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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Employee Benefit Plans [Abstract]  
Components of accumulated other comprehensive income (loss), net periodic benefit cost
 
 
Pension Benefits
  
Other Benefits
 
(In thousands)
 
2016
  
2015
  
2016
  
2015
 
Net actuarial loss
 
$
28,328
  
$
33,070
  
$
1,430
  
$
2,333
 
Prior service cost (credit)
  
140
   
76
   
(38
)
  
(95
)
Total amounts recognized in accumulated other comprehensive income (loss) (pre-tax)
 
$
28,468
  
$
33,146
  
$
1,392
  
$
2,238
 
 
Changes in benefit obligations, changes in plan assets, and the funded status of the pension plans and postretirement benefits
A December 31 measurement date is used for the pension, supplemental pension and post-retirement benefit plans.  The following table sets forth changes in benefit obligations, changes in plan assets, and the funded status of the pension plans and other post-retirement benefits:
 
 
 
Pension Benefits
  
Other Benefits
 
(In thousands)
 
2016
  
2015
  
2016
  
2015
 
Change in benefit obligation
            
Benefit obligation at beginning of year
 
$
92,445
  
$
98,556
  
$
8,322
  
$
8,710
 
Service cost
  
2,162
   
2,677
   
14
   
17
 
Interest cost
  
4,223
   
3,977
   
353
   
374
 
Plan participants' contributions
  
-
   
-
   
234
   
263
 
Actuarial (gain)
  
(1,635
)
  
(5,225
)
  
(786
)
  
(333
)
Curtailment/ settlement
  
(715
)
  
(200
)
  
-
   
-
 
Benefits paid
  
(6,003
)
  
(7,340
)
  
(659
)
  
(709
)
Projected benefit obligation at end of year
  
90,477
   
92,445
   
7,478
   
8,322
 
Change in plan assets
                
Fair value of plan assets at beginning of year
  
107,529
   
117,232
   
-
   
-
 
Actual return (loss) on plan assets
  
8,259
   
(3,159
)
  
-
   
-
 
Employer contributions
  
6,431
   
796
   
425
   
446
 
Plan participants' contributions
  
-
   
-
   
234
   
263
 
Benefits paid
  
(6,003
)
  
(7,340
)
  
(659
)
  
(709
)
Fair value of plan assets at end of year
  
116,216
   
107,529
   
-
   
-
 
 
                
Funded status at year end
 
$
25,739
  
$
15,084
  
$
(7,478
)
 
$
(8,322
)
Amounts recognized in balance sheet
An asset is recognized for an overfunded plan and a liability is recognized for an underfunded plan.  The accumulated benefit obligation for pension benefits was $90.5 million and $92.4 million at December 31, 2016 and 2015, respectively.  The accumulated benefit obligation for other post-retirement benefits was $7.5 million and $8.3 million at December 31, 2016 and 2015, respectively.  The funded status of the pension and other post-retirement benefit plans has been recognized as follows in the consolidated balance sheets at December 31, 2016 and 2015. 

 
 
Pension Benefits
  
Other Benefits
 
(In thousands)
 
2016
  
2015
  
2016
  
2015
 
Other assets
 
$
45,344
  
$
34,965
  
$
-
  
$
-
 
Other liabilities
  
(19,605
)
  
(19,881
)
  
(7,478
)
  
(8,322
)
Funded status
 
$
25,739
  
$
15,084
  
$
(7,478
)
 
$
(8,322
)
 
Assumptions used to determine benefit obligations and net periodic pension cost
The following assumptions were used to determine the benefit obligation and the net periodic pension cost for the years indicated:

 
 
Years ended December 31,
 
 
 
2016
  
2015
  
2014
 
Weighted average assumptions:
         
The following assumptions were used to determine benefit obligations:
         
Discount rate
  
4.76%-4.84
%
  
4.69%-4.71
%
  
4.19%-4.30
%
Expected long-term return on plan assets
  
7.00
%
  
7.00
%
  
7.50
%
Rate of compensation increase
  
3.00
%
  
3.00
%
  
3.00%-3.75
%
 
            
The following assumptions were used to determine net periodic pension cost:
            
Discount rate
  
4.69%-4.71
%
  
4.19%-4.30
%
  
4.90%-5.05
%
Expected long-term return on plan assets
  
7.00
%
  
7.50
%
  
7.50
%
Rate of compensation increase
  
3.00
%
  
3.00%-3.75
%
  
3.00%-3.75
%
 
Components of net periodic pension benefits and other benefit costs
Net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for the years ended December 31 included the following components:
 
 
 
Pension Benefits
  
Other Benefits
 
(In thousands)
 
2016
  
2015
  
2014
  
2016
  
2015
  
2014
 
Components of net periodic benefit cost
                  
Service cost
 
$
2,162
  
$
2,677
  
$
2,290
  
$
14
  
$
17
  
$
16
 
Interest cost
  
4,223
   
3,977
   
4,142
   
353
   
374
   
347
 
Expected return on plan assets
  
(7,430
)
  
(8,589
)
  
(8,681
)
  
-
   
-
   
-
 
Amortization of gain due to curtailment
  
(768
)
  
(154
)
  
-
   
-
   
-
   
-
 
Amortization of prior service cost (credit)
  
32
   
21
   
23
   
(57
)
  
(219
)
  
(206
)
Amortization of unrecognized net loss
  
2,235
   
2,174
   
79
   
117
   
263
   
151
 
Net periodic pension cost
 
$
454
  
$
106
  
$
(2,147
)
 
$
427
  
$
435
  
$
308
 
 
                        
Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax)
                        
Net (gain) loss
 
$
(2,464
)
 
$
6,523
  
$
17,233
  
$
(786
)
 
$
(333
)
 
$
1,452
 
Prior service cost
  
96
   
-
   
-
   
-
   
-
   
-
 
Amortization of gain due to settlement
  
(43
)
  
(46
)
  
-
   
-
   
-
   
-
 
Amortization of prior service (cost) credit
  
(32
)
  
(21
)
  
(23
)
  
57
   
219
   
206
 
Amortization of unrecognized net (loss)
  
(2,235
)
  
(2,174
)
  
(79
)
  
(117
)
  
(263
)
  
(151
)
Total recognized in other comprehensive income
  
(4,678
)
  
4,282
   
17,131
   
(846
)
  
(377
)
  
1,507
 
 
                        
Total recognized in net periodic benefit cost and other comprehensive income, pre-tax
 
$
(4,224
)
 
$
4,388
  
$
14,984
  
$
(419
)
 
$
58
  
$
1,815
 
 
Estimated future benefit payments for the pension plans and other postretirement benefit plans
The Company expects that $1.7 million in net actuarial loss and nominal prior service costs will be recognized as components of net periodic benefit cost in 2017.
 
The following table sets forth estimated future benefit payments for the pension plans and other post-retirement benefit plans as of December 31, 2016: 
 
(In thousands)
 
Pension
Benefits
  
Other
Benefits
 
2017
 
$
7,876
  
$
551
 
2018
  
7,169
   
572
 
2019
  
7,042
   
559
 
2020
  
6,884
   
572
 
2021
  
6,725
   
546
 
2022 - 2026
 
$
36,011
  
$
2,724
 
 
Effect of one-percentage point change in assumed health care cost trend rates
For measurement purposes, the annual rates of increase in the per capita cost of covered medical and prescription drug benefits for fiscal year 2016 were assumed to be 6.5 % to 10.5 % percent. The rates were assumed to decrease gradually to 3.9 % for fiscal year 2075 and remain at that level thereafter.  Assumed health care cost trend rates have a significant effect on amounts reported for health care plans. A one-percentage point change in the health care trend rates would have the following effects as of and for the year ended December 31, 2016: 
 
(In thousands)
 
One Percentage point increase
  
One Percentage point decrease
 
Increase (decrease) on total service and interest cost components
 
$
34
  
$
(29
)
Increase (decrease) on post-retirement accumulated benefit obligation
  
667
   
(576
)
Target and actual allocations of defined benefit pension plan's assets
The target and actual allocations expressed as a percentage of the defined benefit pension plan’s assets are as follows:

 
 
Target 2016
  
2016
  
2015
 
Cash and cash equivalents
  
0 - 20
%
  
2
%
  
2
%
Fixed income securities
  
25 - 55
%
  
46
%
  
42
%
Equities
  
40 - 65
%
  
52
%
  
56
%
Total
      
100
%
  
100
%
 
Financial instruments recorded at fair value on a recurring basis by the Plan
The following table presents the financial instruments recorded at fair value on a recurring basis by the Plan as of December 31, 2016 and 2015:
 
(In thousands)
 
Level 1
  
Level 2
  
December 31, 2016
 
Cash and cash equivalents
 
$
3,500
  
$
-
  
$
3,500
 
Foreign equity mutual funds
  
33,687
   
-
   
33,687
 
Equity mutual funds
  
28,256
   
-
   
28,256
 
U.S. government bonds
  
-
   
1,283
   
1,283
 
Corporate bonds
  
-
   
49,490
   
49,490
 
Totals
 
$
65,443
  
$
50,773
  
$
116,216
 
 
(In thousands)
 
Level 1
  
Level 2
  
December 31, 2015
 
Cash and cash equivalents
 
$
2,513
  
$
-
  
$
2,513
 
Foreign equity mutual funds
  
33,342
   
-
   
33,342
 
Equity mutual funds
  
26,993
   
-
   
26,993
 
U.S. government bonds
  
-
   
3,410
   
3,410
 
Corporate bonds
  
-
   
41,271
   
41,271
 
Totals
 
$
62,848
  
$
44,681
  
$
107,529