XML 145 R47.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan Disclosure [Line Items]

Schedule of Funded Status Of Retirement Income Plan And Retirement Life Plan

December 31,		Pension Plan
($ in thousands)		2019				2018
Change in Benefit Obligation:
Benefit obligation, beginning of year		$	334,679			364,411
Interest cost		13,506				12,428
Actuarial losses (gains)		54,478				(31,738	)
Benefits paid		(11,642		)		(10,422	)
Benefit obligation, end of year		$	391,021			334,679
Change in Fair Value of Assets:
Fair value of assets, beginning of year		$	331,680			363,673
Actual return on plan assets, net of expenses		63,949				(21,571	)
Contributions by the employer to funded plans		1,100				—
Benefits paid		(11,642		)		(10,422	)
Fair value of assets, end of year		$	385,087			331,680
Funded status		$	(5,934	)		(2,999	)

Schedule of Amounts Recognized in Consolidated Balance Sheet

Amounts Recognized in the Consolidated Balance Sheet:
Liabilities		$	(5,934	)		(2,999	)
Net pension liability, end of year		$	(5,934	)		(2,999	)

Schedule of Amounts recognized in Accumulated Other than Comprehensive Income

Amounts Recognized in AOCI:
Net actuarial loss		$	107,125			98,057
Total		$	107,125			98,057

Schedule of Other Information as of December 31

Other Information as of December 31:
Accumulated benefit obligation		$	391,021			334,679

Schedule of Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Income

		Pension Plan
($ in thousands)		2019				2018			2017
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income:
Net Periodic Benefit Cost (Benefit):
Interest cost		$	13,506			12,428			12,490
Expected return on plan assets		(21,114		)		(22,767	)		(19,419	)
Amortization of unrecognized actuarial loss		2,575				1,981			2,001
Total net periodic pension cost (benefit)1		$	(5,033	)		(8,358	)		(4,928	)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
Net actuarial loss (gain)		$	11,643			12,600			3,594
Reversal of amortization of net actuarial loss		(2,575		)		(1,981	)		(2,001	)
Total recognized in other comprehensive income		$	9,068			10,619			1,593
Total recognized in net periodic benefit cost and other comprehensive income		$	4,035			2,261			(3,335	)

Schedule Of Weighted- Average Expense and Liability Assumptions

		Pension Plan
		2019			2018		2017
Weighted-Average Expense Assumptions for the years ended December 31:
Discount rate		4.46	%		3.78		4.41
Expected return on plan assets		6.50			6.36		6.24

Weighted-Average Liability Assumptions as of December 31:
Discount rate		3.33	%		4.46

Schedule of Allocation of Plan Assets

		2019						2018
		Target Percentage			Actual Percentage			Actual Percentage
Return seeking assets1		15%-70%			59	%		43	%
Liability hedging assets		35%-75%			38	%		38	%
Short-term investments		-			3	%		19	%
Total		100	%		100	%		100	%

Schedule of Quantitative Disclosures of our Financial Assets that were Measured at Fair Value

December 31, 2019						Fair Value Measurements Using
($ in thousands)		Assets Measured at Fair Value				Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies		$	116,186			41,083			75,103			—
Foreign government		18,542				—			18,542			—
Obligations of states and political subdivisions		1,230,090				—			1,230,090			—
Corporate securities		1,947,477				—			1,930,426			17,051
CLO and other ABS		793,012				3,635			772,343			17,034
CMBS		538,344				—			538,344			—
RMBS		1,451,969				—			1,451,969			—
Total AFS fixed income securities		6,095,620				44,718			6,016,817			34,085
Equity securities:
Common stock1		69,900				32,145			—			—
Preferred stock		3,037				3,037			—			—
Total equity securities		72,937				35,182			—			—
Short-term investments		282,490				265,306			17,184			—
Total assets measured at fair value		$	6,451,047			345,206			6,034,001			34,085

December 31, 2018						Fair Value Measurements Using
($ in thousands)		Assets Measured at Fair Value				Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies		$	121,310			78,381			42,929			—
Foreign government		23,131				—			23,131			—
Obligations of states and political subdivisions		1,138,469				—			1,138,469			—
Corporate securities		1,617,408				—			1,617,408			—
CLO and other ABS		717,362				—			709,953			7,409
CMBS		527,078				—			527,078			—
RMBS		1,128,342				—			1,128,342			—
Total AFS fixed income securities		5,273,100				78,381			5,187,310			7,409
Equity securities:
Common stock1		144,727				107,397			—			—
Preferred stock		2,912				2,912			—			—
Total equity securities		147,639				110,309			—			—
Short-term investments		323,864				321,370			2,494			—
Total assets measured at fair value		$	5,744,603			510,060			5,189,804			7,409

¹In accordance with ASU 2015-07, investments amounting to $37.8 million and $37.3 million at December 31, 2019 and December 31, 2018, respectively, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

Schedule of Expected Benefit Payments

Payments

($ in thousands)		Pension Plan
Benefits Expected to be Paid in Future
Fiscal Years:
2020		$	14,968
2021		14,947
2022		16,115
2023		17,144
2024		18,146
2025-2029		103,669

Retirement Income Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Quantitative Disclosures of our Financial Assets that were Measured at Fair Value

December 31, 2019						Fair Value Measurements at 12/31/19 Using
($ in thousands)		Assets Measured at Fair Value At 12/31/19				Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Description
Return seeking assets:
Equities:
Global Equity		$	113,212			113,212			—			—
Diversified Credit		59,009				59,009			—			—
Real Assets		57,414				57,414			—			—
Total Equities		229,635				229,635			—			—
Limited partnerships (at net asset value)1:
Real assets		228				—			—			—
Private equity		583				—			—			—
Private credit		43				—			—			—
Total limited partnerships		854				—			—			—
Total return seeking assets		230,489				229,635			—			—
Liability hedging assets:
Fixed income		114,395				114,395			—			—
U.S. Treasury overlay		30,997				30,997			—			—
Total liability hedging assets		145,392				145,392			—			—
Cash and short-term investments:
Short-term investments		8,824				8,824			—			—
Deposit administration contracts		2,215				—			2,215			—
Total cash and short-term investments		11,039				8,824			2,215			—
Total invested assets		$	386,920			383,851			2,215			—

December 31, 2018						Fair Value Measurements at 12/31/18 Using
($ in thousands)		Assets Measured at Fair Value At 12/31/18				Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Description
Return seeking assets:
Global Equity		$	113,409			113,409			—			—
Private assets1:
Limited partnerships (at net asset value):
Real assets		16,818				—			—			—
Private equity		878				—			—			—
Private credit		262				—			—			—
Hedge fund		7,889				—			—			—
Total limited partnerships		25,847				—			—			—
Other private assets		3,780				—			—			—
Total private assets		29,627				—			—			—
Total return seeking assets		143,036				113,409			—			—
Liability hedging assets:
Fixed income		106,000				106,000			—			—
U.S. Treasury overlay		18,528				18,528			—			—
Total liability hedging assets		124,528				124,528			—			—
Cash and short-term investments:
Short-term investments		62,788				62,788			—			—
Deposit administration contracts		1,482				—			1,482			—
Total cash and short-term investments		64,270				62,788			1,482			—
Total invested assets		$	331,834			300,725			1,482			—

¹In accordance with ASU 2015-07, certain investments that are measured at fair value using the net asset value per share (or its practical expedient) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total Pension Plan invested assets.

X

- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(b)(c)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:	us-gaap_DefinedBenefitPlanDisclosureLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAccumulatedAndProjectedBenefitObligationsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_RetirementPlanTypeAxis=us-gaap_PensionPlansDefinedBenefitMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: