Retirement plans (Tables) - Retirement Plans

12 Months Ended

Dec. 31, 2018

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

Our pension expense, which include costs for our qualified TRP plan and non-qualified SERP plan, are presented in the following table (in thousands):



	2018			2017			2016
Service cost—benefits earned during the period	$	12		$	872		$	816
Interest cost on benefit obligation	21,337			23,985			26,111
Expected return on plan assets	(30,935		)	(26,322		)	(26,764		)
Amortization of prior service costs	168			635			670
Amortization of actuarial loss	5,124			8,357			7,615
Pension payment timing related charges	7,498			26			—
Total pension expense for company-sponsored retirement plans	$	3,204		$	7,553		$	8,448

Schedule of Changes in Projected Benefit Obligations

The following table provides a reconciliation of pension benefit obligations (on a projected benefit obligation measurement basis), plan assets and funded status of company-sponsored retirement plans, along with the related amounts that are recognized in the Consolidated Balance Sheets (in thousands).



	Dec. 31,
	2018			2017
Change in benefit obligations
Benefit obligations at beginning of year	$	614,111		$	606,413
Service cost	12			872
Interest cost	21,337			23,985
Actuarial (gain) loss	(40,135		)	26,700
Benefits paid	(36,222		)	(39,143		)
Acquisition of KFMB	25,966			—
Curtailment gain ⁽¹⁾	—			(4,716		)
Settlements ⁽²⁾	(30,274		)	—
Benefit obligations at end of year	$	554,795		$	614,111
Change in plan assets
Fair value of plan assets at beginning of year	$	439,149		$	388,168
Actual (loss) return on plan assets	(29,016		)	69,295
Employer contributions	45,219			20,829
Benefits paid	(36,222		)	(39,143		)
Acquisition of KFMB	18,694			—
Settlements ⁽²⁾	(30,274		)	—
Fair value of plan assets at end of year	$	407,550		$	439,149
Funded status at end of year	$	(147,245	)	$	(174,962	)
Amounts recognized in Consolidated Balance Sheets
Accrued benefit cost—current	$	(7,870	)	$	(30,742	)
Accrued benefit cost—noncurrent	$	(139,375	)	$	(144,220	)
(1) Curtailment gain in 2017 was a result of our decision to freeze the SERP plan accruals for certain grandfathered participants. Beginning in 2018, all SERP participants will no longer accrue benefits under this plan. (2) Settlements represent lump sum benefit payments to plan participants. When aggregate lump sums exceed the settlement threshold, pension payment timing related charges are incurred, and the lump sum payments prompting the charge are shown on a separate line from other benefit payments.

Schedule of Net Funded Status

The funded status (on a projected benefit obligation basis of our principal retirement plans at December 31, 2018, is as follows (in thousands):



	Fair Value of Plan Assets		Benefit Obligation		Funded Status
TRP	$	407,550	$	491,354	$	(83,804	)
SERP ^(a)	—		62,892		(62,892		)
All other	—		549		(549		)
Total	$	407,550	$	554,795	$	(147,245	)

(a) The SERP is an unfunded, unsecured liability

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following table presents information for our retirement plans for which accumulated benefit obligation exceed assets (in thousands):



	Dec. 31,
	2018		2017
Accumulated benefit obligation	$	554,768	$	614,079
Fair value of plan assets	$	407,550	$	439,149

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The following table presents information for our retirement plans for which projected benefit obligations exceed assets (in thousands):



	Dec. 31,
	2018		2017
Projected benefit obligation	$	554,795	$	614,111
Fair value of plan assets	$	407,550	$	439,149

Schedule of Net Periodic Benefit Cost Not yet Recognized

The following table summarizes the pre-tax amounts recorded in accumulated other comprehensive loss that have not yet been recognized as a component of pension expense (in thousands):



	Dec. 31,
	2018			2017
Net actuarial losses	$	(182,610	)	$	(175,415	)
Prior service cost	(1,888		)	(2,056		)
Amounts in accumulated other comprehensive loss	$	(184,498	)	$	(177,471	)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) consist of the following (in thousands):



	2018			2017
Current year net actuarial (loss) gain	$	(19,817	)	$	16,272
Amortization of previously deferred actuarial loss	5,124			8,357
Amortization of previously deferred prior service costs	168			635
Pension payment timing related charges	7,498			—
Curtailment gain	—			4,716
Prior service cost recognized in curtailment	—			26
Total	$	(7,027	)	$	30,006

Schedule of Assumptions Used

Pension costs: The following assumptions were used to determine net pension costs:



	2018	2017	2016
Discount rate	3.64%	4.12%	4.46%
Expected return on plan assets	7.00%	7.00%	7.00%

Schedule Of Assumptions Used In Calculating Pension Benefit Obligations Table

Benefit obligations and funded status: The following assumptions were used to determine the year-end benefit obligations:



	Dec. 31,
	2018	2017
Discount rate	4.34%	3.64%

Schedule of Allocation of Plan Assets

The asset allocation for the TRP at the end of 2018 and 2017, and target allocations for 2019, by asset category, are presented in the table below:



Target Allocation			Allocation of Plan Assets
	2019		2018		2017
Equity securities	57	%	57	%	56	%
Debt securities	38	%	39	%	39	%
Other	5	%	4	%	5	%
Total	100	%	100	%	100	%

Schedule of Expected Benefit Payments

We estimate we will make the following benefit payments (from either retirement plan assets or directly from our funds), which reflect expected future employee service, as appropriate (in thousands):



2019	$	48,038
2020	37,882
2021	38,384
2022	39,342
2023	39,195
2024-2028	$	192,299