XML 57 R40.htm IDEA: XBRL DOCUMENT

RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of weighted-average rates assumed in the actuarial calculations for the pension plan and other postretirement benefit plans


	2017		2016		2015
Discount Rate – Pension Benefit	4.6	%	4.3	%	5.8	%
Discount Rate – Postretirement Benefit	4.3	%	3.9	%	N/A
Annual salary increase	6.5	%	6.5	%	6.5	%
Expected long-term return on plan assets	6.1	%	6.3	%	6.5	%

Schedule of effect of one-percentage point increase in assumed health care cost trend rates of net periodic postretirement health care benefit cost


	2017						2016
	Accumulated postretirement benefit obligation			Service cost plus interest cost			Accumulated postretirement benefit obligation			Service cost plus interest cost

At trend		5,308			389			5,108			194
At trend + 1%		5,723			429			5,487			214
Dollar Impact		415			40			379			20
Percentage Impact		7.8	%		10.3	%		7.4	%		10.3	%
At trend – 1%		4,944			355			4,775			177
Dollar Impact		(364)			(34)			(333)			(17)
Percentage Impact		(6.9)	%		(8.7)	%		(6.5)	%		(8.8)	%

Schedule of changes during the year in the projected benefit obligations and in the fair value of plan assets

Changes during the year in the projected benefit obligations and in the fair value of plan assets are as follows for 2017 and 2016 (in thousands):


	2017				2016

	Pension Benefits		Postretirement Benefits		Pension Benefits		Postretirement Benefits
Projected benefit obligations:
Balance at beginning of year:	$	76,119	$	5,108	$	14,400	$	—
Viya Acquisition		—		—		69,178		5,472
Service cost		1,676		183		1,308		97
Interest cost		3,388		206		2,002		97
Curtailment		—		—		128		—
Benefits and settlements paid		(3,942)		(367)		(6,445)		(206)
Actuarial (gain) loss		3,114		177		(4,437)		(325)
Experience loss		—		—		(15)		(27)
Balance at end of year	$	80,355	$	5,307	$	76,119	$	5,108
Plan net assets:
Balance at beginning of year:	$	75,331	$	—	$	11,946	$	—
Viya Acquisition		—		—		45,116		—
Actual return on plan assets		8,789		—		1,717		—
Company contributions		842		367		22,963		206
Benefits and settlements paid		(4,070)		(367)		(6,411)		(206)
Balance at end of year	$	80,892	$	—	$	75,331	$	—
Under funded status of plan	$	537	$	(5,307)	$	(788)	$	(5,108)

Schedule of funded status of the Company’s pension and other retirement benefit plans

The funded status of the Company’s pension and other retirement benefit plans is below (in thousands):


	2017						2016

	GT&T Pension Benefit		Viya Pension Benefit		Postretirement Benefits		GT&T Pension Benefit		Viya Pension Benefit		Postretirement Benefits

Projected benefit obligation	$	13,205	$	67,150	$	5,307	$	12,549	$	63,571	$	5,108
Plan Net Assets		10,307		70,585		—		8,655		66,676		—
Over/ (Under) funded status of plan	$	(2,898)	$	3,435	$	(5,307)	$	(3,894)	$	3,105	$	(5,108)

Schedule of fair values for the pension plan's net assets, by asset category

The fair values for the pension plan’s net assets, by asset category, at December 31, 2017 are as follows (in thousands):


Asset Category	Total		Level 1		Level 2		Level 3
Cash, cash equivalents, money markets and other	$	6,363	$	6,363	$	—	$	—
Common stock		28,467		25,312		3,155		—
Mutual funds - equities		9,248		9,248		—		—
Exchange traded funds - equities		904		904		—		—
Fixed income securities		35,414		—		35,414		—
Annuities		496		—		—		496
Total	$	80,892	$	41,827	$	38,569	$	496

The fair values for the pension plan’s net assets, by asset category, at December 31, 2016 are as follows (in thousands):


Asset Category	Total		Level 1		Level 2		Level 3
Cash, cash equivalents, money markets and other	$	32,976	$	32,976	$	—	$	—
Common stock		22,560		21,344		1,216		—
Mutual funds - equities		7,141		6,180		961		—
Exchange traded funds - equities		1,553		1,553		—		—
Fixed income securities		10,598		—		10,598		—
Annuities		503		—		—		503
Total	$	75,331	$	62,053	$	12,775	$	503

Schedule of weighted-average asset allocations, by asset category


	2017		2016
Cash, cash equivalents, money markets and other	8	%	44	%
Common stock	35		30
Mutual funds - equities	11		9
Exchange traded funds - equities	1		2
Fixed income securities	44		14
Annuities	1		1
Total	100	%	100	%

Schedule of amounts recognized on the Company's consolidated balance sheets

Amounts recognized on the Company’s consolidated balance sheets consist of (in thousands):


	As of December 31,
	2017				2016
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits

Accrued and current liabilities	$	—	$	392	$	—	$	381
Other Liabilities		2,898		4,915		3,894		4,727
Other Assets		3,435		—		3,105		—
Accumulated other comprehensive income, net of tax		2,953		174		1,418		352

Schedule of amounts recognized in accumulated other comprehensive loss

Amounts recognized in accumulated other comprehensive loss consist of (in thousands):


	As of December 31,
	2017				2016
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits

Net actuarial gain / (loss)	$	1,408	$	174	$	(386)	$	352
Accumulated other comprehensive income / ( loss), pre-tax		1,408		174		(386)		352
Accumulated other comprehensive income, net of tax		2,953		174		1,418		352

Schedule of components of the plan's net periodic pension cost

Components of the plan’s net periodic pension cost are as follows for the years ended December 31, 2017, 2016 and 2015 (in thousands):


	2017				2016				2015
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits

Service cost	$	1,676	$	183	$	1,308	$	97	$	652	$	—
Interest cost		3,388		206		2,002		97		766		—
Expected return on plan assets		(4,470)		—		(2,024)		—		(813)		—
Amortization of unrecognized net actuarial loss		716		—		1,271		—		245		—
Curtailment		—		—		128		—		—		—
Net periodic pension cost	$	1,310	$	389	$	2,685	$	194	$	850	$	—

Schedule of estimated benefits

The following estimated benefits, which reflect expected future service, as appropriate, are expected to be paid over the next ten years as indicated below (in thousands):


	Pension		Postretirement
Fiscal Year	Benefits		Benefits
2018	$	4,088	$	399
2019		4,772		362
2020		4,190		327
2021		4,380		297
2022		4,915		322
2023 - 2027		22,938		1,807
	$	45,283	$	3,514