fair value of plan assets and the funded status of the Company's defined benefit pension plan and unfunded excess benefit plan

 

 

 

Predecessor Company

 

 

 

Defined Benefit

 

Unfunded Excess

 

 

 

Pension Plan

 

Benefits Plan

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(Dollars In Thousands)

 

Accumulated benefit obligation, end of period

 

$

262,290

 

$

249,453

 

$

49,251

 

$

47,368

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of period

 

$

267,331

 

$

219,152

 

$

49,575

 

$

39,679

 

Service cost

 

974

 

9,411

 

95

 

954

 

Interest cost

 

1,002

 

10,493

 

140

 

1,696

 

Amendments

 

 

 

 

 

Actuarial (gain) or loss

 

12,384

 

38,110

 

1,555

 

9,153

 

Benefits paid

 

(592

)

(9,835

)

(122

)

(1,907

)

Projected benefit obligation at end of period

 

281,099

 

267,331

 

51,243

 

49,575

 

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

203,772

 

180,173

 

 

 

Actual return on plan assets

 

(3,525

)

17,921

 

 

 

Employer contributions(1)

 

2,165

 

15,513

 

122

 

1,907

 

Benefits paid

 

(592

)

(9,835

)

(122

)

(1,907

)

Fair value of plan assets at end of period

 

201,820

 

203,772

 

 

 

After reflecting FASB guidance

 

 

 

 

 

 

 

 

 

Funded status

 

(79,279

)

(63,559

)

(51,243

)

(49,575

)

Amounts recognized in the balance sheet:

 

 

 

 

 

 

 

 

 

Other liabilities

 

(79,279

)

(63,559

)

(51,243

)

(49,575

)

 

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive income:

 

 

 

 

 

 

 

 

 

Net actuarial loss

 

96,965

 

80,430

 

22,401

 

20,983

 

Prior service cost/(credit)

 

(1,001

)

(1,033

)

23

 

24

 

Net transition asset

 

$

95,964

 

$

79,397

 

$

22,424

 

$

21,007

 

 

(1)

Employer contributions disclosed are based on the Company’s fiscal filing year.

Schedule of weighted-average assumptions used to determine benefit obligations

 

 

 

Defined Benefit

 

Unfunded Excess

 

Postretirement

 

 

 

Pension Plan

 

Benefit Plan

 

Life Insurance Plan

 

Discount rate

 

3.55 

%

3.26 

%

3.79 

%