Pension Plans (Tables)

12 Months Ended

Dec. 31, 2017

Payment for Pension and Other Postretirement Benefits [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
	2017			2016			2017			2016
In thousands
Projected benefit obligation at beginning of year	$	728,601		$	712,842		$	10,059		$	10,184
Service cost	4,794			4,596			—			—
Interest cost	24,358			24,488			241			254
Actuarial liability loss ^(a)	47,433			20,588			652			155
Benefit payments	(34,870		)	(33,913		)	(3,056		)	(534		)
Projected benefit obligation at end of year	$	770,316		$	728,601		$	7,896		$	10,059
Fair value of plan assets at beginning of year	$	572,174		$	553,858		$	—		$	—
Actual return on plan assets	96,088			42,229			—			—
Employer contributions	10,000			10,000			3,056			534
Benefit payments	(34,870		)	(33,913		)	(3,056		)	(534		)
Fair value of plan assets at end of year	$	643,392		$	572,174		$	—		$	—
Funded status at end of year	$	(126,924	)	$	(156,427	)	$	(7,896	)	$	(10,059	)
Accumulated benefit obligation	$	770,316		$	728,601		$	7,896		$	10,059

^(a)The actuarial liability loss amount for the qualified pension plan for 2017 and 2016 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
	2017			2016			2017			2016
In thousands
Current liabilities ^(a)	$	—		$	—		$	(942	)	$	(3,061	)
Noncurrent liabilities	(126,924		)	(156,427		)	(6,954		)	(6,998		)
Total	$	(126,924	)	$	(156,427	)	$	(7,896	)	$	(10,059	)

^(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
	2017		2016		2017		2016
In thousands
Unrecognized loss	$	173,214	$	193,764	$	1,410	$	1,209
Amount included in accumulated other comprehensive income	$	173,214	$	193,764	$	1,410	$	1,209

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
	2017			2016			2015			2017			2016			2015
In thousands
Service cost for benefits earned during the year	$	4,794		$	4,596		$	14,131		$	—		$	—		$	206
Interest cost on projected benefit obligation	24,358			24,488			27,514			241			254			318
Expected return on plan assets	(42,049		)	(40,767		)	(44,130		)	—			—			—
Amortization of prior service cost	—			—			57			—			—			—
Recognized net loss	13,943			12,694			9,920			146			182			218
Additional amount recognized due to curtailment/settlement	—			—			—			305			—			—
Net pension benefit cost	$	1,046		$	1,011		$	7,492		$	692		$	436		$	742
Change in net gain or (loss)	(6,607		)	19,126			29,923			347			155			(155		)
Amortization of prior service cost	—			—			(57		)	—			—			—
Amortization of net loss	(13,943		)	(12,694		)	(9,920		)	(146		)	(182		)	(218		)
Total recognized in other comprehensive income (loss)	$	(20,550	)	$	6,432		$	19,946		$	201		$	(27	)	$	(373	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(19,504	)	$	7,443		$	27,438		$	893		$	409		$	369

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 2018:



	Qualified Pension Plan				SERP
	2017		2016		2017		2016
In thousands
Contributions	$	10,000	$	10,000	$	3,056	$	534



	Qualified Pension Plan ^(a)		SERP
In thousands
Expected contributions during 2018	$	10,000	$	942

^(a) The Company contributed $10.0 million to the qualified pension plan in January 2018. Currently, the Company does not intend to make any further contributions to the qualified pension plan in 2018; however, given Tax Reform the Company is evaluating its options.

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
2018	$	34,878	$	942
2019	$	37,000	$	517
2020	$	38,692	$	503
2021	$	39,960	$	2,464
2022	$	41,689	$	469
2023-2027	$	223,256	$	2,018

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
	2017		2016		2017		2016
Discount rate	3.50	%	3.98	%	3.15	%	3.43	%

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
	2017		2016		2017		2016
Discount rate	3.98	%	4.17	%	3.43	%	3.47	%
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, 2017 and 2016, are as follows:



	Total Carrying Value at December 31, 2017			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	$	35,046		$	35,046	$	—		$	—	$	—
Futures contracts - assets	116			—		116			—		—
Futures contracts - liabilities	(1,384		)	—		(1,384		)	—		—
Fixed income securities	96,318			—		96,318			—		—
Mutual funds	126,955			126,955		—			—		—
Common trust funds⁽¹⁾	314,420			—		—			—		314,420
Corporate stock	70,879			70,879		—			—		—
Subtotal	$	642,350		$	232,880	$	95,050		$	—	$	314,420
Accrued income/expense	1,042			120		873			—		49
Total	$	643,392		$	233,000	$	95,923		$	—	$	314,469



	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 - liabilities	(1,346		)	—		(1,346		)	—		—
Fixed income securities	127,857			—		127,857			—		—
Mutual funds	131,897			131,897		—			—		—
Common trust funds⁽¹⁾	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

⁽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.