XML 52 R39.htm IDEA: XBRL DOCUMENT v3.6.0.2
Retirement Plans And Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2016
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
Components Of Consolidated Net Pension Costs Retirement Plans
The components of our consolidated net pension costs are set forth in the following table:
 
Predecessor
 
Successor
 
2014
 
For the Period January 1 Through August 14, 2015
 
For the Period August 15 Through December 31, 2015
 
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
 
 
 
 
(Dollars in thousands)
Service cost
$
750

 
$
1,107

 
$
151

 
$
98

 
$
386

 
$
281

Interest cost
5,983

 
2,669

 
854

 
554

 
2,200

 
94

Expected return on assets
(5,215
)
 
(2,516
)
 
—

 
—

 
(1,885
)
 
(59
)
Amortization of prior service cost
—

 
2

 
—

 
(12
)
 
—

 
—

Curtailment gain
—

 
(28
)
 
—

 
—

 
—

 
(675
)
Mark-to-market loss (gain)
18,431

 
(534
)
 
—

 
—

 
716

 
1,843

Pension costs
$
19,949

 
$
700

 
$
1,005

 
$
640

 
$
1,417

 
$
1,484
Amounts Recognized In Other Comprehensive Income Retirement Plans
The mark-to-market loss in 2015 was caused by changes to the discount rate. The mark-to-market gain in 2016 was the result of better than expected asset returns and favorable change to the mortality tables, partially offset by unfavorable changes to the discount rate.
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation Of Pension Plans' Benefit Obligations, Fair Value Of Assets Retirement Plans
The reconciliation of the beginning and ending balances of our pension plans’ benefit obligations, fair value of assets, and funded status at December 31, 2015 and 2016 are:
 
As of
December 31, 2015
 
As of
December 31, 2016
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
(Dollars in thousands)
Changes in Benefit Obligation:
 
 
 
 
 
 
 
Net benefit obligation at
beginning of period, August 15, 2015
and January 1, 2016, respectively
$
146,790

 
$
18,512

 
$
142,126

 
$
18,271

Service cost
386

 
281

 
1,325

 
698

Interest cost
2,200

 
94

 
5,744

 
243

Participant contributions
—

 
79

 
—

 
256

Plan amendments / curtailments
—

 
(578
)
 
—

 
(122
)
Foreign currency exchange changes
—

 
(480
)
 
—

 
(527
)
Actuarial loss (gain)
(3,896
)
 
377

 
1,293

 
(18
)
Benefits paid
(3,354
)
 
(14
)
 
(10,258
)
 
(564
)
Net benefit obligation at end of period
$
142,126

 
$
18,271

 
$
140,230

 
$
18,237

Changes in Plan Assets:
 
 
 
 
 
 
 
Fair value of plan assets at
   beginning of period, August 15, 2015
      and January 1, 2016, respectively
$
97,473

 
$
12,811

 
$
93,897

 
$
11,293

Actual return on plan assets
(2,727
)
 
(1,407
)
 
8,556

 
378

Foreign currency exchange rate changes
—

 
(346
)
 
—

 
(346
)
Employer contributions
2,505

 
170

 
8,710

 
854

Participant contributions
—

 
79

 
—

 
256

Benefits paid
(3,354
)
 
(14
)
 
(10,258
)
 
(564
)
Fair value of plan assets at end of period
$
93,897

 
$
11,293

 
$
100,905

 
$
11,871

Funded status (underfunded):
$
(48,229
)
 
$
(6,978
)
 
$
(39,325
)
 
$
(6,366
)
Amounts recognized in accumulated
  other comprehensive loss:
 
 
 
 
 
 
 
Prior service credit
$
—

 
$
(95
)
 
$
—

 
$
—

Amounts recognized in the statement
  of financial position:
 
 
 
 
 
 
 
Non-current assets
$
—

 
$
—

 
$
—

 
$
—

Current liabilities
(437
)
 
(253
)
 
(435
)
 
(128
)
Non-current liabilities
(47,792
)
 
(6,725
)
 
(38,890
)
 
(6,238
)
Net amount recognized
$
(48,229
)
 
$
(6,978
)
 
$
(39,325
)
 
$
(6,366
)
Fair Asset Values Of Plan Assets
The fair value of the plan assets by category is summarized below (dollars in thousands):
 
December 31, 2015
 
December 31, 2016
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
U.S. Plan Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,986

 
$
—

 
$
—

 
$
1,986

 
$
1,502

 
$
—

 
$
—

 
$
1,502

Collective trusts
—

 
91,911

 
—

 
91,911

 
—

 
99,403

 
—

 
99,403

Total
$
1,986

 
$
91,911

 
$
—

 
$
93,897

 
$
1,502

 
$
99,403

 
$
—

 
$
100,905

International Plan Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign government bonds
—

 
840

 
—

 
840

 
—

 
729

 
—

 
729

Fixed insurance contracts
—

 
—

 
10,453

 
10,453

 
—

 
—

 
11,142

 
11,142

Total
$
—

 
$
840

 
$
10,453

 
$
11,293

 
$
—

 
$
729

 
$
11,142

 
$
11,871
Fair Value Hierarchy, Assets At Fair Value
The following table presents the changes for those financial instruments classified within Level 3 of the valuation hierarchy for international plan pension assets for the years ended December 31, 2015 and 2016 (dollars in thousands):
 
Fixed Insurance
Contracts
Balance as of August 15, 2015 (Predecessor)
$
13,336

   Gain / contributions / currency impact
(2,883
)
   Distributions
—

Balance at December 31, 2015 (Successor)
10,453

   Gain / contributions / currency impact
707

   Distributions
(18
)
Balance at December 31, 2016 (Successor)
$
11,142
Retirement Plan Weighted Average Asset Allocations
The following table presents our retirement plan weighted average asset allocations at December 31, 2016, by asset category:
 
Percentage of Plan Assets
as of December 31, 2016
 
US
 
Foreign
Equity securities and return seeking assets
20
%
 
—
%
Fixed income, debt securities, or cash
80
%
 
100
%
Total
100
%
 
100
%
Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets
Information for our pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2015 and 2016 follows:
 
2015
 
2016
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
(Dollars in thousands)
Accumulated benefit obligation
$
142,126

 
$
16,749

 
$
140,230

 
$
16,057

Fair value of plan assets
93,897

 
11,293

 
100,905

 
11,142
Pension Plans With Projected Benefit Obligation In Excess Of Plan Assets
Information for our pension plans with a projected benefit obligation in excess of plan assets at December 31, 2015 and 2016 follows:
 
2015
 
2016
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
(Dollars in thousands)
Projected benefit obligation
$
142,126

 
$
18,271

 
$
140,230

 
$
17,415

Fair value of plan assets
93,897

 
11,293

 
100,905

 
11,142
Projected Future Pension Plan Cash Flow By Year
Following is our projected future pension plan cash flow by year:
 
U.S.
 
Foreign
 
(Dollars in thousands)
Expected contributions in 2017:
 
 
 
Expected employer contributions
$
6,654

 
$
561

Expected employee contributions
—

 
—

Estimated future benefit payments reflecting expected future service for the years ending December 31:
 
 
 
2017
9,259

 
751

2018
9,247

 
696

2019
9,218

 
643

2020
9,256

 
720

2021
9,278

 
670

2022-2026
45,917

 
5,705
Components Of Net Postretirement Costs
The components of our consolidated net postretirement costs are set forth in the following table:
 
Predecessor
 
Successor
 
 
 
 
 
For the Period January 1 through August 14, 2015
 
For the Period August 15 Through December 31, 2015
 
2014
 
 
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
(Dollars in thousands)
Service cost


 
$
71

 
$
—

 
$
9

 
—

 
$
5

Interest cost
396

 
976

 
223

 
433

 
142

 
289

Amortization of prior service credit
—

 
(180
)
 
—

 
—

 
—

 
—

Plan amendment / curtailment
—

 
(294
)
 
—

 
—

 
—

 
—

Mark-to-market (gain) loss
1,151

 
1,456

 
—

 
—

 
(100
)
 
(621
)
Post-employment benefits
   cost (benefit)
$
1,547

 
$
2,029

 
$
223

 
$
442

 
$
42

 
$
(327
)
Recognized In Other Comprehensive Income Postretirement Benefit Plans

 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Of Assets Of, And The Funded Status Of, Postretirement Plans
The reconciliation of beginning and ending balances of benefit obligations under, fair value of assets of, and the funded status of, our postretirement plans is set forth in the following table:
Postretirement Benefits
As of
 December 31, 2015
 
As of
December 31, 2016
 
 
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
(Dollars in thousands)
Changes in Benefit Obligation:
 
 
 
 
 
 
 
Net benefit obligation at
   beginning of period, August 15, 2015
     and January 1, 2016, respectively
$
11,395

 
$
13,457

 
$
10,859

 
$
11,296

Service cost
—

 
5

 
—

 
4

Interest cost
142

 
289

 
360

 
764

Foreign currency exchange rates
—

 
(1,489
)
 
—

 
709

Actuarial loss (gain)
(100
)
 
(621
)
 
(191
)
 
(225
)
Gross benefits paid
(578
)
 
(345
)
 
(853
)
 
(855
)
Plan amendment
—

 
—

 
—

 
(993
)
Net benefit obligation at end of period
$
10,859

 
$
11,296

 
$
10,175

 
$
10,700

Changes in Plan Assets:
 
 
 
 
 
 
 
Fair value of plan assets
   at beginning of period
$
—

 
$
—

 
$
—

 
$
—

Employer contributions
578

 
345

 
853

 
855

Gross benefits paid
(578
)
 
(345
)
 
(853
)
 
(855
)
Fair value of plan assets at end of period
$
—

 
$
—

 
$
—

 
$
—

Funded status:
$
(10,859
)
 
$
(11,296
)
 
$
(10,175
)
 
$
(10,700
)
Amounts recognized in accumulated other comprehensive loss:
 
 
 
 
 
 
 
Prior service credit
$
—

 
$
—

 
$
—

 
$
—

Amounts recognized in the statement of financial position:
 
 
 
 
 
 
 
Current liabilities
$
(1,298
)
 
$
(755
)
 
$
(1,134
)
 
$
(738
)
Non-current liabilities
(9,561
)
 
(10,541
)
 
(9,041
)
 
(9,962
)
Net amount recognized
$
(10,859
)
 
$
(11,296
)
 
$
(10,175
)
 
$
(10,700
)
Assumptions Used To Determine Net Pension Costs And Projected Benefit Obligations
Assumptions used to determine net pension costs and projected benefit obligations are:
Pension Benefit Obligations Key Assumptions
As of December 31,
 
2015
 
2016
Weighted average assumptions to determine benefit obligations:
 
 
 
Discount rate
3.86
%
 
3.61
%
Rate of compensation increase
1.84
%
 
1.57
%
 
Pension Cost Key Assumptions
 
 
 
Weighted average assumptions to determine net cost:
 
 
 
Discount rate
3.79
%
 
3.86
%
Expected return on plan assets
3.99
%
 
4.97
%
Rate of compensation increase
2.08
%
 
1.84
%
Assumptions used to determine net postretirement benefit costs and postretirement projected benefit obligation are set forth in the following table:
Postretirement Benefit Obligations
 
 
2015
 
2016
Weighted average assumptions to determine benefit obligations:
 
 
 
Discount rate
5.10
%
 
4.80
%
Health care cost trend on covered charges:
 
 
 
Initial
6.67
%
 
6.80
%
Ultimate
6.48
%
 
5.96
%
Years to ultimate
2

 
8

Postretirement Benefit Costs
 
 
 
 
2015
 
2016
Weighted average assumptions to determine net cost:
 
 
 
Discount rate
4.91
%
 
5.10
%
Health care cost trend on covered charges:
 
 
 
Initial
6.55
%
 
6.67
%
Ultimate
6.18
%
 
6.48
%
Years to ultimate
0

 
1
One-Percentage Point Change In Assumed Health Care Cost Trend Rates
A one-percentage point change in assumed health care cost trend rates would have the following effects at December 31, 2016:
 
One Percentage
Point Increase
 
One Percentage
Point Decrease
 
U.S.
 
Foreign
 
U.S.
 
Foreign
 
(Dollars in thousands)
Effect on total service cost and interest cost components
$
2

 
$
75

 
$
(2
)
 
$
(63
)
Effect on benefit obligations
$
67

 
$
599

 
$
(63
)
 
$
(507
)
Projected Future Postretirement Cash Flow By Year
The following table represents projected future postretirement cash flow by year:
 
U.S.
 
Foreign
 
(Dollars in thousands)
Expected contributions in 2017:
 
 
 
Expected employer contributions
$
1,134

 
$
738

Expected employee contributions
—

 
—

Estimated future benefit payments reflecting expected future service for the years ending December 31:
 
 
 
2017
1,134

 
738

2018
1,065

 
742

2019
984

 
747

2020
898

 
754

2021
809

 
761

2020-2024
2,975

 
3,931