Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

The following table sets forth information regarding the funded status of our pension and other postretirement benefits as of December 31, 2016 and 2015:



	Pension Benefits						Postretirement Benefits
	2016			2015			2016			2015
Change in Benefit Obligation:
Benefit obligation at beginning of period	$	634,068		$	612,688		$	75,937		$	77,355
Service cost	25,369			25,607			2,288			2,505
Interest cost	28,263			25,203			3,030			2,925
Actuarial loss (gain)	35,504			21,731			889			(2,165		)
Benefits paid from plan assets	(50,422		)	(48,471		)	—			—
Benefits paid from Company assets	(1,634		)	(1,537		)	(6,958		)	(6,131		)
Plan participants' contributions	—			—			1,390			1,448
Administrative expenses paid	(1,359		)	(1,153		)	—			—
Benefit Obligation at End of Period	669,789			634,068			76,576			75,937
Change in Plan Assets:
Fair value of plan assets at beginning of period	447,258			470,165			—			—
Actual return on plan assets	31,810			(13,283		)	—			—
Employer contributions⁽¹⁾	81,634			41,537			5,568			4,683
Plan participants' contributions	—			—			1,390			1,448
Benefits paid⁽¹⁾	(52,056		)	(50,008		)	(6,958		)	(6,131		)
Administrative expenses paid	(1,359		)	(1,153		)	—			—
Fair Value of Plan Assets at End of Period	507,287			447,258			—			—
Unfunded Status	$	162,502		$	186,810		$	76,576		$	75,937

⁽¹⁾Includes $1,634 and $1,537 paid from our assets for unfunded nonqualified benefits in fiscal years 2016 and 2015, respectively.

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheet for the years ended December 31 consist of the following:



	Pension Benefits				Postretirement Benefits
	2016		2015		2016		2015
Current accrued benefit cost	$	1,552	$	1,599	$	5,948	$	5,634
Non-current accrued benefit cost	160,950		185,211		70,628		70,303
Net amount recognized	$	162,502	$	186,810	$	76,576	$	75,937

Schedule of Amounts Recognized in Accumulated Other Comprensive Income (Loss)

Amounts recognized in accumulated other comprehensive loss for the years ended December 31, net of tax, consist of the following:



	Pension Benefits				Postretirement Benefits
	2016		2015		2016			2015
Net actuarial loss	$	177,234	$	170,180	$	11,093		$	10,983
Prior service cost (gain)	457		716		(2,527		)	(3,860		)
Accumulated other comprehensive loss	$	177,691	$	170,896	$	8,566		$	7,123

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

Amounts estimated to be amortized from accumulated other comprehensive loss into net periodic benefit costs in 2017, net of tax, consist of the following:



	Pension Benefits		Postretirement Benefits
Net actuarial loss	$	12,911	$	530
Prior service cost (gain)	257		(1,332		)
Accumulated other comprehensive loss (income)	$	13,168	$	(802	)

Schedule of Assumptions Used

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were:



	Pension Benefits						Postretirement Benefits
	2016		2015		2014		2016	2015	2014
Discount rate	4.48	%	4.08	%	4.87	%	4.09%	3.77%	4.34%
Expected return on plan assets	5.75	%	6.25	%	6.25	%	—	—	—
Rate of compensation increase	4.44	%	4.47	%	4.25	%	—	—	—
Healthcare cost trend on covered charges	—		—		—		6.5% / 5%	7% / 5%	7.5% / 5%

Weighted-average assumptions used to determine the actuarial present value of the pension and postretirement benefit obligations as of December 31 are:



	Pension Benefits				Postretirement Benefits
	2016		2015		2016	2015
Discount rate	4.15	%	4.48	%	3.78%	4.09%
Rate of compensation increase	4.52	%	4.44	%	—	—
Healthcare cost trend on covered charges	—		—		6% / 5%	6.5% / 5%

Schedule of Net Periodic Benefit Costs

The net periodic benefit cost for the years ended December 31, 2016, 2015, and 2014 included the following components:



	Pension Benefits									Postretirement Benefits
	2016			2015			2014			2016			2015			2014
Service cost	$	25,369		$	25,607		$	22,205		$	2,288		$	2,505		$	2,454
Interest cost	28,263			25,203			26,817			3,030			2,925			3,338
Expected return on plan assets	(27,016		)	(28,297		)	(26,624		)	—			—			—
Amortization of:
Net actuarial loss	19,164			20,028			17,639			709			1,044			1,267
Prior service cost (gain)	423			452			952			(2,181		)	(2,181		)	(2,181		)
Settlement loss	—			—			789			—			—			—
Net periodic benefit cost	$	46,203		$	42,993		$	41,778		$	3,846		$	4,293		$	4,878

Schedule of Expected Benefit Payments

Estimated future defined benefit pension and other postretirement benefit plan payments to plan participants for the years ending December 31 are as follows:



Year	Pension Benefits		Postretirement Benefits
2017	$	42,035	$	6,059
2018	43,351		6,449
2019	45,689		6,711
2020	47,949		6,893
2021	46,678		6,992
After 2021	259,183		33,882

Schedule of Allocation of Plan Assets

Asset allocation information for the defined benefit pension plan at December 31, 2016 and 2015 is as follows:



Investment	2016 Actual Allocation		2016 Target Allocation Range	2015 Actual Allocation		2015 Target Allocation Range
Equity securities-U.S.	8	%	3-15%	12	%	3-15%
Equity securities-International	11	%	3-15%	11	%	3-15%
Fixed income investments-U.S.	62	%	35-75%	59	%	35-75%
Fixed income investments-International	5	%	3-10%	6	%	3-10%
Absolute return	5	%	5-15%	7	%	5-15%
Real assets	3	%	3-10%	3	%	3-10%
Private equity	1	%	0-3%	1	%	0-3%
Short-term investments	5	%	0-3%	1	%	0-3%
Total	100	%	100%	100	%	100%

The following tables set forth, by level within the fair value hierarchy, the defined benefit pension plan assets measured at fair value as of December 31, 2016 and 2015:



December 31, 2016
Investment	Investments Measured at NAV		Level 1		Level 2		Level 3		Total
Equity securities - U.S.	$	9,827	$	30,952	$	—	$	—	$	40,779
Equity securities - International	—		55,619		—		—		55,619
Fixed income investments - U.S.	99,383		218,712		—		—		318,095
Fixed income investments - International	—		27,346		—		—		27,346
Absolute return	25,479		—		—		—		25,479
Real assets	14,852		—		—		195		15,047
Private equity	—		—		—		1,942		1,942
Short-term investments	22,980		—		—		—		22,980
Total	$	172,521	$	332,629	$	—	$	2,137	$	507,287



December 31, 2015
Investment	Investments Measured at NAV		Level 1		Level 2		Level 3		Total
Equity securities - U.S.	$	9,206	$	43,560	$	—	$	—	$	52,766
Equity securities - International	—		48,004		—		—		48,004
Fixed income investments - U.S.	70,949		196,222		—		—		267,171
Fixed income investments - International	—		26,044		—		—		26,044
Absolute return	32,383		—		—		—		32,383
Real assets	13,166		—		—		456		13,622
Private equity	—		—		—		2,704		2,704
Short-term investments	4,564		—		—		—		4,564
Total	$	130,268	$	313,830	$	—	$	3,160	$	447,258

Schedule of Changes in Fair Value of Plan Assets

The tables below set forth a summary of changes in the fair value of the defined benefit pension plan's Level 3 assets for the years ended December 31, 2016 and 2015:



December 31, 2016
	Real Assets			Private Equity			Total
Balance, beginning of year	$	456		$	2,704		$	3,160
Realized gains	12			181			193
Unrealized losses	(19		)	(150		)	(169		)
Purchases	—			121			121
Sales	(254		)	(914		)	(1,168		)
Balance, end of year	$	195		$	1,942		$	2,137



December 31, 2015
	Real Assets			Private Equity			Total
Balance, beginning of year	$	548		$	3,682		$	4,230
Realized gains	—			174			174
Unrealized losses	(37		)	(92		)	(129		)
Purchases	—			188			188
Sales	(55		)	(1,248		)	(1,303		)
Balance, end of year	$	456		$	2,704		$	3,160