Pension Benefits (Tables)

12 Months Ended

Dec. 31, 2016

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Schedule of Net Funded Status [Table Text Block]



	For the Years Ended December 31,
	2016			2015
	(in thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	62,547		$	57,867
Service cost	8,200			7,949
Interest cost	2,908			2,496
Actuarial loss	2,662			2,397
Benefits paid	(6,658		)	(8,162		)
Projected benefit obligation at end of year	69,659			62,547

Change in plan assets:
Fair value of plan assets at beginning of year	25,769			27,940
Actual return on plan assets	1,575			(410		)
Employer contribution	11,045			6,401
Benefits paid	(6,658		)	(8,162		)
Fair value of plan assets at end of year	31,731			25,769
Funded status at end of year	$	(37,928	)	$	(36,778	)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

Accumulated Benefit Obligation in Excess of Plan Assets for the Pension Plans



	As of December 31,
	2016			2015
	(in thousands)
Projected benefit obligation	$	69,659		$	62,547

Accumulated benefit obligation	$	54,681		$	46,439
Less: Fair value of plan assets	(31,731		)	(25,769		)
Underfunded accumulated benefit obligation	$	22,950		$	20,670

Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]

Pre-tax amounts not yet recognized in net periodic pension costs, but rather recognized in accumulated other comprehensive loss during 2016, 2015, and 2014, were as follows:



	For the Years Ended December 31,
	2016		2015		2014
	(in thousands)
Unrecognized actuarial losses	$	22,708	$	20,966	$	17,812
Unrecognized prior service costs	83		101		118
Unrecognized transition obligation	—		—		—
Accumulated other comprehensive loss	$	22,791	$	21,067	$	17,930

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Pre-tax changes recognized in other comprehensive loss during 2016, 2015, and 2014, were as follows:



	For the Years Ended December 31,
	2016			2015			2014
	(in thousands)
Net actuarial loss	$	(3,322	)	$	(4,990	)	$	(10,062	)
Prior service cost	—			—			—
Less:
Amortization of prior service cost	(16		)	(17		)	(17		)
Amortization of net actuarial loss	(1,582		)	(1,486		)	(689		)
Settlements	—			(350		)	—
Total other comprehensive loss	$	(1,724	)	$	(3,137	)	$	(9,356	)

Components of the net periodic benefit cost for both the Qualified and the Nonqualified Pension Plan

Components of Net Periodic Benefit Cost for the Pension Plans



	For the Years Ended December 31,
	2016			2015			2014
	(in thousands)
Components of net periodic benefit cost:
Service cost	$	8,200		$	7,949		$	6,335
Interest cost	2,908			2,496			2,191
Expected return on plan assets that reduces periodic pension cost	(2,235		)	(2,182		)	(1,978		)
Amortization of prior service cost	16			17			17
Amortization of net actuarial loss	1,582			1,486			689
Settlements	—			350			—
Net periodic benefit cost	$	10,471		$	10,116		$	7,254

Schedule of Assumptions Used [Table Text Block]

Weighted-average assumptions used to measure the Company’s projected benefit obligation and net periodic benefit cost are as follows:



	As of December 31,
	2016	2015	2014
Projected benefit obligation
Discount rate	4.2%	4.7%	4.3%
Rate of compensation increase	6.2%	6.2%	6.2%
Net periodic benefit cost
Discount rate	4.7%	4.3%	5.0%
Expected return on plan assets ⁽¹⁾	7.5%	7.5%	7.5%
Rate of compensation increase	6.2%	6.2%	6.2%

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⁽¹⁾	There is no assumed expected return on plan assets for the Nonqualified Pension Plan because there are no plan assets in the Nonqualified Pension Plan.

Schedule of Allocation of Plan Assets Summary [Table Text Block]

The weighted-average asset allocation of the Qualified Pension Plan is as follows:



	Target		As of December 31,
Asset Category	2017		2016		2015
Equity securities	35.0	%	28.8	%	39.1	%
Fixed income securities	43.0	%	35.5	%	34.0	%
Other securities	22.0	%	35.7	%	26.9	%
Total	100.0	%	100.0	%	100.0	%

Schedule of Allocation of Plan Assets [Table Text Block]

The fair values of the Company’s Qualified Pension Plan assets as of December 31, 2016, and 2015, utilizing the fair value hierarchy discussed in Note 11 – Fair Value Measurements are as follows:



					Fair Value Measurements Using:
	Actual Asset Allocation		Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
			(in thousands)
As of December 31, 2016
Cash	—	%	$	—	$	—	$	—	$	—
Equity Securities:
Domestic ⁽¹⁾	18.7	%	5,945		4,471		1,474		—
International ⁽²⁾	10.1	%	3,192		3,192		—		—
Total Equity Securities	28.8	%	9,137		7,663		1,474		—
Fixed Income Securities:
High-Yield Bonds ⁽³⁾	2.6	%	822		822		—		—
Core Fixed Income ⁽⁴⁾	25.0	%	7,923		7,923		—		—
Floating Rate Corp Loans ⁽⁵⁾	7.9	%	2,495		2,495		—		—
Total Fixed Income Securities	35.5	%	11,240		11,240		—		—
Other Securities:
Commodities ⁽⁶⁾	1.8	%	578		578		—		—
Real Estate ⁽⁷⁾	5.1	%	1,629		—		—		1,629
Collective Investment Trusts ⁽⁸⁾	17.5	%	5,562		—		5,562		—
Hedge Fund ⁽⁹⁾	11.3	%	3,585		—		—		3,585
Total Other Securities	35.7	%	11,354		578		5,562		5,214
Total Investments	100.0	%	$	31,731	$	19,481	$	7,036	$	5,214

As of December 31, 2015
Cash	—	%	$	—	$	—	$	—	$	—
Equity Securities:
Domestic ⁽¹⁾	26.1	%	6,729		4,943		1,786		—
International ⁽²⁾	13.0	%	3,353		3,353		—		—
Total Equity Securities	39.1	%	10,082		8,296		1,786		—
Fixed Income Securities:
High-Yield Bonds ⁽³⁾	2.8	%	722		722		—		—
Core Fixed Income ⁽⁴⁾	22.5	%	5,789		5,789		—		—
Floating Rate Corp Loans ⁽⁵⁾	8.7	%	2,247		2,247		—		—
Total Fixed Income Securities	34.0	%	8,758		8,758		—		—
Other Securities:
Commodities ⁽⁶⁾	2.7	%	700		700		—		—
Real Estate ⁽⁷⁾	5.8	%	1,499		—		—		1,499
Collective Investment Trusts ⁽⁸⁾	4.6	%	1,184		—		1,184		—
Hedge Fund ⁽⁹⁾	13.8	%	3,546		—		—		3,546
Total Other Securities	26.9	%	6,929		700		1,184		5,045
Total Investments	100.0	%	$	25,769	$	17,754	$	2,970	$	5,045

____________________________________________

⁽¹⁾

Level 1 equity securities consist of United States large and small capitalization companies, which are actively traded securities that can be sold upon demand. Level 2 equity securities are investments in a collective investment fund that is valued at net asset value based on the value of the underlying investments and total units outstanding on a daily basis. The objective of this fund is to approximate the S&P 500 by investing in one or more collective investment funds.


⁽²⁾	International equity securities consists of a well-diversified portfolio of holdings of mostly large issuers organized in developed countries with liquid markets, commingled with investments in equity securities of issuers located in emerging markets and believed to have strong sustainable financial productivity at attractive valuations.


⁽³⁾	High-yield bonds consist of non-investment grade fixed income securities. The investment objective is to obtain high current income. Due to the increased level of default risk, security selection focuses on credit-risk analysis.


⁽⁴⁾	The objective of core fixed income funds is to achieve value added from sector or issue selection by constructing a portfolio to approximate the investment results of the Barclay’s Capital Aggregate Bond Index with a modest amount of variability in duration around the index.


⁽⁵⁾	Investments consist of floating rate bank loans. The interest rates on these loans are typically reset on a periodic basis to account for changes in the level of interest rates.


⁽⁶⁾	Investments with exposure to commodity price movements, primarily through the use of futures, swaps and other commodity-linked securities.


⁽⁷⁾	The investment objective of direct real estate is to provide current income with the potential for long-term capital appreciation. Ownership in real estate entails a long-term time horizon, periodic valuations, and potentially low liquidity.


⁽⁸⁾	Collective investment trusts invest in short-term investments and are valued at the net asset value of the collective investment trust. The net asset value, as provided by the trustee, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities.


⁽⁹⁾	The hedge fund portfolio includes an investment in an actively traded global mutual fund that focuses on alternative investments and a hedge fund of funds that invests both long and short using a variety of investment strategies.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

Included below is a summary of the changes in Level 3 plan assets (in thousands):



Balance at January 1, 2015	$	4,864
Purchases	—
Realized gain on assets	165
Unrealized gain on assets	16
Balance at December 31, 2015	$	5,045
Purchases	561
Realized gain on assets	54
Unrealized gain on assets	115
Disposition	(561		)
Balance at December 31, 2016	$	5,214

Schedule of Expected Benefit Payments [Table Text Block]

Expected benefit payments over the next 10 years are as follows:



Years Ending December 31,	(in thousands)
2017	$	6,532
2018	$	3,256
2019	$	4,480
2020	$	4,778
2021	$	5,772
2022 through 2026	$	38,708