Pension Plans (Tables)

12 Months Ended

Dec. 31, 2015

Pension and Other Postretirement Benefit Contributions [Abstract]

Changes in the actuarial present value of the projected benefit obligation and fair value of plan assets

The changes in the actuarial present value of the projected benefit obligation and fair value of plan assets are as follows:



	For the year ended December 31,
	Qualified Pension Plan						SERP
	2015			2014			2015			2014
In thousands
Projected benefit obligation at beginning of year	$	738,279		$	641,235		$	10,349		$	9,910
Service cost	14,131			11,759			206			256
Interest cost	27,514			28,835			318			342
Actuarial liability (gain) loss ^(a)	(36,245		)	84,848			(155		)	660
Benefit payments	(30,837		)	(28,398		)	(534		)	(819		)
Projected benefit obligation at end of year	$	712,842		$	738,279		$	10,184		$	10,349
Fair value of plan assets at beginning of year	$	596,733		$	555,400		$	—		$	—
Actual return on plan assets	(22,038		)	59,731			—			—
Employer contributions	10,000			10,000			534			819
Benefit payments	(30,837		)	(28,398		)	(534		)	(819		)
Fair value of plan assets at end of year	$	553,858		$	596,733		$	—		$	—
Funded status at end of year	$	(158,984	)	$	(141,546	)	$	(10,184	)	$	(10,349	)
Accumulated benefit obligation	$	712,842		$	738,279		$	10,184		$	10,349

^(a)The actuarial liability (gain)/loss amount for the qualified pension plan for 2015 and 2014 is principally due to the effect of changes in the discount rate.

The Company has recorded liabilities related to our qualified pension plan and SERP as follows:



	At December 31,
	Qualified Pension Plan						SERP
	2015			2014			2015			2014
In thousands
Current liabilities ^(a)	$	—		$	—		$	(530	)	$	(531	)
Noncurrent liabilities	(158,984		)	(141,546		)	(9,654		)	(9,818		)
Total	$	(158,984	)	$	(141,546	)	$	(10,184	)	$	(10,349	)

^(a) The current liabilities are included in other accruals and payables on the Consolidated Balance Sheets.

Schedule of pension costs in future periods

Certain amounts included in accumulated other comprehensive income on the Consolidated Balance Sheets represent costs that will be recognized as components of pension cost in future periods. These consist of:



	At December 31,
	Qualified Pension Plan				SERP
	2015		2014		2015		2014
In thousands
Unrecognized (gain) or loss	$	187,331	$	167,329	$	1,236	$	1,609
Unrecognized prior service cost	—		57		—		—
Amount included in accumulated other comprehensive income	$	187,331	$	167,386	$	1,236	$	1,609

Pension plan net periodic benefit costs and other amounts recognized in other comprehensive loss

The pension plan net periodic benefit costs on the Consolidated Statements of Operations and other amounts recognized in other comprehensive income (loss) on the Consolidated Statements of Comprehensive Income and Consolidated Statements of Shareholders’ Equity were computed using the projected unit credit actuarial cost method and included the following components:



	For the year ended December 31,
	Qualified Pension Plan									SERP
	2015			2014			2013			2015			2014			2013
In thousands
Service cost for benefits earned during the year	$	14,131		$	11,759		$	14,347		$	206		$	256		$	340
Interest cost on projected benefit obligation	27,514			28,835			25,596			318			342			311
Expected return on plan assets	(44,130		)	(41,047		)	(41,347		)	—			—			—
Amortization of prior service cost	57			98			98			—			—			—
Recognized net loss	9,920			4,106			9,291			218			91			261
Additional amount recognized due to curtailment/settlement	—			—			—			—			—			276
Net pension benefit cost	$	7,492		$	3,751		$	7,985		$	742		$	689		$	1,188
Change in prior service cost	$	—		$	—		$	—		$	—		$	—		$	—
Change in net gain or loss	29,923			66,165			(51,465		)	(155		)	660			(1,052		)
Amortization of prior service cost	(57		)	(98		)	(98		)	—			—			—
Amortization of net loss	(9,920		)	(4,106		)	(9,291		)	(218		)	(91		)	(261		)
Total recognized in other comprehensive income (loss)	$	19,946		$	61,961		$	(60,854	)	$	(373	)	$	569		$	(1,313	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	27,438		$	65,712		$	(52,869	)	$	369		$	1,258		$	(125	)

Contributions made to the Qualified Pension Plan and SERP

The following tables show the amount of the contributions made to the Qualified Pension Plan and SERP during each period and the amount of contributions the Company expects to make during 2016:



	Qualified Pension Plan				SERP
	2015		2014		2015		2014
In thousands
Contributions	$	10,000	$	10,000	$	534	$	819



	Qualified Pension Plan ^(a)		SERP
In thousands
Expected contributions during 2016	$	10,000	$	530

^(a) The Company contributed $10.0 million to the qualified pension plan in January 2016 and does not intend to make any further contributions to the qualified pension plan in 2016.

Actuarial assumptions used in determining benefit obligations and net periodic benefit of the pension plans

Expected future benefit payments, which reflect expected future service, are as follows:



	Qualified Pension Plan		SERP
In thousands
2016	$	32,020	$	530
2017	33,787		2,972
2018	35,339		509
2019	37,057		496
2020	38,651		482
2021-2025	212,608		4,321

Schedule of actuarial assumptions used in determining benefit obligations and net periodic benefit cost of the pension plans

The discount rates used in determining benefit obligations of the pension plans are as follows:



	At December 31,
	Qualified Pension Plan				SERP
	2015		2014		2015		2014
Discount rate	4.17	%	3.80	%	3.47	%	3.15	%

The actuarial assumptions used in determining the net periodic benefit cost of the pension plans are as follows:



	For the year ended December 31,
	Qualified Pension Plan				SERP
	2015		2014		2015		2014
Discount rate	3.80	%	4.60	%	3.15	%	3.60	%
Expected return on plan assets	7.50	%	7.50	%	N/A		N/A
Average rate of increase in compensation levels	N/A		N/A		N/A		N/A

Fair value of the Company’s qualified pension plan assets

The fair values of the Company’s qualified pension plan assets at December 31, 2015 and 2014, are as follows:



	Total Carrying Value at December 31, 2015		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
In thousands
Short-term investments:
Cash and cash equivalents	$	10,201	$	10,201	$	—	$	—
Futures contracts	—		—		—		—
Fixed income securities:
U.S. Government and agency securities ^(a)	76,136		—		76,136		—
Bonds:
Corporate fixed income	96,970		—		96,970		—
Foreign fixed income	—		—		—		—
Other fixed income ^(b)	1,530		—		1,530		—
Mutual funds	119,312		119,312		—		—
Common trust funds	196,570		—		196,570		—
Corporate stock	51,153		51,153		—		—
Subtotal	$	551,872	$	180,666	$	371,206	$	—
Accrued income/expense	1,986		73		1,913		—
Total	$	553,858	$	180,739	$	373,119	$	—



	Total Carrying Value at December 31, 2014		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
In thousands
Short term investments:
Cash and cash equivalents	$	12,063	$	12,063	$	—	$	—
Futures contracts	—		—		—		—
Fixed income securities:
US Government and agency securities ^(a)	83,915		—		83,915		—
Bonds:
Corporate fixed income	112,811		—		112,811		—
Foreign fixed income	—		—		—		—
Other fixed income ^(b)	2,080		—		2,080		—
Mutual funds	93,659		93,659		—		—
Common trust funds	240,438		—		240,438		—
Corporate stock	49,802		49,802		—		—
Subtotal	$	594,768	$	155,524	$	439,244	$	—
Accrued income	1,965		47		1,918		—
Total	$	596,733	$	155,571	$	441,162	$	—

^(a) This category represents investments in debt securities issued by the U.S. Treasury, other U.S. government corporations and agencies, states and municipalities.

^(b) This category primarily represents investments in commercial and residential mortgage-backed securities.