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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2017
Defined Benefit Post-retirement Plans [Abstract] |
Components of accumulated other comprehensive income (loss), net periodic benefit cost | The components of AOCI, which have not yet been recognized as components of net periodic benefit cost, related to pensions and other post-retirement benefits are summarized below:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Net actuarial loss |  | $ | 23,585 |  |  | $ | 28,328 |  |  | $ | 1,731 |  |  | $ | 1,430 |
Prior service cost (credit) |  |  | 94 |  |  |  | 140 |  |  |  | 196 |  |  |  | (38 | )
Total amounts recognized in AOCI (pre-tax) |  | $ | 23,679 |  |  | $ | 28,468 |  |  | $ | 1,927 |  |  | $ | 1,392 |
Changes in benefit obligations, changes in plan assets, and the funded status of the pension plans and postretirement benefits | A December 31 measurement date is used for the pension, supplemental pension and post-retirement benefit plans. The following table sets forth changes in benefit obligations, changes in plan assets and the funded status of the pension plans and other post-retirement benefits:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 90,477 |  |  | $ | 92,445 |  |  | $ | 7,478 |  |  | $ | 8,322 |
Service cost |  |  | 1,511 |  |  |  | 2,162 |  |  |  | 12 |  |  |  | 14 |
Interest cost |  |  | 4,168 |  |  |  | 4,223 |  |  |  | 357 |  |  |  | 353 |
Plan participants' contributions |  |  | - |  |  |  | - |  |  |  | 218 |  |  |  | 234 |
Actuarial loss (gain) |  |  | 4,028 |  |  |  | (1,635 | ) |  |  | 388 |  |  |  | (786 | )
Curtailment/ settlement |  |  | - |  |  |  | (715 | ) |  |  | 286 |  |  |  | - |
Benefits paid |  |  | (9,234 | ) |  |  | (6,003 | ) |  |  | (689 | ) |  |  | (659 | )
Projected benefit obligation at end of year |  | $ | 90,950 |  |  | $ | 90,477 |  |  | $ | 8,050 |  |  | $ | 7,478 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 116,216 |  |  | $ | 107,529 |  |  | $ | - |  |  | $ | - |
Actual return on plan assets |  |  | 15,032 |  |  |  | 8,259 |  |  |  | - |  |  |  | - |
Employer contributions |  |  | 2,212 |  |  |  | 6,431 |  |  |  | 471 |  |  |  | 425 |
Plan participants' contributions |  |  | - |  |  |  | - |  |  |  | 218 |  |  |  | 234 |
Benefits paid |  |  | (9,234 | ) |  |  | (6,003 | ) |  |  | (689 | ) |  |  | (659 | )
Fair value of plan assets at end of year |  | $ | 124,226 |  |  | $ | 116,216 |  |  | $ | - |  |  | $ | - |
Funded (unfunded) status at year end |  | $ | 33,276 |  |  | $ | 25,739 |  |  | $ | (8,050 | ) |  | $ | (7,478 | )
Amounts recognized in balance sheet | An asset is recognized for an overfunded plan and a liability is recognized for an underfunded plan. The accumulated benefit obligation for pension benefits was $91.0 million and $90.5 million at December 31, 2017 and 2016, respectively. The accumulated benefit obligation for other post-retirement benefits was $8.1 million and $7.5 million at December 31, 2017 and 2016, respectively. The funded status of the pension and other post-retirement benefit plans has been recognized as follows in the consolidated balance sheets at December 31, 2017 and 2016.
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Other assets |  | $ | 52,775 |  |  | $ | 45,344 |  |  | $ | - |  |  | $ | - |
Other liabilities |  |  | (19,499 | ) |  |  | (19,605 | ) |  |  | (8,050 | ) |  |  | (7,478 | )
Funded status |  | $ | 33,276 |  |  | $ | 25,739 |  |  | $ | (8,050 | ) |  | $ | (7,478 | )
Assumptions used to determine benefit obligations and net periodic pension cost | The following assumptions were used to determine the benefit obligation and the net periodic pension cost for the years indicated:
|  | Years ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Weighted average assumptions: |  |  |  |  |  |  |  |  |
The following assumptions were used to determine benefit obligations: |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.20% - 4.21 | % |  |  | 4.76%-4.84 | % |  |  | 4.69%-4.71 | %
Expected long-term return on plan assets |  |  | 7.00 | % |  |  | 7.00 | % |  |  | 7.00 | %
Rate of compensation increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
The following assumptions were used to determine net periodic pension cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.76% - 4.84 | % |  |  | 4.69%-4.71 | % |  |  | 4.19%-4.30 | %
Expected long-term return on plan assets |  |  | 7.00 | % |  |  | 7.00 | % |  |  | 7.50 | %
Rate of compensation increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00%-3.75 | %
Components of net periodic pension benefits and other benefit costs | Net periodic benefit cost and other amounts recognized in OCI for the years ended December 31 included the following components:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1,511 |  |  | $ | 2,162 |  |  | $ | 2,677 |  |  | $ | 12 |  |  | $ | 14 |  |  | $ | 17 |
Interest cost |  |  | 4,168 |  |  |  | 4,223 |  |  |  | 3,977 |  |  |  | 357 |  |  |  | 353 |  |  |  | 374 |
Expected return on plan assets |  |  | (7,929 | ) |  |  | (7,430 | ) |  |  | (8,589 | ) |  |  | - |  |  |  | - |  |  |  | - |
Amortization of gain due to curtailment |  |  | - |  |  |  | (768 | ) |  |  | (154 | ) |  |  | - |  |  |  | - |  |  |  | - |
Amortization of prior service cost (credit) |  |  | 46 |  |  |  | 32 |  |  |  | 21 |  |  |  | 51 |  |  |  | (57 | ) |  |  | (219 | )
Amortization of unrecognized net loss |  |  | 1,668 |  |  |  | 2,235 |  |  |  | 2,174 |  |  |  | 87 |  |  |  | 117 |  |  |  | 263 |
Net periodic pension cost |  | $ | (536 | ) |  | $ | 454 |  |  | $ | 106 |  |  | $ | 507 |  |  | $ | 427 |  |  | $ | 435 |
Other changes in plan assets and benefit obligations recognized in OCI (pre-tax): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (gain) loss |  | $ | (3,075 | ) |  | $ | (2,464 | ) |  | $ | 6,523 |  |  | $ | 388 |  |  | $ | (786 | ) |  | $ | (333 | )
Prior service cost |  |  | - |  |  |  | 96 |  |  |  | - |  |  |  | 286 |  |  |  | - |  |  |  | - |
Amortization of gain due to settlement |  |  | - |  |  |  | (43 | ) |  |  | (46 | ) |  |  | - |  |  |  | - |  |  |  | - |
Amortization of prior service (cost) credit |  |  | (46 | ) |  |  | (32 | ) |  |  | (21 | ) |  |  | (51 | ) |  |  | 57 |  |  |  | 219 |
Amortization of unrecognized net (loss) |  |  | (1,668 | ) |  |  | (2,235 | ) |  |  | (2,174 | ) |  |  | (87 | ) |  |  | (117 | ) |  |  | (263 | )
Total recognized in OCI |  | $ | (4,789 | ) |  | $ | (4,678 | ) |  | $ | 4,282 |  |  | $ | 536 |  |  | $ | (846 | ) |  | $ | (377 | )
Total recognized in net periodic benefit cost and OCI, pre-tax |  | $ | (5,325 | ) |  | $ | (4,224 | ) |  | $ | 4,388 |  |  | $ | 1,043 |  |  | $ | (419 | ) |  | $ | 58 |
Estimated future benefit payments for the pension plans and other postretirement benefit plans | The following table sets forth estimated future benefit payments for the pension plans and other post-retirement benefit plans as of December 31, 2017:
(In thousands) |  | Pension Benefits |  |  | Other Benefits |
2018 |  | $ | 7,256 |  |  | $ | 606 |
2019 |  |  | 7,087 |  |  |  | 598 |
2020 |  |  | 6,997 |  |  |  | 583 |
2021 |  |  | 6,728 |  |  |  | 559 |
2022 |  |  | 6,666 |  |  |  | 566 |
2023 - 2027 |  |  | 37,688 |  |  |  | 2,818 |
Effect of one-percentage point change in assumed health care cost trend rates | For measurement purposes, the annual rates of increase in the per capita cost of covered medical and prescription drug benefits for fiscal year 2017 were assumed to be 6.3 % to 10.5 % percent. The rates were assumed to decrease gradually to 3.9 % for fiscal year 2075 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on amounts reported for health care plans. A one-percentage point change in the health care trend rates would have the following effects as of and for the year ended December 31, 2017:
(In thousands) |  | One Percentage Point Increase |  |  | One Percentage Point Decrease |
Increase (decrease) on total service and interest cost components |  | $ | 40 |  |  | $ | (34 | )
Increase (decrease) on post-retirement accumulated benefit obligation |  |  | 855 |  |  |  | (738 | )
Target and actual allocations of defined benefit pension plan's assets | The target and actual allocations expressed as a percentage of the defined benefit pension plan’s assets are as follows:
|  | Target 2017 |  |  | 2017 |  |  | 2016 |
Cash and cash equivalents |  |  | 0 - 20% |  |  |  | 3% |  |  |  | 2% |
Fixed income securities |  |  | 25 - 55% |  |  |  | 45% |  |  |  | 46% |
Equities |  |  | 40 - 65% |  |  |  | 52% |  |  |  | 52% |
Total |  |  |  |  |  |  | 100% |  |  |  | 100% |
Financial instruments recorded at fair value on a recurring basis by the Plan | The following table presents the financial instruments recorded at fair value on a recurring basis by the Plan:
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | December 31, 2017 |
Cash and cash equivalents |  | $ | 3,684 |  |  | $ | - |  |  | $ | 3,684 |
Foreign equity mutual funds |  |  | 44,508 |  |  |  | - |  |  |  | 44,508 |
Equity mutual funds |  |  | 26,747 |  |  |  | - |  |  |  | 26,747 |
U.S. government bonds |  |  | - |  |  |  | 99 |  |  |  | 99 |
Corporate bonds |  |  | - |  |  |  | 49,188 |  |  |  | 49,188 |
Total |  | $ | 74,939 |  |  | $ | 49,287 |  |  | $ | 124,226 |
|  | Level 1 |  |  | Level 2 |  |  | December 31, 2016 |
Cash and cash equivalents |  | $ | 3,500 |  |  | $ | - |  |  | $ | 3,500 |
Foreign equity mutual funds |  |  | 33,687 |  |  |  | - |  |  |  | 33,687 |
Equity mutual funds |  |  | 28,256 |  |  |  | - |  |  |  | 28,256 |
U.S. government bonds |  |  | - |  |  |  | 1,283 |  |  |  | 1,283 |
Corporate bonds |  |  | - |  |  |  | 49,490 |  |  |  | 49,490 |
Total |  | $ | 65,443 |  |  | $ | 50,773 |  |  | $ | 116,216 |

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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (s) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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