Rendering

Component: (Network and Table)
Network
2318301 - Disclosure - Retirement Plans (Tables)
(http://www.cenveo.com/role/RetirementPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-03 - 2016-12-31
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

 
 
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

 
$

 
$

 
$

 
$

 
 
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
)
 
 
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
)
 
 
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

 
 
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



 
 
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

 
 
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

 
 
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


 
 
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

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
%
 
 
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

 
 
__________________________

(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.