Pension Plans (Tables)

12 Months Ended

Dec. 31, 2016

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
	2016			2015			2016			2015
In thousands
Projected benefit obligation at beginning of year	$	712,842		$	738,279		$	10,184		$	10,349
Service cost	4,596			14,131			—			206
Interest cost	24,488			27,514			254			318
Actuarial liability (gain) loss ^(a)	20,588			(36,245		)	155			(155		)
Benefit payments	(33,913		)	(30,837		)	(534		)	(534		)
Projected benefit obligation at end of year	$	728,601		$	712,842		$	10,059		$	10,184
Fair value of plan assets at beginning of year	$	553,858		$	596,733		$	—		$	—
Actual return on plan assets	42,229			(22,038		)	—			—
Employer contributions	10,000			10,000			534			534
Benefit payments	(33,913		)	(30,837		)	(534		)	(534		)
Fair value of plan assets at end of year	$	572,174		$	553,858		$	—		$	—
Funded status at end of year	$	(156,427	)	$	(158,984	)	$	(10,059	)	$	(10,184	)
Accumulated benefit obligation	$	728,601		$	712,842		$	10,059		$	10,184

^(a)The actuarial liability (gain)/loss amount for the qualified pension plan for 2016 and 2015 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
	2016			2015			2016			2015
In thousands
Current liabilities ^(a)	$	—		$	—		$	(3,061	)	$	(530	)
Noncurrent liabilities	(156,427		)	(158,984		)	(6,998		)	(9,654		)
Total	$	(156,427	)	$	(158,984	)	$	(10,059	)	$	(10,184	)

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

Schedule of pension costs in future periods

The following table presents amounts included in accumulated other comprehensive income on the Consolidated Balance Sheets that will be recognized as components of pension cost in future periods.



	At December 31,
	Qualified Pension Plan				SERP
	2016		2015		2016		2015
In thousands
Unrecognized (gain) or loss	$	193,764	$	187,331	$	1,209	$	1,236
Amount included in accumulated other comprehensive income	$	193,764	$	187,331	$	1,209	$	1,236

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
	2016			2015			2014			2016			2015			2014
In thousands
Service cost for benefits earned during the year	$	4,596		$	14,131		$	11,759		$	—		$	206		$	256
Interest cost on projected benefit obligation	24,488			27,514			28,835			254			318			342
Expected return on plan assets	(40,767		)	(44,130		)	(41,047		)	—			—			—
Amortization of prior service cost	—			57			98			—			—			—
Recognized net loss	12,694			9,920			4,106			182			218			91
Net pension benefit cost	$	1,011		$	7,492		$	3,751		$	436		$	742		$	689
Change in net gain or loss	19,126			29,923			66,165			155			(155		)	660
Amortization of prior service cost	—			(57		)	(98		)	—			—			—
Amortization of net loss	(12,694		)	(9,920		)	(4,106		)	(182		)	(218		)	(91		)
Total recognized in other comprehensive income (loss)	$	6,432		$	19,946		$	61,961		$	(27	)	$	(373	)	$	569
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	7,443		$	27,438		$	65,712		$	409		$	369		$	1,258

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 2017:



	Qualified Pension Plan				SERP
	2016		2015		2016		2015
In thousands
Contributions	$	10,000	$	10,000	$	534	$	534



	Qualified Pension Plan ^(a)		SERP
In thousands
Expected contributions during 2017	$	10,000	$	3,061

^(a) The Company contributed $10.0 million to the qualified pension plan in January 2017 and does not intend to make any further contributions to the qualified pension plan in 2017.

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
2017	$	33,480	$	3,061
2018	35,021		519
2019	36,948		506
2020	38,533		492
2021	39,770		2,145
2022-2026	218,335		2,423

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
	2016		2015		2016		2015
Discount rate	3.98	%	4.17	%	3.43	%	3.47	%

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
	2016		2015		2016		2015
Discount rate	4.17	%	3.80	%	3.47	%	3.15	%
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, 2016 and 2015, are as follows:



	Total Carrying Value at December 31, 2016			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Not subject to leveling
In thousands
Short-term investments:
Cash and cash equivalents	$	21,537		$	21,537	$	—		$	—	$	—
Futures contracts - assets/(liabilities)	(1,346		)	—		(1,346		)	—		—
Fixed income securities	127,857			—		127,857			—		—
Mutual funds	131,897			131,897		—			—		—
Common trust funds¹	216,354			—		—			—		216,354
Corporate stock	74,348			74,348		—			—		—
Subtotal	$	570,647		$	227,782	$	126,511		$	—	$	216,354
Accrued income/expense	1,527			133		1,394			—		—
Total	$	572,174		$	227,915	$	127,905		$	—	$	216,354



	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)		Not subject to leveling
In thousands
Short term investments:
Cash and cash equivalents	$	10,201	$	10,201	$	—	$	—	$	—
Fixed income securities	174,636		—		174,636		—		—
Mutual funds	119,312		119,312		—		—		—
Common trust funds¹	196,570		—		—		—		196,570
Corporate stock	51,153		51,153		—		—		—
Subtotal	$	551,872	$	180,666	$	174,636	$	—	$	196,570
Accrued income/expense	1,986		73		1,913		—		—
Total	$	553,858	$	180,739	$	176,549	$	—	$	196,570

¹ In accordance with ASU 2015-07, Fair Value Measurement (Topic 820), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets.