XML 44 R30.htm IDEA: XBRL DOCUMENT v3.3.1.900
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of status of defined benefit pension plans
The status of the defined benefit pension plans at year-end was as follows:
 
 
Year Ended December 31,
In thousands
 
2015
 
2014
Change in benefit obligation
 
 

 
 

Benefit obligation at beginning of year
 
$
191,065

 
$
161,370

Service cost
 

 
100

Interest cost
 
7,724

 
7,698

Actuarial (gain) loss
 
(10,861
)
 
32,018

Benefits paid
 
(9,213
)
 
(9,051
)
Curtailments
 

 
(1,070
)
Benefit obligation at end of year
 
$
178,715

 
$
191,065

 
 
 
 
 
Change in plan assets
 
 

 
 

Fair value of plan assets at beginning of year
 
124,372

 
120,604

Actual return on plan assets
 
982

 
6,887

Contributions
 
5,541

 
5,932

Benefits paid
 
(9,213
)
 
(9,051
)
Fair value of plan assets at end of year
 
$
121,682

 
$
124,372

 
 
 
 
 
Funded status at end of year
 
$
(57,033
)
 
$
(66,693
)
Schedule of amounts recognized in the Consolidated Balance Sheets
The following amounts have been recognized in the Consolidated Balance Sheets at December 31:
In thousands
 
2015
 
2014
Other current liabilities
 
$
1,542

 
$
1,537

Pensions
 
55,491

 
65,156

 
 
$
57,033

 
$
66,693

Schedule of amounts recognized in accumulated other comprehensive loss
The following amounts have been recognized in accumulated other comprehensive loss, net of tax, at December 31:
In thousands
 
2015
 
2014
Net loss
 
$
43,915

 
$
49,560

Prior service cost
 

 

 
 
$
43,915

 
$
49,560

Schedule of accumulated benefit obligation in excess of plan assets
The following information is presented for pension plans with an accumulated benefit obligation in excess of plan assets:
In thousands
 
2015
 
2014
Projected benefit obligation
 
$
178,715

 
$
191,065

Accumulated benefit obligation
 
$
178,715

 
$
191,065

Fair value of plan assets
 
$
121,682

 
$
124,372

Schedule of net periodic benefit cost and other amounts recognized in other comprehensive income (loss)
The following table presents the components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for both plans:
 
 
Year Ended December 31,
In thousands
 
2015
 
2014
 
2013
Net Periodic Benefit Cost (Pre-Tax)
 
 

 
 

 
 

Service cost
 
$

 
$
100

 
$
343

Interest cost
 
7,724

 
7,698

 
7,237

Expected return on plan assets
 
(8,637
)
 
(8,418
)
 
(7,383
)
Amortization of prior service cost
 

 

 

Recognized actuarial loss
 
6,228

 
3,654

 
6,687

Net periodic benefit cost
 
$
5,315

 
$
3,034

 
$
6,884

 
 
 
 
 
 
 
Amounts Recognized in Other Comprehensive Income (Loss) (Pre-Tax)
 
 

 
 

 
 

Net (gain) loss
 
$
(9,408
)
 
$
28,802

 
$
(36,920
)
Prior service cost
 

 

 

Total (benefit) cost recognized in other comprehensive loss
 
$
(9,408
)
 
$
28,802

 
$
(36,920
)
 
 
 
 
 
 
 
Net (benefit) cost recognized in net periodic benefit cost and other comprehensive (income) loss
 
$
(4,093
)
 
$
31,836

 
$
(30,036
)
Schedule of weighted-average assumptions used for measurement of the defined pension plans
The weighted-average assumptions used for measurement of the defined pension plans were as follows:
 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
Weighted-average assumptions used to determine net periodic benefit cost
 
 

 
 

 
 

Discount rate
 
4.13
%
 
4.94
%
 
4.15
%
Expected return on plan assets
 
7.00
%
 
7.00
%
 
7.25
%
Rate of compensation increase
 
N/A

 
N/A

 
3.00
%
 
 
December 31,
 
 
2015
 
2014
Weighted-average assumptions used to determine benefit obligations
 
 

 
 

Discount rate
 
4.49
%
 
4.13
%
Rate of compensation increase
 
N/A

 
N/A

Schedule of funded pension plan assets by asset category
The funded pension plan assets as of December 31, 2015 and 2014, by asset category, are as follows:
In thousands 
 
2015
 
%
 
2014
 
%
Equity securities
 
$
83,185

 
68
%
 
$
82,010

 
66
%
Debt securities
 
32,726

 
27
%
 
32,381

 
26
%
Other
 
5,771

 
5
%
 
9,981

 
8
%
Total plan assets
 
$
121,682

 
100
%
 
$
124,372

 
100
%
Schedule of fair value of plan assets
The following tables present the fair value measurements of the assets in our funded pension plan:
In thousands
 
December 31,
2015
 
Quoted Prices 
in Active Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Equity securities
 
$
83,185

 
$
83,301

 
$

 
$

Debt securities
 
32,726

 
32,726

 

 

Other
 
5,771

 

 
5,771

 

Total
 
$
121,682

 
$
116,027

 
$
5,771

 
$

In thousands
 
December 31,
2014
 
Quoted Prices 
in Active Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Equity securities
 
$
82,010

 
$
82,010

 
$

 
$

Debt securities
 
32,381

 
32,381

 

 

Other
 
9,981

 

 
9,981

 

Total
 
$
124,372

 
$
114,391

 
$
9,981

 
$

Schedule of investment mix, which is intended to subject the principal to an acceptable level of volatility while still meeting the desired return objectives
The policy establishes the following investment mix, which is intended to subject the principal to an acceptable level of volatility while still meeting the desired return objectives:
 
 
Target
 
Acceptable Range
 
Benchmark Index
Domestic Equities
 
50.0
%
 
35
%
 -
75%
 
S&P 500
Large Cap Growth
 
22.5
%
 
15
%
 -
30%
 
Russell 1000 Growth
Large Cap Value
 
22.5
%
 
15
%
 -
30%
 
Russell 1000 Value
Mid Cap Value
 
5.0
%
 
5
%
 -
15%
 
Russell Mid Cap Value
Mid Cap Growth
 
0.0
%
 
0
%
 -
10%
 
Russell Mid Cap Growth
 
 
 
 
 
 
 
 
 
Domestic Fixed Income
 
35.0
%
 
15
%
 -
50%
 
LB Aggregate
International Equities
 
15.0
%
 
10
%
 -
25%
 
MSC1 EAFE
Schedule of expected future pension benefit payments
The expected future pension benefit payments for the next ten years as of December 31, 2015 are as follows:
In thousands
 
 
2016
 
$
9,418

2017
 
9,623

2018
 
9,801

2019
 
9,930

2020
 
10,296

2021-2025
 
56,274

 
 
$
105,342