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EMPLOYEE BENEFITS (Tables)
12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
Summary of Actual and Target Asset Allocation of Plan Assets
The following is a summary of the pension plan's actual and target asset allocations at December 31, 2017 and 2016 by asset category:
 
 
 
 
 
 
 
 
 
Target
Pension Plan Assets
2017
 
% of Total
 
2016
 
% of Total
 
Allocation
Fixed maturity securities - corporate bonds
$
11,003

 
7.0
%
 
$
9,451

 
7.4
%
 
0
%
-
15
%
Redeemable preferred stock
3,216

 
2.0

 
3,144

 
2.4

 
0
%
-
10
%
Equity securities
87,603

 
55.6

 
69,770

 
54.3

 
50
%
-
70
%
Pooled separate accounts
 
 
 
 
 
 
 
 
 
 
 
Core plus bond separate account fund
17,948

 
11.4

 
10,401

 
8.1

 
0
%
-
40
%
U.S. property separate account fund
15,502

 
9.8

 
14,330

 
11.1

 
0
%
-
25
%
Arbitrage fund
8,506

 
5.4

 
8,292

 
6.5

 
0
%
-
10
%
United Life annuity
9,846

 
6.2

 
9,377

 
7.3

 
5
%
-
10
%
Cash and cash equivalents
4,020

 
2.6

 
3,665

 
2.9

 
0
%
-
10
%
Total plan assets
$
157,644

 
100.0
%
 
$
128,430

 
100.0
%
 
 
 
 

Categories of Pension Plan Assets at Fair Value on Recurring Basis
The following tables present the categorization of the pension plan's assets measured at fair value on a recurring basis at December 31, 2017 and 2016:
 
 
 
Fair Value Measurements
Description
December 31, 2017
 
Level 1
 
Level 2
 
Level 3
Fixed maturity securities - corporate bonds
$
11,003

 
$

 
$
11,003

 
$

Redeemable preferred stock
3,216

 
3,216

 

 

Equity securities
87,603

 
87,603

 

 

Pooled separate accounts
 
 
 
 
 
 
 
Core plus bond separate account fund
17,948

 

 
17,948

 

U.S. property separate account fund
15,502

 

 

 
15,502

Arbitrage fund
8,506

 

 
8,506

 

Money market funds
4,011

 
4,011

 

 

Total assets measured at fair value
$
147,789

 
$
94,830

 
$
37,457

 
$
15,502


 
 
 
Fair Value Measurements
Description
December 31, 2016
 
Level 1
 
Level 2
 
Level 3
Fixed maturity securities - corporate bonds
$
9,451

 
$

 
$
9,451

 
$

Redeemable preferred stock
3,144

 
3,144

 

 

Equity securities
69,770

 
69,770

 

 

Pooled separate accounts
 
 
 
 
 
 
 
Core plus bond separate account fund
10,401

 

 
10,401

 

U.S. property separate account fund
14,330

 

 

 
14,330

Arbitrage fund
8,292

 

 
8,292

 

Money market funds
3,659

 
3,659

 

 

Total assets measured at fair value
$
119,047

 
$
76,573

 
$
28,144

 
$
14,330

Summary of Changes in Fair Value of Pension Plan Securities
The following tables provide a summary of the changes in fair value of the pension plan's Level 3 securities:
 
U.S. property separate account fund
Balance at January 1, 2017
$
14,330

Unrealized gains
1,172

Balance at December 31, 2017
$
15,502



 
U.S. property separate account fund
Balance at January 1, 2016
$
11,252

Unrealized gains
1,078

Purchases
2,000

Balance at December 31, 2016
$
14,330

Schedule of Actuarial Assumptions Used
The following actuarial assumptions were used to determine the reported plan benefit obligations at December 31:
Weighted-average assumptions as of
Pension Benefits
 
Post-retirement Benefits
December 31,
2017
 
2016
 
2017
 
2016
Discount rate
3.65
%
 
4.17
%
 
3.65
%
 
4.17
%
Rate of compensation increase
3.00

 
3.00

 
N/A

 
N/A

The following actuarial assumptions were used at January 1 to determine our reported net periodic benefit costs for the year ended December 31:
Weighted-average assumptions as of
Pension Benefits
 
Post-retirement Benefits
January 1,
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate
4.17
%
 
4.21
%
 
3.86
%
 
4.17
%
 
4.21
%
 
3.86
%
Expected long-term rate of return on plan assets
7.50

 
7.50

 
7.50

 
N/A

 
N/A

 
N/A

Rate of compensation increase
3.00

 
3.00

 
3.00

 
N/A

 
N/A

 
N/A

Schedule of Health Care Cost Trend Rates
 
Health Care Benefits
 
Dental Claims
Years Ended December 31,
2017
 
2016
 
2017
 
2016
Health care cost trend rates assumed for next year
7.00
%
 
7.00
%
 
4.00
%
 
4.00
%
Rate to which the health care trend rate is assumed to decline (ultimate trend rate)
4.50
%
 
4.50
%
 
N/A

 
N/A

Year that the rate reaches the ultimate trend rate
2026

 
2025

 
N/A

 
N/A

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A 1.0 percent change in assumed health care cost trend rates would have the following effects:
 
 
1% Increase
 
1% Decrease
Effect on the net periodic post-retirement health care benefit cost
 
$
1,126

 
$
(883
)
Effect on the accumulated post-retirement benefit obligation
 
9,487

 
(7,698
)
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status
The following table provides a reconciliation of benefit obligations, plan assets and funded status of our plans:
 
Pension Benefits
 
Post-retirement Benefits
Years Ended December 31,
2017
 
2016
 
2017
 
2016
Reconciliation of benefit obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
171,876

 
$
160,390

 
$
46,785

 
$
72,175

Service cost
6,857

 
6,490

 
2,021

 
3,728

Interest cost
7,060

 
6,654

 
1,927

 
3,015

Actuarial loss
26,963

 
2,215

 
6,326

 
1,468

Adjustment for plan amendment

 

 

 
(32,289
)
Benefit payments
(4,407
)
 
(3,873
)
 
(1,331
)
 
(1,312
)
Benefit obligation at end of year (1)
$
208,349

 
$
171,876

 
$
55,728

 
$
46,785

Reconciliation of fair value of plan assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
128,430

 
$
106,600

 
$

 
$

Actual return on plan assets
22,225

 
9,320

 

 

Employer contributions
11,396

 
16,383

 
1,331

 
1,311

Benefit payments
(4,407
)
 
(3,873
)
 
(1,331
)
 
(1,311
)
Fair value of plan assets at end of year
$
157,644

 
$
128,430

 
$

 
$

Funded status at end of year
$
(50,705
)
 
$
(43,446
)
 
$
(55,728
)
 
$
(46,785
)
(1)
For the pension plan, the benefit obligation is the projected benefit obligation. For the post-retirement benefit plan, the benefit obligation is the accumulated post-retirement benefit obligation.
Schedule of Amounts Recognized in AOCI
The following table displays the effect that the unrecognized prior service cost and unrecognized actuarial loss of our plans had on accumulated other comprehensive income ("AOCI"), as reported in the accompanying Consolidated Balance Sheets:
 
 
Pension Benefits
 
Post-retirement Benefits
Years Ended December 31
 
2017
 
2016
 
2017
 
2016
Amounts recognized in AOCI
 
 
 
 
 
 
 
 
Unrecognized prior service cost
 
$

 
$

 
$
(26,880
)
 
$
(32,289
)
Unrecognized actuarial (gain) loss
 
60,571

 
49,745

 
25,235

 
20,756

Total amounts recognized in AOCI
 
$
60,571

 
$
49,745

 
$
(1,645
)
 
$
(11,533
)
Components of Net Periodic Benefit Cost
The components of the net periodic benefit cost for our pension and post-retirement benefit plans are as follows:
 
Pension Plan
 
Post-retirement Benefit Plan
Years Ended December 31,
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
6,857

 
$
6,490

 
$
6,675

 
$
2,021

 
$
3,728

 
$
5,220

Interest cost
7,060

 
6,654

 
5,999

 
1,927

 
3,015

 
2,856

Expected return on plan assets
(9,650
)
 
(7,952
)
 
(7,800
)
 

 

 

Amortization of prior service cost

 

 

 
(5,409
)
 

 

Amortization of net loss
3,562

 
3,968

 
4,546

 
1,846

 
1,518

 
2,920

Net periodic benefit cost
$
7,829

 
$
9,160

 
$
9,420

 
$
385

 
$
8,261

 
$
10,996

Summary of Expected Benefit Payments
The following table summarizes the expected benefits to be paid from our plans over the next 10 years:
 
 
2018
 
2019
 
2020
 
2021
 
2022
 
2023 - 2027
Pension benefits
 
$
5,620

 
$
6,140

 
$
6,780

 
$
7,520

 
$
8,240

 
$
52,950

Post-retirement benefits
 
$
1,350

 
$
1,540

 
$
1,700

 
$
1,880

 
$
2,050

 
$
13,310