Pension and Other Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017			December 31, 2016			December 31, 2017			December 31, 2016
Change in benefit obligations:
Projected benefit obligations, beginning of year	$	1,990,263		$	1,986,971		$	8,875		$	10,055
Service cost	768			692			—			—
Interest cost	78,195			82,724			264			320
Plan amendments	601			1,025			—			—
Impact of Medicare Reform Act	—			—			42			60
Actuarial loss (gain)	94,092			22,615			(593		)	(496		)
Benefits paid	(107,043		)	(103,764		)	(914		)	(1,064		)
Projected benefit obligations, end of year	2,056,876			1,990,263			7,674			8,875
Change in plans’ assets:
Fair value of plans’ assets, beginning of year	1,545,862			1,530,898			—			—
Actual return on plans’ assets	221,182			118,728			—			—
Employer contributions	—			—			914			1,064
Benefits paid	(107,043		)	(103,764		)	(914		)	(1,064		)
Fair value of plans’ assets, end of year	1,660,001			1,545,862			—			—
Under funded status of the plans	$	(396,875	)	$	(444,401	)	$	(7,674	)	$	(8,875	)

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, 2017			December 31, 2016			December 31, 2017			December 31, 2016
Employee compensation and benefits (1)	$	—		$	—		$	(1,157	)	$	(1,324	)
Pension obligations, net (2)	(396,875		)	(444,401		)	—			—
Postretirement medical, life and other benefits (2)	—			—			(6,517		)	(7,551		)
Net amount recognized	$	(396,875	)	$	(444,401	)	$	(7,674	)	$	(8,875	)

(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
	2017			2016			2015			2017			2016			2015
Service cost	$	768		$	692		$	709		$	—		$	—		$	81
Interest cost	78,195			82,724			81,815			264			320			451
Expected return on plans’ assets	(101,126		)	(107,616		)	(111,690		)	—			—			—
Recognized actuarial loss	—			—			—			—			—			25
Amortization of prior service costs (credits)	116			90			—			(380		)	(380		)	(81		)
Net periodic benefit (credit) cost	$	(22,047	)	$	(24,110	)	$	(29,166	)	$	(116	)	$	(60	)	$	476

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, 2017			December 31, 2016			December 31, 2017		December 31, 2016			December 31, 2017			December 31, 2016
Unrecognized net actuarial (losses) gains, net of tax	$	(46,897	)	$	(66,212	)	$	176	$	(185	)	$	(46,721	)	$	(66,397	)
Unrecognized prior service (cost) credit, net of tax	(942		)	(568		)	1,851		2,082			909			1,514
Total	$	(47,839	)	$	(66,780	)	$	2,027	$	1,897		$	(45,812	)	$	(64,883	)

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
	2017		2016		2017		2016
Discount rate for expense	4.05	%	4.30	%	3.30	%	3.45	%
Discount rate for obligations	3.55	%	4.05	%	3.10	%	3.30	%
Long-term rate of return on plans’ assets for expense	6.60	%	7.00	%	—		—

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, 2017, 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	$	7	$	(6	)
Projected benefit obligation	$	217	$	(199	)

Schedule of Actual and Target Allocations

The actual allocations for the pension assets at December 31, 2017 and December 31, 2016 and target allocations by asset class were as follows:

	Percentage of Plan Assets
	Actual Allocations				Target Allocations
Asset category:	2017		2016		2017		2016
Equity securities	52.7	%	53.4	%	50.0	%	50.0	%
Fixed income securities	40.7	%	39.6	%	45.0	%	45.0	%
Cash and other short-term investments	0.7	%	1.0	%	—		—
Other alternative investments	5.9	%	6.0	%	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, 2017 and December 31, 2016, 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, 2017
	Level 1		Level 2			Level 3		Total
Pension plan assets measured at fair value:
Registered investment companies	$	704,141	$	—		$	—	$	704,141
Common/collective trusts	—		12,607			—		12,607
Fixed income:
U.S. government securities	—		250,792			—		250,792
Corporate bonds	—		294,362			—		294,362
Mortgage-backed and asset-backed securities	—		31,188			—		31,188
Other (1)	—		(35,330		)	—		(35,330		)
Pooled separate account	—		16,809			—		16,809
Total pension plan assets measured at fair value	$	704,141	$	570,428		$	—	1,274,569
Pension plan assets measured at NAV as a practical expedient (2)								360,382
Pension plan assets measured at contract value:
Insurance contracts								25,050
Total pension plan assets								$	1,660,001

(1) Other includes pending net security purchases of $89 million.

(2) Certain common/collective trusts, the 103-12 investment entity, the international equity limited liability company, 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, 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) 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.

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. The benefit payments reflect expected future service, as appropriate (in thousands):

	Qualified Pension Plan Benefits		Other Postretirement Benefits
2018	$	116,955	$	1,157
2019	$	119,454	$	1,041
2020	$	121,577	$	929
2021	$	123,705	$	835
2022	$	125,289	$	745
2023-2027	$	628,065	$	2,570