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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2016
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost | The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:
|  | Years Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Discount rate |  |  | 4.1 | % |  |  | 4.0 | % |  |  | 4.8 | %
Expected rate of return on plan assets |  |  | 7.5 |  |  |  | 8.0 |  |  |  | 9.0 |
Fair Value Measurements of Investments Held by Retirement Plan | The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2016:
(in thousands) |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large-cap value (1) |  | $ | 19,735 |  |  | $ | — |  |  | $ | 19,735 |  |  | $ | — |
Large-cap growth (2) |  |  | 17,726 |  |  |  | — |  |  |  | 17,726 |  |  |  | — |
Large-cap core (3) |  |  | 12,549 |  |  |  | — |  |  |  | 12,549 |  |  |  | — |
Mid-cap value (4) |  |  | 4,203 |  |  |  | — |  |  |  | 4,203 |  |  |  | — |
Mid-cap growth (5) |  |  | 3,825 |  |  |  | — |  |  |  | 3,825 |  |  |  | — |
Mid-cap core (6) |  |  | 4,303 |  |  |  | — |  |  |  | 4,303 |  |  |  | — |
Small-cap value (7) |  |  | 3,441 |  |  |  | — |  |  |  | 3,441 |  |  |  | — |
Small-cap growth (8) |  |  | 2,887 |  |  |  | — |  |  |  | 2,887 |  |  |  | — |
Small-cap core (9) |  |  | 6,432 |  |  |  | — |  |  |  | 6,432 |  |  |  | — |
International equity (10) |  |  | 23,302 |  |  |  | — |  |  |  | 23,302 |  |  |  | — |
Fixed Income Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income – U.S. Core (11) |  |  | 70,912 |  |  |  | — |  |  |  | 70,912 |  |  |  | — |
Intermediate duration (12) |  |  | 24,312 |  |  |  | — |  |  |  | 24,312 |  |  |  | — |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Company common stock |  |  | 24,403 |  |  |  | 24,403 |  |  |  | — |  |  |  | — |
Cash Equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Money market * |  |  | 2,710 |  |  |  | 1,092 |  |  |  | 1,618 |  |  |  | — |
|  | $ | 220,740 |  |  | $ | 25,495 |  |  | $ | 195,245 |  |  | $ | — |
* | Includes cash equivalent investments in equity and fixed income strategies.
(1) | This category contains large-cap stocks with above-average yields. The portfolio typically holds between 60 and 70 stocks.
(2) | This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S.
(3) | This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index.
(4) | This category employs an indexing investment approach designed to track the performance of the Center for Research in Security Prices (“CRSP”) U.S. Mid-Cap Value Index.
(5) | This category employs an indexing investment approach designed to track the performance of the CRSP U.S. Mid-Cap Growth Index.
(6) | This category seeks to track the performance of the S&P Midcap 400 Index.
(7) | This category consists of a selection of investments based on the Russell 2000 Value Index.
(8) | This category consists of a selection of investments based on the Russell 2000 Growth Index.
(9) | This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest U.S. company.
(10) | This category has investments in medium to large non-U.S. companies, including high quality, durable growth companies and companies based in countries with stable economic and political systems. A portion of this category consists of an index fund designed to track the Morgan Stanley and Capital International Group All Country World Index (“MSCI ACWI”) ex-U.S. Net Dividend Return Index.
(11) | This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment-grade fixed income securities, seeking to outperform the Barclays U.S. Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the U.S. government and its agencies.
(12) | This category consists of a mutual fund that invests in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset-backed securities, corporate and municipal bonds, CMOs, and other securities that are mostly rated “A” or better.
Weighted Average Asset Allocations for Retirement Plan | The asset allocations for the Retirement Plan as of December 31, 2016 and 2015 were as follows:
|  | At December 31, |
|  | 2016 |  |  | 2015 |
Equity securities |  |  | 56 | % |  |  | 55 | %
Debt securities |  |  | 43 |  |  |  | 44 |
Cash equivalents |  |  | 1 |  |  |  | 1 |
Total |  |  | 100 | % |  |  | 100 | %
Expected Future Annuity Payments by Retirement Plan | The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated:
(in thousands) |  |  |
2017 |  | $ | 7,077 |
2018 |  |  | 7,158 |
2019 |  |  | 7,310 |
2020 |  |  | 7,385 |
2021 |  |  | 7,532 |
2022 and thereafter |  |  | 39,526 |
Total |  | $ | 75,988 |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfare Plan | The following table presents the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:
|  | Years Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Discount rate |  |  | 3.8 | % |  |  | 4.0 | % |  |  | 4.3 | %
Current medical trend rate |  |  | 6.5 |  |  |  | 6.5 |  |  |  | 7.0 |
Ultimate trend rate |  |  | 5.0 |  |  |  | 5.0 |  |  |  | 5.0 |
Year when ultimate trend rate will be reached |  |  | 2022 |  |  |  | 2018 |  |  |  | 2018 |
Expected Future Payments for Premiums and Claims under Health and Welfare Plan | The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan:
(in thousands) |  |  |
2017 |  | $ | 1,307 |
2018 |  |  | 1,277 |
2019 |  |  | 1,238 |
2020 |  |  | 1,202 |
2021 |  |  | 1,165 |
2022 and thereafter |  |  | 5,220 |
Total |  | $ | 11,409 |
Pension Benefits |
Information Regarding Benefit Plan | The following table sets forth certain information regarding the Retirement Plan as of the dates indicated:
|  | December 31, |
(in thousands) |  | 2016 |  |  | 2015 |
Change in Benefit Obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 146,618 |  |  | $ | 157,061 |
Interest cost |  |  | 5,881 |  |  |  | 6,063 |
Actuarial loss (gain) |  |  | 611 |  |  |  | (7,891 | )
Annuity payments |  |  | (6,473 | ) |  |  | (6,339 | )
Settlements |  |  | (208 | ) |  |  | (2,276 | )
Benefit obligation at end of year |  | $ | 146,429 |  |  | $ | 146,618 |
Change in Plan Assets: |  |  |  |  |  |  |  |
Fair value of assets at beginning of year |  | $ | 211,888 |  |  | $ | 222,990 |
Actual return (loss) on plan assets |  |  | 15,533 |  |  |  | (2,487 | )
Contributions |  |  | — |  |  |  | — |
Annuity payments |  |  | (6,473 | ) |  |  | (6,339 | )
Settlements |  |  | (208 | ) |  |  | (2,276 | )
Fair value of assets at end of year |  | $ | 220,740 |  |  | $ | 211,888 |
Funded status (included in “Other assets”) |  | $ | 74,311 |  |  | $ | 65,270 |
Changes recognized in other comprehensive income (loss) for the year ended December 31: |  |  |  |  |  |  |  |
Amortization of prior service cost |  | $ | — |  |  | $ | — |
Amortization of actuarial loss |  |  | (9,050) |  |  |  | (8,208 | )
Net actuarial loss arising during the year |  |  | 706 |  |  |  | 12,155 |
Total recognized in other comprehensive loss for the year (pre-tax) |  |  | $(8,344) |  |  | $ | 3,947 |
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: |  |  |  |  |  |  |  |
Prior service cost |  | $ | — |  |  | $ | — |
Actuarial loss, net |  |  | 79,541 |  |  |  | 87,885 |
Total accumulated other comprehensive loss (pre-tax) |  | $ | 79,541 |  |  | $ | 87,885 |
Components of Net Periodic Benefit Cost | The components of net periodic pension credit were as follows for the years indicated:
|  | Years Ended December 31, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Components of net periodic pension credit: |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 5,881 |  |  | $ | 6,063 |  |  | $ | 5,895 |
Expected return on plan assets |  |  | (15,627 | ) |  |  | (17,559 | ) |  |  | (19,435 | )
Amortization of net actuarial loss |  |  | 9,050 |  |  |  | 8,208 |  |  |  | 3,289 |
Net periodic pension credit |  | $ | (696 | ) |  | $ | (3,288 | ) |  | $ | (10,251 | )
Post-Retirement Benefits |
Information Regarding Benefit Plan | The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated:
|  | December 31, |
(in thousands) |  | 2016 |  |  | 2015 |
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 17,280 |  |  | $ | 18,375 |
Service cost |  |  | 5 |  |  |  | 4 |
Interest cost |  |  | 639 |  |  |  | 700 |
Actuarial gain |  |  | (673 | ) |  |  | (880 | )
Premiums and claims paid |  |  | (957 | ) |  |  | (919 | )
Benefit obligation at end of year |  | $ | 16,294 |  |  | $ | 17,280 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of assets at beginning of year |  | $ | — |  |  | $ | — |
Employer contribution |  |  | 957 |  |  |  | 919 |
Premiums and claims paid |  |  | (957 | ) |  |  | (919 | )
Fair value of assets at end of year |  | $ | — |  |  | $ | — |
Funded status (included in “Other liabilities”) |  | $ | (16,294 | ) |  | $ | (17,280 | )
Changes recognized in other comprehensive (loss) income for the year ended December 31: |  |  |  |  |  |  |  |
Amortization of prior service cost |  | $ | 249 |  |  | $ | 249 |
Amortization of actuarial gain |  |  | (326 | ) |  |  | (383 | )
Net actuarial (gain) loss arising during the year |  |  | (673 | ) |  |  | (880 | )
Total recognized in other comprehensive loss for the year (pre-tax) |  | $ | (750 | ) |  | $ | (1,014 | )
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: |  |  |  |  |  |  |  |
Prior service cost |  | $ | (1,283 | ) |  | $ | (1,533 | )
Actuarial loss, net |  |  | 5,137 |  |  |  | 6,137 |
Total accumulated other comprehensive loss (pre-tax) |  | $ | 3,854 |  |  | $ | 4,604 |
Components of Net Periodic Benefit Cost | The following table presents the components of net periodic benefit cost for the years indicated:
|  | Years Ended December 31, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Components of Net Periodic Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 5 |  |  | $ | 4 |  |  | $ | 4 |
Interest cost |  |  | 639 |  |  |  | 700 |  |  |  | 759 |
Amortization of past-service liability |  |  | (249 | ) |  |  | (249 | ) |  |  | (249 | )
Amortization of net actuarial loss |  |  | 326 |  |  |  | 383 |  |  |  | 474 |
Net periodic benefit cost |  | $ | 721 |  |  | $ | 838 |  |  | $ | 988 |

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