Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Compensation And Retirement Disclosure [Abstract]

Expense components of pension plan and SERP

The measurement date used for the Pension Plan and SERP is December 31. The expense components consisted of the following:

	Pension Plan									SERP
	Year ended December 31,									Year ended December 31,
(in thousands)	2017			2016			2015			2017		2016		2015
Interest cost	$	3,318		$	3,133		$	2,940		$	1,904	$	1,519	$	1,713
Expected return on plan assets, net of expenses		(3,969	)		(3,851	)		(3,876	)		-		-		-
Amortization of net loss		3,040			2,256			2,095			3,171		2,471		2,354
Special termination benefits		-			-			860			-		-		290
Settlement charges		1,409			-			3,345			2,006		2,514		1,121
Total	$	3,798		$	1,538		$	5,364		$	7,081	$	6,504	$	5,478

Assumptions used in determining annual pension plan expense

Assumptions used in determining the Pension Plan expense were as follows:

	Pension Plan			SERP
	Year ended December 31,			Year ended December 31,
	2017	2016	2015	2017	2016	2015
Discount rate	3.60%	3.75%	3.46%	3.13%	3.39%	3.14%
Long-term rate of return on plan assets	7.50%	7.50%	7.50%	N/A	N/A	N/A
Rate of compensation increases	4.20%	4.32%	4.54%	3.37%	3.10%	4.41%

Benefit obligation and funded status

The following table presents information about our plan assets and obligations:

	Pension Plan						SERP
	Year ended December 31,						Year ended December 31,
(in thousands)	2017			2016			2017			2016
Accumulated benefit obligation	$	93,084		$	88,733		$	56,004		$	49,520
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	94,732		$	84,621		$	55,464		$	52,274
Interest cost		3,318			3,133			1,904			1,519
Benefits paid		(922	)		(3,750	)		(253	)		(251	)
Actuarial losses		5,075			10,728			11,024			7,395
Settlement charges		(4,334	)		-			(4,011	)		(5,473	)
Projected benefit obligation at end of year		97,869			94,732			64,128			55,464
Plan assets:
Fair value at beginning of year		55,630			45,713			-			-
Actual return on plan assets		8,934			3,667			-			-
Company contributions		1,417			10,000			4,264			5,724
Benefits paid		(922	)		(3,750	)		(253	)		(251	)
Settlement charges		(4,334	)		-			(4,011	)		(5,473	)
Fair value at end of year		60,725			55,630			-			-
Under funded status	$	(37,144	)	$	(39,102	)	$	(64,128	)	$	(55,464	)
Amounts recognized as assets and liabilities in
the consolidated balance sheets:
Current liabilities	$	-		$	-		$	(12,929	)	$	(11,832	)
Non-current liabilities		(37,144	)		(39,102	)		(51,199	)		(43,632	)
Total	$	(37,144	)	$	(39,102	)	$	(64,128	)	$	(55,464	)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss	$	31,819		$	36,158		$	30,988		$	25,142

Changes in plan assets and benefit obligations recognized in other comprehensive loss for defined benefit plans

Other changes in plan assets and benefit obligations recognized in net periodic benefit cost and other comprehensive loss for the defined benefit plans consist of:

	Pension Plan									SERP
	Year ended December 31,									Year ended December 31,
(in thousands)	2017			2016			2015			2017			2016			2015
Net actuarial loss	$	109		$	10,912		$	5,695		$	11,024		$	7,395		$	566
Amortization of net loss		(3,040	)		(2,256	)		(2,095	)		(3,171	)		(2,471	)		(2,354	)
Settlement charges		(1,409	)		-			(3,345	)		(2,006	)		(2,514	)		(1,121	)
Total recognized in other comprehensive (income) loss		(4,340	)		8,656			255			5,847			2,410			(2,909	)
Net periodic benefit cost		3,798			1,538			5,364			7,081			6,504			5,478
Total recognized in net periodic benefit    cost and other comprehensive loss	$	(542	)	$	10,194		$	5,619		$	12,928		$	8,914		$	2,569

Accumulated benefit obligation in excess of plan assets for defined benefit plans

Accumulated benefit obligation in excess of plan assets for the defined benefit plans is as follows:

	Pension Plan				SERP
	Year ended December 31,				Year ended December 31,
(in thousands)	2017		2016		2017		2016
Accumulated benefit obligation	$	93,084	$	88,733	$	56,004	$	49,520
Fair value of plan assets	$	60,725	$	55,630	$	-	$	-

Projected benefit obligation in excess of plan assets for defined benefit plans

Projected benefit obligation in excess of plan assets for the defined benefit plans is as follows:

	Pension Plan				SERP
	Year ended December 31,				Year ended December 31,
(in thousands)	2017		2016		2017		2016
Projected benefit obligation	$	97,869	$	94,732	$	64,128	$	55,464
Fair value of plan assets	$	60,725	$	55,630	$	-	$	-

Assumptions used to determine defined benefit plan benefit obligation

Assumptions used to determine benefit obligations for the defined benefit plans were as follows:

	Pension Plan		SERP
	Year ended December 31,		Year ended December 31,
	2017	2016	2017	2016
Discount rate	3.23%	3.60%	2.92%	3.13%
Rate of compensation increases	3.61%	4.20%	3.13%	3.37%

Pension plan assets allocation

Pension Plan asset allocations by asset category were as follows:

	Target Allocations	December 31,
Investment Type	for 2018	2017	2016
U.S. equity securities	27.0%	30.0%	32.7%
Non-U.S. equity securities	39.0%	41.7%	35.1%
Fixed-income securities	30.0%	23.2%	27.2%
Other	4.0%	5.1%	5.0%
Total	100.0%	100.0%	100.0%

Defined benefit plan assets at fair value

Plan asset categories that are measured at fair value and the level of inputs utilized for fair value are as follows:

	December 31, 2017
(in thousands)		Total		Level 1		Level 2		Level 3
U.S. equity securities
Mutual funds		$	18,243	$	18,243	$	—	$	—
Non-U.S. equity securities
Mutual funds			25,377		25,377		—		—
Fixed income securities
Mutual funds			14,012		14,012		—		—
Other
Alternative investment funds			2,762		—		2,762		—
Subtotal		$	60,394	$	57,632	$	2,762	$	—
Cash			331		331		—		—
Total		$	60,725	$	57,963	$	2,762	$	—
	December 31, 2016
(in thousands)		Total		Level 1		Level 2		Level 3
U.S. equity securities
Mutual funds		$	18,222	$	18,222	$	—	$	—
Non-U.S. equity securities
Mutual funds			19,563		19,563		—		—
Fixed income securities
Mutual funds			15,135		15,135		—		—
Other
Alternative investment funds			2,609		—		2,609		—
Subtotal		$	55,529	$	52,920	$	2,609	$	—
Cash			102		102		—		—
Total		$	55,631	$	53,022	$	2,609	$	—

Estimated future benefit payments

The estimated future benefit payments expected to be paid out for the defined benefits plans over the next ten years are as follows:

(in thousands)	Pension Plan		SERP
2018	$	6,584	$	12,929
2019	$	5,618	$	6,039
2020	$	5,907	$	12,646
2021	$	6,039	$	3,076
2022	$	6,251	$	3,482
Thereafter	$	33,038	$	13,716