Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Schedule of cost of pension plans

Cost of pension plans

Pension plan cost includes the following components:

(in thousands)
	2015			2014			2013
Service cost for benefits earned	$	30,433		$	22,510		$	26,896
Interest cost on benefit obligation	30,755			28,112			25,474
Expected return on plan assets	(35,921		)	(31,419		)	(30,414		)
Prior service cost amortization	670			712			798
Net actuarial loss amortization	14,031			6,344			14,946
Pension plan cost (1)	$	39,968		$	26,259		$	37,700

(1) Pension plan costs represent the total cost before reimbursements to Indemnity from the Exchange and EFL.

Schedule of actuarial assumptions used to measure the year-end obligations and net periodic benefit costs for the subsequent year

Actuarial assumptions

The following table describes the assumptions at December 31 used to measure the year-end obligations and the net periodic benefit costs for the subsequent year:

	2015		2014		2013		2012
Employee pension plan:
Discount rate	4.57	%	4.17	%	5.11	%	4.19	%
Expected return on assets	7.00		7.00		7.50		7.50
Compensation increases (1)	3.32		3.32		4.15		4.15
SERP:
Discount rate – pre-retirement/post-retirement	4.57/4.07		4.17/3.67		5.11/4.61		4.19/3.69
Rate of compensation increase	5.00		5.00		6.00		6.00

(1) The rate of compensation increase for the employee plan is age-graded.  An equivalent single compensation increase rate of 3.32% in 2015 and 2014, and 4.15% in 2013 would produce similar results.

Schedule of funded status of pension plans and amounts recognized in the Statements of Financial Position

The following table sets forth the funded status of the pension plans and the amounts recognized in the Statements of Financial Position at December 31:

(in thousands)
	2015			2014
Funded status at end of year	$	(173,089	)	$	(188,917	)
Pension liabilities – due within one year (1)	$	(389	)	$	(97	)
Pension liabilities – due after one year	(172,700		)	(188,820		)
Net amount recognized	$	(173,089	)	$	(188,917	)

(1) The current portion of pension liabilities is included in accrued expenses and other current liabilities in the Statements of Financial Position.

Schedule of reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation

The following table sets forth a reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation at December 31:

(in thousands)
	2015			2014
Projected benefit obligation, beginning of year	$	736,705		$	557,279
Service cost for benefits earned	30,433			22,510
Interest cost on benefit obligation	30,755			28,112
Plan amendments	0			164
Actuarial (gain) loss	(60,774		)	139,816
Benefits paid	(12,539		)	(11,176		)
Projected benefit obligation, end of year	$	724,580		$	736,705
Accumulated benefit obligation, end of year	$	583,432		$	583,469

Schedule of defined benefit pension plans with assets less than accumulated benefit obligation

The following table describes plans with assets less than accumulated benefit obligation at December 31:

(in thousands)
	2015		2014
Projected benefit obligation	$	724,580	$	736,705
Accumulated benefit obligation	583,432		583,469
Plan assets	551,491		547,788

Schedule of reconciliation of beginning and ending balances of the fair value of plan assets

Pension assets

The following table sets forth a reconciliation of beginning and ending balances of the fair value of plan assets at December 31:

(in thousands)
	2015			2014
Fair value of plan assets, beginning of year	$	547,788		$	462,322
Actual (loss) gain on plan assets	(1,042		)	72,932
Employer contributions	17,284			23,710
Benefits paid	(12,539		)	(11,176		)
Fair value of plan assets, end of year	$	551,491		$	547,788

Schedule of amounts included in accumulated other comprehensive income that were not yet recognized as components of net benefit costs

Accumulated other comprehensive income

Net actuarial loss and prior service cost included in accumulated other comprehensive income that were not yet recognized as components of net benefit costs were as follows:

(in thousands)
	2015		2014
Net actuarial loss	$	148,865	$	186,707
Prior service cost	4,605		5,274
Net amount not yet recognized	$	153,470	$	191,981

Schedule of amounts recognized in other comprehensive income for pension plans

Other comprehensive income

Amounts recognized in other comprehensive income for pension plans:

(in thousands)
	2015			2014
Net actuarial (gain) loss arising during the year	$	(23,810	)	$	98,303
Amortization of net actuarial loss	(14,031		)	(6,344		)
Amortization of prior service cost	(670		)	(712		)
Amendments	0			164			(1)
Total recognized in other comprehensive income	$	(38,511	)	$	91,411

(1) The charges recognized as amendments were the result of factoring in the prior service cost for four new plan participants in 2014.

Schedule of target and actual asset allocations for the portfolio

The target and actual asset allocations for the portfolio are as follows for the years ended December 31:

	Target asset allocation			Target asset allocation		Actual asset allocation		Actual asset allocation
Asset allocation:	2015			2014		2015		2014
Equity securities:
U.S. equity securities	35	%	(1)	35	%	36	%	37	%
Non-U.S. equity securities	20		(2)	20		20		19
Total equity securities	55			55		56		56
Debt securities	44		(3)	44		43		43
Other	1		(4)	1		1		1
Total	100	%		100	%	100	%	100	%

(1) U.S. equity securities –22% seek to achieve excess returns relative to the Russell 2000 Index, while 30% seek to achieve excess returns relative to the S&P 500.  The remaining 48% of the allocation to U.S. equity securities are comprised of equity index funds that track the S&P 500.

(2) Non-U.S. equity securities –11% are allocated to international small cap investments, while another 11% are allocated to international emerging market investments.  The remaining 78% of the Non-U.S. equity securities are allocated to investments seeking to achieve excess returns relative to an international market index.

(3) Debt securities –44% are allocated to long U.S. Treasury Strips, 44% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better, while the remaining 12% are allocated to floating rate high income leverage loans.

(4) Institutional money market fund.

Schedule of fair value measurements of pension plan assets by major category and level of input

The following tables represent the fair value measurements for the pension plan assets by major category and level of input:

	At December 31, 2015
	Fair value measurements of plan assets using:
(in thousands)	Total		Quoted prices in active markets for identical assets Level 1		Significant observable inputs Level 2		Significant unobservable inputs Level 3
Equity securities:
U.S. equity securities	$	201,021	$	0	$	201,021	$	0
Non-U.S. equity securities	107,945		0		107,945		0
Total equity securities	308,966		0		308,966		0
Debt securities	236,619		0		236,619		0
Other	5,906		5,906		0		0
Total	$	551,491	$	5,906	$	545,585	$	0

	At December 31, 2014
	Fair value measurements of plan assets using:
(in thousands)	Total		Quoted prices in active markets for identical assets Level 1		Significant observable inputs Level 2		Significant unobservable inputs Level 3
Equity securities:
U.S. equity securities	$	202,036	$	0	$	202,036	$	0
Non-U.S. equity securities	106,025		0		106,025		0
Total equity securities	308,061		0		308,061		0
Debt securities	236,402		0		236,402		0
Other	3,325		3,325		0		0
Total	$	547,788	$	3,325	$	544,463	$	0

Schedule of benefits expected to be paid over the next 10 years from pension plans

Estimated future benefit payments

The following table sets forth amounts of benefits expected to be paid over the next 10 years from our pension plans as of December 31:

(in thousands)
Year ending December 31,		Expected future benefit payments
2016	$	14,781
2017		16,595
2018		18,632
2019		20,669
2020		23,223
2021 - 2025		163,388