Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule of cost of pension plans

Cost of pension plans

Pension plan cost includes the following components:

(in thousands)
	2016			2015			2014
Service cost for benefits earned	$	28,201		$	30,433		$	22,510
Interest cost on benefit obligation	33,125			30,755			28,112
Expected return on plan assets	(39,520		)	(35,921		)	(31,419		)
Prior service cost amortization	696			670			712
Net actuarial loss amortization	8,111			14,031			6,344
Pension plan cost (1)	$	30,613		$	39,968		$	26,259

(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:

	2016		2015		2014		2013
Employee pension plan:
Discount rate	4.24	%	4.57	%	4.17	%	5.11	%
Expected return on assets (1)	7.00		7.00		7.00		7.50
Compensation increases (2)	3.32		3.32		3.32		4.15
SERP:
Discount rate – pre-retirement/post-retirement	4.24/3.74		4.57/4.07		4.17/3.67		5.11/4.61
Rate of compensation increase	5.00		5.00		5.00		6.00

(1) The expected return on assets used to measure the net periodic benefit cost for 2017 is 6.75%.

(2) The rate of compensation increase for the employee plan is age-graded.  An equivalent single compensation increase rate of 3.32% in 2016, 2015 and 2014 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)
	2016			2015
Funded status at end of year	$	(224,115	)	$	(173,089	)
Pension liabilities – due within one year (1)	$	(2,288	)	$	(389	)
Pension liabilities – due after one year	(221,827		)	(172,700		)
Net amount recognized	$	(224,115	)	$	(173,089	)

(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)
	2016			2015
Projected benefit obligation, beginning of year	$	724,580		$	736,705
Service cost for benefits earned	28,201			30,433
Interest cost on benefit obligation	33,125			30,755
Plan amendments	2,114			0
Actuarial loss (gain)	43,032			(60,774		)
Benefits paid	(14,393		)	(12,539		)
Projected benefit obligation, end of year	$	816,659		$	724,580
Accumulated benefit obligation, end of year	$	657,969		$	583,432

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)
	2016		2015
Projected benefit obligation	$	816,659	$	724,580
Accumulated benefit obligation	657,969		583,432
Plan assets	592,544		551,491

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)
	2016			2015
Fair value of plan assets, beginning of year	$	551,491		$	547,788
Actual gain (loss) on plan assets	38,028			(1,042		)
Employer contributions	17,418			17,284
Benefits paid	(14,393		)	(12,539		)
Fair value of plan assets, end of year	$	592,544		$	551,491

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)
	2016		2015
Net actuarial loss	$	185,278	$	148,865
Prior service cost	6,023		4,605
Net amount not yet recognized	$	191,301	$	153,470

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)
	2016			2015
Net actuarial loss (gain) arising during the year	$	44,524		$	(23,810	)
Amortization of net actuarial loss	(8,111		)	(14,031		)
Amortization of prior service cost	(696		)	(670		)
Amendments (1)	2,114			0
Total recognized in other comprehensive income	$	37,831		$	(38,511	)

(1) Effective September 12, 2016, a plan amendment was adopted to allow part time employees to participate in the pension plan, which added prior service cost of $1.7 million. Additionally, there was one new SERP participant in 2016, which contributed $0.4 million.

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:	2016			2015		2016		2015
Equity securities:
U.S. equity securities	35	%	(1)	35	%	38	%	36	%
Non-U.S. equity securities	20		(2)	20		18		20
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, 2016
	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	$	225,446	$	0	$	225,446	$	0
Non-U.S. equity securities	107,953		0		107,953		0
Total equity securities	333,399		0		333,399		0
Debt securities	253,197		0		253,197		0
Other	5,948		5,948		0		0
Total	$	592,544	$	5,948	$	586,596	$	0

	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

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
2017	$	18,943
2018		18,672
2019		20,778
2020		23,369
2021		26,246
2022 - 2026		181,837