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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Obligation and funded status of the pension and postretirement benefit plans
Following are the details of the obligation and funded status of the pension and postretirement benefit plans:
(in thousands)
Pension Benefits
 
Postretirement Benefits
Change in benefit obligation
2015
 
2014
 
2015
 
2014
Benefit obligation at beginning of year
$
133,984

 
$
103,612

 
$
42,300

 
$
33,383

Service cost
236

 
180

 
900

 
687

Interest cost
182

 
4,774

 
1,584

 
1,511

Actuarial (gains) losses
(6,299
)
 
29,059

 
(4,762
)
 
7,341

Participant contributions
—

 
—

 
535

 
532

Retiree drug subsidy received
—

 
—

 
138

 
107

Benefits paid
(119,426
)
 
(3,641
)
 
(1,543
)
 
(1,261
)
Benefit obligation at end of year
$
8,677

 
$
133,984

 
$
39,152

 
$
42,300

(in thousands)
Pension Benefits
 
Postretirement Benefits
Change in plan assets
2015
 
2014
 
2015
 
2014
Fair value of plan assets at beginning of year
$
116,041

 
$
110,862

 
$
—

 
$
—

Actual gains on plan assets
517

 
8,689

 
—

 
—

Company contributions
3,153

 
131

 
1,008

 
729

Participant contributions
—

 
—

 
535

 
532

Benefits paid
(119,426
)
 
(3,641
)
 
(1,543
)
 
(1,261
)
Fair value of plan assets at end of year
$
285

 
$
116,041

 
$
—

 
$
—

 
 
 
 
 
 
 
 
Under funded status of plans at end of year
$
(8,392
)
 
$
(17,943
)
 
$
(39,152
)
 
$
(42,300
)
Amounts recognized in the Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets at December 31, 2015 and 2014 consist of:
 
Pension Benefits
 
Postretirement Benefits
(in thousands)
2015
 
2014
 
2015
 
2014
Accrued expenses
$
(1,051
)
 
$
(165
)
 
$
(1,247
)
 
$
(1,274
)
Employee benefit plan obligations
(7,341
)
 
(17,778
)
 
(37,905
)
 
(41,012
)
Net amount recognized
$
(8,392
)
 
$
(17,943
)
 
$
(39,152
)
 
$
(42,286
)
Pre-tax amounts recognized in accumulated other comprehensive loss
Following are the details of the pre-tax amounts recognized in accumulated other comprehensive loss at December 31, 2015:
 
Pension Benefits
 
Postretirement Benefits
(in thousands)
Unamortized Actuarial Net Losses
 
Unamortized Prior Service Costs
 
Unamortized Actuarial Net Losses
 
Unamortized Prior Service Costs
Balance at beginning of year
$
64,588

 
$
—

 
$
18,267

 
$
(898
)
Amounts arising during the period
(6,815
)
 
—

 
(4,762
)
 
—

Settlement recognition
(51,446
)

—


—


—

Amounts recognized as a component of net periodic benefit cost
(1,516
)
 
—

 
(1,517
)
 
543

Balance at end of year
$
4,811

 
$
—

 
$
11,988

 
$
(355
)
Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year, excluding the impact of the pension termination, are as follows:
(in thousands)
Pension
 
Postretirement
 
Total
Prior service cost
$
—

 
$
(543
)
 
$
(543
)
Net actuarial loss
1,516

 
1,517

 
3,033
Amounts applicable to the Company's defined benefit plans with accumulated benefit obligations in excess of plan assets
Amounts applicable to the Company's defined benefit plans with accumulated benefit obligations in excess of plan assets are as follows:
 
December 31,
(in thousands)
2015
 
2014
Projected benefit obligation
$
8,392

 
$
17,943

Accumulated benefit obligation
$
8,392

 
$
17,943
Defined benefit plan estimated future benefit payments
The combined benefits expected to be paid for all Company defined benefit plans over the next ten years (in thousands) are as follows:
Year
 
Expected Pension Benefit Payout
 
Expected Postretirement Benefit Payout
 
Medicare Part D
Subsidy
2016
 
$
218

 
$
1,409

 
$
(162
)
2017
 
860

 
1,516

 
(184
)
2018
 
1,061

 
1,622

 
(209
)
2019
 
1,225

 
1,735

 
(240
)
2020
 
1,357

 
1,850

 
(271
)
2021-2025
 
3,455

 
10,919

 
(1,879
)
Components of the net periodic benefit cost
Following are components of the net periodic benefit cost for each year:
 
Pension Benefits
 
Postretirement Benefits
 
December 31,
 
December 31,
(in thousands)
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Service cost
$
236

 
$
180

 
$
—

 
$
900

 
$
687

 
$
841

Interest cost
182

 
4,774

 
4,227

 
1,584

 
1,511

 
1,366

Expected return on plan assets
—

 
(7,615
)
 
(7,005
)
 
(543
)
 
(543
)
 
(543
)
Recognized net actuarial loss
1,516

 
934

 
1,530

 
1,517

 
812

 
1,473

Benefit cost (income)
$
1,934

 
$
(1,727
)
 
$
(1,248
)
 
$
3,458

 
$
2,467

 
$
3,137
Schedule of assumptions used
Following are weighted average assumptions of pension and postretirement benefits for each year:
 
Pension Benefits
 
Postretirement Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Used to Determine Benefit Obligations at Measurement Date
 
 
 
 
 
 
 
 
 
 
 
Discount rate (a)
N/A

 
0.65
%
 
4.7
%
 
4.2
%
 
3.9
%
 
4.8
%
Used to Determine Net Periodic Benefit Cost for Years ended December 31
 
 
 
 
 
 
 
 
 
 
 
Discount rate (b)
0.65
%
 
4.7
%
 
3.8
%
 
3.9
%
 
4.8
%
 
3.9
%
Expected long-term return on plan assets
N/A

 
7
%
 
7.25
%
 
—

 
—

 
—

Rate of compensation increases
N/A

 
N/A

 
N/A

 
—

 
—

 
—

(a)
In 2014 and 2013, the calculated discount rate for the unfunded pension plan was different than the defined benefit pension plan. The calculated rate for the unfunded employee retirement plan was 2.60%, 2.40% and 2.90% in 2015, 2014 and 2013, respectively. Since it was terminated in 2015, the defined benefit pension plan did not have a discount rate in the current year.
(b)
In 2015, 2014 and 2013, the calculated discount rate for the unfunded pension plan was different than the defined benefit pension plan. The calculated rate for the unfunded employee retirement plan was 2.40%, 2.90% and 2.10% in 2015, 2014 and 2013, respectively.
Assumed health care cost trend rates at beginning of year

Assumed Health Care Cost Trend Rates at Beginning of Year
 
 
 
 
2015
 
2014
Health care cost trend rate assumed for next year
5.5
%
 
6.0
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
5.0
%
 
5.0
%
Year that the rate reaches the ultimate trend rate
2017

 
2017
Assumed health care cost trend rate has an effect on the amounts reported for postretirement benefits
The assumed health care cost trend rate has an effect on the amounts reported for postretirement benefits. A one-percentage-point change in the assumed health care cost trend rate would have the following effects:
 
One-Percentage-Point
(in thousands)
Increase
 
Decrease
Effect on total service and interest cost components in 2015
$
(3
)
 
$
3

Effect on postretirement benefit obligation as of December 31, 2015
(114
)
 
98
Company's pension plan weighted average asset allocations
Weighted average asset allocations at December 31 by asset category, are as follows:
Asset Category
2015
 
2014
Fixed income securities
—
%
 
98
%
Cash and cash equivalents
100
%
 
2
%
 
100
%
 
100
%
Fair value of the assets (by asset category) in the Company's defined benefit pension plan
The following tables present the fair value of the assets (by asset category) in the Company's defined benefit pension plan at December 31, 2015 and 2014:
(in thousands)
December 31, 2015
Assets
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents
285

 
—

 
—

 
285

Total
$
285

 
$
—

 
$
—

 
$
285

(in thousands)
December 31, 2014
Assets
Level 1
 
Level 2
 
Level 3
 
Total
Money market fund
—

 
2,478

 
—

 
2,478

Fixed income funds
—

 
113,544

 
—

 
113,544

Total
$
—

 
$
116,022

 
$
—

 
$
116,022