Pension Plans (Tables)

12 Months Ended

Dec. 31, 2018

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
	2018			2017			2018			2017
In thousands
Projected benefit obligation at beginning of year	$	770,316		$	728,601		$	7,896		$	10,059
Service cost	4,897			4,794			—			—
Interest cost	23,804			24,358			246			241
Actuarial liability (gain) loss ⁽¹⁾	(67,157		)	47,433			(280		)	652
Benefit payments	(36,485		)	(34,870		)	(949		)	(3,056		)
Projected benefit obligation at end of year	$	695,375		$	770,316		$	6,913		$	7,896
Fair value of plan assets at beginning of year	$	643,392		$	572,174		$	—		$	—
Actual return on plan assets	(46,520		)	96,088			—			—
Employer contributions	30,000			10,000			949			3,056
Benefit payments	(36,485		)	(34,870		)	(949		)	(3,056		)
Fair value of plan assets at end of year	$	590,387		$	643,392		$	—		$	—
Funded status at end of year	$	(104,988	)	$	(126,924	)	$	(6,913	)	$	(7,896	)
Accumulated benefit obligation	$	695,375		$	770,316		$	6,913		$	7,896

⁽¹⁾The actuarial liability (gain) loss amount for the qualified pension plan for 2018 and 2017 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
	2018			2017			2018			2017
In thousands
Current liabilities ⁽¹⁾	$	—		$	—		$	(529	)	$	(942	)
Noncurrent liabilities	(104,988		)	(126,924		)	(6,384		)	(6,954		)
Total	$	(104,988	)	$	(126,924	)	$	(6,913	)	$	(7,896	)

⁽¹⁾ The current liabilities are included in other current liabilities 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
	2018		2017		2018		2017
In thousands
Unrecognized loss	$	189,047	$	173,214	$	837	$	1,410
Amount included in accumulated other comprehensive income	$	189,047	$	173,214	$	837	$	1,410

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
	2018			2017			2016			2018			2017			2016
In thousands
Service cost for benefits earned during the year	$	4,897		$	4,794		$	4,596		$	—		$	—		$	—
Interest cost on projected benefit obligation	23,804			24,358			24,488			246			241			254
Expected return on plan assets	(47,841		)	(42,049		)	(40,767		)	—			—			—
Recognized net loss	11,370			13,943			12,694			248			146			182
Additional amount recognized due to curtailment/settlement	—			—			—			46			305			—
Net pension benefit (income) cost	$	(7,770	)	$	1,046		$	1,011		$	540		$	692		$	436
Change in net gain or (loss)	27,203			(6,607		)	19,126			(325		)	347			155
Amortization of net loss	(11,370		)	(13,943		)	(12,694		)	(248		)	(146		)	(182		)
Total recognized in other comprehensive income (loss)	$	15,833		$	(20,550	)	$	6,432		$	(573	)	$	201		$	(27	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	8,063		$	(19,504	)	$	7,443		$	(33	)	$	893		$	409

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 2019:



	Qualified Pension Plan				SERP
	2018		2017		2018		2017
In thousands
Contributions	$	30,000	$	10,000	$	949	$	3,056



	Qualified Pension Plan		SERP
In thousands
Expected contributions during 2019	$	—	$	529

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
2019	$	36,610	$	529
2020	$	38,300	$	515
2021	$	39,608	$	2,288
2022	$	41,263	$	483
2023	$	42,510	$	463
2024-2028	$	222,110	$	1,969

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
	2018		2017		2018		2017
Discount rate	4.17	%	3.50	%	3.88	%	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
	2018		2017		2018		2017
Discount rate	3.50	%	3.98	%	3.15	%	3.43	%
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, 2018 and 2017, are as follows:



	Total Carrying Value at December 31, 2018		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	$	17,752	$	17,752	$	—	$	—	$	—
Futures contracts - assets	4,023		—		4,023		—		—
Futures contracts - liabilities	—		—		—		—		—
Fixed income securities	151,895		—		151,895		—		—
Mutual funds	99,584		99,584		—		—		—
Common trust funds⁽¹⁾	281,064		—		—		—		281,064
Corporate stock	34,164		34,164		—		—		—
Subtotal	$	588,482	$	151,500	$	155,918	$	—	$	281,064
Accrued income/expense	1,905		113		1,740		—		52
Total	$	590,387	$	151,613	$	157,658	$	—	$	281,116



	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

⁽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.