Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016



	2016		2015		2016		2015
(in thousands)	Pension Benefits				Other Post- retirement Benefits
Change in benefit obligation
Benefit obligation:
at beginning of year	$	462,819	$	456,911	$	22,281	$	28,368
Service cost		14,098		13,511		170		117
Interest cost		16,907		18,635		773		891
Plan participants' contributions		—		—		1,269		1,334
Plan amendments		—		—		(1,224)		—
Net actuarial (gain) loss		16,944		(8,154)		1,844		(5,905)
Benefits paid		(31,487)		(18,084)		(2,632)		(2,524)
Benefit obligation, end of year		479,281		462,819		22,481		22,281
Change in plan assets
Fair value of plan assets:
at beginning of year		491,550		438,708		—		—
Actual return on plan assets		40,375		(14,421)		—		—
Employer contributions		16,123		86,123		1,363		1,190
Plan participants' contributions		—		—		1,269		1,334
Benefit payments		(31,487)		(18,084)		(2,632)		(2,524)
Expenses		(1,006)		(776)		—		—
Fair value of plan assets, end of year		515,555		491,550		—		—
Funded status at end of year - net asset (liability)	$	36,274	$	28,731	$	(22,481)	$	(22,281)
Amounts recognized in accumulated other comprehensive loss
Unrecognized loss:
at beginning of year	$	109,565	$	72,858	$	(2,553)	$	3,358
Net actuarial loss (gain)		6,345		36,707		475		(5,911)
Unrecognized loss at end of year	$	115,910	$	109,565	$	(2,078)	$	(2,553)

Projected benefit obligation	$	479,281	$	462,819
Accumulated benefit obligation		443,261		429,338
Fair value of plan assets		515,555		491,550



	Years Ended December 31,
	2016		2015		2014		2016		2015		2014
($ in thousands)	Pension benefits						Other post-retirement benefits
Net periodic benefit cost
Service cost	$	14,098	$	13,511	$	12,920	$	170	$	117	$	126
Interest cost		16,907		18,635		19,251		773		891		1,140
Expected return on plan assets		(34,554)		(32,833)		(32,222)		—		—		—
Amortization of net loss/ prior service cost		5,783		3,169		26		145		6		364
Net periodic benefit cost		2,234		2,482		(25)		1,088		1,014		1,630
Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes
Net (loss) gain recognized during the year		(5,783)		(3,169)		(26)		(145)		(6)		(364)
Net actuarial loss (gain)		12,128		39,876		44,599		620		(5,905)		(3,467)
Total recognized in other comprehensive income		6,345		36,707		44,573		475		(5,911)		(3,831)
Total recognized in net periodic benefit cost and other comprehensive income	$	8,579	$	39,189	$	44,548	$	1,563	$	(4,897)	$	(2,201)

Discount rate for benefit obligations		4.10%		4.40%		4.11%		3.95%		4.32%		4.02%
Discount rate for net periodic benefit cost		4.40%		4.11%		4.73%		4.32%		4.02%		4.58%
Expected long-term return on plan assets		7.25%		7.50%		7.50%		n/a		n/a		n/a
Rate of compensation increase		scaled *		scaled *		scaled *		n/a		n/a		n/a

* Graded scale, declining from 7.00% at age 20 to 2.00% at age 60



	1% Decrease		Assumed		1% Increase
(in thousands)	in Rates		Rates		in Rates
Aggregated service and interest cost	$	866	$	943	$	1,036
Postretirement benefit obligation		20,821		22,481		24,483



	December 31, 2016
Fair Value Measurements by Asset Category / Fund		(Level 1)		(Level 2)	Total
(in thousands)
Cash and equivalents	$	15,568	$	—	$	15,568
Total cash and cash equivalents		15,568		—		15,568

Fixed income securities		—		136,085		136,085
Mutual fund-fixed income		48,805		—		48,805
Total fixed income		48,805		136,085		184,890

Domestic and foreign stock		104,455		6		104,461
Mutual funds-equity		157,630		—		157,630
Total equity		262,085		6		262,091

Real assets fund		27,690		—		27,690
Total assets at fair value		354,148		136,091		490,239
Common trust fund (fixed income)		—		—		25,316
Total	$	354,148	$	136,091	$	515,555



	December 31, 2015
Fair Value Measurements by Asset Category / Fund		(Level 1)		(Level 2)		Total
(in thousands)
Cash and equivalents	$	44,224	$	—	$	44,224
Total cash and cash equivalents		44,224		—		44,224

Fixed income securities		—		105,721		105,721
Mutual fund-fixed income		47,453		—		47,453
Total fixed income		47,453		105,721		153,174

Domestic and foreign stock		97,895		10		97,905
Mutual funds-equity		147,051		—		147,051
Total equity		244,946		10		244,956

Real assets fund		24,653		—		24,653
Total assets at fair value		361,276		105,731		467,007
Common trust fund (fixed income)		—		—		24,543
Total	$	361,276	$	105,731	$	491,550