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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Fair Value of Plan Assets and Major Categories
The fair value of plan assets and major categories as of December 31, 2018, is as follows:
 
 
Description
 
Percent
  
NAV
  
Level 1
  
Level 2
  
Level 3
  
Total
 
(dollars in thousands)
                  
       
Collective Funds
  
5.6
% 
 
$
2,504
  
$
2,504
  
$
—
  
$
—
  
$
2,504
 
       
Equity Securities
  
10.9
% 
  
4,863
   
4,863
   
—
   
—
   
4,863
 
       
Diversified Mutual Funds
  
30.7
% 
  
13,612
   
13,612
   
—
   
—
   
13,612
 
       
Short-term investments
  
0.1
% 
  
60
   
60
   
—
   
—
   
60
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       
Total investments measured in the fair value hierarchy
  
47.3
% 
  
21,039
   
21,039
   
—
   
—
   
21,039
 
       
Investments measured at net asset value(1)
  
52.7
% 
  
23,398
   
—
   
—
   
—
   
23,398
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       
   
100.0
% 
 
$
44,437
  
$
21,039
  
$
—
  
$
—
  
$
44,437
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
(1)
In accordance with Subtopic
820-10,
certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
The fair value of plan assets and major categories as of December 31, 2017, is as follows::
 
 
Description
 
Percent
  
NAV
  
Level 1
  
Level 2
  
Level 3
  
Total
 
(dollars in thousands)
                  
       
Collective Funds
  3.6%  $1,741  $1,741  $—  $—  $1,741 
       
Equity Securities
  10.7%   5,195   5,195   —   —   5,195 
       
Diversified Mutual Funds
  17.8%   8,615   8,615   —   —   8,615 
       
Short-term investments
  7.9%   3,836   3,836   —   —   3,836 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       
Total investments measured in the fair value hierarchy
  40.0%   19,387   19,387   —   —   19,387 
       
Investments measured at net asset value(1)
  60.0%   29,035   —   —   —   29,035 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       
   100.0%  $ 48,422  $ 19,387  $—  $—  $ 48,422 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 
(1)
In accordance with Subtopic
820-10,
certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
Schedule of Investments Measured Using Net Asset Value Per Share Practical Expedient
The investments measured using the net asset value per share practical expedient as of December 31, 2018, is as follows:
 
  
Percent
  
Fair Value
 
(dollars in thousands)
      
   
Collective Funds by Category:
        
   
Equity
  
20.8
% 
 
$
9,204
 
   
Diversified
  
0.0
% 
  
—
 
   
US debt securities
  
12.1
% 
  
5,386
 
   
International equities
  
9.7
% 
  
4,311
 
   
Limited Partnerships by Category:
        
   
Emerging markets
  
2.9
% 
  
1,289
 
   
Multi-strategy
  
1.9
% 
  
826
 
   
Hedge Funds by Category:
        
   
Multi-strategy(1)
  
3.6
% 
  
1,593
 
   
Global opportunities(2)
  
0.3
% 
  
150
 
   
Private investment entities and/or separately managed accounts(3)
  
1.4
% 
  
639
 
  
 
 
  
 
 
 
  
52.7%
  
$23,398
 
  
 
 
  
 
 
 
The investments measured using the net asset value per share practical expedient as of December 31, 2017, is as follows:
 
  
Percent
  
Fair Value
 
(dollars in thousands)
      
   
Collective Funds by Category:
        
   
Equity
  31.6%  $15,304 
   
Diversified
  0.7%   344 
   
US debt securities
  9.4%   4,569 
   
International equities
  9.1%   4,419 
   
Limited Partnerships by Category:
        
   
Emerging markets
  2.8%   1,353 
   
Multi-strategy
  1.5%   705 
   
Hedge Funds by Category:
        
   
Multi-strategy(1)
  3.5%   1,674 
   
Global opportunities(2)
  0.7%   345 
   
Private investment entities and/or separately managed accounts(3)
  0.7%   322 
  
 
 
  
 
 
 
  60.0%  $29,035 
  
 
 
  
 
 
 
(1)
This category includes investments in hedge funds that pursue multiple strategies to diversify risks and reduce volatility. Fund objectives are to seek above-average rates of return and long-term capital growth through investments, which are fund of funds with a diversified portfolio of private investment entities and/or separately managed accounts managed by investment managers or achieve superior risk-adjusted capital appreciation over the long-term, generally through an investment, which invests in private investment funds and discretional managed accounts, structured notes, swaps or other similar products. The fair values of the investments in this category have been determined using the net asset value per share of the fund(s).
(2)
This category has an investment strategy to pursue a hybrid absolute return via portfolio managers, secondaries, and
co-investments
with a flexible and opportunistic mandate tactically allocating capital to look to capitalize on market dislocations and inefficiencies. The opportunities are expected to fall within the following strategies: Niche Alternatives and Private Credit and Hedge Fund secondaries. The fair value of the investments in this category have been determined using the last sales price, for listed securities, and in accordance with the agreement terms for portfolio-managed investments, notes, swaps, and other similar products.
(3)
The Fund’s investment objective is to invest in highly attractive, select investment opportunities by maintaining investments through private investment entities and/or separately managed accounts (each, an Investment or a Portfolio and collectively, the Investments or the Portfolios) with investment management professionals (each a Manager and collectively, the Managers) specializing in various alternative investment strategies. The Managers have broad investment experience and the ability to leverage their existing relationships with corporate management teams, investment banks and other institutions to gain access to certain investment opportunities. As such, the Manager is presented with “best idea” investment opportunities, typically in asset classes where market dislocations or other events have created attractive investment opportunities. The Managers are not restricted in the investment strategies that they may employ across different asset classes and regions. The Manager anticipates that any number of strategies will be eligible for consideration for investment by the Fund and the Fund reserves the right to invest in any particular strategy or asset class it deems appropriate.
Components of Net Periodic Benefit Cost
  
Defined Benefit
Pension Plan
  
Supplemental Insurance/
Retirement Plan
 
  
2018
  
2017
  
2018
  
2017
 
(dollars in thousands)
            
     
Change projected in benefit obligation
                
     
Benefit obligation at beginning of year
 
$
 47,065
  $42,255  
$
 42,579
  $38,610 
     
Service cost
  
1,411
   1,241   
1,107
   1,582 
     
Interest cost
  
1,481
   1,450   
1,386
   1,382 
     
Actuarial (gain)/loss
  
(8,263
) 
  3,456   
(3,591
) 
  2,087 
     
Benefits paid
  
(1,185
) 
  (1,337)   
(1,076
) 
  (1,082) 
  
 
 
  
 
 
  
 
 
  
 
 
 
     
Projected benefit obligation at end of year
 
$
40,509
  $47,065  
$
40,405
  $42,579 
  
 
 
  
 
 
  
 
 
  
 
 
 
     
Change in plan assets
                
     
Fair value of plan assets at beginning of year
 
$
48,422
  $37,447         
     
Actual return on plan assets
  
(2,800
) 
  5,312         
     
Employer contributions
  
—
   7,000         
     
Benefits paid
  
(1,185
) 
  (1,337)         
  
 
 
  
 
 
         
     
Fair value of plan assets at end of year
 
$
44,437
  $48,422         
  
 
 
  
 
 
         
     
(Unfunded) Funded status
 
$
3,928
  $1,357  
$
 (40,405)
  $(42,579) 
  
 
 
  
 
 
  
 
 
  
 
 
 
     
Accumulated benefit obligation
 
$
40,509
  $47,065  
$
36,984
  $40,375 
  
 
 
  
 
 
  
 
 
  
 
 
 
     
Weighted-average assumptions as of December 31
                
     
Discount rate — Liability
  
4.76
% 
  3.49%   
4.79
% 
  3.42% 
     
Discount rate — Expense
  
3.49
% 
  3.99%   
3.42
% 
  3.85% 
     
Expected return on plan assets
  
8.00
% 
  8.00%   
NA
   NA 
     
Rate of compensation increase
  
4.00
% 
  4.00%   
4.00
% 
  4.00% 
     
Components of net periodic benefit cost
                
     
Service cost
 
$
1,411
  $1,241  
$
1,107
  $1,582 
     
Interest cost
  
1,481
   1,450   
1,386
   1,382 
     
Expected return on plan assets
  
(3,813
) 
  (2,985)   
—
   — 
     
Recognized prior service cost
  
(100
) 
  (104)   
114
   114 
     
Recognized net losses
  
904
   903   
706
   636 
  
 
 
  
 
 
  
 
 
  
 
 
 
     
Net periodic cost (benefit)
 
$
(117
) 
 $505  
$
3,313
  $3,714 
  
 
 
  
 
 
  
 
 
  
 
 
 
     
Other changes in plan assets and benefit obligations recognized in other comprehensive income
                
     
Amortization of prior service cost
 
$
100
  $104  
$
(114
) 
 $(114) 
     
Net (gain) loss
  
(2,554
) 
  409   
(4,298
) 
  1,752 
  
 
 
  
 
 
  
 
 
  
 
 
 
     
Total recognized in other comprehensive income
  
(2,454
) 
  513   
(4,412
) 
  1,638 
  
 
 
  
 
 
  
 
 
  
 
 
 
     
Total recognized in net periodic benefit cost and other comprehensive income
 
$
 (2,571
) 
 $1,018  
$
 (1,099
) 
 $5,352 
  
 
 
  
 
 
  
 
 
  
 
 
 
Summary of Defined Pension Plan and Supplemental Insurance Retirement Plan
  
December 31, 2018
  
December 31, 2017
 
  
Plan
  
Supplemental
Plan
  
Total
  
Plan
  
Supplemental
Plan
  
Total
 
(dollars in thousands)
                  
       
Prior service cost
 $—  $(421)  $(421)  $100  $(535)  $(435) 
       
Net actuarial loss
  (11,854)   (10,870)   (22,724)   (14,408)   (15,168)   (29,576) 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       
Total
 $(11,854)  $(11,291)  $(23,145)  $(14,308)  $(15,703)  $(30,011) 
Summary of Accumulated Other Comprehensive Loss Expected to be Recognized
The following table summarizes the amounts included in Accumulated Other Comprehensive Loss at December 31, 2018, expected to be recognized as components of net periodic benefit cost in the next year:
 
  
Plan
  
Supplemental
Plan
 
   
Amortization of prior service cost to be recognized in 2019
 $—  $ 114 
   
Amortization of loss to be recognized in 2019
  916   435