Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of change in projected benefit obligation, change in plan assets, funded status and weighted average actuarial assumptions

The change in projected benefit obligation, change in plan assets, funded status and weighted average actuarial assumptions were as follows (dollars in thousands):


	Pension Benefits						Other Postretirement Benefits
	December 31,						December 31,
	2015			2014			2015			2014
Change in projected benefit obligation:
Obligation at beginning of period	$	248,505		$	220,330		$	59,830		$	50,988
Service cost		—			—			1,088			897
Interest cost		8,073			8,844			2,355			2,384
Actuarial (gain) loss		6,699			26,643			(765)			7,239
Benefits paid		(59,822)			(7,312)			(1,759)			(1,678)
Obligation at end of period		203,455			248,505			60,749			59,830
Change in plan assets:
Fair value of plan assets at beginning of period		206,309			188,386			—			—
Actual return on plan assets		852			15,562			—			—
Employer contributions		9,339			9,673			1,759			1,678
Benefits paid		(59,822)			(7,312)			(1,759)			(1,678)
Fair value of plan assets at end of period		156,678			206,309			—			—
Funded status:
Plan assets less than projected benefit obligation	$	(46,777)		$	(42,196)		$	(60,749)		$	(59,830)
Amounts recognized on balance sheet:
Other current liabilities	$	—		$	—		$	(2,929)		$	(2,660)
Employee benefit obligation, noncurrent		(46,777)			(42,196)			(57,820)			(57,170)
Net amount recognized	$	(46,777)		$	(42,196)		$	(60,749)		$	(59,830)
Actuarial loss recognized in accumulated other comprehensive income (loss)	$	(37,945)		$	(27,728)		$	(9,577)		$	(10,931)
Actuarial assumptions:
Measurement date		12/31/2015			12/31/2014			12/31/2015			12/31/2014
Discount rate ranges from a low of		4.09	%		3.70	%		4.32	%		3.97	%
Discount rate ranges to a high of		4.10	%		3.74	%		4.56	%		4.15	%
Assumed health care cost trend rate, current		NA			NA			7.50	%		6.75	%
Assumed health care cost trend rate, ultimate		NA			NA			5.00	%		5.00	%
Assumed health care cost trend rate, ultimate year		NA			NA			2026			2022

Schedule of the fair values of pension plan assets based on trading values or fund net asset value, by asset category

The fair values of the Company’s pension plan assets at December 31, 2015 and 2014, based on trading values or fund net asset value, by asset category and basis of valuation, are as follows (dollars in thousands):


	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
2015
Common stocks - domestic large cap	$	8,954	$	—	$	—	$	8,954
Equity funds - large cap index		—		85,874		—		85,874
Fixed income funds - diversified bond		—		61,300		—		61,300
Short term investment funds		—		550		—		550
	$	8,954	$	147,724	$	—	$	156,678
2014
Common stocks - domestic large cap	$	18,752	$	—	$	—	$	18,752
Equity funds - large cap index		—		108,189		—		108,189
Fixed income funds - diversified bond		—		78,503		—		78,503
Short term investment funds		—		865		—		865
	$	18,752	$	187,557	$	—	$	206,309

Schedule of projected benefit payments

The Company projects that its plans will make the following benefit payments for the years ended December 31 (dollars in thousands):


			Other
	Pension Plans		Postretirement
	Benefits Paid		Benefits Paid
2016	$	17,430	$	2,992
2017		14,938		3,232
2018		15,602		3,555
2019		12,572		3,633
2020		13,067		3,725
2021 through 2025		62,046		18,393
	$	135,655	$	35,530

Schedule of one-percentage point change in assumed health care cost trend rates

A one‑percentage point change in the assumed health care cost trend rates would have the following annual effects (dollars in thousands):


	1-Percentage		1-Percentage
	Point Increase		Point Decrease
Effect on total of service and interest costs components	$	263	$	(207)
Effect on postretirement benefit obligation		3,925		(3,154)

Pension

Employee Benefit Plans

Schedule of components of benefit costs and weighted average actuarial assumptions


	For the For the Year Ended
	December 31,
	2015			2014			2013
Interest cost	$	7,994		$	8,844		$	8,344
Expected asset return		(12,565)			(12,664)			(11,860)
Amortization of loss		186			135			628
Net periodic benefit income		(4,385)			(3,685)			(2,888)
Settlement loss		8,088			—			—
Total benefit cost (income)	$	3,703		$	(3,685)		$	(2,888)
Actuarial assumptions:
Discount rate ranges from a low of		3.54	%		4.40	%		3.55	%
Discount rate ranges to a high of		4.09	%		4.62	%		3.80	%
Expected return on plan assets		7.25	%		7.25	%		7.50	%