Retirement Plans And Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Reconciliation Of Changes In Benefit Obligations And Plan Assets

The following tables reconcile the changes in benefit obligations and plan assets in 2018 and 2017, and reconcile the funded status to prepaid or accrued cost at December 31, 2018 and 2017:



	Pension Benefits						Other Post- Retirement Benefits
(In thousands)	2018			2017			2018			2017
Change in benefit obligation:
Benefit obligation, beginning of year	$	318,123		$	303,126		$	7,704		$	7,436
Service cost	17			194			36			33
Interest cost	11,442			12,575			271			301
Effect of actuarial (gains) losses related to the following:
Discount rate change	(23,653		)	21,055			(546		)	471
Retirement rate assumptions and mortality table adjustments	(914		)	(2,145		)	6			15
Other	(2,326		)	(1,921		)	(285		)	(245		)
Plan participant contributions	—			—			656			646
Benefits paid	(15,449		)	(14,761		)	(953		)	(953		)
Benefit obligation, end of year	$	287,240		$	318,123		$	6,889		$	7,704
Change in plan assets:
Plan assets at fair value, beginning of year	$	226,354		$	214,559		$	—		$	—
Actual return on plan assets	(14,148		)	21,034			—			—
Employer contributions	8,610			5,522			297			307
Plan participant contributions	—			—			656			646
Benefits paid	(15,449		)	(14,761		)	(953		)	(953		)
Plan assets at fair value, end of year	$	205,367		$	226,354		$	—		$	—
Funded status of the plans	$	(81,873	)	$	(91,769	)	$	(6,889	)	$	(7,704	)
Amounts recognized in the consolidated balance sheets:
Accrued expenses (current)	$	182		$	182		$	456		$	457
Pension and other postretirement benefit obligations, net	81,691			91,587			6,433			7,247
Net amount recognized	$	81,873		$	91,769		$	6,889		$	7,704

Components Of Net Periodic Benefit Income Or Cost For Continuing Operations

Assumptions used for financial reporting purposes to compute net benefit income or cost and benefit obligations for continuing operations, and the components of net periodic benefit income or cost for continuing operations, are as follows:



	Pension Benefits									Other Post- Retirement Benefits
(In thousands, except percentages)	2018			2017			2016			2018			2017			2016
Weighted-average assumptions used to determine benefit obligations:
Discount rate	4.40		%	3.72		%	4.29		%	4.37		%	3.69		%	4.24		%
Expected long-term return on plan assets	6.00		%	6.50		%	6.50		%	n/a			n/a			n/a
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	3.72		%	4.29		%	4.55		%	3.69		%	4.24		%	4.49		%
Expected long-term return on plan assets	6.50		%	6.50		%	7.00		%	n/a			n/a			n/a
Components of net periodic benefit cost:
Service cost	$	17		$	194		$	231		$	36		$	33		$	38
Interest cost	11,442			12,575			13,323			271			301			337
Expected return on plan assets	(15,011		)	(14,955		)	(15,980		)	—			—			—
Amortization of prior service costs and gains or losses	13,894			12,320			13,312			(243		)	(275		)	(214		)
Net periodic benefit cost	$	10,342		$	10,134		$	10,886		$	64		$	59		$	161

Schedule Of Expected Benefit Payments For Continuing Operations

Expected benefit payments for continuing operations over the next five years and in the aggregate for 2024-2028 are as follows:



(In thousands)	Pension Benefits		Other Post- Retirement Benefits
2019	$	16,826	$	456
2020	17,337		458
2021	17,713		461
2022	18,048		463
2023	18,268		461
2024—2028	92,435		2,236

Schedule Of Amounts Recognized Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income

Amounts recorded in 2018, 2017 and 2016 in accumulated other comprehensive income, before related deferred income taxes, consist of:



	Pension						Other Post-Retirement
(In thousands)	2018		2017		2016		2018			2017			2016
Prior service cost (benefit)	$	—	$	5	$	10	$	—		$	—		$	—
Net actuarial (gain) loss	132,751		144,377		145,782		(1,821		)	(1,238		)	(1,756		)

Schedule Of Amounts Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income That Are Expected To Be Recognized As Components Of Net Periodic Benefit Or Cost

The amounts in accumulated other comprehensive income, before related deferred income taxes, that are expected to be recognized as components of net periodic benefit or cost during 2019 are as follows:



(In thousands)	Pension		Other Post- Retirement
Prior service cost (benefit)	$	—	$	—
Net actuarial (gain) loss	10,916		(230		)

Schedule Of Percentage Composition Of Assets Held By Pension Plans

The percentage composition of assets held by pension plans for continuing operations at December 31, 2018, 2017 and 2016 are as follows:



	% Composition of Plan Assets at December 31,
	2018		2017		2016
Pension plans related to continuing operations:
Fixed income securities	8.6	%	7.7	%	8.0	%
Large/mid-capitalization equity securities	18.2		19.0		14.7
Small-capitalization equity securities	6.8		6.4		5.3
International and emerging market equity securities	16.0		15.1		11.5
Total equity securities	41.0		40.5		31.5
Private equity and hedge funds	42.3		44.6		48.4
Other assets	8.1		7.2		12.1
Total for continuing operations	100.0	%	100.0	%	100.0	%

Schedule Of Targeted Allocation Percentage For Pension Plan Assets And Expected Long-Term Rate Of Return On Assets

targeted allocation percentage for pension plan assets and the expected long-term rate of return on assets used to determine its benefit obligation at December 31, 2018, are as follows:



	Target % Composition of Plan Assets *		Expected Long-term Return %
Pension plans related to continuing operations:
Fixed income securities	12.0	%	3.2	%
Large/mid-capitalization equity securities	19.0		6.1
Small-capitalization equity securities	6.0		6.6
International and emerging market equity securities	18.0		7.3
Total equity securities	43.0		6.7
Private equity and hedge funds	45.0		6.1
Total for continuing operations	100.0	%	6.0	%
* Target percentages for the composition of plan assets represents a neutral position within the approved range of allocations for such assets.

Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy

At December 31, 2018 and 2017, the pension plan assets are categorized by level within the fair value measurement hierarchy as follows:



(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Balances at December 31, 2018
Large/mid-capitalization equity securities	$	37,323	$	37,323	$	—	$	—
Small-capitalization equity securities	13,880		13,880		—		—
International and emerging market equity securities	32,931		13,389		19,542		—
Fixed income securities	17,769		5,886		11,883		—
Other assets	6,779		6,779		—		—
Total plan assets at fair value	$	108,682	$	77,257	$	31,425	$	—
Private equity and hedge funds	86,786
Contracts with insurance companies	9,899
Total plan assets, December 31, 2018	$	205,367
Balances at December 31, 2017
Large/mid-capitalization equity securities	$	42,920	$	42,920	$	—	$	—
Small-capitalization equity securities	14,477		14,477		—		—
International and emerging market equity securities	34,153		16,409		17,744		—
Fixed income securities	17,513		5,374		12,139		—
Other assets	5,822		5,822		—		—
Total plan assets at fair value	$	114,885	$	85,002	$	29,883	$	—
Private equity and hedge funds	100,974
Contracts with insurance companies	10,495
Total plan assets, December 31, 2017	$	226,354