Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
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2016-01-03 - 2016-12-31 |
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Compensation and Retirement Disclosure [Abstract] | |
Schedule of changes in projected benefit obligations | The following tables provide a reconciliation of the changes in the Company’s pension, SERP and OPEB plans' benefit obligations and fair value of assets for 2016 and 2015, a statement of the funded status as of the years ended 2016 and 2015, respectively, and the amounts recognized in the consolidated balance sheets as of the years ended 2016 and 2015 (in thousands).
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Pensions | | SERPs | | OPEBs | | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | Benefit obligation at beginning of year | | $ | 345,901 |
| | $ | 365,326 |
| | $ | 16,998 |
| | $ | 18,508 |
| | $ | 1,504 |
| | $ | 1,789 |
| Plan changes | | — |
| | — |
| | 1,822 |
| | — |
| | — |
| | — |
| Service cost | | — |
| | — |
| | — |
| | — |
| | 2 |
| | 2 |
| Interest cost | | 13,495 |
| | 13,341 |
| | 640 |
| | 656 |
| | 58 |
| | 63 |
| Actuarial loss (gain) | | 304 |
| | (14,715 | ) | | (531 | ) | | (94 | ) | | 60 |
| | (274 | ) | Benefits paid | | (19,152 | ) | | (18,051 | ) | | (1,908 | ) | | (2,072 | ) | | (68 | ) | | (76 | ) | Benefit obligation at end of year | | $ | 340,548 |
| | $ | 345,901 |
| | $ | 17,021 |
| | $ | 16,998 |
| | $ | 1,556 |
| | $ | 1,504 |
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Schedule of changes in fair value of plan assets | The following table provides a reconciliation of the Company’s fair value of plan assets:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Pensions | | SERPs | | OPEBs | | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | Fair value of plan assets at beginning of year | | $ | 247,519 |
| | $ | 267,635 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Actual return on plan assets | | 9,965 |
| | (6,610 | ) | | — |
| | — |
| | — |
| | — |
| Employer contributions | | 11 |
| | 4,545 |
| | 1,908 |
| | 2,072 |
| | 68 |
| | 76 |
| Benefits paid | | (19,152 | ) | | (18,051 | ) | | (1,908 | ) | | (2,072 | ) | | (68 | ) | | (76 | ) | Fair value of plan assets at end of year | | $ | 238,343 |
| | $ | 247,519 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
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Schedule of net funded status | The following table shows the funded status at the end of the year: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pensions | | SERPs | | OPEBs | | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | Funded status at end of year | | $ | (102,205 | ) | | $ | (98,382 | ) | | $ | (17,021 | ) | | $ | (16,998 | ) | | $ | (1,556 | ) | | $ | (1,504 | ) |
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Schedule of net periodic benefit cost recognized in accumulated other comprehensive loss | The following table shows amounts recognized in AOCI: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Pensions | | SERPs | | OPEBs | | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | Net actuarial loss (gain) | | $ | 119,450 |
| | $ | 119,712 |
| | $ | 4,567 |
| | $ | 5,438 |
| | $ | (899 | ) | | $ | (1,045 | ) | Prior service cost | | — |
| | — |
| | — |
| | — |
| | 40 |
| | 44 |
| Total | | $ | 119,450 |
| | $ | 119,712 |
| | $ | 4,567 |
| | $ | 5,438 |
| | $ | (859 | ) | | $ | (1,001 | ) |
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Schedule of amounts recognized in the balance sheet | The following table shows amounts recognized in the consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pensions | | SERPs | | OPEBs | | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | Other current liabilities | | $ | — |
| | $ | — |
| | $ | 2,038 |
| | $ | 1,967 |
| | $ | 148 |
| | $ | 130 |
| Other liabilities | | 102,205 |
| | 98,382 |
| | 14,983 |
| | 15,031 |
| | 1,408 |
| | 1,374 |
| Total liabilities | | $ | 102,205 |
| | $ | 98,382 |
| | $ | 17,021 |
| | $ | 16,998 |
| | $ | 1,556 |
| | $ | 1,504 |
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Schedule of net benefit costs | The following table provides components of the net periodic cost for the pension, SERP and OPEB plans for the years ended 2016 and 2015 (in thousands):
| | | | | | | | | | | | For The Years Ended | | | 2016 | | 2015 | Service cost | | $ | 2 |
| | $ | 2 |
| Interest cost | | 14,196 |
| | 14,061 |
| Expected return on plan assets | | (19,101 | ) | | (20,976 | ) | Net amortization and deferral | | — |
| | — |
| Recognized net actuarial loss | | 9,956 |
| | 8,877 |
| Net periodic expense | | $ | 5,053 |
| | $ | 1,964 |
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Schedule of assumptions used in computing net periodic cost and funded status | The assumptions used were as follows: | | | | | | | | | | 2016 | | 2015 | Discount rate used to calculate net periodic benefit expense | | 4.00 | % | | 3.75 | % | Discount rate used to calculate projected benefit obligation | | 3.75 | % | | 4.00 | % | Expected long-term rate of return on plan assets | | 8.00 | % | | 8.00 | % | Rate of compensation increase | | n/a |
| | n/a |
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Schedule of benefit obligations in excess of fair value of plan assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows (in thousands):
| | | | | | | | | | | | 2016 | | 2015 | Projected benefit obligation | | $ | 357,569 |
| | $ | 362,899 |
| Accumulated benefit obligation | | 357,569 |
| | 362,899 |
| Fair value of plan assets | | 238,343 |
| | 247,519 |
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Schedule of expected benefit payments | The estimated pension benefit payments expected to be paid by the pension plans and the estimated SERP and OPEB payments expected to be paid by the Company for the years 2017 through 2021, and in the aggregate for the years 2022 through 2026, are as follows (in thousands): | | | | | | | | | | | | | | | | Pension | | SERP | | OPEB | 2017 | | $ | 18,453 |
| | $ | 2,076 |
| | $ | 150 |
| 2018 | | 18,743 |
| | 1,897 |
| | 145 |
| 2019 | | 19,078 |
| | 1,817 |
| | 139 |
| 2020 | | 19,365 |
| | 1,733 |
| | 133 |
| 2021 | | 19,650 |
| | 1,646 |
| | 127 |
| 2022 through 2026 | | 101,161 |
| | 6,721 |
| | 540 |
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Schedule of allocation of plan assets | The fair values of the Company’s pension plan assets as of the years ended 2016 and 2015, by asset category are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2016 | | 2015 | | | Level 1 | | Level 2 | | Total | | Level 1 | | Level 2 | | Total | Cash and cash equivalents | | $ | 7,624 |
| | $ | — |
| | $ | 7,624 |
| | $ | 12,306 |
| | $ | — |
| | $ | 12,306 |
| Equity | | 123,352 |
| | — |
| | 123,352 |
| | 120,953 |
| | — |
| | 120,953 |
| Fixed income | | 15,908 |
| | 46,280 |
| | 62,188 |
| | 12,497 |
| | 49,993 |
| | 62,490 |
| Other | | — |
| | 1,369 |
| | 1,369 |
| | — |
| | 1,489 |
| | 1,489 |
| Total of Level 1 and Level 2 assets | | $ | 146,884 |
| | $ | 47,649 |
| | $ | 194,533 |
| | $ | 145,756 |
| | $ | 51,482 |
| | $ | 197,238 |
| | | | | | | | | | | | | | Investments at Net Asset Value (1) | | | | | | | | | | | | | Alternative investments | | | | | | 43,810 |
| | | | | | 50,281 |
| Total net assets | | | | | | $ | 238,343 |
| | | | | | $ | 247,519 |
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The range of asset allocations and the target allocations for the pension plan assets were as follows:
| | | | | | | | | | | | | | | | | | | 2016 | | 2015 | | Target | Equity securities | | 52 | % | 61 | % | | 49 | % | 62 | % | | 60 | % | 75 | % | Fixed income securities | | 26 | % | 34 | % | | 29 | % | 33 | % | | 25 | % | 35 | % | Alternative investments and other | | 5 | % | 22 | % | | 5 | % | 22 | % | | 10 | % | 30 | % |
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Schedule of multiemployer plans | The Company's participation in these plans for the years ended 2016 and 2015 is outlined in the table below: | | | | | | | | | | | | | | | | | Pension Fund | EIN | Pension Plan Number | Pension Protection Act Reported Status (1) | FIP/RP Status (2) | Contributions | Surcharge imposed | Expiration Date of Collective Bargaining Agreement | | | | 2016 | | 2015 | | 2016 | | 2015 | | | | | | | | | | (in thousands) | | | GCC/IBT National Pension Fund | 526118568 | 001 | Red | | Red | Implemented | $ | 183 |
| | $ | 219 |
| No | 6/30/2019 | GCC/IBT National Pension Fund | 526118568 | 001 | Red | | Red | Implemented | 177 |
| | 177 |
| No | 2/26/2017 | CWA/ITU Negotiated Pension Plan | 136212879 | 001 | Red | | Red | Implemented | 228 |
| | 158 |
| No | 3/1/2018 | | | | | | Total contributions | $ | 588 |
| | $ | 554 |
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__________________________
| | (1) | The most recent Pension Protection Act ("PPA") zone status available in 2016 and 2015 is for the plan's year end, not the Company's year end. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. |
| | (2) | The FIP/RP Status column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented. |
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