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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Components of net periodic benefit cost
The following tables provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2016, 2015, and 2014 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheets as of December 31, 2016 and 2015.
Components of Net Periodic Benefit Cost
 
 
Pension and Supplemental Executive Retirement Plans
 
Other Postretirement Benefits
(In thousands)
 
12/31/2016
 
12/31/2015
 
12/31/2014
 
12/31/2016
 
12/31/2015
 
12/31/2014
1. Company Service Cost
 
$
9,130

 
$
10,256

 
$
8,565

 
$
751

 
$
833

 
$
659

2. Interest Cost
 
15,906

 
15,847

 
15,987

 
704

 
697

 
653

3. Expected Return on Assets
 
(19,508
)
 
(21,109
)
 
(21,030
)
 
(4,886
)
 
(4,991
)
 
(4,648
)
4. Other Adjustments
 

 

 

 

 

 

Subtotal
 
5,528

 
4,994

 
3,522

 
(3,431
)
 
(3,461
)
 
(3,336
)
5. Amortization of :
 
 

 
 

 
 

 
 

 
 

 
 

a. Net Transition Obligation/(Asset)
 

 

 

 

 

 

b. Net Prior Service Cost/(Credit)
 
(687
)
 
(845
)
 
(930
)
 
(6,649
)
 
(6,649
)
 
(6,649
)
c. Net Losses/(Gains)
 
5,856

 
5,485

 
1,083

 

 
(175
)
 
(435
)
Total Amortization
 
5,169

 
4,640

 
153

 
(6,649
)
 
(6,824
)
 
(7,084
)
6. Net Periodic Benefit Cost
 
10,697

 
9,634

 
3,675

 
(10,080
)
 
(10,285
)
 
(10,420
)
7. Cost of settlements or curtailments
 
1,277

 
3,172

 
302

 

 

 

8. Total Expense for Year
 
$
11,974

 
$
12,806

 
$
3,977

 
$
(10,080
)
 
$
(10,285
)
 
$
(10,420
)
Development of funded status
Development of Funded Status
 
 
Pension and Supplemental Executive Retirement Plans
 
Other Postretirement Benefits
(In thousands)
 
12/31/2016
 
12/31/2015
 
12/31/2016
 
12/31/2015
Actuarial Value of Benefit Obligations
 
 
 
 
 
 
 
 
1. Measurement Date
 
12/31/2016

 
12/31/2015

 
12/31/2016

 
12/31/2015

2. Accumulated Benefit Obligation
 
$
360,423

 
$
338,450

 
$
17,378

 
$
16,423

 
 
 
 
 
 
 
 
 
Funded Status/Asset (Liability) on the Consolidated Balance Sheet
 
 
 
 
 
 
 
 
1. Projected Benefit Obligation
 
$
(369,808
)
 
$
(349,483
)
 
$
(17,378
)
 
$
(16,423
)
2. Plan Assets at Fair Value
 
360,900

 
350,107

 
70,408

 
65,568

3. Funded Status - Overfunded/Asset
 
N/A

 
$
624

 
$
53,030

 
$
49,145

4. Funded Status - Underfunded/Liability
 
(8,908
)
 
N/A

 
N/A

 
N/A


Accumulated Other Comprehensive Income (Loss)
 
 
Pension and Supplemental Executive Retirement Plans
 
Other Postretirement Benefits
(In thousands)
 
12/31/2016
 
12/31/2015
 
12/31/2016
 
12/31/2015
1. Net Actuarial (Gain)/Loss
 
$
103,861

 
$
95,636

 
$
(6,088
)
 
$
(5,311
)
2. Net Prior Service Cost/(Credit)
 
(2,286
)
 
(2,989
)
 
(11,991
)
 
(18,640
)
3. Net Transition Obligation/(Asset)
 

 

 

 

4. Total at Year End
 
$
101,575

 
$
92,647

 
$
(18,079
)
 
$
(23,951
)
Change in projected benefit obligation
The changes in the projected benefit obligation are as follows:
Change in Projected Benefit/Accumulated Benefit Obligation
 
 
Pension and Supplemental Executive Retirement Plans
 
Other Postretirement Benefits
(In thousands)
 
12/31/2016
 
12/31/2015
 
12/31/2016
 
12/31/2015
1. Benefit Obligation at Beginning of Year
 
$
349,483

 
$
379,324

 
$
16,423

 
$
18,225

2. Company Service Cost
 
9,130

 
10,256

 
751

 
833

3. Interest Cost
 
15,906

 
15,847

 
704

 
697

4. Plan Participants' Contributions
 

 

 
408

 
361

5. Net Actuarial (Gain)/Loss due to Assumption Changes
 
14,450

 
(24,118
)
 
497

 
(2,083
)
6. Net Actuarial (Gain)/Loss due to Plan Experience
 
5,428

 
7,155

 
357

 
(397
)
7. Benefit Payments from Fund (1)
 
(21,831
)
 
(32,646
)
 
(1,678
)
 
(1,147
)
8. Benefit Payments Directly by Company
 
(2,669
)
 
(7,661
)
 

 

9. Plan Amendments
 
16

 
19

 

 

10. Other Adjustment
 
(105
)
 
1,307

 
(84
)
 
(66
)
11. Benefit Obligation at End of Year
 
$
369,808

 
$
349,483

 
$
17,378

 
$
16,423

(1) 
Includes lump sum payments of $11.2 million and $22.4 million in 2016 and 2015, respectively, from our pension plan to eligible participants, which were former employees with vested benefits.
Change in plan assets
The changes in the fair value of the net assets available for plan benefits are as follows:
Change in Plan Assets
 
 
Pension and Supplemental Executive Retirement Plans
 
Other Postretirement Benefits
(In thousands)
 
12/31/2016
 
12/31/2015
 
12/31/2016
 
12/31/2015
1. Fair Value of Plan Assets at Beginning of Year
 
$
350,107

 
$
378,701

 
$
65,568

 
$
66,940

2. Company Contributions
 
11,369

 
17,311

 

 

3. Plan Participants' Contributions
 

 

 
408

 
361

4. Benefit Payments from Fund
 
(21,831
)
 
(32,646
)
 
(1,678
)
 
(1,147
)
5. Benefit Payments paid directly by Company
 
(2,669
)
 
(7,661
)
 

 

6. Actual Return on Assets
 
23,924

 
(5,094
)
 
6,518

 
(225
)
7. Other Adjustment
 

 
(504
)
 
(408
)
 
(361
)
8. Fair Value of Plan Assets at End of Year
 
$
360,900

 
$
350,107

 
$
70,408

 
$
65,568

Change in accumulated other comprehensive income (AOCI)
Change in Accumulated Other Comprehensive Income (Loss) ("AOCI")
 
 
Pension and Supplemental Executive Retirement Plans
 
Other Postretirement Benefits
(In thousands)
 
12/31/2016
 
12/31/2015
 
12/31/2016
 
12/31/2015
1. AOCI in Prior Year
 
$
92,647

 
$
89,390

 
$
(23,951
)
 
$
(33,511
)
2. Increase/(Decrease) in AOCI
 
 

 
 

 
 

 
 

a. Recognized during year - Prior Service (Cost)/Credit
 
687

 
845

 
6,649

 
6,649

b. Recognized during year - Net Actuarial (Losses)/Gains
 
(5,856
)
 
(5,485
)
 

 
175

c. Occurring during year - Prior Service Cost
 
16

 
19

 

 

d. Occurring during year - Net Actuarial Losses/(Gains)
 
15,358

 
11,050

 
(777
)
 
2,736

e.  Occurring during year - Net Settlement Losses/(Gains)
 
(1,277
)
 
(3,172
)
 

 

f. Other adjustments
 

 

 

 

3. AOCI in Current Year
 
$
101,575

 
$
92,647

 
$
(18,079
)
 
$
(23,951
)
Amortizations expected to be recognized during next fiscal year
Amortizations Expected to be Recognized During Next Fiscal Year Ending
 
 
Pension and Supplemental Executive Retirement Plans
 
Other Postretirement Benefits
(In thousands)
 
12/31/2017
 
12/31/2017
1. Amortization of Net Transition Obligation/(Asset)
 
$

 
$

2. Amortization of Prior Service Cost/(Credit)
 
(428
)
 
(6,649
)
3. Amortization of Net Losses/(Gains)
 
6,141

 

Actuarial assumptions
The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions.
Actuarial Assumptions
 
Pension and Supplemental Executive Retirement Plans
 
Other Postretirement Benefits
 
12/31/2016
 
12/31/2015
 
12/31/2016
 
12/31/2015
Weighted-Average Assumptions Used to Determine
 
 
 
 
 
 
 
Benefit Obligations at year end
 
 
 
 
 
 
 
1. Discount Rate
4.30
%
 
4.65
%
 
3.95
%
 
4.30
%
2. Rate of Compensation Increase
3.00
%
 
3.00
%
 
N/A

 
N/A

 
 
 
 
 
 
 
 
Weighted-Average Assumptions Used to Determine
 

 
 

 
 

 
 

Net Periodic Benefit Cost for Year
 

 
 

 
 

 
 

1. Discount Rate
4.65
%
 
4.25
%
 
4.30
%
 
4.00
%
2. Expected Long-term Return on Plan Assets
5.75
%
 
5.75
%
 
7.50
%
 
7.50
%
3. Rate of Compensation Increase
3.00
%
 
3.00
%
 
N/A

 
N/A

 
 
 
 
 
 
 
 
Assumed Health Care Cost Trend Rates at year end
 

 
 

 
 

 
 

1. Health Care Cost Trend Rate Assumed for Next Year
N/A

 
N/A

 
6.50
%
 
7.00
%
2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate)
N/A

 
N/A

 
5.00
%
 
5.00
%
3. Year That the Rate Reaches the Ultimate Trend Rate
N/A

 
N/A

 
2020

 
2020

Year-end asset allocations of the plans
The year-end asset allocations of the plans are as follows:
Plan Assets
 
 Pension Plan
 
Other Postretirement Benefits
 
12/31/2016
 
12/31/2015
 
12/31/2016
 
12/31/2015
1. Equity Securities
23
%
 
20
%
 
100
%
 
100
%
2. Debt Securities
77
%
 
80
%
 
%
 
%
3. Total
100
%
 
100
%
 
100
%
 
100
%
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Schedule of investment allocation strategies
The equity investments utilize combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies:
Strategy
 
Objective
 
Investment types
Return seeking growth
 
Funded ratio improvement over the long term
 
Global quality growth
 
 
Global low volatility
Return seeking bridge
 
Downside protection in the event of a declining equity market
 
Enduring asset
 
 
Durable company
Minimum and maximum allocation ranges for fixed income securities and equity securities
The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives.  To achieve these goals the minimum and maximum allocation ranges for fixed income securities and equity securities are:
 
Minimum
 
Maximum
Equities (long only)
70
%
 
100
%
Real estate
0
%
 
15
%
Commodities
0
%
 
10
%
Fixed income/Cash
0
%
 
10
%
Actual and estimated future contributions and actual and estimated future benefit payments
The following tables show the current and estimated future contributions and benefit payments.
Company Contributions
 
 
Pension and Supplemental Executive Retirement Plans
 
Other Postretirement Benefits
(In thousands)
 
12/31/2016
 
12/31/2016
Company Contributions for the Year Ending:
 
 
 
 
1. Current
 
$
11,369

 
$

2. Current + 1
 
9,500

 

Benefit Payments (Total)
 
 
Pension and Supplemental Executive Retirement Plans
 
Other Postretirement Benefits
(In thousands)
 
12/31/2016
 
12/31/2016
Actual Benefit Payments for the Year Ending:
 
 
 
 
1. Current
 
$
24,500

 
$
1,355

Expected Benefit Payments for the Year Ending:
 
 

 
 

2. Current + 1
 
21,831

 
847

3. Current + 2
 
23,439

 
978

4. Current + 3
 
26,927

 
1,068

5. Current + 4
 
27,199

 
1,257

6. Current + 5
 
27,151

 
1,410

7. Current + 6 - 10
 
146,471

 
8,574

Effect of a 1% change in the health care trend rate assumption
A 1 percentage point change in the health care trend rate assumption would have the following effects on other postretirement benefits:
(In thousands)
 
1-Percentage
Point Increase
 
1-Percentage
Point Decrease
Effect on total service and interest cost components
 
$
237

 
$
(205
)
Effect on postretirement benefit obligation
 
2,382

 
(2,102
)
Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Fair value of plan assets
The following table sets forth by level, within the fair value hierarchy, the pension plan assets at fair value as of December 31, 2016 and 2015. There were no securities that utilized Level 3 inputs.
Pension Plan
Assets at Fair Value as of December 31, 2016
(In thousands)
 
Level 1
 
Level 2
 
Total
Domestic Mutual Funds
 
$
11,805

 
$

 
$
11,805

Corporate Bonds
 

 
178,412

 
178,412

U.S. Government Securities
 
6,761

 
354

 
7,115

Municipal Bonds
 

 
63,492

 
63,492

Foreign Bonds
 

 
27,917

 
27,917

ETFs
 
5,694

 

 
5,694

Pooled Equity Accounts
 

 
66,465

 
66,465

Total Assets at fair value
 
$
24,260

 
$
336,640

 
$
360,900

Pension Plan
Assets at Fair Value as of December 31, 2015
(In thousands)
 
Level 1
 
Level 2
 
Total
Domestic Mutual Funds
 
$
1,442

 
$

 
$
1,442

Corporate Bonds
 

 
188,332

 
188,332

U.S. Government Securities
 
3,133

 
497

 
3,630

Municipal Bonds
 

 
61,206

 
61,206

Foreign Bonds
 

 
25,251

 
25,251

ETFs
 
5,676

 

 
5,676

Pooled Equity Accounts
 

 
64,570

 
64,570

Total Assets at fair value
 
$
10,251

 
$
339,856

 
$
350,107

Other Postretirement Benefit Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Fair value of plan assets
The following table sets forth the other postretirement benefits plan assets at fair value as of December 31, 2016 and 2015. All are Level 1 assets.
Other Postretirement Benefits Plan
Assets at Fair Value as of December 31, 2016
(In thousands)
 
Level 1
 
Total
Domestic Mutual Funds
 
$
54,426

 
$
54,426

International Mutual Funds
 
15,982

 
15,982

Total Assets at fair value
 
$
70,408

 
$
70,408


Other Postretirement Benefits Plan
Assets at Fair Value as of December 31, 2015
(In thousands)
 
Level 1
 
Total
Domestic Mutual Funds
 
$
49,887

 
$
49,887

International Mutual Funds
 
15,681

 
15,681

Total Assets at fair value
 
$
65,568

 
$
65,568