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Pension Plan (Tables)
12 Months Ended
Dec. 31, 2018
Compensation And Retirement Disclosure [Abstract]  
Reconciliation of Defined Benefit Pension Plan The following table shows the reconciliation of the defined benefit pension plan as of December 31, 2018 and 2017:

 

 

 

2018

 

 

2017

 

 

 

(000s)

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

118,667

 

 

$

109,677

 

Actual return (loss) on plan assets

 

 

(7,522

)

 

 

15,533

 

Benefits paid

 

 

(6,031

)

 

 

(5,846

)

Administrative expenses

 

 

(523

)

 

 

(697

)

Fair value of plan assets at end of year

 

$

104,591

 

 

$

118,667

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

116,056

 

 

$

110,949

 

Service cost

 

 

689

 

 

 

721

 

Interest cost

 

 

4,063

 

 

 

4,465

 

Benefits paid

 

 

(6,031

)

 

 

(5,846

)

Actuarial (gain) loss

 

 

(6,350

)

 

 

5,767

 

Benefit obligation at end of year

 

$

108,427

 

 

$

116,056

 

Amounts recognized in the Consolidated Balance Sheet:

 

 

 

 

 

 

 

 

Other non-current assets

 

 

 

 

 

 

2,611

 

Other non-current liabilities

 

 

3,836

 

 

 

 

 

Total amounts recognized at end of year

 

$

3,836

 

 

$

2,611

 

Components of Net Periodic Pension Cost (Benefit)

 

 

 

2018

 

 

2017

 

 

2016

 

 

 

(000s)

 

Components of net periodic cost (benefit)

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

689

 

 

$

721

 

 

$

926

 

Interest cost

 

 

4,063

 

 

 

4,465

 

 

 

4,997

 

Expected return on plan assets

 

 

(5,197

)

 

 

(5,862

)

 

 

(5,708

)

Amortization of actuarial loss

 

 

 

 

 

863

 

 

 

3,072

 

Net periodic cost

 

$

(445

)

 

$

187

 

 

$

3,287

 

Measurement Dates

 

 

 

2018

 

2017

Measurement Dates

 

 

 

 

Benefit obligations

 

12/31/2018

 

12/31/2017

Fair value of plan assets

 

12/31/2018

 

12/31/2017

Weighted-average Assumptions for Net Periodic Benefit Cost

 

 

 

2018

 

 

2017

 

Weighted average assumptions as of December 31

 

 

 

 

 

 

 

 

Discount rate

 

 

4.03

%

 

 

3.60

%

Rate of compensation increase

 

 

4.00

%

 

 

4.00

%

Weighted Average Assumptions

 

 

 

2018

 

 

2017

 

 

2016

 

Weighted-average assumptions for net periodic benefit

   cost calculations

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

3.60

%

 

 

4.14

%

 

 

4.34

%

Expected long-term rate of return on plan assets

 

 

4.50

%

 

 

5.50

%

 

 

5.50

%

Rate of compensation increase

 

 

4.00

%

 

 

4.00

%

 

 

4.00

%

Market Values of Our Pension Plan Assets

The market values of our pension plan assets at December 31, 2018 and December 31, 2017, reported using net asset value as a practical expedient, by asset category are as follows:

 

 

 

2018

 

 

2017

 

Equities:

 

 

 

 

 

 

 

 

U.S. Large Cap

 

$

7,711

 

 

$

9,393

 

U.S. Mid Cap

 

 

2,309

 

 

 

2,937

 

U.S. Small Cap

 

 

2,094

 

 

 

3,005

 

International Developed

 

 

5,710

 

 

 

7,213

 

Emerging Markets

 

 

4,137

 

 

 

4,792

 

Fixed income:

 

 

 

 

 

 

 

 

Core Fixed Income

 

 

24,617

 

 

 

25,915

 

Long Duration Fixed Income

 

 

55,318

 

 

 

62,522

 

Real Estate:

 

 

 

 

 

 

 

 

REIT Fund

 

 

2,037

 

 

 

2,370

 

Cash/Currency:

 

 

 

 

 

 

 

 

Cash Equivalents

 

 

658

 

 

 

520

 

Total market value

 

$

104,591

 

 

$

118,667

 

Estimated Future Benefit There will be benefit payments under this plan beyond 2028.

 

Estimated Future Benefit Payments (000s)

 

 

 

 

2019

 

$

6,595

 

2020

 

 

6,744

 

2021

 

 

6,834

 

2022

 

 

6,891

 

2023

 

 

6,921

 

2024-2028

 

 

34,270

 

Total

 

$

68,255

 

Plan Assets

 

 

 

2018

 

 

2017

 

Plan Assets

 

 

 

 

 

 

 

 

Asset Category

 

 

 

 

 

 

 

 

Equity securities

 

 

21

%

 

 

23

%

Fixed income securities

 

 

76

%

 

 

75

%

Other

 

 

3

%

 

 

2

%

Total

 

 

100

%

 

 

100

%

Asset Allocation Policy and Ranges Established in accordance with Overall Risk and Return Objectives of Portfolio The following asset allocation policy and ranges have been established in accordance with the overall risk and return objectives of the portfolio:

 

 

 

As of 12/31/2018

 

 

Permitted Range

Total Equity

 

 

21

%

 

10-30%

Total Fixed Income

 

 

76

%

 

70-90%

Other

 

 

3

%

 

0-10%