Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of status of defined benefit pension plans

The status of the defined benefit pension plans at year-end was as follows:



	Year Ended December 31,
In thousands	2018			2017
Change in benefit obligation
Benefit obligation at beginning of year	$	187,036		$	179,247
Interest cost	6,740			7,347
Actuarial (gain) loss	(12,021		)	10,121
Benefits paid	(9,994		)	(9,679		)
Benefit obligation at end of year	$	171,761		$	187,036

Change in plan assets
Fair value of plan assets at beginning of year	126,013			116,725
Actual return on plan assets	(9,847		)	17,292
Contributions	1,690			1,675
Benefits paid	(9,994		)	(9,679		)
Fair value of plan assets at end of year	$	107,862		$	126,013

Funded status at end of year	$	(63,899	)	$	(61,023	)

Schedule of amounts recognized in the Consolidated Balance Sheets

The following amounts have been recognized in the Consolidated Balance Sheets at December 31:



In thousands	2018		2017
Other current liabilities	$	1,685	$	1,685
Pensions	62,214		59,338
Total	$	63,899	$	61,023

Schedule of amounts recognized in accumulated other comprehensive loss

The following amounts have been recognized in accumulated other comprehensive loss, net of tax, at December 31:



In thousands	2018		2017
Net loss	$	46,584	$	45,418

Schedule of accumulated benefit obligation in excess of plan assets

The following information is presented for pension plans with an accumulated benefit obligation in excess of plan assets:



In thousands	2018		2017
Projected benefit obligation	$	171,761	$	187,036
Accumulated benefit obligation	$	171,761	$	187,036
Fair value of plan assets	$	107,862	$	126,013

Schedule of fair value of plan assets

The following tables present the fair value measurements of the assets in our funded pension plan:



In thousands	December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity securities	$	71,384	$	71,384	$	—	$	—
Debt securities	22,134		22,134		—		—
Total investments, excluding investments valued at NAV	93,518		93,518		—		—
Investments valued at NAV ⁽¹⁾	14,344		—		—		—
Total plan assets	$	107,862	$	93,518	$	—	$	—



In thousands	December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity securities	$	80,191	$	80,191	$	—	$	—
Debt securities	20,481		20,481		—		—
Total investments, excluding investments valued at NAV	100,672		100,672		—		—
Investments valued at NAV ⁽¹⁾	25,341		—		—		—
Total plan assets	$	126,013	$	100,672	$	—	$	—

(1) Investment valued at NAV are comprised of cash, cash equivalents, and short-term investments used to provide liquidity for the payment of benefits and other purposes. The commingled funds are valued at NAV based on the market value of the underlying investments, which are primarily government issued securities.

The funded pension plan assets as of December 31, 2018 and 2017, by asset category, are as follows:



In thousands	2018		%		2017		%
Equity securities	$	71,384	66	%	$	80,191	64	%
Debt securities	22,134		21	%	20,481		16	%
Other	14,344		13	%	25,341		20	%
Total plan assets	$	107,862	100	%	$	126,013	100	%

The following table presents the components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for both plans:



	Year Ended December 31,
In thousands	2018			2017
Net Periodic Benefit Cost (Pre-Tax)
Interest cost	$	6,740		$	7,347
Expected return on plan assets	(6,094		)	(7,328		)
Recognized actuarial loss	2,754			2,754
Net periodic benefit cost	3,400			2,773

Amounts Recognized in Other Comprehensive Income (Loss) (Pre-Tax)
Net (gain) loss	1,166			(2,597		)

Net cost recognized in net periodic benefit cost and other comprehensive (income) loss	$	4,566		$	176

Schedule of weighted-average assumptions used for measurement of the defined pension plans

The weighted-average assumptions used for measurement of the defined pension plans were as follows:



	Year Ended December 31,
	2018		2017
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate	3.67	%	4.21	%
Expected return on plan assets	5.00	%	6.50	%

Schedule of investment mix, which is intended to subject the principal to an acceptable level of volatility while still meeting the desired return objectives

The policy establishes the following investment mix, which is intended to subject the principal to an acceptable level of volatility while still meeting the desired return objectives:



	Target		Acceptable Range				Benchmark Index
Domestic Equities	50.0	%	35	%	-	75%	S&P 500
Large Cap Growth	22.5	%	15	%	-	30%	Russell 1000 Growth
Large Cap Value	22.5	%	15	%	-	30%	Russell 1000 Value
Mid Cap Value	5.0	%	5	%	-	15%	Russell Mid Cap Value
Mid Cap Growth	0.0	%	0	%	-	10%	Russell Mid Cap Growth

Domestic Fixed Income	35.0	%	15	%	-	50%	LB Aggregate
International Equities	15.0	%	10	%	-	25%	MSC1 EAFE

Schedule of expected future pension benefit payments

The expected future benefit payments for both pension plans over the next ten years as of December 31, 2018 are as follows:



In thousands
2019	$	10,133
2020	10,365
2021	10,606
2022	10,962
2023	11,251
2024-2028	57,856
Total	$	111,173

December 31,

Weighted-average assumptions used to determine benefit obligations

Discount rate