Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

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,
	2017			2016			2017			2016
Change in projected benefit obligation:
Obligation at beginning of period	$	203,316		$	203,455		$	73,789		$	60,749
Service cost		—			—			898			1,104
Interest cost		6,705			7,347			2,193			2,637
Actuarial (gain) loss		11,574			3,686			(1,641)			11,036
Plan change		—			—			(18,262)			—
Benefits paid		(26,962)			(11,172)			(1,844)			(1,737)
Projected benefit obligation at end of period		194,633			203,316			55,133			73,789
Change in plan assets:
Fair value of plan assets at beginning of period		167,843			156,678			—			—
Return on plan assets		22,525			13,032			—			—
Employer contributions		3,181			9,305			1,844			1,737
Benefits paid		(26,962)			(11,172)			(1,844)			(1,737)
Fair value of plan assets at end of period		166,587			167,843			—			—
Funded status:
Plan assets less than projected benefit obligation	$	(28,046)		$	(35,473)		$	(55,133)		$	(73,789)
Amounts recognized on balance sheet:
Other current liabilities	$	—		$	—		$	(3,226)		$	(3,332)
Employee benefit obligation, noncurrent		(28,046)			(35,473)			(51,907)			(70,457)
Net amount recognized	$	(28,046)		$	(35,473)		$	(55,133)		$	(73,789)
Actuarial loss recognized in accumulated other comprehensive income (loss)	$	(31,886)		$	(36,919)		$	(816)		$	(20,040)
Actuarial assumptions:
Measurement date, December 31		2017			2016			2017			2016
Discount rate ranges from a low of		3.50	%		3.81	%		3.62	%		4.03	%
Discount rate ranges to a high of		3.50	%		3.85	%		3.63	%		4.25	%
Assumed health care cost trend rate, current		NA			NA			7.00	%		7.25	%
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, 2017 and 2016, 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
2017
Common stocks - domestic large cap	$	9,660	$	—	$	—	$	9,660
Equity funds - large cap index		—		92,731		—		92,731
Fixed income funds - diversified bond		—		63,768		—		63,768
Short term investment funds		—		428		—		428
	$	9,660	$	156,927	$	—	$	166,587
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

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
2018	$	43,041	$	3,284
2019		12,912		3,435
2020		13,442		3,541
2021		11,871		3,556
2022		13,458		3,504
2023 through 2027		54,687		16,628
	$	149,411	$	33,948

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	$	NONE	$	NONE
Effect on postretirement benefit obligation		NONE		NONE

Pension

Employee Benefit Plans

Schedule of components of benefit costs and weighted average actuarial assumptions


	For the For the Year Ended
	December 31,
	2017			2016			2015
Interest cost	$	6,705		$	7,347		$	7,994
Expected asset return		(10,376)			(10,172)			(12,565)
Amortization of loss		464			574			186
Net periodic benefit income		(3,207)			(2,251)			(4,385)
Settlement loss		3,995			1,277			8,088
Total benefit (income) expense	$	788		$	(974)		$	3,703
Actuarial assumptions:
Discount rate ranges from a low of		3.56	%		3.28	%		3.54	%
Discount rate ranges to a high of		3.85	%		4.10	%		4.09	%
Expected return on plan assets		7.00	%		7.00	%		7.25	%