Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Components of Defined Benefit Obligation

The following tables detail the changes in the benefit obligations and plan assets of the defined benefit for the years ended December 31, 2015 and 2014 as well as the funded status of the plans at each year end and the amounts recognized in the Company’s balance sheets. The Company uses a December 31 measurement date for all defined benefit pension plans and other postretirement benefit plans.

	2015			2014			2015			2014
(in thousands)	Pension Benefits						Other Post- retirement Benefits
Change in benefit obligation
Benefit obligation:
at beginning of year	$	456,911		$	412,608		$	28,368		$	31,592
Service cost		13,511			12,920			117			126
Interest cost		18,635			19,251			891			1,140
Net actuarial (gain) loss		(8,154	)		29,738			(5,905	)		(3,467	)
Plan participants’ contributions		—			—			1,334			1,300
Benefits paid		(18,084	)		(17,606	)		(2,524	)		(2,323	)
Benefit obligation, end of year		462,819			456,911			22,281			28,368
Change in plan assets
Fair value of plan assets:
at beginning of year		438,708			437,829			—			—
Actual return on plan assets		(14,421	)		17,826			—			—
Employer contributions		86,123			1,123			1,190			1,023
Plan participants’ contributions		—			—			1,334			1,300
Benefit payments		(18,084	)		(17,606	)		(2,524	)		(2,323	)
Expenses		(776	)		(464	)		—			—
Fair value of plan assets, end of year		491,550			438,708			—			—
Funded status at end of year—net asset (liability)	$	28,731		$	(18,203	)	$	(22,281	)	$	(28,368	)
Amounts recognized in accumulated other comprehensive loss
Unrecognized loss:
at beginning of year	$	72,858		$	28,285		$	3,358		$	7,189
Net actuarial loss (gain)		36,707			44,573			(5,911	)		(3,831	)
Unrecognized loss at end of year	$	109,565		$	72,858		$	(2,553	)	$	3,358
Projected benefit obligation	$	462,819		$	456,911
Accumulated benefit obligation		429,338			426,073
Fair value of plan assets		491,550			438,708

Components of Net Periodic Benefit Cost

The following table shows net periodic benefit cost included in expense and the changes in the amounts recognized in AOCI during 2015, 2014, and 2013.

	Years Ended December 31,
	2015			2014			2013			2015			2014			2013
($ in thousands)	Pension benefits									Other post-retirement benefits
Net periodic benefit cost
Service cost	$	13,511		$	12,920		$	16,118		$	117		$	126		$	215
Interest cost		18,635			19,251			16,678			891			1,140			1,317
Expected return on plan assets		(32,833	)		(32,222	)		(27,928	)		—			—			—
Amortization of net loss/ prior service cost		3,169			26			6,570			6			364			1,761
Net periodic benefit cost		2,482			(25	)		11,438			1,014			1,630			3,293
Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes
Net (loss) gain recognized during the year		(3,169	)		(26	)		(6,570	)		(6	)		(364	)		(1,761	)
Net actuarial loss (gain)		39,876			44,599			(76,939	)		(5,905	)		(3,467	)		(5,563	)
Total recognized in other comprehensive income		36,707			44,573			(83,509	)		(5,911	)		(3,831	)		(7,324	)
Total recognized in net periodic benefit cost and other comprehensive income	$	39,189		$	44,548		$	(72,071	)	$	(4,897	)	$	(2,201	)	$	(4,031	)
Discount rate for benefit obligations		4.40	%		4.11	%		4.73	%		4.32	%		4.02	%		4.58	%
Discount rate for net periodic benefit cost		4.11	%		4.73	%		3.82	%		4.02	%		4.58	%		3.69	%
Expected long-term return on plan assets		7.50	%		7.50	%		7.50	%		n/a			n/a			n/a
Rate of compensation increase		scaled	*		scaled	*		4.00	%		n/a			n/a			n/a

* Graded scale, declining from 7.00% at age 20 to 2.00% at age 60

Expected Future Plan Benefit Payments

The following shows expected plan benefit payments over the next ten years:

(in thousands)	Pension		Post-retirement		Total
2016	$	18,997	$	1,318	$	20,315
2017		19,992		1,289		21,281
2018		20,942		1,276		22,218
2019		21,750		1,290		23,040
2020		22,764		1,251		24,015
2021-2025		129,722		6,245		135,967
	$	234,167	$	12,669	$	246,836

Weighted Average Asset Allocations and Target Allocations

The percentage allocations of the plan assets by asset category and corresponding target allocations at December 31, 2015 and 2014 follow:

	Plan Assets at December 31,						Target Allocation at December 31,
	2015			2014			2015			2014
Asset category
Equity securities		50	%		50	%		30 - 60	%		30 - 60	%
Fixed income securities		36			42			25 - 65	%		25 - 65	%
Real assets		5			6			0 - 10	%		0 - 10	%
Cash equivalents		9			2			0 - 5	%		0 - 5	%
		100	%		100	%

Other Post-retirement Benefits [Member]

Assumed Health Care Cost Trend Rates

The following table illustrates the effect on the annual periodic postretirement benefit costs and postretirement benefit obligation of a 1% increase or 1% decrease in the assumed health care cost trend rates from the rates assumed at December 31, 2015:

(in thousands)	1% Decrease in Rates		Assumed Rates		1% Increase in Rates
Aggregated service and interest cost	$	886	$	1,008	$	1,159
Postretirement benefit obligation		19,820		22,281		25,287

Pension Benefits [Member]

Fair Values Measurements of Pension Plan Assets

The fair values of pension plan assets at December 31, 2015 and 2014, by asset category, are shown in the following tables. The fair value is presented based on a the Financial Accounting Standards Board’s fair value hierarchy that prioritizes inputs into the valuation techniques used to measure fair value, with Level 1 using quoted prices in active markets for identical assets, Level 2 using significant observable inputs, and Level 3 using significant unobservable inputs.

Fair Value Measurements by Asset Category / Fund	Total		(Level 1)		(Level 2)		(Level 3)
(in thousands)
Fair Value Measurements at December 31, 2015
Cash and cash-equivalents:
Cash and equivalents	$	44,224	$	44,224	$	—	$	—
Total cash and cash-equivalents		44,224		44,224		—		—
Fixed income:
US government and agency securities		11,192		—		11,192		—
Municipal securities		31,190		—		31,190		—
Emerging market debt fund		24,482		—		—		24,482
Foreign bonds, notes and debentures		1,743		—		1,743		—
Hancock Horizon Core Bond Fund		47,453		—		47,453		—
Corporate debt		61,481		—		61,481		—
Other fixed income		186		—		125		61
Total fixed income		177,727		—		153,184		24,543
Real assets:
Real assets fund		24,653		24,653		—		—
Total real assets		24,653		24,653		—		—
Equity:
Hancock Horizon Quantitative Long/Short Fund		5,620		5,620		—		—
Hancock Horizon Diversified International Fund		73,478		73,478		—		—
Hancock Horizon Burkenroad Small Cap Fund		9,129		9,129		—		—
Hancock Horizon Growth Fund		29,447		29,447		—		—
Hancock Horizon Value Fund		29,378		29,378		—		—
Equity securities		97,894		97,894		—		—
Total equity		244,946		244,946		—		—
Total	$	491,550	$	313,823	$	153,184	$	24,543

Fair Value Measurements by Asset Category / Fund	Total		(Level 1)		(Level 2)		(Level 3)
(in thousands)
Fair Value Measurements at December 31, 2014
Cash and cash-equivalents:
Cash and equivalents	$	10,243	$	10,243	$	—	$	—
Total cash and cash-equivalents		10,243		10,243		—		—
Fixed income:
US government and agency securities		15,518		1,082		14,436		—
Municipal securities		33,980		—		33,980		—
Emerging market debt fund		19,505		—		—		19,505
Foreign bonds, notes and debentures		2,588		—		2,588		—
Hancock Horizon Core Bond Fund		51,529		—		51,529		—
Corporate debt		62,429		—		62,429		—
Total fixed income		185,549		1,082		164,962		19,505
Real assets:
Real assets fund		24,151		24,151		—		—
Total real assets		24,151		24,151		—		—
Equity:
Hancock Horizon Quantitative Long/Short Fund		5,603		5,603		—		—
Hancock Horizon Diversified International Fund		62,750		62,750		—		—
Hancock Horizon Burkenroad Small Cap Fund		9,296		9,296		—		—
Hancock Horizon Growth Fund		26,469		26,469		—		—
Hancock Horizon Value Fund		30,321		30,321		—		—
Equity securities		84,325		84,325		—		—
Mineral Interests		1		—		—		1
Total equity		218,765		218,764		—		1
Total	$	438,708	$	254,240	$	164,962	$	19,506