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Pension Benefit and Retirement Health and Life Insurance Benefits (Tables)
 12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
Change in benefit obligation
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
Change in benefit obligation:
2017
2016
 
2017
2016
Benefit obligation at beginning of year
$
177,696

$
182,359

 
$
2,504

$
2,722

Service cost
—

—

 
80

133

Interest cost
7,356

7,530

 
71

75

Actuarial (gain) loss
9,601

(3,621
)
 
460

72

Benefit payments
(8,893
)
(8,572
)
 
(533
)
(498
)
Plan amendment
—

—

 
(545
)
—

Benefit obligation at end of year
$
185,760

$
177,696

 
$
2,037

$
2,504
Change in plan assets
Change in plan assets:
2017
2016
 
2017
2016
Fair value of plan assets at the beginning of the year
$
171,778

$
171,007

 
$
—

$
—

Actual return on plan assets
16,799

8,999

 
—

—

Employer contributions
372

344

 
533

498

Benefit payments
(8,893
)
(8,572
)
 
(533
)
(498
)
Fair value of plan assets at the end of the year
180,056

171,778

 
—

—

Unfunded status
$
(5,704
)
$
(5,918
)
 
$
(2,037
)
$
(2,504
)
Amounts recognized in consolidated balance sheet
Amounts included in the consolidated statements of financial position consist of:
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2017
2016
 
2017
2016
Noncurrent assets
$
3,021

$
2,583

 
$
—

$
—

Current liabilities
(5
)
—

 
(352
)
(512
)
Noncurrent liabilities
(8,720
)
(8,501
)
 
(1,685
)
(1,992
)
Net amount recognized at end of year
$
(5,704
)
$
(5,918
)
 
$
(2,037
)
$
(2,504
)
Schedule of net periodic benefit cost not yet recognized
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2017
2016
 
2017
2016
Net actuarial (loss) gain
$
(59,645
)
$
(59,377
)
 
$
63

$
523

Prior service benefit
—

—

 
2,821

3,878

Net amount recognized at end of year
$
(59,645
)
$
(59,377
)
 
$
2,884

$
4,401
Components of net periodic benefit cost
Components of Net Periodic (Benefit) Cost
(Dollars in thousands)
Pension Benefits
 
Postretirement Health and Life Insurance Benefits
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Service cost
$
—

 
$
—

 
—

 
$
80

 
$
133

 
$
411

Interest cost
7,356

 
7,530

 
7,523

 
71

 
75

 
216

Expected return of plan assets
(9,221
)
 
(10,808
)
 
(11,148
)
 
—

 
—

 
—

Amortization of prior service cost (credit)
—

 
—

 
—

 
(1,602
)
 
(1,489
)
 
(248
)
Amortization of net loss
1,755

 
1,784

 
1,690

 
—

 
(47
)
 
(12
)
Settlement charge
—

 
—

 
57

 
—

 
—

 
—

Net periodic benefit cost (benefit)
$
(110
)
 
$
(1,494
)
 
$
(1,878
)
 
$
(1,451
)
 
$
(1,328
)
 
$
367
Schedule of weighted-average assumptions used
Weighted-average assumptions used to determine benefit obligations at December 31:
 
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2017
2016
 
2017
2016
Discount rate
3.70
%
4.25
%
 
3.25
%
3.25
%
Weighted-average assumptions used to determine net benefit cost for the years ended December 31:
 
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2017
2016
 
2017
2016
Discount rate
3.70
%
4.25
%
 
3.25
%
3.00
%
Expected long-term rate of return on plan assets
4.94
%
5.51
%
 
—

—
Schedule of effect of one-percentage-point change in assumed health care cost trend rates
A one-percentage point change in assumed health care cost trend rates would be expected to have the following effects:
(Dollars in thousands)
Increase
 
Decrease
Effect on total service and interest cost
$
9

 
$
(9
)
Effect on other postretirement benefit obligations
68

 
(63
)
Schedule of allocation of plan assets
The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value as of December 31, 2017 and 2016.
 
Assets at Fair Value as of December 31, 2017
(Dollars in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Pooled separate accounts
$
—

 
$
4,610

 
$
—

 
$
4,610

Fixed income bonds
—

 
162,934

 
—

 
162,934

Mutual funds
6,223

 
—

 
—

 
6,223

Guaranteed deposit account
—

 
—

 
6,289

 
6,289

Total assets at fair value
$
6,223

 
$
167,544

 
$
6,289

 
$
180,056

The following table presents the fair value of the pension plan net assets by asset category as of December 31, 2017 and 2016:
(Dollars in thousands)
2017
 
2016
Pooled separate accounts
$
4,610

 
$
7,587

Fixed income bonds
162,934

 
111,070

Mutual funds
6,223

 
44,054

Guaranteed deposit account
6,289

 
9,067

Total assets at fair value
$
180,056

 
$
171,778
Changes in fair value of Level 3 assets
The table below sets forth a summary of changes in the fair value of the guaranteed deposit account’s Level 3 assets for the year ended December 31, 2017:
(Dollars in thousands)
Guaranteed Deposit Account
Balance at beginning of year
$
9,067

Unrealized gains relating to instruments still held at the reporting date
216

Purchases, sales, issuances and settlements (net)
(2,994
)
Balance at end of year
$
6,289
Schedule of future benefit payments
The following pension benefit payments are expected to be paid through the utilization of plan assets for the funded plans and from the Company’s operating cash flows for the unfunded plans. The Retiree Health and Life Insurance benefits, for which no funding has been made, are expected to be paid from the Company’s operating cash flows. The benefit payments are based on the same assumptions used to measure our benefit obligation at the end of fiscal 2017.
(Dollars in thousands)
Pension Benefits
 
Retiree Health and Life Insurance Benefits
2018
$
9,261

 
$
352

2019
$
9,335

 
$
316

2020
$
9,423

 
$
267

2021
$
9,644

 
$
174

2022
$
9,956

 
$
128

2023-2027
$
52,676

 
$
795