XML 41 R27.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note 8 - Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2015
Capital Accumulation Plan [Member]  
Notes Tables  
Defined Contribution Plan Disclosures [Table Text Block]
 
 
Year Ended December 31,
 
 
 
2015
 
 
2014
 
 
2013
 
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
Matching contributions to the
Capital Accumulation Plan
    1,898     $ 26       2,341     $ 25       5,235     $ 28  
Asset Classets [Member]  
Notes Tables  
Schedule of Allocation of Plan Assets [Table Text Block]
 
 
Target Range
 
 
 
Strategic Allocation
 
Lower Limit
 
Upper Limit
 
Asset class:              
Equities:
                           
Large cap value
    5%         0%       50%    
Large cap blend
    5%         0%       50%    
Large cap growth
    5%         0%       50%    
Mid-cap blend
    15%         0%       40%    
Small cap core
    5%         0%       25%    
Foreign large blend
    10%         0%       40%    
Emerging markets
    10%         0%       25%    
Real estate
    5%         0%       20%    
Fixed Income:
                           
U.S. Treasury inflation protected
    5%         0%       25%    
Intermediate term bond
    10%         0%       50%    
Long term government bond
    5%         0%       40%    
Hight yield bond
    10%         0%       25%    
Emerging markets bond
    10%         0%       20%    
Money market taxable
    0%         0%       100%    
Asset Categories [Member]  
Notes Tables  
Schedule of Allocation of Plan Assets [Table Text Block]
 
 
As of December 31,
 
 
 
2015
 
 
2014
 
Asset category:
                   
Insurance general account
    26%         28%    
Cash management accounts
    2%         3%    
Equity accounts
    54%         64%    
Fixed income accounts
    14%         5%    
Real estate accounts
    4%         0%    
Total
    100%         100%    
Schedule of Net Funded Status [Table Text Block]
 
 
December 31,
 
 
 
2015
 
 
2014
 
Change in projected benefit obligation:
 
 
 
 
 
 
 
 
Projected benefit obligation at beginning of year
  $ 108,006     $ 83,533  
Service cost
    3,130       5,162  
Interest cost
    4,159       4,106  
Actuarial losses
    420       16,712  
Benefits paid
    (1,683 )     (1,507 )
Effect of pension curtailment
    (10,833 )     -  
Projected benefit obligation at end of year
  $ 103,199     $ 108,006  
                 
Change in plan assets:
 
 
 
 
 
 
 
 
Fair value of pension plan assets at beginning of year
  $ 66,813     $ 58,063  
Actual return on plan assets
    (1,034 )     3,940  
Company contributions
    5,150       6,317  
Benefits paid
    (1,683 )     (1,507 )
Fair value of pension plan assets at end of year
    69,246       66,813  
Funded status of pension plan
  $ (33,953 )   $ (41,193 )
                 
Amounts recognized in our balance sheets consist of:
 
 
 
 
 
 
 
 
Accrued benefit cost
  $ (8,994 )   $ (10,057 )
Accumulated other comprehensive loss
    (24,959 )     (31,136 )
Net liability recognized
  $ (33,953 )   $ (41,193 )
Schedule of Assumptions Used [Table Text Block]
 
 
Year Ended December 31,
 
 
 
2015
 
 
2014
 
Weighted-average assumptions used to determine net periodic
benefit cost for the Gray pension plan:
               
Discount rate
    4.00 %     4.97 %
Expected long-term rate of return on pension plan assets
    7.00 %     7.00 %
Estimated rate of increase in compensation levels
    5.63 %     5.63 %
 
 
As of December 31,
 
 
 
2015
 
 
2014
 
Weighted-average assumptions used to determine benefit obligations:
               
Discount rate
    4.31 %     4.00 %
Estimated rate of increase in compensation levels
    N/A       5.63 %
Schedule of Net Benefit Costs [Table Text Block]
 
 
Year Ended December 31,
 
 
 
2015
 
 
2014
 
 
2013
 
Components of net periodic pension cost:
                       
Service cost
  $ 3,130     $ 5,162     $ 5,165  
Interest cost
    4,159       4,106       3,553  
Expected return on plan assets
    (4,782 )     (4,200 )     (3,400 )
Recognized net actuarial loss
    1,580       969       3,131  
Net periodic pension cost
  $ 4,087     $ 6,037     $ 8,449  
Schedule of Expected Benefit Payments [Table Text Block]
Years
   
Amount
 
  2016
 
  $ 2,312  
  2017
 
    2,464  
  2018
 
    2,646  
  2019
 
    2,931  
  2020
 
    3,372  
2021 - 2025     20,521  
Defined Benefit Plan, Fair Value of Plan Assets [Table Text Block]
 
 
As of December 31, 2015
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
Assets:
                               
Insurance general account
  $ -     $ 17,918     $ -     $ 17,918  
Cash management accounts
    1,273       -       -       1,273  
Equity accounts
    37,621       -       -       37,621  
Fixed income accounts
    9,924       -       -       9,924  
Real estate accounts
    2,510       -       -       2,510  
Total
  $ 51,328     $ 17,918     $ -     $ 69,246  
 
 
As of December 31, 2014
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
Assets:
                               
Insurance general account
  $ -     $ 18,598     $ -     $ 18,598  
Cash management accounts
    -       2,319       -       2,319  
Equity accounts
    -       42,608       -       42,608  
Fixed income account
    -       3,288       -       3,288  
Total
  $ -     $ 66,813     $ -     $ 66,813