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Retirement Benefit Plans | 12 Months Ended
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Dec. 31, 2016
Retirement Benefit Plans [Abstract] |
Retirement Benefit Plans | Note 15. Retirement Benefit Plans ﻿ The Company offers a qualified defined benefit pension plan covering all eligible associates. Eligibility is based on minimum age and service-related requirements. The Company makes contributions to this pension plan in amounts sufficient to meet funding requirements set forth in federal employee benefit and tax laws, plus such additional amounts as the Company may determine to be appropriate. The Company does not anticipate making a contribution to the pension plan during 2017. ﻿ Certain associates who were designated executive officers of Whitney Holding Company and/or Whitney National Bank before the acquisition by the Company are also covered by an unfunded nonqualified defined benefit pension plan. The benefits under this nonqualified plan were designed to supplement amounts to be paid under the defined benefit plan previously maintained for employees of Whitney Holding Company and/or Whitney National Bank (the “Whitney Pension Plan”), and are calculated using the Whitney Pension Plan’s formula, but without applying the restrictions imposed on qualified plans by certain provisions of the Internal Revenue Code. Accrued benefits under this plan were frozen as of December 31, 2012 in connection with the merger of the Whitney Pension Plan into the Company’s qualified defined benefit pension plan, and no future benefits will be accrued under this plan. ﻿ The Company also offers a defined contribution retirement benefit plan (401(k) plan) that covers substantially all associates who have been employed 60 days and meet a minimum age requirement and employment classification criteria. The Company matches 100% of the first 1% of compensation saved by a participant, and 50% of the next 5% of compensation saved. Newly eligible associates are automatically enrolled at an initial 3% savings rate unless the associate actively opts out of participation in the plan. ﻿ The expense of the Company’s matching contributions to the 401(k) plan was $7.7 million in 2016, $7.4 million in 2015, and $7.1 million in 2014. ﻿ The Company also sponsors defined benefit postretirement plans for certain associates. The Hancock postretirement plans are available only to associates hired by the Company prior to January 1, 2000. The Hancock plans provide health care and life insurance benefits to retiring associates who participate in medical and/or group life insurance benefit plans for active associates and have reached 55 years of age with ten years of service, at the time of retirement. The postretirement health care plan is contributory, with retiree contributions adjusted annually and subject to certain employer contribution maximums. ﻿ The Whitney postretirement plans are available only to former employees of Whitney Holding Company and/or Whitney National Bank who meet the eligibility requirements, and offer health care and life insurance benefits for eligible retirees and their eligible dependents. Participant contributions are required under the health plan. These plans restrict eligibility for postretirement health benefits to retirees already receiving benefits as of the plan amendments in 2007 and to those active participants who were eligible to receive benefits as of December 31, 2007 (i.e., were age 55 with ten years of credited service). Life insurance benefits are currently only available to associates who retired before December 31, 2007. ﻿ The Company assumed certain trends in health care costs in the determination of the benefit obligations. At December 31, 2016, the plans assumed a 7.0% increase in the pre- and post-Medicare age health costs for 2017, declining over a period of four years to a 5.0% annual rate. At December 31, 2016, the mortality assumption was based on the Revised RP-2014 Employee Health Annuitants Bottom Quartile Table for Males and Females, with projected improvement MP-2016. At Decembe r 31, 2015, the mortality assumption was based on the Adjusted RP -2014 Bottom Quartile Table, with improvement using Scale MP-2015 Fully Generational Projection. In 2016, the post-retirement benefit plan was amended to change post-65 coverage resulting in a re-measurement of the benefit obligation. ﻿ The following tables detail the changes in the benefit obligations and plan assets of the defined benefit for the years ended December 31, 2016 and 2015 as well as the funded status of the plans at each year end and the amounts recognized in the Company’s balance sheets. The Company uses a December 31 measurement date for all defined benefit pension plans and other postretirement benefit plans. ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | 2016 |  | 2015 |  | 2016 |  | 2015
﻿(in thousands) |  | Pension Benefits |  | Other Post- retirement Benefits
﻿Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |
﻿Benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
﻿at beginning of year |  | $ | 462,819 |  | $ | 456,911 |  | $ | 22,281 |  | $ | 28,368
﻿Service cost |  |  | 14,098 |  |  | 13,511 |  |  | 170 |  |  | 117
﻿Interest cost |  |  | 16,907 |  |  | 18,635 |  |  | 773 |  |  | 891
﻿Plan participants' contributions |  |  | — |  |  | — |  |  | 1,269 |  |  | 1,334
﻿Plan amendments |  |  | — |  |  | — |  |  | (1,224) |  |  | —
﻿Net actuarial (gain) loss |  |  | 16,944 |  |  | (8,154) |  |  | 1,844 |  |  | (5,905)
﻿Benefits paid |  |  | (31,487) |  |  | (18,084) |  |  | (2,632) |  |  | (2,524)
﻿Benefit obligation, end of year |  |  | 479,281 |  |  | 462,819 |  |  | 22,481 |  |  | 22,281
﻿Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |
﻿Fair value of plan assets: |  |  |  |  |  |  |  |  |  |  |  |
﻿at beginning of year |  |  | 491,550 |  |  | 438,708 |  |  | — |  |  | —
﻿Actual return on plan assets |  |  | 40,375 |  |  | (14,421) |  |  | — |  |  | —
﻿Employer contributions |  |  | 16,123 |  |  | 86,123 |  |  | 1,363 |  |  | 1,190
﻿Plan participants' contributions |  |  | — |  |  | — |  |  | 1,269 |  |  | 1,334
﻿Benefit payments |  |  | (31,487) |  |  | (18,084) |  |  | (2,632) |  |  | (2,524)
﻿Expenses |  |  | (1,006) |  |  | (776) |  |  | — |  |  | —
﻿Fair value of plan assets, end of year |  |  | 515,555 |  |  | 491,550 |  |  | — |  |  | —
﻿Funded status at end of year - net asset (liability) |  | $ | 36,274 |  | $ | 28,731 |  | $ | (22,481) |  | $ | (22,281)
﻿Amounts recognized in accumulated other comprehensive loss |  |  |  |  |  |  |  |  |  |  |  |
﻿Unrecognized loss: |  |  |  |  |  |  |  |  |  |  |  |
﻿at beginning of year |  | $ | 109,565 |  | $ | 72,858 |  | $ | (2,553) |  | $ | 3,358
﻿Net actuarial loss (gain) |  |  | 6,345 |  |  | 36,707 |  |  | 475 |  |  | (5,911)
﻿Unrecognized loss at end of year |  | $ | 115,910 |  | $ | 109,565 |  | $ | (2,078) |  | $ | (2,553)
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿Projected benefit obligation |  | $ | 479,281 |  | $ | 462,819 |  |  |  |  |  |
﻿Accumulated benefit obligation |  |  | 443,261 |  |  | 429,338 |  |  |  |  |  |
﻿Fair value of plan assets |  |  | 515,555 |  |  | 491,550 |  |  |  |  |  |
﻿ ﻿ ﻿ The net funded status of $36.3 million for pension benefits plans includes an excess of plan assets over the benefit obligation of $51.9 million on the defined benefit pension plan, offset by an unfunded benefit obligation of $15.6 million for the nonqualified retirement plan. ﻿ The following table shows net periodic benefit cost included in expense and the changes in the amounts recognized in AOCI during 2016, 2015, and 2014. ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Years Ended December 31,
﻿ |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
﻿($ in thousands) |  | Pension benefits |  | Other post-retirement benefits
﻿Net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Service cost |  | $ | 14,098 |  | $ | 13,511 |  | $ | 12,920 |  | $ | 170 |  | $ | 117 |  | $ | 126
﻿Interest cost |  |  | 16,907 |  |  | 18,635 |  |  | 19,251 |  |  | 773 |  |  | 891 |  |  | 1,140
﻿Expected return on plan assets |  |  | (34,554) |  |  | (32,833) |  |  | (32,222) |  |  | — |  |  | — |  |  | —
﻿Amortization of net loss/ prior service cost |  |  | 5,783 |  |  | 3,169 |  |  | 26 |  |  | 145 |  |  | 6 |  |  | 364
﻿Net periodic benefit cost |  |  | 2,234 |  |  | 2,482 |  |  | (25) |  |  | 1,088 |  |  | 1,014 |  |  | 1,630
﻿Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Net (loss) gain recognized during the year |  |  | (5,783) |  |  | (3,169) |  |  | (26) |  |  | (145) |  |  | (6) |  |  | (364)
﻿Net actuarial loss (gain) |  |  | 12,128 |  |  | 39,876 |  |  | 44,599 |  |  | 620 |  |  | (5,905) |  |  | (3,467)
﻿Total recognized in other comprehensive income |  |  | 6,345 |  |  | 36,707 |  |  | 44,573 |  |  | 475 |  |  | (5,911) |  |  | (3,831)
﻿Total recognized in net periodic benefit cost and other comprehensive income |  | $ | 8,579 |  | $ | 39,189 |  | $ | 44,548 |  | $ | 1,563 |  | $ | (4,897) |  | $ | (2,201)
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Discount rate for benefit obligations |  |  | 4.10% |  |  | 4.40% |  |  | 4.11% |  |  | 3.95% |  |  | 4.32% |  |  | 4.02%
﻿Discount rate for net periodic benefit cost |  |  | 4.40% |  |  | 4.11% |  |  | 4.73% |  |  | 4.32% |  |  | 4.02% |  |  | 4.58%
﻿Expected long-term return on plan assets |  |  | 7.25% |  |  | 7.50% |  |  | 7.50% |  |  | n/a |  |  | n/a |  |  | n/a
﻿Rate of compensation increase |  |  | scaled * |  |  | scaled * |  |  | scaled * |  |  | n/a |  |  | n/a |  |  | n/a
﻿ * Graded scale, declining from 7.00% at age 20 to 2.00% at age 60 ﻿ The long term rate of return on plan assets is determined by using the weighted-average of historical real returns for major asset classes based on target asset allocations. The discount rate for the benefit obligation was calculated by matching expected future cash flows to the Wells Fargo Pension Discount Curve Liability Index. ﻿ The following shows expected plan benefit payments over the next ten years: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿(in thousands) |  | Pension |  | Post-retirement |  | Total
﻿2017 |  | $ | 19,978 |  | $ | 1,421 |  | $ | 21,399
﻿2018 |  |  | 21,016 |  |  | 1,464 |  |  | 22,480
﻿2019 |  |  | 21,887 |  |  | 1,469 |  |  | 23,356
﻿2020 |  |  | 22,907 |  |  | 1,439 |  |  | 24,346
﻿2021 |  |  | 23,818 |  |  | 1,492 |  |  | 25,310
﻿2022-2026 |  |  | 134,294 |  |  | 6,775 |  |  | 141,069
﻿ |  | $ | 243,900 |  | $ | 14,060 |  | $ | 257,960
﻿ The expected benefit payments are estimated based on the same assumptions used to measure the Company’s benefit obligations at December 31, 2016. ﻿ The estimated amounts of actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next y ear is $5.5 million. ﻿ The following table illustrates the effect on the annual periodic postretirement benefit costs and postretirement benefit obligation of a 1% increase or 1% decrease in the assumed health care cost trend rates from the rates assumed at December 31, 2016: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | 1% Decrease |  | Assumed |  | 1% Increase
﻿(in thousands) |  | in Rates |  | Rates |  | in Rates
﻿Aggregated service and interest cost |  | $ | 866 |  | $ | 943 |  | $ | 1,036
﻿Postretirement benefit obligation |  |  | 20,821 |  |  | 22,481 |  |  | 24,483
﻿ The fair values of pension plan assets at December 31, 2016 and 2015, by asset category, are shown in the following tables. The fair value is presented based on the Financial Accounting Standards Board’s fair value hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Level 1 uses quoted prices in active markets for identical assets, Level 2 uses significant observable inputs, and Level 3 uses significant unobservable inputs. No plan assets are classified as level 3. In accordance with Subtopic 820-10 common trust funds are reported at fair value using net asset value per share (or its equivalent) as a practical expedient and are not classified in the fair value hierarchy. ﻿ For all investments, the plan attempts to use quoted market prices of identical assets on active exchanges, or Level 1 measurements. Where such quoted market prices are not available, the plan will use quoted prices for similar instruments or discounted cash flows to estimate the value, reported as Level 2. Fair Value Measurements for 2015 have been restated to conform to current presentation. ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |
﻿ |  |  | December 31, 2016
﻿Fair Value Measurements by Asset Category / Fund |  |  |  | (Level 1) |  |  | (Level 2) |  | Total
﻿(in thousands) |  |  |  |  |  |  |  |  |  |
﻿Cash and equivalents |  |  | $ | 15,568 |  | $ | — |  | $ | 15,568
﻿ Total cash and cash equivalents |  |  |  | 15,568 |  |  | — |  |  | 15,568
﻿ |  |  |  |  |  |  |  |  |  |
﻿Fixed income securities |  |  |  | — |  |  | 136,085 |  |  | 136,085
﻿Mutual fund-fixed income |  |  |  | 48,805 |  |  | — |  |  | 48,805
﻿ Total fixed income |  |  |  | 48,805 |  |  | 136,085 |  |  | 184,890
﻿ |  |  |  |  |  |  |  |  |  |
﻿Domestic and foreign stock |  |  |  | 104,455 |  |  | 6 |  |  | 104,461
﻿Mutual funds-equity |  |  |  | 157,630 |  |  | — |  |  | 157,630
﻿ Total equity |  |  |  | 262,085 |  |  | 6 |  |  | 262,091
﻿ |  |  |  |  |  |  |  |  |  |
﻿Real assets fund |  |  |  | 27,690 |  |  | — |  |  | 27,690
﻿ Total assets at fair value |  |  |  | 354,148 |  |  | 136,091 |  |  | 490,239
﻿Common trust fund (fixed income) |  |  |  | — |  |  | — |  |  | 25,316
﻿Total |  |  | $ | 354,148 |  | $ | 136,091 |  | $ | 515,555
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |
﻿ |  |  | December 31, 2015
﻿Fair Value Measurements by Asset Category / Fund |  |  |  | (Level 1) |  |  | (Level 2) |  |  | Total
﻿(in thousands) |  |  |  |  |  |  |  |  |  |
﻿Cash and equivalents |  |  | $ | 44,224 |  | $ | — |  | $ | 44,224
﻿ Total cash and cash equivalents |  |  |  | 44,224 |  |  | — |  |  | 44,224
﻿ |  |  |  |  |  |  |  |  |  |
﻿Fixed income securities |  |  |  | — |  |  | 105,721 |  |  | 105,721
﻿Mutual fund-fixed income |  |  |  | 47,453 |  |  | — |  |  | 47,453
﻿ Total fixed income |  |  |  | 47,453 |  |  | 105,721 |  |  | 153,174
﻿ |  |  |  |  |  |  |  |  |  |
﻿Domestic and foreign stock |  |  |  | 97,895 |  |  | 10 |  |  | 97,905
﻿Mutual funds-equity |  |  |  | 147,051 |  |  | — |  |  | 147,051
﻿ Total equity |  |  |  | 244,946 |  |  | 10 |  |  | 244,956
﻿ |  |  |  |  |  |  |  |  |  |
﻿Real assets fund |  |  |  | 24,653 |  |  | — |  |  | 24,653
﻿ Total assets at fair value |  |  |  | 361,276 |  |  | 105,731 |  |  | 467,007
﻿Common trust fund (fixed income) |  |  |  | — |  |  | — |  |  | 24,543
﻿Total |  |  | $ | 361,276 |  | $ | 105,731 |  | $ | 491,550
﻿ ﻿ The following table presents the percentage allocation of the plan assets by asset category and corresponding target allocations at December 31, 2016 and 2015.
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Plan Assets |  |  |  | Target Allocation
﻿ |  | at December 31, |  |  |  | at December 31,
﻿Asset category |  | 2016 |  |  | 2015 |  |  |  | 2016 |  |  | 2015
﻿ Cash and equivalents |  | 3 | % |  | 9 | % |  |  | 0 - 5% |  |  | 0 - 5%
﻿ Fixed income securities |  | 41 |  |  | 36 |  |  |  | 25 - 65% |  |  | 25 - 65%
﻿ Equity securities |  | 51 |  |  | 50 |  |  |  | 30 - 60% |  |  | 30 - 60%
﻿ Real assets |  | 5 |  |  | 5 |  |  |  | 0 - 10% |  |  | 0 - 10%
﻿ |  | 100 | % |  | 100 | % |  |  |  |  |  |
﻿ Plan assets are invested in long-term strategies and evaluated within the context of a long-term investment horizon. Plan assets will be diversified across multiple asset classes so as to minimize the risk of large losses. Short-term fluctuations in value will be considered secondary to long-term results. The Company employs a total return approach whereby a diversified mix of asset class investments are used to maximize the long-term return of plan assets for an acceptable level of risk. Risk tolerance is established through careful consideration of the plan liabilities, plan funded status and the Company’s financial condition. The investment performance of the plan is regularly monitored to ensure that appropriate risk levels are being taken and to evaluate returns versus a suitable market benchmark. The benefits investment committee meets periodically to review the policy, strategy, and performance of the plans.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450702-114947 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66047640&loc=d3e39622-114963 + Details
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