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Pension, Other Postretirement Benefits and Employee Savings and Investment Plans (Tables)
12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Change in benefit obligation
The Company currently intends to terminate the Merged Plan and has requested a determination letter from the IRS. The termination of the Merged Plan remains subject to final approval by both management and the IRS. The Company plans to provide for lump sum distributions or annuity payments in connection with the termination of the Merged Plan and we expect the settlement process to be completed in 2019. The Company lacked sufficient information as of December 31, 2018 to determine the financial impact of the proposed plan termination. At this time, there are no plans to terminate the Union Plan.
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
Change in benefit obligation:
2018
2017
 
2018
2017
Benefit obligation at beginning of year
$
185,760

$
177,696

 
$
2,037

$
2,504

Service cost


 
73

80

Interest cost
6,758

7,356

 
62

71

Actuarial (gain) loss
(10,805
)
9,601

 
(5
)
460

Benefit payments
(9,105
)
(8,893
)
 
(364
)
(533
)
Plan amendment


 

(545
)
Benefit obligation at end of year
$
172,608

$
185,760

 
$
1,803

$
2,037

Change in plan assets
Change in plan assets:
2018
2017
 
2018
2017
Fair value of plan assets at the beginning of the year
$
180,056

$
171,778

 
$

$

Actual return on plan assets
(4,299
)
16,799

 


Employer contributions
25,000

372

 
364

533

Benefit payments
(9,105
)
(8,893
)
 
(364
)
(533
)
Fair value of plan assets at the end of the year
191,652

180,056

 


Funding status
$
19,044

$
(5,704
)
 
$
(1,803
)
$
(2,037
)
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
 
2018
2017
 
2018
2017
Noncurrent assets
$
19,273

$
3,021

 
$

$

Current liabilities
(4
)
(5
)
 
(334
)
(352
)
Noncurrent liabilities
(225
)
(8,720
)
 
(1,469
)
(1,685
)
Net amount recognized at end of year
$
19,044

$
(5,704
)
 
$
(1,803
)
$
(2,037
)
Schedule of net periodic benefit cost not yet recognized
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2018
2017
 
2018
2017
Net actuarial (loss) gain
$
(59,972
)
$
(59,645
)
 
$
68

$
63

Prior service benefit


 
1,220

2,821

Net amount recognized at end of year
$
(59,972
)
$
(59,645
)
 
$
1,288

$
2,884

Components of net periodic benefit cost
Components of Net Periodic (Benefit) Cost
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Service cost
$

 
$

 

 
$
73

 
$
80

 
$
133

Interest cost
6,758

 
7,356

 
7,530

 
62

 
71

 
75

Expected return of plan assets
(8,662
)
 
(9,221
)
 
(10,808
)
 

 

 

Amortization of prior service cost (credit)

 

 

 
(1,602
)
 
(1,602
)
 
(1,489
)
Amortization of net loss
1,828

 
1,755

 
1,784

 

 

 
(47
)
Settlement charge

 

 

 

 

 

Net periodic benefit cost (benefit)
$
(76
)
 
$
(110
)
 
$
(1,494
)
 
$
(1,467
)
 
$
(1,451
)
 
$
(1,328
)
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
 
2018
2017
 
2018
2017
Discount rate
4.25
%
3.70
%
 
3.75
%
3.25
%
Weighted-average assumptions used to determine net benefit cost for the years ended December 31:
 
Pension Benefits
 
Retirement Health and Life Insurance Benefits
 
2018
2017
 
2018
2017
Discount rate
3.70
%
4.25
%
 
3.25
%
3.25
%
Expected long-term rate of return on plan assets
4.94
%
5.51
%
 
%
%
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 been expected to have the following effects as of December 31, 2018:
(Dollars in thousands)
Increase
 
Decrease
Effect on total service and interest cost
$
8

 
$
(8
)
Effect on other postretirement benefit obligations
$
65

 
(60
)
Schedule of allocation of plan assets
The following table presents the fair value of the pension plan net assets by asset category and level, within the fair value hierarchy, as of December 31, 2018 and 2017.
 
Assets at Fair Value as of December 31, 2018
(Dollars in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Pooled separate accounts
$

 
$
1,216

 
$

 
$
1,216

Fixed income bonds

 
186,385

 

 
186,385

Mutual funds
2,691

 

 

 
2,691

Guaranteed deposit account

 

 
1,360

 
1,360

Total assets at fair value
$
2,691

 
$
187,601

 
$
1,360

 
$
191,652

 
Assets at Fair Value as of December 31, 2017
(Dollars in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Pooled separate accounts
$

 
$
4,610

 
$

 
$
4,610

Fixed income bonds

 
162,934

 

 
162,934

Mutual funds
6,223

 

 

 
6,223

Guaranteed deposit account

 

 
6,289

 
6,289

Total assets at fair value
$
6,223

 
$
167,544

 
$
6,289

 
$
180,056

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, 2018:
(Dollars in thousands)
Guaranteed Deposit Account
Balance at beginning of year
$
6,289

Change in unrealized gain (loss)
(194
)
Purchases, sales, issuances and settlements (net)
(4,735
)
Balance at end of year
$
1,360

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 2018.
(Dollars in thousands)
Pension Benefits
 
Retiree Health and Life Insurance Benefits
2019
$
9,500

 
$
334

2020
$
9,597

 
$
265

2021
$
9,818

 
$
171

2022
$
10,038

 
$
134

2023
$
10,228

 
$
151

2024-2028
$
53,901

 
$
825