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Pension Benefit and Retirement Health and Life Insurance Benefits (Tables)
12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Change in benefit obligation
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
Change in benefit obligation:
2016
2015
 
2016
2015
Benefit obligation at beginning of year
$
182,359

$
187,882

 
$
2,722

$
9,839

Addition of Bear Plan

4,169

 


Service cost


 
133

411

Interest cost
7,530

7,523

 
75

216

Actuarial (gain) loss
(3,621
)
(8,674
)
 
72

(1,362
)
Benefit payments
(8,572
)
(8,541
)
 
(860
)
(766
)
Plan Amendment


 

(5,616
)
Benefit obligation at end of year
$
177,696

$
182,359

 
$
2,142

$
2,722

Change in plan assets
Change in plan assets:
2016
2015
 
2016
2015
Fair value of plan assets at the beginning of the year
$
171,007

$
170,600

 
$

$

Addition of Bear Plan

2,171

 


Actual return on plan assets
8,999

(194
)
 


Employer contributions
344

6,971

 
860

766

Benefit payments
(8,572
)
(8,541
)
 
(860
)
(766
)
Fair value of plan assets at the end of the year
171,778

171,007

 


Unfunded status
$
(5,918
)
$
(11,352
)
 
$
(2,142
)
$
(2,722
)
Amounts recognized in consolidated balance sheet
Amounts included in the consolidated statements of financial position consist of:
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2016
2015
 
2016
2015
Noncurrent assets
$
2,583

$
1,273

 
$

$

Current liabilities

(1
)
 
(150
)
(537
)
Noncurrent liabilities
(8,501
)
(12,624
)
 
(1,992
)
(2,185
)
Net amount recognized at end of year
$
(5,918
)
$
(11,352
)
 
$
(2,142
)
$
(2,722
)
Schedule of net periodic benefit cost not yet recognized
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2016
2015
 
2016
2015
Net actuarial (loss) gain
$
(59,377
)
(62,972
)
 
$
523

643

Prior service benefit


 
3,878

5,368

Net amount recognized at end of year
$
(59,377
)
$
(62,972
)
 
$
4,401

$
6,011

Components of net periodic benefit cost
Components of Net Periodic (Benefit) Cost
(Dollars in thousands)
Pension Benefits
 
Postretirement Health and Life Insurance Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
$

 
$

 
$

 
$
133

 
$
411

 
$
556

Interest cost
7,530

 
7,523

 
8,015

 
75

 
216

 
305

Expected return of plan assets
(10,808
)
 
(11,148
)
 
(12,909
)
 

 

 

Amortization of prior service cost (credit)

 

 

 
(1,489
)
 
(248
)
 

Amortization of net loss
1,784

 
1,690

 
686

 
(47
)
 
(12
)
 

Settlement charge

 
57

 
5,321

 

 

 

Net periodic benefit cost (benefit)
$
(1,494
)
 
$
(1,878
)
 
$
1,113

 
$
(1,328
)
 
$
367

 
$
861

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
 
2016
2015
 
2016
2015
Discount rate
4.25
%
4.25
%
 
3.25
%
3.00
%
Weighted-average assumptions used to determine net benefit cost for the years ended December 31:
 
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2016
2015
 
2016
2015
Discount rate
4.25
%
4.00
%
 
3.00
%
3.00
%
Expected long-term rate of return on plan assets
5.51
%
6.50
%
 


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 be expected to have the following effects:
(Dollars in thousands)
Increase
 
Decrease
Effect on total service and interest cost
$
12

 
$
(11
)
Effect on other postretirement benefit obligations
78

 
(74
)
Schedule of allocation of plan assets
The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value as of December 31, 2016 and 2015.
 
Assets at Fair Value as of December 31, 2016
(Dollars in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Pooled separate accounts
$

 
$
7,587

 
$

 
$
7,587

Fixed income bonds

 
111,070

 

 
111,070

Mutual funds
44,054

 

 

 
44,054

Guaranteed deposit account

 

 
9,067

 
9,067

Total assets at fair value
$
44,054

 
$
118,657

 
$
9,067

 
$
171,778

 
 
 
 
 
 
 
 
 
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

The following table presents the fair value of the pension plan net assets by asset category as of December 31, 2016 and 2015:
(Dollars in thousands)
2016
 
2015
Pooled separate accounts
$
7,587

 
$
6,782

Fixed income bonds
111,070

 
110,427

Mutual funds
44,054

 
43,454

Guaranteed deposit account
9,067

 
10,344

Total investments at fair value
$
171,778

 
$
171,007

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, 2016:
(Dollars in thousands)
Guaranteed Deposit Account
Balance at beginning of year
$
10,344

Unrealized gains relating to instruments still held at the reporting date
329

Purchases, sales, issuances and settlements (net)
(1,606
)
Balance at end of year
$
9,067

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 2016.
(Dollars in thousands)
Pension Benefits
 
Retiree Health and Life Insurance Benefits
2017
$
8,916

 
$
513

2018
$
9,043

 
$
345

2019
$
9,201

 
$
285

2020
$
9,404

 
$
280

2021
$
9,694

 
$
193

2022-2026
$
52,583

 
$
1,391