Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016			2015			2016			2015
Change in projected benefit obligation:
Obligation at beginning of period	$	203,455		$	248,505		$	60,749		$	59,830
Service cost		—			—			1,104			1,088
Interest cost		7,347			8,073			2,637			2,355
Actuarial (gain) loss		3,686			6,699			11,036			(765)
Benefits paid		(11,172)			(59,822)			(1,737)			(1,759)
Obligation at end of period		203,316			203,455			73,789			60,749
Change in plan assets:
Fair value of plan assets at beginning of period		156,678			206,309			—			—
Actual return on plan assets		13,032			852			—			—
Employer contributions		9,305			9,339			1,737			1,759
Benefits paid		(11,172)			(59,822)			(1,737)			(1,759)
Fair value of plan assets at end of period		167,843			156,678			—			—
Funded status:
Plan assets less than projected benefit obligation	$	(35,473)		$	(46,777)		$	(73,789)		$	(60,749)
Amounts recognized on balance sheet:
Other current liabilities	$	—		$	—		$	(3,332)		$	(2,929)
Employee benefit obligation, noncurrent		(35,473)			(46,777)			(70,457)			(57,820)
Net amount recognized	$	(35,473)		$	(46,777)		$	(73,789)		$	(60,749)
Actuarial loss recognized in accumulated other comprehensive income (loss)	$	(36,919)		$	(37,945)		$	(20,040)		$	(9,577)
Actuarial assumptions:
Measurement date		12/31/2016			12/31/2015			12/31/2016			12/31/2015
Discount rate ranges from a low of		3.81	%		4.09	%		4.03	%		4.32	%
Discount rate ranges to a high of		3.85	%		4.10	%		4.25	%		4.56	%
Assumed health care cost trend rate, current		NA			NA			7.25	%		7.50	%
Assumed health care cost trend rate, ultimate		NA			NA			5.00	%		5.00	%
Assumed health care cost trend rate, ultimate year		NA			NA			2026			2026

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, 2016 and 2015, 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
2016
Common stocks - domestic large cap	$	10,201	$	—	$	—	$	10,201
Equity funds - large cap index		—		93,576		—		93,576
Fixed income funds - diversified bond		—		63,613		—		63,613
Short term investment funds		—		453		—		453
	$	10,201	$	157,642	$	—	$	167,843
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

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
2017	$	36,396	$	3,332
2018		16,592		3,637
2019		13,013		3,749
2020		13,261		3,872
2021		12,470		3,938
2022 through 2026		59,733		19,560
	$	151,465	$	38,088

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	$	335	$	(264)
Effect on postretirement benefit obligation		7,012		(5,524)

Pension

Employee Benefit Plans

Schedule of components of benefit costs and weighted average actuarial assumptions


	For the For the Year Ended
	December 31,
	2016			2015			2014
Interest cost	$	7,347		$	7,994		$	8,844
Expected asset return		(10,172)			(12,565)			(12,664)
Amortization of loss		574			186			135
Net periodic benefit income		(2,251)			(4,385)			(3,685)
Settlement loss		1,277			8,088			—
Total benefit (income) expense	$	(974)		$	3,703		$	(3,685)
Actuarial assumptions:
Discount rate ranges from a low of		3.28	%		3.54	%		4.40	%
Discount rate ranges to a high of		4.10	%		4.09	%		4.62	%
Expected return on plan assets		7.00	%		7.25	%		7.25	%