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PENSION AND PROFIT SHARING PLANS (Tables)
12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Presented below is financial information relating to this plan for the periods indicated (dollars in thousands):
  
 
 
 
 
 
Period from
 
 
 
 
 
March 1, 2015
 
 
 
Year Ended
 
through
 
 
 
December 31, 2016
 
December 31, 2015
 
 
 
 
 
 
 
CHANGE IN BENEFIT OBLIGATION:
 
 
 
 
 
 
 
Net benefit obligation - beginning of period
 
$
13,394
 
$
13,333
 
Interest cost
 
 
653
 
 
538
 
Actuarial loss
 
 
867
 
 
52
 
Gross benefits paid
 
 
(636)
 
 
(529)
 
Net benefit obligation - end of period
 
$
14,278
 
$
13,394
 
 
 
 
 
 
 
 
 
CHANGE IN PLAN ASSETS:
 
 
 
 
 
 
 
Fair value of plan assets - beginning of period
 
$
10,254
 
$
10,423
 
Employer contributions
 
 
575
 
 
631
 
Gross benefits paid
 
 
(636)
 
 
(529)
 
Actual return (loss) on plan assets
 
 
696
 
 
(271)
 
Fair value of plan assets - end of period
 
$
10,889
 
$
10,254
 
 
 
 
 
 
 
 
 
Funded status at end of period
 
$
(3,389)
 
$
(3,140)
 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The pension expense includes the following components (dollars in thousands):
  
 
 
 
 
 
 
Period from 
 
 
 
 
 
 
March 1,
 
 
 
Year Ended
 
 
2015 through
 
 
 
December 31, 2016
 
 
December 31, 2015
 
 
 
 
 
 
 
 
COMPONENTS OF NET PERIODIC COST:
 
 
 
 
 
 
 
 
Interest cost
 
$
653
 
 
$
538
 
(Gain) loss of assets
 
 
(696)
 
 
 
271
 
Amortization of loss
 
 
478
 
 
 
454
 
Net periodic cost
 
$
435
 
 
$
1,263
 
 
 
 
 
 
 
 
 
 
WEIGHTED-AVERAGE ASSUMPTION USED:
 
 
 
 
 
 
 
 
Discount rate
 
 
5.0
%
 
 
5.0
%
Rate of compensation increase
 
 
0.0
%
 
 
0.0
%
Schedule of Expected Benefit Payments
As of December 31, 2016 the benefits expected to be paid in the next five fiscal years and then in the aggregate for the five fiscal years thereafter are as follows (dollars in thousands):
 
Year
 
Amount
 
 
 
 
2017
 
$
807
2018
 
 
918
2019
 
 
932
2020
 
 
940
2021
 
 
969
2022-2026
 
 
4,678
Schedule Of Level One Defined Benefit Plan Assets Roll Forward
The fair values and asset allocation of our plan assets as of December 31, 2016 and December 31, 2015 and the target allocation for fiscal 2016, by asset category, are presented in the following table. All fair values are based on quoted prices in active markets for identical assets (Level 1 in the fair value hierarchy) (dollars in thousands):
 
 
 
 
 
 
December 31, 2016
 
December 31, 2015
 
 
 
 
 
 
 
 
% of Plan
 
 
 
% of Plan
 
Asset Category
 
Asset Allocation
 
Fair Value
 
Assets
 
Fair Value
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
 
0% to 10%
 
$
648
 
 
6
%
$
932
 
 
9
%
Equity securities
 
40% to 55%
 
 
5,871
 
 
54
%
 
5,295
 
 
52
%
Fixed income securities
 
35% to 50%
 
 
4,150
 
 
38
%
 
3,854
 
 
37
%
Alternative investments
 
2% to 10%
 
 
220
 
 
2
%
 
173
 
 
2
%
Total
 
 
 
$
10,889
 
 
100
%
$
10,254
 
 
100
%