Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of amounts recognized in other comprehensive income from benefit plans


	Pension Benefits						Other Benefits
(dollars in thousands)	2017		2016		2015		2017		2016		2015
Amounts arising during the year:
Net loss (gain) on pension assets	$	(8,619)	$	3,350	$	3,700	$	—	$	—	$	—
Net loss (gain) on pension obligations		9,757		9,653		(8,004)		(34)		(337)		(1,018)
Change due to the Reorganization Transactions		—		81		—		—		—		—
Reclassification adjustments recognized as components of net periodic benefit cost during the year:
Net loss		(8,625)		(7,629)		(9,928)		—		—		(32)
Prior service credit		—		—		—		429		429		429
Amount recognized in other comprehensive income	$	(7,487)	$	5,455	$	(14,232)	$	395	$	92	$	(621)

Schedule of amounts within accumulated other comprehensive income not yet recognized in net periodic benefit cost


	Pension Benefits				Other Benefits
(dollars in thousands)	2017		2016		2017		2016
Net actuarial loss	$	43,547	$	51,034	$	248	$	282
Prior service credit		—		—		(909)		(1,338)
Total, pretax effect		43,547		51,034		(661)		(1,056)
Tax impact		(17,201)		(20,158)		261		417
Ending balance in accumulated other comprehensive loss	$	26,346	$	30,876	$	(400)	$	(639)

Schedule of amounts within accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost


	Pension		Other
(dollars in thousands)	Benefits		Benefits
Amortization of prior service credit	$	—	$	(429)
Amortization of net actuarial loss		6,440		—
Total to be recognized in 2018	$	6,440	$	(429)

Summary of changes to projected or accumulated benefit obligation


	Pension Benefits				Other Benefits
(dollars in thousands)	2017		2016		2017		2016
Benefit obligation at beginning of year	$	209,407	$	203,384	$	20,429	$	19,687
Service cost		629		944		738		697
Interest cost		8,297		8,784		776		812
Actuarial (gain) loss		9,757		9,653		(34)		(337)
Benefit payments		(15,109)		(14,061)		(460)		(430)
Change due to the Reorganization Transactions		—		703		—		—
Benefit obligation at end of year	$	212,981	$	209,407	$	21,449	$	20,429

Summary of changes to fair value of plan assets


	Pension Benefits				Other Benefits
(dollars in thousands)	2017		2016		2017		2016
Fair value of plan assets at beginning of year	$	108,550	$	89,161	$	—	$	—
Actual return on plan assets		13,623		1,348		—		—
Contributions by the employer		—		25,953		—		—
Benefit payments from trust		(7,953)		(7,912)		—		—
Fair value of plan assets at end of year	$	114,220	$	108,550	$	—	$	—

Summary of funded status of plans


	Pension Benefits				Other Benefits
(dollars in thousands)	2017		2016		2017		2016
Pension assets for overfunded plans	$	14,008	$	11,618	$	—	$	—
Pension liabilities for underfunded plans		(112,769)		(112,475)		(21,449)		(20,429)
Funded status	$	(98,761)	$	(100,857)	$	(21,449)	$	(20,429)

Schedule of projected and accumulated benefit obligation and fair value of plan assets


	Funded Pension Plan				Unfunded Pension Plans				Total Pension Plans
(dollars in thousands)	2017		2016		2017		2016		2017		2016
Projected benefit obligation	$	100,212	$	96,859	$	112,769	$	112,548	$	212,981	$	209,407
Accumulated benefit obligation		100,212		96,859		110,039		110,298		210,251		207,157
Fair value of plan assets		114,220		108,550		—		—		114,220		108,550
Overfunded (underfunded) portion of PBO/ABO		14,008		11,691		(112,769)		(112,548)		(98,761)		(100,857)

Summary of change in net actuarial loss and amortization


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2016	$	(145,472)	$	57,461	$	(88,011)
Year ended December 31, 2017
Pension and other benefits:
Net actuarial losses arising during the year		(1,104)		436		(668)
Prior service credit		(429)		170		(259)
Amortization of net loss included in net income		8,625		(3,407)		5,218
Net change in pension and other benefits		7,092		(2,801)		4,291
Investment securities:
Unrealized net losses arising during the year		(23,516)		9,357		(14,159)
Net change in unrealized losses on investment securities		(23,516)		9,357		(14,159)
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the year		2,473		(977)		1,496
Net change in unrealized gains on cash flow derivative hedges		2,473		(977)		1,496
Other comprehensive loss		(13,951)		5,579		(8,372)
Accumulated other comprehensive loss at December 31, 2017	$	(159,423)	$	63,040	$	(96,383)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2015	$	(84,722)	$	33,463	$	(51,259)
Year ended December 31, 2016
Pension and other benefits:
Net actuarial losses arising during the year		(12,666)		5,004		(7,662)
Prior service credit		(429)		169		(260)
Amortization of net loss included in net income		7,629		(3,012)		4,617
Change due to Reorganization Transactions		(81)		32		(49)
Net change in pension and other benefits		(5,547)		2,193		(3,354)
Investment securities:
Unrealized net losses arising during the year		(30,323)		11,974		(18,349)
Reclassification of net gains to net income:
Investment securities gains, net		(27,277)		10,774		(16,503)
Net change in unrealized losses on investment securities		(57,600)		22,748		(34,852)
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the year		2,397		(943)		1,454
Net change in unrealized gains on cash flow derivative hedges		2,397		(943)		1,454
Other comprehensive loss		(60,750)		23,998		(36,752)
Accumulated other comprehensive loss at December 31, 2016	$	(145,472)	$	57,461	$	(88,011)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2014	$	(85,048)	$	33,591	$	(51,457)
Year ended December 31, 2015
Pension and other benefits:
Net actuarial gains arising during the year		5,322		(2,102)		3,220
Prior service credit		(429)		169		(260)
Amortization of net loss included in net income		9,960		(3,934)		6,026
Net change in pension and other benefits		14,853		(5,867)		8,986
Investment securities:
Unrealized net losses arising during the year		(3,503)		1,384		(2,119)
Reclassification of net gains to net income:
Investment securities gains, net		(12,321)		4,867		(7,454)
Net change in unrealized losses on investment securities		(15,824)		6,251		(9,573)
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the year		1,684		(665)		1,019
Reclassification of net realized gains included in net income		(387)		153		(234)
Net change in unrealized gains on cash flow derivative hedges		1,297		(512)		785
Other comprehensive income		326		(128)		198
Accumulated other comprehensive loss at December 31, 2015	$	(84,722)	$	33,463	$	(51,259)

Schedule of components of net periodic benefit cost


	Pension Benefits						Other Benefits
(dollars in thousands)	2017		2016		2015		2017		2016		2015
Service cost	$	629	$	944	$	809	$	738	$	697	$	734
Interest cost		8,297		8,784		8,681		776		812		770
Expected return on plan assets		(5,003)		(4,698)		(4,178)		—		—		—
Prior service credit		—		—		—		(429)		(429)		(429)
Recognized net actuarial loss		8,625		7,629		9,928		—		—		32
Total net periodic benefit cost	$	12,548	$	12,659	$	15,240	$	1,085	$	1,080	$	1,107

Schedule of funded pension benefit amounts included in pension benefits


	Funded Pension Benefits
(dollars in thousands)	2017		2016		2015
Interest cost	$	3,922	$	4,182	$	4,252
Expected return on plan assets		(5,003)		(4,698)		(4,178)
Recognized net actuarial loss		4,316		3,443		4,225
Total net periodic benefit cost	$	3,235	$	2,927	$	4,299

Schedule of assumptions used to determine benefit obligations and net periodic benefit cost

The following weighted‑average assumptions were used to determine benefit obligations at December 31, 2017 and 2016:


	FHI ERP Pension Benefits				SERP Pension Benefits				Other Benefits
	2017		2016		2017		2016		2017		2016
Discount rate	3.51	%	4.05	%	3.51	%	4.05	%	3.51	%	4.05	%
Rate of compensation increase	NA		NA		4.00	%	4.00	%	NA		NA

Weighted‑average assumptions used to determine net periodic benefit cost for the years ended December 31, 2017, 2016 and 2015 were as follows:


	FHI ERP Pension Benefits						SERP Pension Benefits						Other Benefits
	2017		2016		2015		2017		2016		2015		2017		2016		2015
Discount rate	4.05	%	4.40	%	4.15	%	4.05	%	4.40	%	4.15	%	4.05	%	4.40	%	4.15	%
Expected long-term return on plan assets	4.75	%	5.50	%	4.50	%	NA		NA		NA		NA		NA		NA
Rate of compensation increase	NA		NA		NA		4.00	%	4.00	%	4.00	%	NA		NA		NA

Schedule of assumed healthcare cost trend rates


	2017		2016		2015
Healthcare cost trend rate assumed for next year	7.00	%	7.25	%	7.00	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2026		2026		2023

Schedule of pre-tax effect of one percentage point change in assumed healthcare cost trend rates


	One Percentage-		One Percentage-
(dollars in thousands)	Point Increase		Point Decrease
Effect on 2017 total of service and interest cost components	$	76	$	(69)
Effect on postretirement benefit obligation at December 31, 2017		482		(446)

Schedule of allocation of employee retirement plan assets


	Asset Allocation
	2017		2016
Equity securities	32	%	28	%
Debt securities	66	%	62	%
Other securities	2	%	10	%
Total	100	%	100	%

Schedule of target allocation of employee retirement plan assets


	Target
	Allocation
Equity securities	30	%
Debt securities	68	%
Other securities	2	%

Schedule of expected future benefit payments


	Pension		Other
(dollars in thousands)	Benefits		Benefits
2018	$	16,926	$	1,292
2019		16,630		1,355
2020		16,359		1,434
2021		16,014		1,458
2022		15,539		1,525
2023 to 2027		72,013		8,546

Schedule of fair value of employee retirement plan assets


	December 31, 2017
	Quoted Prices		Significant
	In Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
(dollars in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Asset classes:
Cash and cash equivalents	$	1,942	$	—	$	—	$	1,942
Fixed income - U.S. Treasury securities		—		4,533		—		4,533
Fixed income - U.S. government agency securities		—		4,072		—		4,072
Fixed income - U.S. corporate securities		—		59,786		—		59,786
Fixed income - municipal securities		—		474		—		474
Fixed income - mutual funds		7,044		—		—		7,044
Equity - large-cap mutual funds		10,645		—		—		10,645
Equity - large-cap exchange-traded funds		13,048		—		—		13,048
Equity - mid-cap exchange-traded funds		3,436		—		—		3,436
Equity - small-cap exchange-traded funds		1,618		—		—		1,618
Equity - international funds		7,622		—		—		7,622
Total	$	45,355	$	68,865	$	—	$	114,220


	December 31, 2016
	Quoted Prices		Significant
	In Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
(dollars in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Asset classes:
Cash and cash equivalents	$	11,333	$	—	$	—	$	11,333
Fixed income - U.S. Treasury securities		—		3,902		—		3,902
Fixed income - U.S. government agency securities		—		4,750		—		4,750
Fixed income - U.S. corporate securities		—		51,322		—		51,322
Fixed income - municipal securities		—		438		—		438
Fixed income - mutual funds		6,678		—		—		6,678
Equity - large-cap mutual funds		16,346		—		—		16,346
Equity - large-cap exchange-traded funds		3,605		—		—		3,605
Equity - mid-cap exchange-traded funds		3,013		—		—		3,013
Equity - small-cap exchange-traded funds		1,420		—		—		1,420
Equity - international funds		5,743		—		—		5,743
Total	$	48,138	$	60,412	$	—	$	108,550

Pension and other benefits, net actuarial gain or loss

Benefit plans

Summary of change in net actuarial loss and amortization


	Pension Benefits				Other Benefits
(dollars in thousands)	2017		2016		2017		2016
Net actuarial loss at beginning of year	$	51,034	$	45,579	$	282	$	619
Amortization cost		(8,625)		(7,629)		—		—
Liability loss (gain)		9,757		9,653		(34)		(337)
Asset (gain) loss		(8,619)		3,350		—		—
Change due to the Reorganization Transactions		—		81		—		—
Net actuarial loss at end of year	$	43,547	$	51,034	$	248	$	282