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Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Changes in the Accumulated Postretirement Benefit Obligation
The following table presents the changes in the plan’s projected benefit obligation, fair value of plan assets, and funded status for the years ended December 31 (in thousands):
 
2017
 
2016
Projected benefit obligation at January 1
$
1,377

 
$
1,685

Interest cost
46

 
59

Actuarial losses (gains)
7

 
5

Benefits paid
(360
)
 
(372
)
Projected benefit obligation at December 31
1,070

 
1,377

Fair value of plan assets
—

 
—

Under funded status
(1,070
)
 
(1,377
)
Unamortized prior service cost
2

 
4

Unrecognized actuarial gain
(173
)
 
(200
)
Net amount recognized
$
(1,241
)
 
$
(1,573
)
Amounts Recognized in the Consolidated Financial Statements
Amounts recognized in the consolidated financial statements consisted of (in thousands):
 
2017
 
2016
Accrued postretirement benefit liability
 
 
 
Current portion
$
314

 
$
294

Long term portion
6,706

 
6,908

Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs
(2,809
)
 
(3,150
)
Net amount recognized
$
4,211

 
$
4,052
Schedule of Net Periodic Pension and Other Post-Retirement Benefit Costs
Components of net periodic pension cost for the years ended December 31 were as follows (in thousands):
 
2017
 
2016
 
2015
Interest cost
$
46

 
$
59

 
$
66

Amortization of unrecognized prior service cost
2

 
6

 
14

Gain amortization
(19
)
 
(13
)
 
—

Net periodic pension cost
$
29

 
$
52

 
$
80

Assumptions used to calculate the benefit obligation:
 
 
 
 
 
Discount rate
3.55
%
 
3.81
%
 
3.94
%
Expected Benefit Payments from the Plan
Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands):
 
 
2018
 
2019
 
2020
 
2021
 
2022
 
2023 - 2027
Expected benefit payments
 
$
327


$
228


$
137


$
100

 
$
100

 
$
292
Other Postretirement Benefits  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Changes in the Accumulated Postretirement Benefit Obligation
The following table presents the changes in the accumulated postretirement benefit obligation related to the Company’s unfunded postretirement healthcare benefits at December 31 (in thousands):
 
2017
 
2016
Projected benefit obligation at January 1
$
7,202

 
$
8,149

Service cost
17

 
22

Interest cost
269

 
272

Actuarial gain
(150
)
 
(923
)
Benefits paid, net of contributions
(318
)
 
(318
)
Projected benefit obligation at December 31
7,020

 
7,202

Fair value of plan assets
—

 
—

Under funded status
(7,020
)
 
(7,202
)
Unamortized prior service cost
427

 
471

Unrecognized actuarial loss
2,382

 
2,679

Net amount recognized
$
(4,211
)
 
$
(4,052
)
Schedule of Net Periodic Pension and Other Post-Retirement Benefit Costs
Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands):
 
2017
 
2016
 
2015
Service cost
$
17

 
$
22

 
$
26

Interest cost
269

 
272

 
300

Amortization of unrecognized prior service cost
44

 
44

 
44

Loss amortization (2)
146

 
134

 
197

Net periodic benefit cost
$
476

 
$
472

 
$
567

Assumptions used to calculate the benefit obligation:
 
 
 
 
 
Discount rate
3.4
%
 
3.8
%
 
3.9
%
Annual rate of increase in the per capita cost of:
 
 
 
 
 
Medical costs before age 65 (1)
7.3
%
 
7.5
%
 
7.8
%
Medical costs after age 65 (1)
6.3
%
 
6.5
%
 
6.8
%
Prescription drug costs (1)
10.5
%
 
10.5
%
 
11.0
%

(1)    It was assumed that these rates would gradually decline to 4% by 2075.
(2)      Actuarial (gains)/losses are amortized utilizing the corridor approach. Differences between actual experience and the actuarial assumptions are reflected in (gain)/loss. If the total net (gain) or loss exceeds 10 percent of the greater of the accumulated postretirement benefit obligation or plan asset, this excess must be amortized over the average remaining service period of the active plan participants. If most of the plan participants are inactive, the amortization period is the expected future lifetime of inactive plan participants.
Schedule of 1% Change in Annual Medical Inflation Rate Issued
A 1% change in the annual medical inflation rate issued would have the following impact on the amounts reported at December 31 as follows (in thousands):
 
2017
 
2016
Effect on accumulated postretirement benefit obligation
 
 
 
1% increase
$
950

 
$
975

1% decrease
$
(803
)
 
$
(824
)
Effect on annual service and interest costs
 
 
 
1% increase
$
41

 
$
42

1% decrease
$
(34
)
 
$
(35
)
Expected Benefit Payments from the Plan
Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands):
 
 
2018
 
2019
 
2020
 
2021
 
2022
 
2023 - 2027
Expected benefit payments
 
$
314

 
$
333

 
$
353

 
$
371

 
$
389

 
$
2,159