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1050 - Disclosure - Pension and Postretirement Benefits (Tables)
(http://www.anico.com/taxonomy/role/NotesToFinancialStatementsPensionAndOtherPostretirementBenefitsDisclosureTextBlockTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000904163 (http://www.sec.gov/CIK)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation and Retirement Disclosure [Abstract]
 
Amounts Recognized in Consolidated Statements of Financial Position

Amounts recognized in the consolidated statements of financial position consist of (in thousands):

 

     2016      2015  

Reconciliation of benefit obligation

      

Obligation at January 1,

    $ 524,143      $ 513,151  

Service cost

      59        97  

Interest cost on projected benefit obligation

      20,690        18,721  

Actuarial loss

      3,684        21,451  

Benefits paid

      (35,044 )       (29,277 ) 
  

 

 

     

 

 

  

Obligation at December 31,

      513,532        524,143  
  

 

 

     

 

 

  

Reconciliation of fair value of plan assets

      

Fair value of plan assets at January 1,

      322,563        324,179  

Actual return on plan assets

      27,305        (1,051 ) 

Employer contributions

      52,409        28,712  

Benefits paid

      (35,044 )       (29,277 ) 
  

 

 

     

 

 

  

Fair value of plan assets at December 31,

      367,233        322,563  
  

 

 

     

 

 

  

Funded status at December 31,

    $ (146,299 )     $ (201,580 ) 
  

 

 

     

 

 

  
  
Components of Net Periodic Benefit Cost for Defined Benefit Pension Plans

The components of net periodic benefit cost for the defined benefit pension plans are shown below (in thousands):

 

     Years ended December 31,  
     2016      2015      2014  

Service cost

    $ 59      $ 97      $ 111  

Interest cost

      20,690        18,721        20,612  

Expected return on plan assets

      (22,013 )       (20,856 )       (20,402 ) 

Amortization of net actuarial loss

      12,680        9,797        4,421  
  

 

 

     

 

 

     

 

 

  

Net periodic benefit cost

    $ 11,416      $ 7,759      $ 4,742  
  

 

 

     

 

 

     

 

 

  
  
Defined Benefit Pension Plans Recognized as Component of Other Comprehensive Income (Loss)

Amounts related to the defined benefit pension plans recognized as a component of OCI are shown below (in thousands):

 

     Years ended December 31,  
     2016      2015      2014  

Actuarial gain (loss)

    $ 14,286      $ (33,562 )     $ (49,523 ) 

Deferred tax (expense) benefit

      (5,000 )       11,747        17,333  
  

 

 

     

 

 

     

 

 

  

Other comprehensive income (loss), net of tax

    $ 9,286      $ (21,815 )     $ (32,190 ) 
  

 

 

     

 

 

     

 

 

  
  
Net Periodic Benefit Cost Not yet Recognized

Amounts recognized as a component of AOCI that have not been recognized as a component of the combined net periodic benefit cost of the defined benefit pension plans, are shown below (in thousands):

 

     Years ended December 31,  
     2016      2015  

Net actuarial loss

    $ (136,312 )     $ (150,598 ) 

Deferred tax benefit

      47,709        52,709  
  

 

 

     

 

 

  

Amounts included in AOCI

    $ (88,603 )     $ (97,889 ) 
  

 

 

     

 

 

  
  
Weighted Average Assumptions Used in Measurement of Benefit Obligation

The weighted average assumptions used are shown below:

 

     Used for Net Benefit     Used for Benefit  
     Cost in Fiscal Year     Obligations  
     1/1/2016 to 12/31/2016     as of 12/31/2016  

Discount rate

      4.08 %      3.92 % 

Long-term rate of return

      7.41       7.42  
  
Pension Benefit Payments Expected to be Paid

The following table shows pension benefit payments, expected to be paid (in thousands). The amount for 2017 includes an estimate for possible lump sum payments associated with the aforementioned one time window offering.

 

2017

    $ 59,475  

2018

      30,871  

2019

      34,839  

2020

      30,340  

2021

      33,919  

2022-2026

      158,224  
  
Fair Values of Plan Assets by Asset Category

The fair values of the pension plan assets by asset category are shown below (in thousands):

 

     December 31, 2016  
     Total      Level 1      Level 2      Level 3  

Asset Category

            

U.S. states and political subdivision securities

    $ 1,952      $ —        $ 1,952      $ —    

Corporate debt securities

      58,462        —          58,462     

Residential mortgage-backed securities

      616        —          616        —    

Mutual fund

      9,405        9,405        —          —    

Equity securities by sector

            

Consumer goods

      53,252        53,252        —          —    

Energy and utilities

      28,602        28,602        —          —    

Finance

      51,842        51,842        —          —    

Healthcare

      27,501        27,501        —          —    

Industrials

      17,035        17,035        —          —    

Information technology

      33,992        33,992        —          —    

Other

      30,042        30,042        —          —    

Commercial paper

      49,111        —          49,111        —    

Unallocated group annuity contract

      4,742        —          4,742        —    

Other

      679        592        87        —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 367,233      $ 252,263      $ 114,970      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

  

 

     December 31, 2015  
     Total      Level 1      Level 2      Level 3  

Asset Category

            

Corporate debt securities

    $ 41,365      $ —        $ 41,365      $ —    

Residential mortgage-backed securities

      803        —          803        —    

Mutual fund

      9,405        9,405        —          —    

Equity securities by sector

            

Consumer goods

      50,485        50,485        —          —    

Energy and utilities

      22,525        22,525        —          —    

Finance

      47,469        47,469        —          —    

Healthcare

      2,306        2,306        —          —    

Industrials

      29,050        29,050        —          —    

Information technology

      16,522        16,522        —          —    

Other

      65,410        65,410        —          —    

Commercial paper

      30,511        —          30,511        —    

Unallocated group annuity contract

      5,763        —          5,763        —    

Other

      949        862        87        —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 322,563      $ 244,034      $ 78,529      $ —