Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018



	2018		2017		2018		2017
(in thousands)	Pension Benefits				Other Post- Retirement Benefits
Change in benefit obligation
Benefit obligation:
at beginning of year	$	513,844	$	479,281	$	23,036	$	22,481
Service cost		12,414		15,381		120		129
Interest cost		16,762		16,514		621		668
Plan participants' contributions		—		—		628		636
Plan amendments		—		(17,315)		—		—
Net actuarial gain (loss)		(30,796)		39,419		(6,717)		993
Benefits paid		(20,207)		(19,436)		(1,405)		(1,871)
Benefit obligation, end of year		492,017		513,844		16,283		23,036
Change in plan assets
Fair value of plan assets:
at beginning of year		564,365		515,555		—		—
Actual return on plan assets		(40,491)		68,307		—		—
Employer contributions		40,138		1,132		777		1,235
Plan participants' contributions		—		—		628		636
Benefit payments		(20,207)		(19,436)		(1,405)		(1,871)
Expenses		(1,187)		(1,193)		—		—
Fair value of plan assets, end of year		542,618		564,365		—		—
Funded status at end of year - net asset (liability)	$	50,601	$	50,521	$	(16,283)	$	(23,036)
Amounts recognized in accumulated other comprehensive loss
Unrecognized loss:
at beginning of year	$	102,978	$	115,910	$	(732)	$	(2,078)
Net actuarial loss (gain)		46,492		(12,932)		(6,283)		1,346
Unrecognized (gain) loss at end of year	$	149,470	$	102,978	$	(7,015)	$	(732)

Projected benefit obligation	$	492,017	$	513,844
Accumulated benefit obligation		467,300		489,075
Fair value of plan assets		542,618		564,365



	Years Ended December 31,
	2018		2017		2016		2018		2017		2016
($ in thousands)	Pension Benefits						Other Post-Retirement Benefits
Net periodic benefit cost
Service cost	$	12,414	$	15,381	$	14,098	$	120	$	129	$	170
Interest cost		16,762		16,514		16,907		621		668		773
Expected return on plan assets		(41,033)		(37,632)		(34,554)		—		—		—
Amortization of net loss/ prior service cost		5,423		5,554		5,783		(434)		(353)		145
Net periodic benefit cost		(6,434)		(183)		2,234		307		444		1,088
Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes
Net (loss) gain recognized during the year		(5,423)		(5,554)		(5,783)		434		353		(145)
Net actuarial loss (gain)		51,915		(7,378)		12,128		(6,717)		993		620
Total recognized in other comprehensive income		46,492		(12,932)		6,345		(6,283)		1,346		475
Total recognized in net periodic benefit cost and other comprehensive income	$	40,058	$	(13,115)	$	8,579	$	(5,976)	$	1,790	$	1,563

Discount rate for benefit obligations		4.14%		3.57%		4.10%		4.10%		3.52%		3.95%
Discount rate for net periodic benefit cost		3.57%		4.10%		4.40%		3.52%		3.95%		4.32%
Expected long-term return on plan assets		7.25%		7.25%		7.25%		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	$	666	$	741	$	834
Postretirement benefit obligation		14,949		16,281		17,894



	December 31, 2018
Fair Value Measurements by Asset Category / Fund		Level 1		Level 2		Level 3	Total
(in thousands)
Cash and equivalents	$	8,643	$	—	$	—	$	8,643
Total cash and cash equivalents		8,643		—		—		8,643

Fixed income securities		19,856		97,025		—		116,881
Mutual fund-fixed income		31,556		—		145		31,701
Total fixed income		51,412		97,025		145		148,582

Domestic and foreign stock		80,813		6		—		80,819
Mutual funds-equity		150,466		—		—		150,466
Total equity		231,279		6		—		231,285
Total assets at fair value		291,334		97,031		145		388,510
Common trust funds (fixed income)		—		—		—		125,706
Common trust fund (real assets)		—		—		—		28,402
Total	$	291,334	$	97,031	$	145	$	542,619



	December 31, 2017
Fair Value Measurements by Asset Category / Fund		Level 1		Level 2		Level 3		Total
(in thousands)
Cash and equivalents	$	5,496	$	—	$	—	$	5,496
Total cash and cash equivalents		5,496		—		—		5,496

Fixed income securities		—		113,169		162		113,331
Mutual fund-fixed income		31,839		—		—		31,839
Total fixed income		31,839		113,169		162		145,170

Domestic and foreign stock		102,416		6		—		102,422
Mutual funds-equity		168,299		—		—		168,299
Total equity		270,715		6		—		270,721
Total assets at fair value		308,050		113,175		162		421,387
Common trust funds (fixed income)		—		—		—		114,068
Common trust fund (real assets)		—		—		—		28,910
Total	$	308,050	$	113,175	$	—	$	564,365