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Pension Benefit and Retirement Health and Life Insurance Benefits (Tables)
12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Change in benefit obligation
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
Change in benefit obligation:
2015
2014
 
2015
2014
 
 
 
 
 
 
Benefit obligation at beginning of year
$
187,882

$
174,325

 
$
9,839

$
10,824

Addition of Bear Plan
4,169


 


Service cost


 
411

556

Interest cost
7,523

8,015

 
216

305

Actuarial (gain) loss
(8,674
)
34,006

 
(1,362
)
(1,071
)
Benefit payments
(8,541
)
(24,934
)
 
(766
)
(775
)
Plan Amendment


 
(5,616
)

Special termination benefit

(3,530
)
 


Benefit obligation at end of year
$
182,359

$
187,882

 
$
2,722

$
9,839

Change in plan assets
Change in plan assets:
2015
2014
 
2015
2014
 
 
 
 
 
 
Fair value of plan assets at the beginning of the year
$
170,600

$
171,218

 
$

$

Addition of Bear Plan
2,171


 


Actual return on plan assets
(194
)
10,445

 


Employer contributions
6,971

13,871

 
766

775

Benefit payments
(8,541
)
(24,934
)
 
(766
)
(775
)
Fair value of plan assets at the end of the year
171,007

170,600

 


Funded status
$
(11,352
)
$
(17,282
)
 
$
(2,722
)
$
(9,839
)
Amounts recognized in consolidated balance sheet
Amounts recognized in the consolidated statements of financial position consist of:
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2015
2014
 
2015
2014
Noncurrent assets
$
1,273

$
404

 
$

$

Current liabilities
(1
)
(34
)
 
(537
)
(1,071
)
Noncurrent liabilities
(12,624
)
(17,652
)
 
(2,185
)
(8,768
)
Net amount recognized at end of year
$
(11,352
)
$
(17,282
)
 
$
(2,722
)
$
(9,839
)
Schedule of net periodic benefit cost not yet recognized
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2015
 
2015
 
2014
 
2014
Net actuarial (loss) gain
$
(62,972
)
 
$
643

 
(62,053
)
 
(707
)
Prior service benefit

 
5,368

 

 

Net amount recognized at end of year
$
(62,972
)
 
$
6,011

 
(62,053
)
 
(707
)
Components of net periodic benefit cost
Components of Net Periodic (Benefit) Cost
(Dollars in thousands)
Pension Benefits
 
Postretirement Health and Life Insurance Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$

 
$

 
$
2,473

 
$
411

 
$
556

 
$
627

Interest cost
7,523

 
8,015

 
7,753

 
216

 
305

 
262

Expected return of plan assets
(11,148
)
 
(12,909
)
 
(11,247
)
 

 

 

Amortization of prior service cost (credit)

 

 
124

 
(248
)
 

 
(230
)
Amortization of net loss
1,690

 
686

 
3,615

 
(12
)
 

 
204

Settlement charge
57

 
5,321

 

 

 

 

Curtailment charge

 

 
1,537

 

 

 

Net periodic benefit cost (benefit)
$
(1,878
)
 
$
1,113

 
$
4,255

 
$
367

 
$
861

 
$
863

Schedule of weighted-average assumptions used
Weighted-average assumptions used to determine benefit obligations at December 31:
 
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2015
2014
 
 
2015
2014
 
 
 
 
 
 
 
 
 
Discount rate
4.25
%
4.00
%
 
 
3.00
%
3.00
%
 
Weighted-average assumptions used to determine net benefit cost for the years ended:
 
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2015
2014
 
2015
2014
 
 
 
 
 
 
 
 
Discount rate
4.00
%
4.75
%
 
3.00
%
3.25
%
 
Expected long-term rate of return on plan assets
6.50
%
7.50
%
 


 
Schedule of effect of one-percentage-point change in assumed health care cost trend rates
A one-percentage point change in assumed health care cost trend rates would have the following effects:
 
One Percentage Point
(Dollars in thousands)
Increase
 
Decrease
 
 
 
 
Effect on total service and interest cost
$
41

 
$
(38
)
Effect on other postretirement benefit obligations
73

 
(68
)
Schedule of allocation of plan assets
The following table presents the fair value of the pension plan net assets by asset category at December 31, 2015 and 2014:
(Dollars in thousands)
2015
 
2014
 
 
 
 
Pooled separate accounts
$
6,782

 
$
5,204

Fixed income bonds
110,427

 
102,535

Mutual funds
43,454

 
51,097

Guaranteed deposit account
10,344

 
11,764

Total investments at fair value
$
171,007

 
$
170,600

The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value as of December 31, 2015 and 2014.
 
Assets at Fair Value as of December 31, 2015
(Dollars in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Pooled separate accounts
$

 
$
6,782

 
$

 
$
6,782

Fixed income bonds

 
110,427

 

 
110,427

Mutual funds
43,454

 

 

 
43,454

Guaranteed deposit account

 

 
10,344

 
10,344

Total assets at fair value
$
43,454

 
$
117,209

 
$
10,344

 
$
171,007

 
 
 
 
 
 
 
 
 
Assets at Fair Value as of December 31, 2014
(Dollars in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Pooled separate accounts
$

 
$
5,204

 
$

 
$
5,204

Fixed Income Bonds

 
102,535

 


102,535

Mutual funds
51,097

 

 

 
51,097

Guaranteed deposit account

 

 
11,764

 
11,764

Total assets at fair value
$
51,097

 
$
107,739

 
$
11,764

 
$
170,600

Changes in fair value of Level 3 assets
The table below sets forth a summary of changes in the fair value of the guaranteed deposit account's Level 3 assets for the year ended December 31, 2015:
(Dollars in thousands)
Guaranteed Deposit Account
 
 
Balance at beginning of year
$
11,764

Unrealized gains relating to instruments still held at the reporting date
476

Purchases, sales, issuances and settlements (net)
(1,896
)
Balance at end of year
$
10,344

Schedule of future benefit payments
The following pension benefit payments are expected to be paid through the utilization of plan assets for the funded plans and from the Company's operating cash flows for the unfunded plans. The Retiree Health and Life Insurance benefits, for which no funding has been made, are expected to be paid from the Company's operating cash flows. The benefit payments are based on the same assumptions used to measure our benefit obligation at the end of fiscal 2015.
(Dollars in thousands)
Pension Benefits
 
Retiree Health and Life Insurance Benefits
 
 
 
 
2016
$
8,489

 
$
537

2017
$
8,666

 
$
465

2018
$
8,858

 
$
319

2019
$
9,121

 
$
266

2020
$
9,389

 
$
262

2021-2025
$
52,370

 
$
1,156