XML 80 R67.htm IDEA: XBRL DOCUMENT v3.3.1.900
EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
EMPLOYEE BENEFIT PLANS [Abstract]    
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block]
The following table provides the change in benefit obligation, change in plan assets, funded status and amounts recognized in the consolidated balance sheet of the defined benefit pension plans as of December 31, 2015 and 2014 (amounts in thousands):
Change in benefit obligation:
2015
 
2014
Benefit obligation at beginning of year
$
126,766

 
$
123,182

Service cost
404

 
618

Interest cost
4,837

 
5,653

Actuarial (gain) loss
(4,859
)
 
9,382

Benefits paid
(8,550
)
 
(9,187
)
Foreign currency translation
(3,000
)
 
(2,882
)
Benefit obligation at end of year
$
115,598

 
$
126,766

Change in plan assets:
 

 
 

Fair value of plan assets at beginning of year
$
84,281

 
$
83,952

Actual return on plan assets
(1,670
)
 
3,912

Employer contributions
3,575

 
5,685

Benefits paid
(7,608
)
 
(9,032
)
Foreign currency translation
(186
)
 
(236
)
Fair value of plan assets at end of year
$
78,392

 
$
84,281

Unfunded status at end of year
$
(37,206
)
 
$
(42,485
)
Amounts recognized in consolidated balance sheet:
 

 
 

Noncurrent assets
$
812

 
$
537

Current liabilities
(1,613
)
 
(3,569
)
Noncurrent liabilities
(36,405
)
 
(39,453
)
Net amount recognized in the consolidated balance sheet
$
(37,206
)
 
$
(42,485
)
 
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]
Amounts recognized in accumulated other comprehensive loss:
 
 
 
 
2015
 
2014
Unrecognized prior service cost
$
(481
)
 
$
(618
)
Unrecognized net loss
(41,730
)
 
(41,370
)
Deferred tax effect of unrecognized items
15,490

 
15,929

Net amount recognized in accumulated other comprehensive loss
$
(26,721
)
 
$
(26,059
)
 
Schedule of Assumptions Used [Table Text Block]
The weighted-average assumptions used in the actuarial computation that derived the benefit obligations at December 31 were as follows:
2015
 
2014
Discount rate
4.4
%
 
4.1
%
Expected long-term return on plan assets
7.4
%
 
7.4
%
The weighted-average assumptions used in the actuarial computation that derived net periodic pension cost for the years ended December 31, 2015, 2014 and 2013 were as follows:
 
2015
 
2014
 
2013
Discount rate
5.8
%
 
5.9
%
 
4.7
%
Expected long-term return on plan assets
7.4
%
 
7.4
%
 
7.4
%
 
Schedule of Net Benefit Costs [Table Text Block]
The following table provides the components of net periodic pension cost for the plans, settlement cost and the assumptions used in the measurement of the Company’s benefit obligation for the years ended December 31, 2015, 2014 and 2013 (amounts in thousands):
Components of net periodic benefit cost and other
amounts recognized in other comprehensive income (loss)
 
 
 
 
 
Net periodic benefit cost:
2015
 
2014
 
2013
Service cost
$
404

 
$
618

 
$
850

Interest cost
4,837

 
5,653

 
5,408

Assumed return on assets
(6,051
)
 
(6,068
)
 
(5,585
)
Amortization of unrecognized prior service cost
137

 
137

 
137

Amortization of net unrecognized loss
2,917

 
3,033

 
5,264

Net periodic pension cost
$
2,244

 
$
3,373

 
$
6,074

 
Schedule of Allocation of Plan Assets [Table Text Block]
The allocation of the fair value of plan assets was as follows:
 
Percentage of Plan Assets
at December 31,
 
Target
Allocation
Asset Category
2015
 
2014
 
2016
U.S. equities (a)
54
%
 
61
%
 
40% - 80%
Fixed income
27
%
 
25
%
 
20% - 50%
Cash and cash equivalents
10
%
 
5
%
 
0% - 20%
International equities (a)
9
%
 
9
%
 
0% - 16%
 
100
%
 
100
%
 
 
 
(a)
Total equities may not exceed 80% of total plan assets.
The fair value of the plan assets by asset categories at December 31, 2015 was as follows (amounts in thousands):
 
Fair Value Measurements as of December 31, 2015
 
Total
 
Level 1
 
Level 2
 
Level 3
Money market funds
$
5,514

 
$
5,514

 
$

 
$

Domestic common stock
27,996

 
27,996

 

 

Foreign common stock
2,727

 
2,727

 

 

Corporate bonds
4,996

 
4,996

 

 

Foreign bonds
1,590

 

 
1,590

 

U.S. government securities
13

 
13

 

 

Insurance fund
1,663

 

 
1,663

 

Common / collective trusts
33,893

 

 
33,893

 

Totals
$
78,392

 
$
41,246

 
$
37,146

 
$

The fair value of the plan assets by asset categories at December 31, 2014 was as follows (amounts in thousands):
 
Fair Value Measurements as of December 31, 2014
 
Total
 
Level 1
 
Level 2
 
Level 3
Money market funds
$
3,325

 
$
3,325

 
$

 
$

Domestic common stock
32,472

 
32,472

 

 

Foreign common stock
3,986

 
3,986

 

 

Corporate bonds
5,875

 
5,875

 

 

Foreign bonds
1,611

 

 
1,611

 

U.S. government securities
14

 
14

 

 

Mutual funds

 

 

 

Insurance funds
1,799

 

 
1,799

 

Common / collective trusts
35,199

 

 
35,199

 

Totals
$
84,281

 
$
45,672

 
$
38,609

 
$

Schedule of Expected Benefit Payments [Table Text Block]
Projected benefit payments from the plans as of December 31, 2015, are estimated as follows (amounts in thousands):
2016
$
8,861

2017
8,406

2018
8,355

2019
8,043

2020
8,168

2021-2025
40,021