Pension and Other Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Change in benefit obligations:
Projected benefit obligations, beginning of year	$	2,056,876		$	1,990,263		$	7,674		$	8,875
Service cost	934			768			—			—
Interest cost	71,138			78,195			230			264
Plan amendments	224			601			—			—
Impact of Medicare Reform Act	—			—			25			42
Actuarial (gain) loss	(135,146		)	94,092			(498		)	(593		)
Benefits paid	(108,630		)	(107,043		)	(666		)	(914		)
Projected benefit obligations, end of year	1,885,396			2,056,876			6,765			7,674
Change in plans’ assets:
Fair value of plans’ assets, beginning of year	1,660,001			1,545,862			—			—
Actual return on plans’ assets	(101,797		)	221,182			—			—
Employer contributions	55,500			—			666			914
Benefits paid	(108,630		)	(107,043		)	(666		)	(914		)
Fair value of plans’ assets, end of year	1,505,074			1,660,001			—			—
Under funded status of the plans	$	(380,322	)	$	(396,875	)	$	(6,765	)	$	(7,674	)

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, 2018			December 31, 2017			December 31, 2018			December 31, 2017
Employee compensation and benefits (1)	$	—		$	—		$	(1,198	)	$	(1,157	)
Pension obligations, net (2)	(380,322		)	(396,875		)	—			—
Postretirement medical, life and other benefits (2)	—			—			(5,567		)	(6,517		)
Net amount recognized	$	(380,322	)	$	(396,875	)	$	(6,765	)	$	(7,674	)


(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 for Company-sponsored plans were as follows (in thousands):



	Pension Plans									Other Postretirement Plans
	2018			2017			2016			2018			2017			2016
Service cost	$	934		$	768		$	692		$	—		$	—		$	—
Interest cost	71,138			78,195			82,724			230			264			320
Expected return on plans’ assets	(99,283		)	(101,126		)	(107,616		)	—			—			—
Recognized actuarial loss	17			—			—			—			—			—
Amortization of prior service costs (credits)	140			116			90			(381		)	(380		)	(380		)
Net periodic benefit credit	$	(27,054	)	$	(22,047	)	$	(24,110	)	$	(151	)	$	(116	)	$	(60	)

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss)

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



	Pension Plans						Other Postretirement Plans				Total
	December 31, 2018			December 31, 2017			December 31, 2018		December 31, 2017		December 31, 2018			December 31, 2017
Unrecognized net actuarial (losses) gains, net of tax	$	(109,677	)	$	(46,897	)	$	577	$	176	$	(109,100	)	$	(46,721	)
Unrecognized prior service (cost) credit, net of tax	(1,117		)	(942		)	1,979		1,851		862			909
Total	$	(110,794	)	$	(47,839	)	$	2,556	$	2,027	$	(108,238	)	$	(45,812	)

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
	2018		2017		2018		2017
Discount rate for expense	3.55	%	4.05	%	3.10	%	3.30	%
Discount rate for obligations	4.20	%	3.55	%	3.75	%	3.10	%
Long-term rate of return on plans’ assets for expense	6.40	%	6.60	%	—		—

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, 2018, 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	$	(7	)
Projected benefit obligation	$	189	$	(174	)

Schedule of Actual and Target Allocations

The actual allocations for the pension assets at December 31, 2018 and December 31, 2017 and target allocations by asset class were as follows:



	Percentage of Plan Assets
	Actual Allocations				Target Allocations
Asset category:	2018		2017		2018		2017
Equity securities	47.8	%	52.7	%	50.0	%	50.0	%
Fixed income securities	44.2	%	40.7	%	45.0	%	45.0	%
Cash and other short-term investments	1.1	%	0.7	%	—		—
Other alternative investments	6.9	%	5.9	%	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, 2018 and December 31, 2017, using the fair value hierarchy established under ASC Topic 820 and described in Note 8. 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, 2018
	Level 1		Level 2			Level 3		Total
Pension plan assets measured at fair value:
Registered investment companies	$	523,262	$	—		$	—	$	523,262
Common/collective trusts	—		17,219			—		17,219
Fixed income:
U.S. government securities	—		214,902			—		214,902
Corporate bonds	—		314,768			—		314,768
Mortgage-backed and asset-backed securities	—		20,841			—		20,841
Other (1)	—		(15,247		)	—		(15,247		)
Pooled separate account	—		15,759			—		15,759
Total pension plan assets measured at fair value	$	523,262	$	568,242		$	—	1,091,504

Pension plan assets measured at NAV as a practical expedient (2)								387,922
Pension plan assets measured at contract value:
Insurance contracts								25,648
Total pension plan assets								$	1,505,074


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

(2)

Certain common/collective trusts, 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, 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 international equity limited 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.

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
2019	$	120,807	$	1,095
2020	$	123,701	$	973
2021	$	127,592	$	872
2022	$	129,007	$	777
2023	$	128,297	$	689
2024-2028	$	625,472	$	2,299