Pension and Postretirement Plans (Tables)
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12 Months Ended |
Dec. 31, 2017 |
Defined Benefit Plans [Member] |
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Defined Benefit Plan Disclosure [Line Items] |
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Schedule of Amounts Recognized in Balance Sheet |
The amounts recognized in the Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows: | | | | | | | | | | | | | | | | | | Pension Plans | | SERP | | As of December 31 | | As of December 31 | (in thousands) | 2017 | | 2016 | | 2017 | | 2016 | Noncurrent asset | $ | 1,056,777 |
| | $ | 881,593 |
| | $ | — |
| | $ | — |
| Current liability | — |
| | — |
| | (5,838 | ) | | (5,580 | ) | Noncurrent liability | — |
| | — |
| | (104,244 | ) | | (100,946 | ) | Recognized Asset (Liability) | $ | 1,056,777 |
| | $ | 881,593 |
| | $ | (110,082 | ) | | $ | (106,526 | ) |
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Schedule of Estimated Benefit Payments |
At December 31, 2017, future estimated benefit payments, excluding charges for early retirement programs, are as follows: | | | | | | | | | (in thousands) | Pension Plans | | SERP | 2018 | $ | 73,418 |
| | $ | 5,943 |
| 2019 | $ | 74,433 |
| | $ | 6,320 |
| 2020 | $ | 74,572 |
| | $ | 6,454 |
| 2021 | $ | 75,661 |
| | $ | 6,591 |
| 2022 | $ | 73,921 |
| | $ | 6,719 |
| 2023–2027 | $ | 371,073 |
| | $ | 34,165 |
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Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) |
Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net periodic cost for the defined benefit plans: | | | | | | | | | | | | | | | | | | Pension Plans | | SERP | | As of December 31 | | As of December 31 | (in thousands) | 2017 | | 2016 | | 2017 | | 2016 | Unrecognized actuarial (gain) loss | $ | (461,779 | ) | | $ | (285,304 | ) | | $ | 27,225 |
| | $ | 24,958 |
| Unrecognized prior service cost | 270 |
| | 365 |
| | 320 |
| | 775 |
| Gross Amount | (461,509 | ) | | (284,939 | ) | | 27,545 |
| | 25,733 |
| Deferred tax liability (asset) | 124,607 |
| | 113,976 |
| | (7,437 | ) | | (10,293 | ) | Net Amount | $ | (336,902 | ) | | $ | (170,963 | ) | | $ | 20,108 |
| | $ | 15,440 |
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Schedule of Expected Net Periodic Cost to be Recognized in Accumulated Other Comprehensive Income (Loss) |
During 2018, the Company expects to recognize the following amortization components of net periodic cost for the defined benefit plans: | | | | | | | | | | 2018 | (in thousands) | Pension Plans | | SERP | Actuarial (gain) loss recognition | $ | (4,236 | ) | | $ | 2,217 |
| Prior service cost recognition | $ | 148 |
| | $ | 311 |
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Defined Benefit Plans [Member] | Periodic Cost [Member] |
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Defined Benefit Plan Disclosure [Line Items] |
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Schedule of Assumptions Used |
The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key assumptions utilized to determine periodic cost: | | | | | | | | | | | | | | Pension Plans | | SERP | | Year Ended December 31 | | Year Ended December 31 | | 2017 | | 2016 | | 2015 | | 2017 | | 2016 | | 2015 | Discount rate (1) | 4.1% | | 4.3% | | 4.4%/4.0% | | 4.1% | | 4.3% | | 4.4%/4.0% | Expected return on plan assets | 6.25% | | 6.5% | | 6.5% | | — | | — | | — | Rate of compensation increase | Age graded (5.0%–1.0%) | | 4.0% | | 4.0% | | Age graded (5.0%–1.0%) | | 4.0% | | 4.0% |
____________ | | (1) | As a result of the spin-off of Cable ONE and the sale of the KHE Campuses business, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of July 1, 2015 and September 3, 2015, respectively. As a result of the spin-off of Cable ONE, the accumulated and projected benefit obligation of the SERP was remeasured as of July 1, 2015. The remeasurement changed the discount rate from 4.0% for the first six months to 4.4% for the second half of 2015. |
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Defined Benefit Plans [Member] | Benefit Obligation [Member] |
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Defined Benefit Plan Disclosure [Line Items] |
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Schedule of Assumptions Used |
Key assumptions utilized for determining the benefit obligation are as follows: | | | | | | | | | | Pension Plans | | SERP | | As of December 31 | | As of December 31 | | 2017 | | 2016 | | 2017 | | 2016 | Discount rate | 3.6% | | 4.1% | | 3.6% | | 4.1% | Rate of compensation increase - age graded | 5.0%–1.0% | | 5.0%–1.0% | | 5.0%–1.0% | | 5.0%–1.0% |
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Pension Plans [Member] |
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Defined Benefit Plan Disclosure [Line Items] |
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Schedule of Obligation, Asset and Funding Information |
The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans: | | | | | | | | | | Pension Plans | | As of December 31 | (in thousands) | 2017 | | 2016 | Change in Benefit Obligation | | | | Benefit obligation at beginning of year | $ | 1,160,897 |
| | $ | 1,254,298 |
| Service cost | 18,687 |
| | 20,461 |
| Interest cost | 47,925 |
| | 51,608 |
| Amendments | 75 |
| | — |
| Actuarial loss (gain) | 73,191 |
| | (32,203 | ) | Acquisitions | 58,600 |
| | — |
| Benefits paid | (74,506 | ) | | (60,076 | ) | Special termination benefits | 1,825 |
| | — |
| Settlement | — |
| | (73,191 | ) | Benefit Obligation at End of Year | $ | 1,286,694 |
| | $ | 1,160,897 |
| Change in Plan Assets | | | | Fair value of assets at beginning of year | $ | 2,042,490 |
| | $ | 2,234,268 |
| Actual return on plan assets | 375,487 |
| | (58,511 | ) | Benefits paid | (74,506 | ) | | (60,076 | ) | Settlement | — |
| | (73,191 | ) | Fair Value of Assets at End of Year | $ | 2,343,471 |
| | $ | 2,042,490 |
| Funded Status | $ | 1,056,777 |
| | $ | 881,593 |
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Schedule of Net (Benefit) Costs |
The total (benefit) cost arising from the Company’s defined benefit pension plans, including the portion included in discontinued operations, consists of the following components: | | | | | | | | | | | | | | Pension Plans | | Year Ended December 31 | (in thousands) | 2017 | | 2016 | | 2015 | Service cost | $ | 18,687 |
| | $ | 20,461 |
| | $ | 26,294 |
| Interest cost | 47,925 |
| | 51,608 |
| | 52,613 |
| Expected return on assets | (121,411 | ) | | (121,470 | ) | | (130,571 | ) | Amortization of prior service cost | 170 |
| | 297 |
| | 320 |
| Recognized actuarial gain | (4,410 | ) | | — |
| | (11,925 | ) | Net Periodic Benefit for the Year | (59,039 | ) | | (49,104 | ) | | (63,269 | ) | Curtailment | — |
| | — |
| | (3,267 | ) | Settlement | — |
| | (17,993 | ) | | — |
| Early retirement programs and special separation benefit expense | 1,825 |
| | — |
| | 4,606 |
| Total Benefit for the Year | $ | (57,214 | ) | | $ | (67,097 | ) | | $ | (61,930 | ) | Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | | | | | | Current year actuarial (gain) loss | $ | (180,885 | ) | | $ | 147,779 |
| | $ | 222,894 |
| Current year prior service cost | 75 |
| | — |
| | — |
| Amortization of prior service cost | (170 | ) | | (297 | ) | | (320 | ) | Recognized net actuarial gain | 4,410 |
| | — |
| | 11,925 |
| Curtailment and settlement | — |
| | 17,993 |
| | (51 | ) | Total Recognized in Other Comprehensive Income (Before Tax Effects) | $ | (176,570 | ) | | $ | 165,475 |
| | $ | 234,448 |
| Total Recognized in Total Benefit and Other Comprehensive Income (Before Tax Effects) | $ | (233,784 | ) | | $ | 98,378 |
| | $ | 172,518 |
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Allocation of the Assets of the Company's Pension Plans |
The assets of the Company’s pension plans were allocated as follows: | | | | | | | | As of December 31 | | 2017 | | 2016 | U.S. equities | 53 | % | | 53 | % | U.S. stock index fund | 30 | % | | 30 | % | U.S. fixed income | 11 | % | | 11 | % | International equities | 6 | % | | 6 | % | | 100 | % | | 100 | % |
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Fair Value, Assets Measured on Recurring Basis |
The Company’s pension plan assets measured at fair value on a recurring basis were as follows: | | | | | | | | | | | | | | | | | | As of December 31, 2017 | (in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | Cash equivalents and other short-term investments | $ | 73,877 |
| | $ | 181,638 |
| | $ | — |
| | $ | 255,515 |
| Equity securities | | | | | | | | U.S. equities | 1,242,139 |
| | — |
| | — |
| | 1,242,139 |
| International equities | 138,640 |
| | — |
| | — |
| | 138,640 |
| U.S. stock index fund | — |
| | — |
| | 706,202 |
| | 706,202 |
| Total Investments | $ | 1,454,656 |
| | $ | 181,638 |
| | $ | 706,202 |
| | $ | 2,342,496 |
| Receivables | | | | | | | 975 |
| Total | | | | | | | $ | 2,343,471 |
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| | | | | | | | | | | | | | | | | | As of December 31, 2016 | (in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | Cash equivalents and other short-term investments | $ | 61,438 |
| | $ | 162,010 |
| | $ | — |
| | $ | 223,448 |
| Equity securities | | | | | | | | U.S. equities | 1,074,528 |
| | — |
| | — |
| | 1,074,528 |
| International equities | 120,735 |
| | — |
| | — |
| | 120,735 |
| U.S. stock index fund | — |
| | — |
| | 622,865 |
| | 622,865 |
| Total Investments | $ | 1,256,701 |
| | $ | 162,010 |
| | $ | 622,865 |
| | $ | 2,041,576 |
| Receivables | | | | | | | 914 |
| Total | | | | | | | $ | 2,042,490 |
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Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets |
The following table provides a reconciliation of changes in pension assets measured at fair value on a recurring basis, using Level 3 inputs: | | | | | | | | | | U.S. Stock Index Fund | | Year Ended December 31 | (in thousands) | 2017 | | 2016 | Balance at Beginning of Year | $ | 622,865 |
| | $ | — |
| Purchases, sales, and settlements, net | (50,000 | ) | | 574,000 |
| Actual return on plan assets: | | | | Gains relating to assets sold | 6,796 |
| | — |
| Gains relating to assets still held at year-end | 126,541 |
| | 48,865 |
| Balance at End of Year | $ | 706,202 |
| | $ | 622,865 |
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Supplemental Executive Retirement Plan (SERP) [Member] |
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Defined Benefit Plan Disclosure [Line Items] |
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Schedule of Obligation, Asset and Funding Information |
| | | | | | | | | | SERP | | As of December 31 | (in thousands) | 2017 | | 2016 | Change in Benefit Obligation | | | | Benefit obligation at beginning of year | $ | 106,526 |
| | $ | 105,004 |
| Service cost | 858 |
| | 985 |
| Interest cost | 4,233 |
| | 4,384 |
| Actuarial loss | 4,041 |
| | 1,120 |
| Benefits paid | (5,576 | ) | | (4,967 | ) | Benefit Obligation at End of Year | $ | 110,082 |
| | $ | 106,526 |
| Change in Plan Assets | | | | Fair value of assets at beginning of year | $ | — |
| | $ | — |
| Employer contributions | 5,576 |
| | 4,967 |
| Benefits paid | (5,576 | ) | | (4,967 | ) | Fair Value of Assets at End of Year | $ | — |
| | $ | — |
| Funded Status | $ | (110,082 | ) | | $ | (106,526 | ) |
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Schedule of Net (Benefit) Costs |
| | | | | | | | | | | | | | SERP | | Year Ended December 31 | (in thousands) | 2017 | | 2016 | | 2015 | Service cost | $ | 858 |
| | $ | 985 |
| | $ | 1,946 |
| Interest cost | 4,233 |
| | 4,384 |
| | 4,550 |
| Amortization of prior service cost | 455 |
| | 457 |
| | 457 |
| Recognized actuarial loss | 1,774 |
| | 2,659 |
| | 3,015 |
| Total Cost for the Year | $ | 7,320 |
| | $ | 8,485 |
| | $ | 9,968 |
| Other Changes in Benefit Obligations Recognized in Other Comprehensive Income | | | | | | Current year actuarial loss (gain) | $ | 4,041 |
| | $ | 1,120 |
| | $ | (6,544 | ) | Amortization of prior service cost | (455 | ) | | (457 | ) | | (457 | ) | Recognized net actuarial loss | (1,774 | ) | | (2,659 | ) | | (3,015 | ) | Curtailment and settlement | — |
| | — |
| | (834 | ) | Total Recognized in Other Comprehensive Income (Before Tax Effects) | $ | 1,812 |
| | $ | (1,996 | ) | | $ | (10,850 | ) | Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects) | $ | 9,132 |
| | $ | 6,489 |
| | $ | (882 | ) |
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Other Postretirement Plans [Member] |
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Defined Benefit Plan Disclosure [Line Items] |
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Schedule of Obligation, Asset and Funding Information |
The following table sets forth obligation, asset and funding information for the Company’s other postretirement plans: | | | | | | | | | | Postretirement Plans | | As of December 31 | (in thousands) | 2017 | | 2016 | Change in Benefit Obligation | | | | Benefit obligation at beginning of year | $ | 24,171 |
| | $ | 37,391 |
| Service cost | 1,028 |
| | 1,386 |
| Interest cost | 779 |
| | 1,230 |
| Actuarial gain | (2,830 | ) | | (14,984 | ) | Acquisitions | 516 |
| | — |
| Benefits paid, net of Medicare subsidy | (879 | ) | | (852 | ) | Benefit Obligation at End of Year | $ | 22,785 |
| | $ | 24,171 |
| Change in Plan Assets | | | | Fair value of assets at beginning of year | $ | — |
| | $ | — |
| Employer contributions | 879 |
| | 852 |
| Benefits paid, net of Medicare subsidy | (879 | ) | | (852 | ) | Fair Value of Assets at End of Year | $ | — |
| | $ | — |
| Funded Status | $ | (22,785 | ) | | $ | (24,171 | ) |
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Schedule of Amounts Recognized in Balance Sheet |
The amounts recognized in the Company’s Consolidated Balance Sheets for its other postretirement plans are as follows: | | | | | | | | | | Postretirement Plans | | As of December 31 | (in thousands) | 2017 | | 2016 | Current liability | $ | (1,920 | ) | | $ | (2,312 | ) | Noncurrent liability | (20,865 | ) | | (21,859 | ) | Recognized Liability | $ | (22,785 | ) | | $ | (24,171 | ) |
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Schedule of Estimated Benefit Payments |
At December 31, 2017, future estimated benefit payments are as follows: | | | | | (in thousands) | Postretirement Plans | 2018 | $ | 1,920 |
| 2019 | $ | 1,885 |
| 2020 | $ | 2,054 |
| 2021 | $ | 2,086 |
| 2022 | $ | 2,153 |
| 2023–2027 | $ | 10,178 |
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Schedule of Net (Benefit) Costs |
The total (benefit) cost arising from the Company’s other postretirement plans consists of the following components: | | | | | | | | | | | | | | Postretirement Plans | | Year Ended December 31 | (in thousands) | 2017 | | 2016 | | 2015 | Service cost | $ | 1,028 |
| | $ | 1,386 |
| | $ | 1,331 |
| Interest cost | 779 |
| | 1,230 |
| | 1,299 |
| Amortization of prior service credit | (148 | ) | | (335 | ) | | (502 | ) | Recognized actuarial gain | (3,891 | ) | | (1,502 | ) | | (996 | ) | Total (Benefit) Cost for the Year | $ | (2,232 | ) | | $ | 779 |
| | $ | 1,132 |
| Other Changes in Benefit Obligations Recognized in Other Comprehensive Income | | | | | | Current year actuarial gain | $ | (2,830 | ) | | $ | (14,984 | ) | | $ | (5,296 | ) | Amortization of prior service credit | 148 |
| | 335 |
| | 502 |
| Recognized actuarial gain | 3,891 |
| | 1,502 |
| | 996 |
| Total Recognized in Other Comprehensive Income (Before Tax Effects) | $ | 1,209 |
| | $ | (13,147 | ) | | $ | (3,798 | ) | Total Recognized in (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) | $ | (1,023 | ) | | $ | (12,368 | ) | | $ | (2,666 | ) |
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Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) |
AOCI included the following components of unrecognized net periodic benefit for the postretirement plans: | | | | | | | | | | As of December 31 | (in thousands) | 2017 | | 2016 | Unrecognized actuarial gain | $ | (24,125 | ) | | $ | (25,186 | ) | Unrecognized prior service credit | (178 | ) | | (326 | ) | Gross Amount | (24,303 | ) | | (25,512 | ) | Deferred tax liability | 6,561 |
| | 10,205 |
| Net Amount | $ | (17,742 | ) | | $ | (15,307 | ) |
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Schedule of Expected Net Periodic Cost to be Recognized in Accumulated Other Comprehensive Income (Loss) |
During 2018, the Company expects to recognize the following amortization components of net periodic cost for the other postretirement plans: | | | | | (in thousands) | 2018 | Actuarial gain recognition | $ | (3,686 | ) | Prior service credit recognition | $ | (175 | ) |
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Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates |
A change of one percentage point in the assumed healthcare cost trend rates would have the following effects: | | | | | | | | | | 1% | | 1% | (in thousands) | Increase | | Decrease | Benefit obligation at end of year | $ | 1,304 |
| | $ | (1,194 | ) | Service cost plus interest cost | $ | 177 |
| | $ | (158 | ) |
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