Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Amounts Not Yet Recognized In Net Periodic Benefit Cost

Amounts included in accumulated other comprehensive loss, net of tax, at December 31, 2017 that have not yet been recognized in net periodic benefit cost are as follows:



	Pension plans		Other postretirement benefits
	(In thousands)
Prior service cost	$	—	$	(8	)
Net actuarial loss	$	11,517	$	(428	)

Schedule of Amounts Expected to be Recognized in Net Periodic Benefit Cost

Amounts included in accumulated other comprehensive loss, net of tax, at December 31, 2017 expected to be recognized in net periodic benefit cost during the fiscal year ending December 31, 2018 are as follows:



	Pension plans		Other postretirement benefits
	(In thousands)
Prior service credit	$	—	$	(10	)
Net actuarial loss	$	277	$	(9	)

Components of Net Periodic Pension/Postretirement Benefit Cost

The following table sets forth the components of net periodic postretirement benefit cost for the years ended December 31, 2017, 2016 and 2015:



	2017			2016			2015
	(In thousands)
Service cost, benefits attributed for service of active employees for the period	$	121		$	137		$	147
Interest cost on the accumulated postretirement benefit obligation	195			257			251
Net gain	(49		)	—			—
Amortization of prior service (credit) cost	(25		)	(25		)	53
Net periodic postretirement benefit cost	$	242		$	369		$	451

The following table sets forth the components of net periodic pension cost for the years ended December 31, 2017, 2016 and 2015 based on a December 31 measurement date:



	2017			2016			2015
	(In thousands)
Service cost - benefits earned during the year	$	2		$	3		$	4
Interest cost on projected benefit obligations	1,228			1,711			1,769
Expected return on plan assets	(1,596		)	(2,199		)	(2,151		)
Amortization of net loss	525			575			656
Settlement expense	641			1,510			762
Net periodic pension cost	$	800		$	1,600		$	1,040

Schedule of Actuarial Assumptions

Actuarial assumptions used in the determination of the net periodic pension cost are:



	2017		2016		2015
Discount rate	3.90	%	4.14	%	3.81	%
Expected long-term return on plan assets	4.00	%	5.25	%	5.00	%
Rate of compensation increase	n/a		n/a		n/a

The actuarial assumption used in the determination of the benefit obligation of the above data is:



	2017		2016
Discount rate	2.00	%	3.94	%

Reconciliation of Benefit Obligations, Plan Assets and Funded Status

The following table provides a reconciliation of benefit obligations, plan assets and funded status based on a December 31 measurement date:



	2017			2016
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of plan year	$	42,030		$	45,471
Service cost	2			3
Interest cost	1,228			1,711
Actuarial loss	2,940			537
Benefits paid	(3,302		)	(5,692		)
Projected benefit obligation at measurement date	$	42,898		$	42,030

Change in plan assets:
Fair value of plan assets at beginning of plan year	$	42,061		$	43,603
Actual return on plan assets	1,933			3,150
Company contribution	825			1,000
Benefits paid	(3,302		)	(5,692		)
Fair value of plan assets at measurement date	$	41,517		$	42,061

Funded status of the plan:
Benefit obligation in excess of plan assets	(1,381		)	—
Benefit plan assets in excess of benefit obligation	—			31
(Pension liability) prepaid pension asset	$	(1,381	)	$	31

Schedule of Fair Value of Qualified Pension Plan Assets

The fair value of the Company's qualified pension plan assets by category as of and for the years ended December 31 are as follows:



	2017
	Market value		Quoted prices in active markets for identical assets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In thousands)
Fixed income funds (b)	$	40,776	—		$	40,776	—
Cash/cash equivalents (c)	741		741		—		—
Total	$	41,517	$	741	$	40,776	$	—



	2016
	Market value		Quoted prices in active markets for identical assets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In thousands)
Equity securities (a)	$	4,045	$	—	$	4,045	$	—
Fixed income funds (b)	37,527		—		37,527		—
Cash/cash equivalents (c)	489		489		—		—
Total	$	42,061	$	489	$	41,572	$	—


(a)	The Equity funds in aggregate are well diversified by market capitalization, investment style and geography. The funds seek to provide investment results approximating the aggregate price and dividend performance of securities included in the S&P 500 Index, Russell 2000 Index and MSCI All Country World ex-US Index.


(b)	The Fixed Income funds consist of bonds. In aggregate, the funds seek to provide investment results approximating the return of the Plan’s obligations. The funds consist of long credit bonds, intermediate credit bonds, short duration government credit bonds and bank loans.


(c)	This category comprises the cash held to pay beneficiaries. The fair value of cash equals its book value.

Reconciliation of Projected Benefit Obligation

The following table provides a reconciliation of the projected benefit obligation at the Company's December 31 measurement date:



	2017			2016
	(In thousands)
Benefit obligation at beginning of year	$	6,131		$	6,100
Service cost	121			137
Interest cost	195			257
Actuarial gain	(180		)	(249		)
Plan participants' contributions	564			604
Benefits paid	(758		)	(718		)
Benefit obligation and funded status at end of year	$	6,073		$	6,131

Schedule of Amounts Recognized in Consolidated Balance Sheets

The amounts recognized in the Consolidated Balance Sheets at December 31 are:



	2017		2016
	(In thousands)
Accrued compensation and employee benefits	$	370	$	378
Accrued non-pension postretirement benefits	5,703		5,753
Amounts recognized at December 31	$	6,073	$	6,131