Pension and Other Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule of Defined Benefit Plans Disclosures

Summarized information for the Company’s defined benefit pension plans and other postretirement plans is provided below (in thousands):



	Pension Plans						Other Postretirement Plans
	December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Change in benefit obligations:
Projected benefit obligations, beginning of year	$	1,986,971		$	2,124,373		$	10,055		$	14,005
Service cost	692			709			—			81
Interest cost	82,724			81,815			320			451
Plan amendments	1,025			—			—			(3,887		)
Impact of Medicare Reform Act	—			—			60			72
Actuarial loss (gain)	22,615			(114,431		)	(496		)	726
Benefits paid	(103,764		)	(105,495		)	(1,064		)	(1,393		)
Projected benefit obligations, end of year	1,990,263			1,986,971			8,875			10,055
Change in plans’ assets:
Fair value of plans’ assets, beginning of year	1,530,898			1,655,257			—			—
Actual return on plans’ assets	118,728			(19,113		)	—			—
Employer contributions	—			249			1,064			1,393
Benefits paid	(103,764		)	(105,495		)	(1,064		)	(1,393		)
Fair value of plans’ assets, end of year	1,545,862			1,530,898			—			—
Under funded status of the plans	$	(444,401	)	$	(456,073	)	$	(8,875	)	$	(10,055	)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the Company’s Consolidated Balance Sheets consisted of (in thousands):



	Pension Plans						Other Postretirement Plans
	December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Employee compensation and benefits (1)	$	—		$	—		$	(1,324	)	$	(1,409	)
Pension obligations, net (2)	(444,401		)	(456,073		)	—			—
Postretirement medical, life and other benefits (2)	—			—			(7,551		)	(8,646		)
Net amount recognized	$	(444,401	)	$	(456,073	)	$	(8,875	)	$	(10,055	)

(1) Included in current liabilities within the Company’s Consolidated Balance Sheets.

(2) Included in non-current liabilities within the Company’s Consolidated Balance Sheets.

Schedule of Net Benefit Costs

The components of net periodic benefit (credit) cost for Company-sponsored plans were as follows (in thousands):



	Pension Plans									Other Postretirement Plans
	2016			2015			2014			2016			2015			2014
Service cost	$	692		$	709		$	463		$	—		$	81		$	328
Interest cost	82,724			81,815			82,109			320			451			1,466
Expected return on plans’ assets	(107,616		)	(111,690		)	(113,056		)	—			—			—
Recognized actuarial (gain) loss	—			—			(159		)	—			25			(22		)
Amortization of prior service costs (credits)	90			—			—			(380		)	(81		)	—
Net periodic benefit (credit) cost	$	(24,110	)	$	(29,166	)	$	(30,643	)	$	(60	)	$	476		$	1,772

The amounts of net periodic benefit (credit) cost for Company-sponsored other post retirement plans applicable to continuing and discontinued operations were as follows (in thousands):



	Other Postretirement Plans
	2016			2015		2014
Continuing operations	$	(60	)	$	476	$	605
Discontinued operations	—			—		1,167
Net periodic benefit (credit) cost	$	(60	)	$	476	$	1,772

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss)

Amounts included in the accumulated other comprehensive loss component of shareholders’ equity for Company-sponsored plans were as follows (in thousands):



	Pension Plans						Other Postretirement Plans						Total
	December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Unrecognized net actuarial losses, net of tax	$	(66,212	)	$	(59,217	)	$	(185	)	$	(488	)	$	(66,397	)	$	(59,705	)
Unrecognized prior service (cost) credit, net of tax	(568		)	—			2,082			2,314			1,514			2,314
Total	$	(66,780	)	$	(59,217	)	$	1,897		$	1,826		$	(64,883	)	$	(57,391	)

Schedule of Assumptions Used

Assumptions—Weighted average assumptions used each year in accounting for pension benefits and other postretirement benefits were as follows:



	Pension Plans				Other Postretirement Plans
	2016		2015		2016		2015
Discount rate for expense	4.30	%	3.95	%	3.45	%	3.30	%
Discount rate for obligations	4.05	%	4.30	%	3.30	%	3.45	%
Increase in future salary levels for expense	—		3.50	%	—		—
Increase in future salary levels for obligations	—		3.50	%	—		—
Long-term rate of return on plans’ assets for expense	7.00	%	7.25	%	—		—

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. As of December 31, 2016, a 1% change in assumed health care cost trend rates would have the following effects (in thousands):



	1% Increase		1% Decrease
Service cost and interest cost	$	8	$	(7	)
Projected benefit obligation	$	233	$	(213	)

Schedule of Actual and Target Allocations

The actual allocations for the pension assets at December 31, 2016 and December 31, 2015 and target allocations by asset class were as follows:



	Percentage of Plan Assets
	Actual Allocations				Target Allocations
Asset category:	2016		2015		2016		2015
Equity securities	53.4	%	51.5	%	50.0	%	50.0	%
Fixed income securities	39.6	%	41.6	%	45.0	%	45.0	%
Cash and other short-term investments	1.0	%	1.1	%	—		—
Other alternative investments	6.0	%	5.8	%	5.0	%	5.0	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

Schedule of Allocation of Plan Assets

The following tables set forth, by asset category, the Company’s pension plan assets as of December 31, 2016 and December 31, 2015, using the fair value hierarchy established under ASC Topic 820 and described in Note 10. The fair value hierarchy in the tables exclude certain investments which are valued using NAV as a practical expedient (in thousands):



	Pension Plan Assets as of December 31, 2016
	Level 1		Level 2			Level 3		Total
Pension plan assets measured at fair value:
Registered investment companies	$	575,884	$	—		$	—	$	575,884
Common/collective trusts	—		16,060			—		16,060
Fixed income:
U.S. government securities	—		200,782			—		200,782
Corporate bonds	—		264,451			—		264,451
Mortgage-backed and asset-backed securities	—		30,961			—		30,961
Other (1)	—		(9,155		)	—		(9,155		)
Pooled separate account	—		17,403			—		17,403
Total pension plan assets measured at fair value	$	575,884	$	520,502		$	—	1,096,386
Pension plan assets measured at NAV as a practical expedient (2)								424,875
Pension plan assets measured at contract value:
Insurance contracts								24,601
Total pension plan assets								$	1,545,862

(1) Other includes pending net security purchases of $58 million.

(2) In accordance with ASU 2015-07, certain common/collective trusts, the 103-12 investment entity, the international equity limited partnership, real estate, private equity and venture capital limited partnerships that are measured at fair value using the NAV per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets.



	Pension Plan Assets as of December 31, 2015
	Level 1		Level 2		Level 3		Total
Pension plan assets measured at fair value:
Registered investment companies	$	585,719	$	—	$	—	$	585,719
Common/collective trusts	—		16,432		—		16,432
Fixed income:
U.S. government securities	—		167,969		—		167,969
Corporate bonds	—		246,739		—		246,739
Mortgage-backed and asset-backed securities	—		29,473		—		29,473
Other (1)	—		26,582		—		26,582
Pooled separate account	—		18,221		—		18,221
Loan fund limited partnership	—		29,852		—		29,852
Total pension plan assets measured at fair value	$	585,719	$	535,268	$	—	1,120,987
Pension plan assets measured at NAV as a practical expedient (2)							385,705
Pension plan assets measured at contract value:
Insurance contracts							24,206
Total pension plan assets							$	1,530,898

(1) Other includes pending net security purchases of $11 million.

Schedule of Expected Benefit Payments

Benefit payments expected to be paid under the Company’s qualified pension plans and other postretirement benefit plans are summarized below (in thousands). The benefit payments reflect expected future service, as appropriate.



	Qualified Pension Plan Benefits		Other Postretirement Benefits
2017	$	116,559	$	1,324
2018	$	120,703	$	1,167
2019	$	123,020	$	1,054
2020	$	124,767	$	943
2021	$	125,797	$	851
2022-2026	$	628,264	$	3,035