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Pension, Other Postretirement Benefits and Employee Savings and Investment Plans (Tables) | 12 Months Ended
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Dec. 31, 2018
Retirement Benefits [Abstract] |
Change in benefit obligation | The Company currently intends to terminate the Merged Plan and has requested a determination letter from the IRS. The termination of the Merged Plan remains subject to final approval by both management and the IRS. The Company plans to provide for lump sum distributions or annuity payments in connection with the termination of the Merged Plan and we expect the settlement process to be completed in 2019. The Company lacked sufficient information as of December 31, 2018 to determine the financial impact of the proposed plan termination. At this time, there are no plans to terminate the Union Plan.
(Dollars in thousands) | Pension Benefits |  | Retirement Health and Life Insurance Benefits
Change in benefit obligation: | 2018 | 2017 |  | 2018 | 2017
Benefit obligation at beginning of year | $ | 185,760 |  | $ | 177,696 |  |  | $ | 2,037 |  | $ | 2,504 |
Service cost | — |  | — |  |  | 73 |  | 80 |
Interest cost | 6,758 |  | 7,356 |  |  | 62 |  | 71 |
Actuarial (gain) loss | (10,805 | ) | 9,601 |  |  | (5 | ) | 460 |
Benefit payments | (9,105 | ) | (8,893 | ) |  | (364 | ) | (533 | )
Plan amendment | — |  | — |  |  | — |  | (545 | )
Benefit obligation at end of year | $ | 172,608 |  | $ | 185,760 |  |  | $ | 1,803 |  | $ | 2,037 |
Change in plan assets |
Change in plan assets: | 2018 | 2017 |  | 2018 | 2017
Fair value of plan assets at the beginning of the year | $ | 180,056 |  | $ | 171,778 |  |  | $ | — |  | $ | — |
Actual return on plan assets | (4,299 | ) | 16,799 |  |  | — |  | — |
Employer contributions | 25,000 |  | 372 |  |  | 364 |  | 533 |
Benefit payments | (9,105 | ) | (8,893 | ) |  | (364 | ) | (533 | )
Fair value of plan assets at the end of the year | 191,652 |  | 180,056 |  |  | — |  | — |
Funding status | $ | 19,044 |  | $ | (5,704 | ) |  | $ | (1,803 | ) | $ | (2,037 | )
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
| 2018 | 2017 |  | 2018 | 2017
Noncurrent assets | $ | 19,273 |  | $ | 3,021 |  |  | $ | — |  | $ | — |
Current liabilities | (4 | ) | (5 | ) |  | (334 | ) | (352 | )
Noncurrent liabilities | (225 | ) | (8,720 | ) |  | (1,469 | ) | (1,685 | )
Net amount recognized at end of year | $ | 19,044 |  | $ | (5,704 | ) |  | $ | (1,803 | ) | $ | (2,037 | )
Schedule of net periodic benefit cost not yet recognized |
(Dollars in thousands) | Pension Benefits |  | Retirement Health and Life Insurance Benefits
| 2018 | 2017 |  | 2018 | 2017
Net actuarial (loss) gain | $ | (59,972 | ) | $ | (59,645 | ) |  | $ | 68 |  | $ | 63 |
Prior service benefit | — |  | — |  |  | 1,220 |  | 2,821 |
Net amount recognized at end of year | $ | (59,972 | ) | $ | (59,645 | ) |  | $ | 1,288 |  | $ | 2,884 |
Components of net periodic benefit cost | Components of Net Periodic (Benefit) Cost
(Dollars in thousands) | Pension Benefits |  | Retirement Health and Life Insurance Benefits
| 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Service cost | $ | — |  |  | $ | — |  |  | — |  |  | $ | 73 |  |  | $ | 80 |  |  | $ | 133 |
Interest cost | 6,758 |  |  | 7,356 |  |  | 7,530 |  |  | 62 |  |  | 71 |  |  | 75 |
Expected return of plan assets | (8,662 | ) |  | (9,221 | ) |  | (10,808 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | — |  |  | — |  |  | — |  |  | (1,602 | ) |  | (1,602 | ) |  | (1,489 | )
Amortization of net loss | 1,828 |  |  | 1,755 |  |  | 1,784 |  |  | — |  |  | — |  |  | (47 | )
Settlement charge | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (benefit) | $ | (76 | ) |  | $ | (110 | ) |  | $ | (1,494 | ) |  | $ | (1,467 | ) |  | $ | (1,451 | ) |  | $ | (1,328 | )
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
| 2018 | 2017 |  | 2018 | 2017
Discount rate | 4.25 | % | 3.70 | % |  | 3.75 | % | 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
| 2018 | 2017 |  | 2018 | 2017
Discount rate | 3.70 | % | 4.25 | % |  | 3.25 | % | 3.25 | %
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 have been expected to have the following effects as of December 31, 2018:
(Dollars in thousands) | Increase |  | Decrease
Effect on total service and interest cost | $ | 8 |  |  | $ | (8 | )
Effect on other postretirement benefit obligations | $ | 65 |  |  | (60 | )
Schedule of allocation of plan assets | The following table presents the fair value of the pension plan net assets by asset category and level, within the fair value hierarchy, as of December 31, 2018 and 2017.
| Assets at Fair Value as of December 31, 2018
(Dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Pooled separate accounts | $ | — |  |  | $ | 1,216 |  |  | $ | — |  |  | $ | 1,216 |
Fixed income bonds | — |  |  | 186,385 |  |  | — |  |  | 186,385 |
Mutual funds | 2,691 |  |  | — |  |  | — |  |  | 2,691 |
Guaranteed deposit account | — |  |  | — |  |  | 1,360 |  |  | 1,360 |
Total assets at fair value | $ | 2,691 |  |  | $ | 187,601 |  |  | $ | 1,360 |  |  | $ | 191,652 |
| 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 |
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, 2018:
(Dollars in thousands) | Guaranteed Deposit Account
Balance at beginning of year | $ | 6,289 |
Change in unrealized gain (loss) | (194 | )
Purchases, sales, issuances and settlements (net) | (4,735 | )
Balance at end of year | $ | 1,360 |
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 2018.
(Dollars in thousands) | Pension Benefits |  | Retiree Health and Life Insurance Benefits
2019 | $ | 9,500 |  |  | $ | 334 |
2020 | $ | 9,597 |  |  | $ | 265 |
2021 | $ | 9,818 |  |  | $ | 171 |
2022 | $ | 10,038 |  |  | $ | 134 |
2023 | $ | 10,228 |  |  | $ | 151 |
2024-2028 | $ | 53,901 |  |  | $ | 825 |

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