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Pension Benefit and Retirement Health and Life Insurance Benefits (Tables) | 12 Months Ended
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Dec. 31, 2017
Retirement Benefits [Abstract] |
Change in benefit obligation |
(Dollars in thousands) | Pension Benefits |  | Retirement Health and Life Insurance Benefits
Change in benefit obligation: | 2017 | 2016 |  | 2017 | 2016
Benefit obligation at beginning of year | $ | 177,696 |  | $ | 182,359 |  |  | $ | 2,504 |  | $ | 2,722 |
Service cost | — |  | — |  |  | 80 |  | 133 |
Interest cost | 7,356 |  | 7,530 |  |  | 71 |  | 75 |
Actuarial (gain) loss | 9,601 |  | (3,621 | ) |  | 460 |  | 72 |
Benefit payments | (8,893 | ) | (8,572 | ) |  | (533 | ) | (498 | )
Plan amendment | — |  | — |  |  | (545 | ) | — |
Benefit obligation at end of year | $ | 185,760 |  | $ | 177,696 |  |  | $ | 2,037 |  | $ | 2,504 |
Change in plan assets |
Change in plan assets: | 2017 | 2016 |  | 2017 | 2016
Fair value of plan assets at the beginning of the year | $ | 171,778 |  | $ | 171,007 |  |  | $ | — |  | $ | — |
Actual return on plan assets | 16,799 |  | 8,999 |  |  | — |  | — |
Employer contributions | 372 |  | 344 |  |  | 533 |  | 498 |
Benefit payments | (8,893 | ) | (8,572 | ) |  | (533 | ) | (498 | )
Fair value of plan assets at the end of the year | 180,056 |  | 171,778 |  |  | — |  | — |
Unfunded status | $ | (5,704 | ) | $ | (5,918 | ) |  | $ | (2,037 | ) | $ | (2,504 | )
Amounts recognized in consolidated balance sheet | Amounts included in the consolidated statements of financial position consist of:
(Dollars in thousands) | Pension Benefits |  | Retirement Health and Life Insurance Benefits
| 2017 | 2016 |  | 2017 | 2016
Noncurrent assets | $ | 3,021 |  | $ | 2,583 |  |  | $ | — |  | $ | — |
Current liabilities | (5 | ) | — |  |  | (352 | ) | (512 | )
Noncurrent liabilities | (8,720 | ) | (8,501 | ) |  | (1,685 | ) | (1,992 | )
Net amount recognized at end of year | $ | (5,704 | ) | $ | (5,918 | ) |  | $ | (2,037 | ) | $ | (2,504 | )
Schedule of net periodic benefit cost not yet recognized |
(Dollars in thousands) | Pension Benefits |  | Retirement Health and Life Insurance Benefits
| 2017 | 2016 |  | 2017 | 2016
Net actuarial (loss) gain | $ | (59,645 | ) | $ | (59,377 | ) |  | $ | 63 |  | $ | 523 |
Prior service benefit | — |  | — |  |  | 2,821 |  | 3,878 |
Net amount recognized at end of year | $ | (59,645 | ) | $ | (59,377 | ) |  | $ | 2,884 |  | $ | 4,401 |
Components of net periodic benefit cost | Components of Net Periodic (Benefit) Cost
(Dollars in thousands) | Pension Benefits |  | Postretirement Health and Life Insurance Benefits
| 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015
Service cost | $ | — |  |  | $ | — |  |  | — |  |  | $ | 80 |  |  | $ | 133 |  |  | $ | 411 |
Interest cost | 7,356 |  |  | 7,530 |  |  | 7,523 |  |  | 71 |  |  | 75 |  |  | 216 |
Expected return of plan assets | (9,221 | ) |  | (10,808 | ) |  | (11,148 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | — |  |  | — |  |  | — |  |  | (1,602 | ) |  | (1,489 | ) |  | (248 | )
Amortization of net loss | 1,755 |  |  | 1,784 |  |  | 1,690 |  |  | — |  |  | (47 | ) |  | (12 | )
Settlement charge | — |  |  | — |  |  | 57 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (benefit) | $ | (110 | ) |  | $ | (1,494 | ) |  | $ | (1,878 | ) |  | $ | (1,451 | ) |  | $ | (1,328 | ) |  | $ | 367 |
Schedule of weighted-average assumptions used | Weighted-average assumptions used to determine benefit obligations at December 31:
| Pension Benefits |  | Retirement Health and Life Insurance Benefits
| 2017 | 2016 |  | 2017 | 2016
Discount rate | 3.70 | % | 4.25 | % |  | 3.25 | % | 3.25 | %
Weighted-average assumptions used to determine net benefit cost for the years ended December 31:
| Pension Benefits |  | Retirement Health and Life Insurance Benefits
| 2017 | 2016 |  | 2017 | 2016
Discount rate | 3.70 | % | 4.25 | % |  | 3.25 | % | 3.00 | %
Expected long-term rate of return on plan assets | 4.94 | % | 5.51 | % |  | — |  | — |
Schedule of effect of one-percentage-point change in assumed health care cost trend rates | A one-percentage point change in assumed health care cost trend rates would be expected to have the following effects:
(Dollars in thousands) | Increase |  | Decrease
Effect on total service and interest cost | $ | 9 |  |  | $ | (9 | )
Effect on other postretirement benefit obligations | 68 |  |  | (63 | )
Schedule of allocation of plan assets | The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value as of December 31, 2017 and 2016.
| Assets at Fair Value as of December 31, 2017
(Dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Pooled separate accounts | $ | — |  |  | $ | 4,610 |  |  | $ | — |  |  | $ | 4,610 |
Fixed income bonds | — |  |  | 162,934 |  |  | — |  |  | 162,934 |
Mutual funds | 6,223 |  |  | — |  |  | — |  |  | 6,223 |
Guaranteed deposit account | — |  |  | — |  |  | 6,289 |  |  | 6,289 |
Total assets at fair value | $ | 6,223 |  |  | $ | 167,544 |  |  | $ | 6,289 |  |  | $ | 180,056 |
The following table presents the fair value of the pension plan net assets by asset category as of December 31, 2017 and 2016:
(Dollars in thousands) | 2017 |  | 2016
Pooled separate accounts | $ | 4,610 |  |  | $ | 7,587 |
Fixed income bonds | 162,934 |  |  | 111,070 |
Mutual funds | 6,223 |  |  | 44,054 |
Guaranteed deposit account | 6,289 |  |  | 9,067 |
Total assets at fair value | $ | 180,056 |  |  | $ | 171,778 |
Changes in fair value of Level 3 assets | The table below sets forth a summary of changes in the fair value of the guaranteed deposit account’s Level 3 assets for the year ended December 31, 2017:
(Dollars in thousands) | Guaranteed Deposit Account
Balance at beginning of year | $ | 9,067 |
Unrealized gains relating to instruments still held at the reporting date | 216 |
Purchases, sales, issuances and settlements (net) | (2,994 | )
Balance at end of year | $ | 6,289 |
Schedule of future benefit payments | The following pension benefit payments are expected to be paid through the utilization of plan assets for the funded plans and from the Company’s operating cash flows for the unfunded plans. The Retiree Health and Life Insurance benefits, for which no funding has been made, are expected to be paid from the Company’s operating cash flows. The benefit payments are based on the same assumptions used to measure our benefit obligation at the end of fiscal 2017.
(Dollars in thousands) | Pension Benefits |  | Retiree Health and Life Insurance Benefits
2018 | $ | 9,261 |  |  | $ | 352 |
2019 | $ | 9,335 |  |  | $ | 316 |
2020 | $ | 9,423 |  |  | $ | 267 |
2021 | $ | 9,644 |  |  | $ | 174 |
2022 | $ | 9,956 |  |  | $ | 128 |
2023-2027 | $ | 52,676 |  |  | $ | 795 |

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