XML 48 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]  
Summary of Asset Allocation
As of December 31, 2017 and 2016, these assets were allocated among asset categories as follows:

Asset Category
 
2017
  
2016
  
Current
Minimum, Target
and Maximum
Allocation Policy
 
U.S. equity securities
  
51
%
  
51
%
  
30% — 50%— 70
%
International equity securities
  
21
%
  
19
%
  
0% — 20%— 30
%
Debt securities
  
28
%
  
30
%
  
15% — 30%— 55
%
Cash and cash equivalents
  
%
  
%
  
0% — 0%— 5
%
   
100
%
  
100
%
    
Schedule of Change in Benefit Obligation

The following table presents the change in benefit obligation and plan assets for the Company’s defined benefit plans and postretirement benefit plan (in thousands):
 
    
Other Postretirement
Benefits
 
 
Pension Benefits
  
Postretirement
 
 
Pension Plan
  
SERP
  
Welfare Plan
 
 
2017
 
2016
  
2017
  
2016
  
2017
  
2016
 
Change in benefit obligation
                
Benefit obligation at beginning of year
 
$
337,176
  
$
297,325
  
$
1,457
  
$
1,526
  
$
675
  
$
891
 
Service cost
  
10,677
   
13,402
   
   
   
   
 
Interest cost
  
13,729
   
14,123
   
58
   
65
   
27
   
29
 
Actuarial loss (gain)
  
34,563
   
19,120
   
42
   
12
   
52
   
(198
)
Curtailments
  
(33,433
)
  
   
   
   
   
 
Gross benefits paid
  
(7,718
)
  
(6,794
)
  
(145
)
  
(146
)
  
(75
)
  
(47
)
Benefit obligation at end of year
 
$
354,994
  
$
337,176
  
$
1,412
  
$
1,457
  
$
679
  
$
675
 
                         
Accumulated benefit obligation at end of year
 
$
324,904
  
$
272,591
  
$
1,412
  
$
1,457
  
$
679
  
$
675
 
                         
Weighted-Average Assumption Used to Determine Benefit Obligation and Net Periodic Benefit Cost
Weighted-average assumption used to determine benefit obligation at end of year
                  
Discount rate
  
3.7
%
  
4.2
%
  
3.7
%
  
4.2
%
  
3.7
%
  
4.2
%
Rate of compensation increase
Service-based table
 
Service- based table
   
   
   
   
 
Health care cost trend rate
                        
Initial rate
  
   
   
   
   
7.0
%
  
7.0
%
Ultimate rate
  
   
   
   
   
5.0
%
  
5.0
%
Years to ultimate
  
   
   
   
   
2022
   
2021
 
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate
                   
Effect of one-percentage-point change in assumed health care cost trend rate on postretirement obligation
                  
Increase
 
$
  
$
  
$
  
$
  
$
75
  
$
74
 
Decrease
  
   
   
   
   
(65
)
  
(64
)
                         
Summary of Change in Plan Assets
Change in plan assets
                        
Fair value of plan assets at beginning of year
 
$
257,517
  
$
243,588
  
$
  
$
  
$
  
$
 
Actual return on plan assets
  
45,196
   
20,723
   
   
   
   
 
Employer contribution
  
   
   
145
   
146
   
75
   
47
 
Gross benefits paid
  
(7,718
)
  
(6,794
)
  
(145
)
  
(146
)
  
(75
)
  
(47
)
Fair value of plan assets at end of year
 
$
294,995
  
$
257,517
  
$
  
$
  
$
  
$
 
Summary of Funded Status at End of Year
The following table presents the funded status and amounts recognized in the Company’s consolidated balance sheet for the Company’s defined benefit plans and postretirement benefit plan at December 31, 2017 and 2016 (in thousands):

     
Other Postretirement
Benefits
 
  
Pension Benefits
  
Postretirement
Welfare Plan
 
  
Pension Plan
  
SERP
 
  
2017
  
2016
  
2017
  
2016
  
2017
  
2016
 
Funded status at end of year
                  
Fair value of plan assets
 
$
294,995
  
$
257,517
  
$
  
$
  
$
  
$
 
Benefit obligations
  
(354,994
)
  
(337,176
)
  
(1,412
)
  
(1,457
)
  
(679
)
  
(675
)
Funded status and amount recognized at end of year
 
$
(59,999
)
 
$
(79,659
)
 
$
(1,412
)
 
$
(1,457
)
 
$
(679
)
 
$
(675
)
                         
Amounts Recognized in the Consolidated Balance Sheets
Amounts recognized in the consolidated balance sheets
                  
Noncurrent asset
 
$
  
$
  
$
  
$
  
$
  
$
 
Current liability
  
   
   
(159
)
  
(150
)
  
(54
)
  
(56
)
Long-term liability
  
(59,999
)
  
(79,659
)
  
(1,253
)
  
(1,307
)
  
(625
)
  
(619
)
                         
Amounts Recognized in Accumulated Other Comprehensive Income
Amounts recognized in accumulated other comprehensive income
                  
Net actuarial loss (gain)
 
$
57,387
  
$
87,658
  
$
508
  
$
494
  
$
(5,053
)
 
$
(5,773
)
Prior service cost (credit)
  
   
   
   
   
   
 
Accumulated other compensation income
 
$
57,387
  
$
87,658
  
$
508
  
$
494
  
$
(5,053
)
 
$
(5,773
)
Projected Benefit Obligation in Excess of Plan Assets
The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, 2017 and 2016 were as follows (in thousands):

  
Pension Benefits
 
  
Pension Plan
  
SERP
 
  
2017
  
2016
  
2017
  
2016
 
Projected benefit obligation in excess of plan assets
            
Projected benefit obligation at end of year
 
$
354,994
  
$
337,176
  
$
1,412
  
$
1,457
 
Fair value of plan assets at end of year
  
294,995
   
257,517
   
   
 
Accumulated Benefit Obligation in Excess of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2017 and 2016 were as follows (in thousands):

  
Pension Benefits
 
  
Pension Plan
  
SERP
 
  
2017
  
2016
  
2017
  
2016
 
Accumulated benefit obligation in excess of plan assets
            
Projected benefit obligation at end of year
 
$
354,994
  
$
337,176
  
$
1,412
  
$
1,457
 
Accumulated benefit obligation at end of year
  
324,904
   
272,591
   
1,412
   
1,457
 
Fair value of plan assets at end of year
  
294,995
   
257,517
   
   
 
Schedule of Employer Contribution
The following tables presents the expected cash flows for the Company’s defined benefit plans and postretirement benefit plan at December 31, 2017 and 2016 (in thousands):
 
        
Other Postretirement
Benefits
 
  
Pension Benefits
  
Postretirement
 
  
Pension Plan
  
SERP
  
Welfare Plan
 
  
2017
  
2016
  
2017
  
2016
  
2017
  
2016
 
Expected employer contributions
                  
First year
 
$
  
$
  
$
162
  
$
153
  
$
48
  
$
50
 
Expected Benefit Payments
        
Other Postretirement
Benefits
 
  
Pension Benefits
  
Postretirement
 
  
Pension Plan
  
SERP
  
Welfare Plan
 
  
2017
  
2016
  
2017
  
2016
  
2017
  
2016
 
Expected benefit payments (gross)
                  
Year one
 
$
9,483
  
$
8,032
  
$
162
  
$
153
  
$
55
  
$
58
 
Year two
  
10,131
   
8,835
   
159
   
157
   
56
   
58
 
Year three
  
10,818
   
9,646
   
156
   
155
   
58
   
58
 
Year four
  
11,608
   
10,400
   
152
   
151
   
58
   
58
 
Year five
  
12,377
   
11,201
   
149
   
148
   
46
   
57
 
Next five years
  
75,717
   
70,419
   
462
   
514
   
214
   
199
 
Summary of Expected Federal Subsidy

     
Other Postretirement
Benefits
 
  
Pension Benefits
  
Postretirement
 
  
Pension Plan
  
SERP
  
Welfare Plan
 
  
2017
  
2016
  
2017
  
2016
  
2017
  
2016
 
Expected federal subsidy
                  
Year one
 
$
  
$
  
$
  
$
  
$
(7
)
 
$
(7
)
Year two
  
   
   
   
   
(6
)
  
(7
)
Year three
  
   
   
   
   
(6
)
  
(7
)
Year four
  
   
   
   
   
(6
)
  
(7
)
Year five
  
   
   
   
   
(7
)
  
(7
)
Next five years
  
   
   
   
   
(30
)
  
(33
)
Pension Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the Company’s defined benefit plans for the years ended December 31, 2017, 2016 and 2015 were as follows (in thousands):

  
Pension Benefits
 
  
Pension Plan
  
SERP
 
  
2017
  
2016
  
2015
  
2017
  
2016
  
2015
 
Components of net periodic benefit cost
                  
Service cost
 
$
10,677
  
$
13,402
  
$
14,683
  
$
  
$
  
$
 
Interest cost
  
13,729
   
14,123
   
13,302
   
58
   
65
   
64
 
Expected return on plan assets
  
(18,195
)
  
(16,805
)
  
(17,921
)
  
   
   
 
Amortization:
                        
Actuarial loss
  
4,400
   
5,484
   
7,728
   
28
   
26
   
28
 
Prior service credit
  
   
   
   
   
   
 
Net periodic benefit cost
  
10,611
   
16,204
   
17,792
   
86
   
91
   
92
 
                         
 
Other changes in plan assets and benefit obligations recognized in other comprehensive income
                  
Current year actuarial loss (gain)
  
7,562
   
15,203
   
(19,127
)
  
42
   
12
   
(30
)
Recognition of actuarial loss
  
(37,833
)
  
(5,484
)
  
(7,728
)
  
(28
)
  
(26
)
  
(28
)
Recognition of prior service credit
  
   
   
   
   
   
 
Total recognized in other comprehensive income
  
(30,271
)
  
9,719
   
(26,855
)
  
14
   
(14
)
  
(58
)
                         
Total recognized in net periodic benefit cost and other comprehensive income
 
$
(19,660
)
 
$
25,923
  
$
(9,063
)
 
$
100
  
$
77
  
$
34
 
Weighted-Average Assumption Used to Determine Benefit Obligation and Net Periodic Benefit Cost
Weighted average assumptions used to determine net periodic benefit cost
                        
Discount rate (1)
  
4.2/4.0
%
  
4.5
%
  
4.1
%
  
4.2
%
  
4.5
%
  
4.1
%
Expected long-term rate of return on plan assets
  
7.0
%
  
7.0
%
  
7.5
%
  
   
   
 
Rate of compensation increase
 
Service- based table
  
Service- based table
   
4.25
%
  
   
   
 
Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2018 are as follows (in thousands):

  
Pension Benefits
 
  
Pension
Plan
  
SERP
 
Actuarial loss
 
$
2,820
  
$
23
 
Prior service credit
  
   
 
  
$
2,820
  
$
23
 
Other Postretirement Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost and other changes in benefit obligations recognized in other comprehensive income for the Company’s postretirement benefit plan for the years ended December 31, 2017, 2016 and 2015 were as follows (in thousands):

  
Other Postretirement Benefits
 
  
Postretirement Welfare Plan
 
  
2017
  
2016
  
2015
 
Components of net periodic benefit cost
         
Service cost
 
$
  
$
  
$
 
Interest cost
  
27
   
29
   
36
 
Amortization:
            
Actuarial gain
  
(668
)
  
(747
)
  
(793
)
Prior service cost
  
   
   
 
Net periodic benefit cost
  
(641
)
  
(718
)
  
(757
)
             
 
Other changes in benefit obligations recognized in other comprehensive income
            
Current year actuarial gain
  
52
   
(198
)
  
(322
)
Recognition of actuarial gain
  
668
   
747
   
793
 
Recognition of prior service cost
  
   
   
 
Adjustment for actual Medicare Part D reimbursement
  
   
(3
)
  
(3
)
Total recognized in other comprehensive income
  
720
   
546
   
468
 
             
Total recognized in net periodic benefit cost and other comprehensive income
 
$
79
  
$
(172
)
 
$
(289
)
             
Weighted-Average Assumption Used to Determine Benefit Obligation and Net Periodic Benefit Cost
Weighted average assumptions used to determine net periodic benefit cost
         
Discount rate
  
4.2
%
  
4.5
%
  
4.1
%
Health care cost trend rate:
            
Initial rate
  
7.0
%
  
6.5
%
  
7.0
%
Ultimate rate
  
5.0
%
  
5.0
%
  
5.0
%
Years to ultimate
  
2021
   
2019
   
2019
 
             
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate
Effect of one-percentage-point change in assumed health care cost trend rate on aggregate service and interest cost
         
Increase
 
$
3
  
$
4
  
$
5
 
Decrease
  
(3
)
  
(3
)
  
(4
)
Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2018 are as follows (in thousands):

  
Other
Postretirement
Benefits
 
  
Postretirement
Welfare Plan
 
Actuarial gain
 
$
(596
)
Prior service cost
  
 
  
$
(596
)