Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2017

The following table sets forth information regarding the funded status of our pension and other postretirement benefits as of December 31, 2017 and 2016:



	Pension Benefits						Postretirement Benefits
	2017			2016			2017			2016
Change in Benefit Obligation:
Benefit obligation at beginning of period	$	669,789		$	634,068		$	76,576		$	75,937
Service cost	26,415			25,369			2,327			2,288
Interest cost	27,818			28,263			2,844			3,030
Actuarial loss (gain)	85,618			35,504			(61		)	889
Benefits paid from plan assets	(50,136		)	(50,422		)	—			—
Benefits paid from Company assets	(1,589		)	(1,634		)	(6,427		)	(6,958		)
Plan participants' contributions	—			—			1,540			1,390
Administrative expenses paid	(1,603		)	(1,359		)	—			—
Benefit Obligation at End of Period	756,312			669,789			76,799			76,576
Change in Plan Assets:
Fair value of plan assets at beginning of period	507,287			447,258			—			—
Actual return on plan assets	69,832			31,810			—			—
Employer contributions⁽¹⁾	61,589			81,634			4,887			5,568
Plan participants' contributions	—			—			1,540			1,390
Benefits paid⁽¹⁾	(51,725		)	(52,056		)	(6,427		)	(6,958		)
Administrative expenses paid	(1,603		)	(1,359		)	—			—
Fair Value of Plan Assets at End of Period	585,380			507,287			—			—
Unfunded Status	$	170,932		$	162,502		$	76,799		$	76,576

⁽¹⁾Includes $1,589 and $1,634 paid from our assets for unfunded nonqualified pension benefits in fiscal years 2017 and 2016, 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
	2017		2016		2017		2016
Current accrued benefit cost	$	1,707	$	1,552	$	6,052	$	5,948
Non-current accrued benefit cost	169,225		160,950		70,747		70,628
Net amount recognized	$	170,932	$	162,502	$	76,799	$	76,576

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
	2017		2016		2017			2016
Net actuarial loss	$	192,456	$	177,234	$	10,575		$	11,093
Prior service cost (gain)	201		457		(1,195		)	(2,527		)
Accumulated other comprehensive loss	$	192,657	$	177,691	$	9,380		$	8,566

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 2018, net of tax, consist of the following:



	Pension Benefits		Postretirement Benefits
Net actuarial loss	$	19,965	$	613
Prior service cost (gain)	235		(1,453		)
Accumulated other comprehensive loss (income)	$	20,200	$	(840	)

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
	2017		2016		2015		2017	2016	2015
Discount rate	4.15	%	4.48	%	4.08	%	3.78%	4.09%	3.77%
Expected return on plan assets	5.75	%	5.75	%	6.25	%	—	—	—
Rate of compensation increase	4.52	%	4.44	%	4.47	%	—	—	—
Healthcare cost trend on covered charges	—		—		—		6% / 5%	6.5% / 5%	7% / 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
	2017		2016		2017	2016
Discount rate	3.67	%	4.15	%	3.44%	3.78%
Rate of compensation increase	4.74	%	4.52	%	—	—
Healthcare cost trend on covered charges	—		—		5.5% / 5%	6% / 5%

Schedule of Net Periodic Benefit Costs

The net periodic benefit cost for the years ended December 31, 2017, 2016, and 2015 included the following components:



	Pension Benefits									Postretirement Benefits
	2017			2016			2015			2017			2016			2015
Service cost	$	26,415		$	25,369		$	25,607		$	2,327		$	2,288		$	2,505
Interest cost	27,818			28,263			25,203			2,844			3,030			2,925
Expected return on plan assets	(30,631		)	(27,016		)	(28,297		)	—			—			—
Amortization of:
Net actuarial loss	21,503			19,164			20,028			788			709			1,044
Prior service cost (gain)	420			423			452			(2,181		)	(2,181		)	(2,181		)
Net periodic benefit cost	$	45,525		$	46,203		$	42,993		$	3,778		$	3,846		$	4,293

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
2018	$	48,665	$	6,156
2019	51,270		6,565
2020	52,701		6,856
2021	51,088		7,026
2022	52,146		7,003
After 2022	276,523		33,742

Schedule of Allocation of Plan Assets

Asset allocation information for the defined benefit pension plan at December 31, 2017 and 2016 is as follows:



Investment	2017 Actual Allocation		2017 Target Allocation Range	2016 Actual Allocation		2016 Target Allocation Range
Equity securities-U.S.	8	%	3-15%	8	%	3-15%
Equity securities-International	10	%	3-15%	11	%	3-15%
Fixed income investments-U.S.	70	%	35-75%	62	%	35-75%
Fixed income investments-International	3	%	3-10%	5	%	3-10%
Absolute return	4	%	5-15%	5	%	5-15%
Real assets	3	%	3-10%	3	%	3-10%
Private equity	1	%	0-3%	1	%	0-3%
Short-term investments	1	%	0-3%	5	%	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, 2017 and 2016:



December 31, 2017
Investment	Investments Measured at NAV		Level 1		Level 2		Level 3		Total
Equity securities - U.S.	$	11,488	$	34,950	$	—	$	—	$	46,438
Equity securities - International	—		59,632		—		—		59,632
Fixed income investments - U.S.	296,232		114,447		—		—		410,679
Fixed income investments - International	—		17,210		—		—		17,210
Absolute return	24,444		—		—		—		24,444
Real assets	15,565		—		—		197		15,762
Private equity	—		—		—		7,461		7,461
Short-term investments	3,754		—		—		—		3,754
Total	$	351,483	$	226,239	$	—	$	7,658	$	585,380



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

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, 2017 and 2016:



December 31, 2017
	Real Assets		Private Equity			Total
Balance, beginning of year	$	195	$	1,942		$	2,137
Realized gains	—		96			96
Unrealized gains (losses)	2		(100		)	(98		)
Purchases	—		6,891			6,891
Sales	—		(1,368		)	(1,368		)
Balance, end of year	$	197	$	7,461		$	7,658



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