XML 74 R54.htm IDEA: XBRL DOCUMENT v3.8.0.1
Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Defined Benefit Plan [Abstract]  
Schedule of plan assets and benefit obligation activity
Using an accrual measurement date of December 31, 2017 and 2016, plan assets and benefit obligation activity for the Pension Plan are listed below:

(In thousands)
 
2017
 
2016
Change in fair value of plan assets
 
 
 
 
Fair value at beginning of measurement period
 
$
167,047

 
$
153,498

Actual return on plan assets
 
21,573

 
19,256

Employer contributions
 
15,000

 
—

Benefits paid
 
(7,885
)
 
(5,707
)
Fair value at end of measurement period
 
$
195,735

 
$
167,047

Change in benefit obligation
 
 
 
 
Projected benefit obligation at beginning of measurement period
 
$
114,455

 
$
102,245

Service cost
 
5,270

 
5,055

Interest cost
 
5,085

 
4,869

Actuarial loss
 
21,773

 
7,993

Benefits paid
 
(7,885
)
 
(5,707
)
Projected benefit obligation at the end of measurement period
 
$
138,698

 
$
114,455

Funded status at end of year (fair value of plan assets less benefit obligation)
 
$
57,037

 
$
52,592
Schedule of allocation of plan assets
The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows:
 
 
 
 
 
Percentage of Plan Assets
Asset category
 
Target Allocation
 
2017
 
2016
Equity securities
 
50% - 100%
 
79
%
 
84
%
Fixed income and cash equivalents
 
remaining balance
 
21
%
 
16
%
Total
 
 
 
100
%
 
100
%
Schedule of assumptions used to determine benefit obligations
The weighted average assumptions used to determine benefit obligations at December 31, 2017, 2016 and 2015 were as follows:
 
 
 
2017
 
2016
 
2015
Discount rate
 
3.89
%
 
4.58
%
 
4.88
%
Rate of compensation increase
 
 
 


 

Under age 30
 
10.00
%
 
10.00
%
 
10.00
%
Ages 30-39
 
6.00
%
 
6.00
%
 
6.00
%
Ages 40-49
 
4.00
%
 
4.00
%
 
3.00
%
Ages 50 and over
 
3.00
%
 
3.00
%
 
3.00
%
Schedule of estimated future pension benefit Payments
The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands):

2018
$
8,274

2019
8,404

2020
9,320

2021
10,526

2022
10,937

2023-2027
53,456

Total
$
100,917
Schedule of balances of accumulated other comprehensive income loss
The following table shows ending balances of accumulated other comprehensive loss at December 31, 2017 and 2016.
 
(In thousands)
 
2017
 
2016
Prior service cost
 
$
—

 
$
—

Net actuarial loss
 
(33,799
)
 
(22,677
)
Total
 
(33,799
)
 
(22,677
)
Deferred taxes
 
7,098

 
7,937

  Disparate tax effect (1)
 
3,175

 
—

Accumulated other comprehensive loss
 
$
(23,526
)
 
$
(14,740
)
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss)
Using an actuarial measurement date of December 31 for 2017, 2016 and 2015, components of net periodic benefit income and other amounts recognized in other comprehensive income were as follows:
 
(In thousands)
 
2017
 
2016
 
2015
Components of net periodic benefit income and other amounts recognized in other comprehensive income
 
 
 
 
 
 
Service cost
 
$
(5,270
)
 
$
(5,055
)
 
$
(5,368
)
Interest cost
 
(5,085
)
 
(4,869
)
 
(4,695
)
Expected return on plan assets
 
11,455

 
10,950

 
11,420

Amortization of prior service cost
 
—

 
—

 
(15
)
Recognized net actuarial loss
 
(576
)
 
(773
)
 
(637
)
Net periodic benefit income
 
$
524

 
$
253

 
$
705

Change to net actuarial (loss) gain for the period
 
$
(11,698
)
 
$
168

 
$
(1,400
)
Amortization of prior service cost
 
—

 
—

 
15

Amortization of net loss
 
576

 
773

 
637

Total recognized in other comprehensive income
 
(11,122
)
 
941

 
(748
)
Total recognized in net benefit income and other comprehensive income
 
$
(10,598
)
 
$
1,194

 
$
(43
)
Schedule of assumptions used to determine costs
The weighted average assumptions used to determine net periodic benefit income for the years ended December 31, 2017, 2016 and 2015 are listed below:
 
 
 
2017
 
2016
 
2015
Discount Rate
 
4.58
%
 
4.88
%
 
4.42
%
Rate of compensation increase
 


 


 


     Under age 30
 
10.00
%
 
10.00
%
 
10.00
%
     Ages 30-39
 
6.00
%
 
6.00
%
 
6.00
%
     Ages 40-49
 
4.00
%
 
3.00
%
 
3.00
%
     Ages 50 and over
 
3.00
%
 
3.00
%
 
3.00
%
Expected long-term return on plan assets
 
7.00
%
 
7.25
%
 
7.25
%