Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Change in benefit obligation

	Pension Benefits						Other Postretirement Benefits
(Dollars in thousands)	2019			2018			2019			2018
Change in plan benefit obligations:
Benefit obligation as of January 1	$	172,608		$	185,760		$	1,803		$	2,037
Service cost	—			—			61			73
Interest cost	5,641			6,758			59			62
Actuarial (gain) loss	23,797			(10,805		)	(51		)	(5		)
Benefit payments	(9,262		)	(9,105		)	(273		)	(364		)
Pension settlements	(162,484		)	—			—			—
Benefit obligation as of December 31	$	30,300		$	172,608		$	1,599		$	1,803
Change in plan assets:
Fair value of plan assets as of January 1	$	191,652		$	180,056		$	—		$	—
Actual return on plan assets	22,888			(4,299		)	—			—
Employer contributions	41			25,000			273			364
Benefit payments	(9,262		)	(9,105		)	(273		)	(364		)
Pension settlements	(162,484		)	—			—			—
Fair value of plan assets as of December 31	$	42,835		$	191,652		$	—		$	—
Amount overfunded (underfunded)	$	12,535		$	19,044		$	(1,599	)	$	(1,803	)

Change in plan assets

The following table summarizes the change in plan benefit obligations and changes in plan assets:

	Pension Benefits						Other Postretirement Benefits
(Dollars in thousands)	2019			2018			2019			2018
Change in plan benefit obligations:
Benefit obligation as of January 1	$	172,608		$	185,760		$	1,803		$	2,037
Service cost	—			—			61			73
Interest cost	5,641			6,758			59			62
Actuarial (gain) loss	23,797			(10,805		)	(51		)	(5		)
Benefit payments	(9,262		)	(9,105		)	(273		)	(364		)
Pension settlements	(162,484		)	—			—			—
Benefit obligation as of December 31	$	30,300		$	172,608		$	1,599		$	1,803
Change in plan assets:
Fair value of plan assets as of January 1	$	191,652		$	180,056		$	—		$	—
Actual return on plan assets	22,888			(4,299		)	—			—
Employer contributions	41			25,000			273			364
Benefit payments	(9,262		)	(9,105		)	(273		)	(364		)
Pension settlements	(162,484		)	—			—			—
Fair value of plan assets as of December 31	$	42,835		$	191,652		$	—		$	—
Amount overfunded (underfunded)	$	12,535		$	19,044		$	(1,599	)	$	(1,803	)

Amounts recognized in consolidated balance sheet

Our pension-related balances reflected in the consolidated statements of financial position consisted of the following:

	Pension Benefits						Other Postretirement Benefits
	As of December 31,						As of December 31,
(Dollars in thousands)	2019			2018			2019			2018
Assets & Liabilities:
Non-current assets	$	12,790		$	19,273		$	—		$	—
Current liabilities	(5		)	(4		)	(282		)	(334		)
Non-current liabilities	(250		)	(225		)	(1,317		)	(1,469		)
Net assets (liabilities)	$	12,535		$	19,044		$	(1,599	)	$	(1,803	)
Accumulated Other Comprehensive Loss:
Net actuarial (loss) gain	$	(13,085	)	$	(59,972	)	$	54		$	68
Prior service benefit	—			—			209			1,220
Accumulated other comprehensive (loss) income	$	(13,085	)	$	(59,972	)	$	263		$	1,288

Schedule of net periodic benefit cost not yet recognized

Our pension-related balances reflected in the consolidated statements of financial position consisted of the following:

	Pension Benefits						Other Postretirement Benefits
	As of December 31,						As of December 31,
(Dollars in thousands)	2019			2018			2019			2018
Assets & Liabilities:
Non-current assets	$	12,790		$	19,273		$	—		$	—
Current liabilities	(5		)	(4		)	(282		)	(334		)
Non-current liabilities	(250		)	(225		)	(1,317		)	(1,469		)
Net assets (liabilities)	$	12,535		$	19,044		$	(1,599	)	$	(1,803	)
Accumulated Other Comprehensive Loss:
Net actuarial (loss) gain	$	(13,085	)	$	(59,972	)	$	54		$	68
Prior service benefit	—			—			209			1,220
Accumulated other comprehensive (loss) income	$	(13,085	)	$	(59,972	)	$	263		$	1,288

Components of net periodic benefit cost

The components of net periodic benefit cost (credit) were as follows:

	Pension Benefits									Other Postretirement Benefits
	Years Ended December 31,									Years Ended December 31,
(Dollars in thousands)	2019			2018			2017			2019			2018			2017
Service cost	$	—		$	—		$	—		$	61		$	73		$	80
Interest cost	5,641			6,758			7,356			59			62			71
Expected return of plan assets	(6,932		)	(8,662		)	(9,221		)	—			—			—
Amortization of prior service credit	—			—			—			(1,011		)	(1,602		)	(1,602		)
Amortization of net loss (gain)	1,514			1,828			1,755			—			—			—
Settlement charge	53,213			—			—			—			—			—
Net periodic benefit cost (credit)	$	53,436		$	(76	)	$	(110	)	$	(891	)	$	(1,467	)	$	(1,451	)

Schedule of weighted-average assumptions used

	Pension Benefits				Other Postretirement Benefits
	2019		2018		2019		2018
Weighted average assumptions used in benefit obligations:
Discount rate	3.25	%	4.25	%	2.75	%	3.75	%
Weighted average assumptions used in net periodic benefit costs:
Discount rate	4.25	%	3.70	%	3.75	%	3.25	%
Expected long-term rate of return on assets	4.69	%	4.94	%	—	%	—	%

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, 2019 and 2018.

	Fair Value of Plan Assets as of December 31, 2019
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Fixed income bonds	$	—	$	27,704	$	—	$	27,704
Mutual funds	3,277		—		—		3,277
Pooled separate accounts	—		10,516		—		10,516
Guaranteed deposit account	—		—		1,338		1,338
Total plan assets at fair value	$	3,277	$	38,220	$	1,338	$	42,835

	Fair Value of Plan Assets as of December 31, 2018
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Fixed income bonds	$	—	$	186,385	$	—	$	186,385
Mutual funds	2,691		—		—		2,691
Pooled separate accounts	—		1,216		—		1,216
Guaranteed deposit account	—		—		1,360		1,360
Total plan assets at fair value	$	2,691	$	187,601	$	1,360	$	191,652

Changes in fair value of Level 3 assets

The following table presents a summary of changes in the fair value of the guaranteed deposit account’s Level 3 assets for the year ended December 31, 2019:

	Guaranteed Deposit Account
Balance as of January 1, 2019	$	1,360
Change in unrealized gain (loss)	41
Purchases, sales, issuances and settlements (net)	(63		)
Balance as of December 31, 2019	$	1,338

Schedule of future benefit payments

The following table sets forth the expected benefit payments to be paid for the pension plans and the other postretirement benefit plans:

	Pension Benefits		Other Postretirement Benefits
2020	$	2,780	$	282
2021	$	1,870	$	160
2022	$	1,818	$	121
2023	$	1,832	$	131
2024	$	1,818	$	116
2025-2029	$	8,928	$	774