Pension Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Net Funded Status [Table Text Block]



	For the Years Ended December 31,
	2017			2016
	(in thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	69,659		$	62,547
Service cost	6,638			8,200
Interest cost	2,689			2,908
Actuarial loss	3,708			2,662
Benefits paid	(10,757		)	(6,658		)
Projected benefit obligation at end of year	71,937			69,659

Change in plan assets:
Fair value of plan assets at beginning of year	31,731			25,769
Actual return on plan assets	2,956			1,575
Employer contribution	7,048			11,045
Benefits paid	(10,757		)	(6,658		)
Fair value of plan assets at end of year	30,978			31,731
Funded status at end of year	$	(40,959	)	$	(37,928	)

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



	As of December 31,
	2017			2016
	(in thousands)
Projected benefit obligation	$	71,937		$	69,659

Accumulated benefit obligation	$	56,045		$	54,681
Less: Fair value of plan assets	(30,978		)	(31,731		)
Underfunded accumulated benefit obligation	$	25,067		$	22,950

Schedule of Net Periodic Pension Costs Not yet Recognized [Table Text Block]

The pre-tax amounts not yet recognized in net periodic pension costs, but rather recognized in accumulated other comprehensive loss as of December 31, 2017, and 2016, were as follows:



	As of December 31,
	2017		2016
	(in thousands)
Unrecognized actuarial losses	$	21,397	$	22,708
Unrecognized prior service costs	66		83
Accumulated other comprehensive loss	$	21,463	$	22,791

Schedule of Pension Liability Adjustments Recognized in Other Comprehensive Income (Loss) [Table Text Block]

The pension liability adjustments recognized in other comprehensive income (loss) during 2017, 2016, and 2015, were as follows:



	For the Years Ended December 31,
	2017			2016			2015
	(in thousands)
Net actuarial loss	$	(2,995	)	$	(3,322	)	$	(4,990	)
Amortization of prior service cost	17			16			17
Amortization of net actuarial loss	1,297			1,582			1,486
Settlements	3,009			—			350
Total pension liability adjustment, pre-tax	1,328			(1,724		)	(3,137		)
Tax (expense) benefit	(561		)	570			1,047
Total pension liability adjustment, net of tax	$	767		$	(1,154	)	$	(2,090	)

Components of Net Periodic Benefit Cost for the Pension Plans [Table Text Block]

Components of Net Periodic Benefit Cost for the Pension Plans



	For the Years Ended December 31,
	2017			2016			2015
	(in thousands)
Components of net periodic benefit cost:
Service cost	$	6,638		$	8,200		$	7,949
Interest cost	2,689			2,908			2,496
Expected return on plan assets that reduces periodic pension benefit cost	(2,244		)	(2,235		)	(2,182		)
Amortization of prior service cost	17			16			17
Amortization of net actuarial loss	1,297			1,582			1,486
Settlements	3,009			—			350
Net periodic benefit cost	$	11,406		$	10,471		$	10,116

Schedule of Pension Plan Assumptions [Table Text Block]

The weighted-average assumptions used to measure the Company’s projected benefit obligation are as follows:



	As of December 31,
	2017	2016
Projected benefit obligation:
Discount rate	3.8%	4.2%
Rate of compensation increase	6.2%	6.2%

The weighted-average assumptions used to measure the Company’s net periodic benefit cost are as follows:



	For the Years Ended December 31,
	2017	2016	2015
Net periodic benefit cost:
Discount rate	4.2%	4.7%	4.3%
Expected return on plan assets ⁽¹⁾	6.5%	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 Weighted-Average Allocation of the Qualified Pension Plan [Table Text Block]

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



	Target		As of December 31,
Asset Category	2018		2017		2016
Equity securities	35.0	%	38.4	%	28.8	%
Fixed income securities	43.0	%	39.8	%	35.5	%
Other securities	22.0	%	21.8	%	35.7	%
Total	100.0	%	100.0	%	100.0	%

Schedule of Fair Values of the Qualified Plan Assets [Table Text Block]

The fair values of the Company’s Qualified Pension Plan assets as of December 31, 2017, and 2016, utilizing the fair value hierarchy discussed in Note 11 – Fair Value Measurements are as follows:



					Fair Value Measurements Using:
	Actual Asset Allocation⁽¹⁾		Total		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
			(in thousands)
As of December 31, 2017
Cash	—	%	$	—	$	—	$	—	$	—
Equity securities:
Domestic ⁽²⁾	22.2	%	6,865		4,805		2,060		—
International ⁽³⁾	16.2	%	5,032		3,806		1,226		—
Total equity securities	38.4	%	11,897		8,611		3,286		—
Fixed income securities:
High-yield bonds ⁽⁴⁾	2.8	%	876		876		—		—
Core fixed income ⁽⁵⁾	28.6	%	8,842		8,842		—		—
Floating rate corp loans ⁽⁶⁾	8.4	%	2,607		2,607		—		—
Total fixed income securities	39.8	%	12,325		12,325		—		—
Other securities:
Commodities ⁽⁷⁾	1.9	%	588		588		—		—
Real estate ⁽⁸⁾	5.6	%	1,735		—		—		1,735
Collective investment trusts ⁽⁹⁾	3.1	%	959		—		959		—
Hedge fund ⁽¹⁰⁾	11.2	%	3,474		—		—		3,474
Total other securities	21.8	%	6,756		588		959		5,209
Total investments	100.0	%	$	30,978	$	21,524	$	4,245	$	5,209

As of December 31, 2016
Cash	—	%	$	—	$	—	$	—	$	—
Equity securities:
Domestic ⁽²⁾	18.7	%	5,945		4,471		1,474		—
International ⁽³⁾	10.1	%	3,192		3,192		—		—
Total equity securities	28.8	%	9,137		7,663		1,474		—
Fixed income securities:
High-yield bonds ⁽⁴⁾	2.6	%	822		822		—		—
Core fixed income ⁽⁵⁾	25.0	%	7,923		7,923		—		—
Floating rate corp loans ⁽⁶⁾	7.9	%	2,495		2,495		—		—
Total fixed income securities	35.5	%	11,240		11,240		—		—
Other securities:
Commodities ⁽⁷⁾	1.8	%	578		578		—		—
Real estate ⁽⁸⁾	5.1	%	1,629		—		—		1,629
Collective investment trusts ⁽⁹⁾	17.5	%	5,562		—		5,562		—
Hedge fund ⁽¹⁰⁾	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

____________________________________________


⁽¹⁾	Percentages may not calculate due to rounding.

⁽²⁾

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.


⁽³⁾	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.


⁽⁴⁾	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.


⁽⁵⁾	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.


⁽⁶⁾	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.


⁽⁷⁾	Investments with exposure to commodity price movements, primarily through the use of futures, swaps and other commodity-linked securities.


⁽⁸⁾	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.


⁽⁹⁾	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.


⁽¹⁰⁾	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 Changes in Level 3 Plan Assets [Table Text Block]

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



Balance at January 1, 2016	$	5,045
Purchases	561
Realized gain on assets	54
Unrealized gain on assets	115
Disposition	(561		)
Balance at December 31, 2016	$	5,214
Purchases	300
Realized gain on assets	130
Unrealized gain on assets	120
Disposition	(555		)
Balance at December 31, 2017	$	5,209

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)
2018	$	4,217
2019	$	3,818
2020	$	4,363
2021	$	5,561
2022	$	6,117
2023 through 2027	$	36,279