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Pensions and Other Postretirement Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Defined Benefit Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Amounts Recognized in Balance Sheet The amounts recognized in the Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows:
Pension PlansSERP
As of December 31As of December 31
(in thousands)2021202020212020
Noncurrent asset$2,306,514 $1,708,305 $— $— 
Current liability— — (6,334)(6,495)
Noncurrent liability— — (106,372)(115,804)
Recognized Asset (Liability)$2,306,514 $1,708,305 $(112,706)$(122,299)
Schedule of Estimated Benefit Payments
At December 31, 2021, future estimated benefit payments, excluding charges for early retirement programs, are as follows:
(in thousands)Pension PlansSERP
2022$61,330 $6,425 
202361,487 6,706 
202462,710 6,897 
202563,299 7,029 
202663,102 7,118 
2027–2031316,913 35,476 
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net periodic cost for the defined benefit plans:
Pension PlansSERP
As of December 31As of December 31
(in thousands)2021202020212020
Unrecognized actuarial (gain) loss$(1,342,623)$(839,156)$19,111 $32,681 
Unrecognized prior service cost4,511 7,355 36 367 
Gross Amount(1,338,112)(831,801)19,147 33,048 
Deferred tax liability (asset)355,078 224,586 (5,340)(8,923)
Net Amount$(983,034)$(607,215)$13,807 $24,125 
Defined Benefit Plans [Member] | Benefit Obligation [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used
Key assumptions utilized for determining the benefit obligation are as follows:
Pension PlansSERP
As of December 31As of December 31
 2021202020212020
Discount rate2.9%2.5%2.9%2.5%
Rate of compensation increase – age graded
5.0%–1.0%
5.0%–1.0%
5.0%–1.0%
5.0%–1.0%
Cash balance interest crediting rate
1.41% with phase in to 2.90% in 2024
1.41% with phase in to 2.50% in 2023
——
Defined Benefit Plans [Member] | Periodic Cost [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used
The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key assumptions utilized to determine periodic cost:
Pension PlansSERP
Year Ended December 31Year Ended December 31
202120202019202120202019
Discount rate
2.5%3.3%4.3%2.5%3.3%4.3%
Expected return on plan assets6.25%6.25%6.25%———
Rate of compensation increase – age graded
5.0%–1.0%
5.0%–1.0%
5.0%–1.0%
5.0%–1.0%
5.0%–1.0%
5.0%–1.0%
Cash balance interest crediting rate
1.41% with phase in to 2.50% in 2023
2.77% with phase in to 3.30% in 2022
3.45% with phase in to 4.30% in 2021
———
Pension Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Obligation, Asset and Funding Information
The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans:
Pension Plans
As of December 31
(in thousands)20212020
Change in Benefit Obligation
Benefit obligation at beginning of year$1,095,117 $1,020,356 
Service cost22,991 22,656 
Interest cost26,917 32,587 
Amendments2 69 
Actuarial loss5,660 78,900 
Benefits paid(63,510)(73,232)
Special termination benefits1,132 13,781 
Benefit Obligation at End of Year$1,088,309 $1,095,117 
Change in Plan Assets  
Fair value of assets at beginning of year$2,803,422 $2,312,706 
Actual return on plan assets654,911 563,948 
Benefits paid(63,510)(73,232)
Fair Value of Assets at End of Year$3,394,823 $2,803,422 
Funded Status$2,306,514 $1,708,305 
Schedule of Net (Benefit) Costs
The total (benefit) cost arising from the Company’s defined benefit pension plans consists of the following components:
Pension Plans
Year Ended December 31
(in thousands)202120202019
Service cost$22,991 $22,656 $20,422 
Interest cost26,917 32,587 46,821 
Expected return on assets(137,878)(113,427)(122,790)
Amortization of prior service cost2,846 2,830 2,882 
Recognized actuarial gain(7,906)— — 
Net Periodic Benefit for the Year(93,030)(55,354)(52,665)
Settlement— — (91,676)
Special separation benefit expense1,132 13,781 6,432 
Total Benefit for the Year$(91,898)$(41,573)$(137,909)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
   
Current year actuarial gain$(511,373)$(371,621)$(245,402)
Current year prior service cost2 69 5,725 
Amortization of prior service cost(2,846)(2,830)(2,882)
Recognized net actuarial gain7,906 — — 
Curtailment and settlement— — 91,676 
Total Recognized in Other Comprehensive Income (Before Tax Effects)$(506,311)$(374,382)$(150,883)
Total Recognized in Total Benefit and Other Comprehensive Income (Before Tax Effects)
$(598,209)$(415,955)$(288,792)
Allocation of the Assets of the Company's Pension Plans The assets of the Company’s pension plans were allocated as follows:
As of December 31
20212020
U.S. equities61 %58 %
Private investment funds17 %18 %
U.S. stock index fund9 %9 %
International equities9 %8 %
U.S. fixed income4 %7 %
 100 %100 %
Fair Value, Assets Measured on Recurring Basis
The Company’s pension plan assets measured at fair value on a recurring basis were as follows:
As of December 31, 2021
(in thousands)Level 1Level 2Level 3Total
Cash equivalents and other short-term investments$2,159 $145,683 $— $147,842 
Equity securities
U.S. equities2,067,152 — — 2,067,152 
International equities301,640 — — 301,640 
Private investment funds— — 573,970 573,970 
U.S. stock index fund— — 302,478 302,478 
Total Investments$2,370,951 $145,683 $876,448 $3,393,082 
Receivables, net 1,741 
Total $3,394,823 
As of December 31, 2020
(in thousands)Level 1Level 2Level 3Total
Cash equivalents and other short-term investments$2,218 $197,655 $— $199,873 
Equity securities
U.S. equities1,614,879 — — 1,614,879 
International equities233,818 — — 233,818 
Private investment fund— — 496,458 496,458 
U.S. stock index fund— — 256,291 256,291 
Total Investments$1,850,915 $197,655 $752,749 $2,801,319 
Receivables, net 2,103 
Total $2,803,422 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following table provides a reconciliation of changes in pension assets measured at fair value on a recurring basis, using Level 3 inputs:
(in thousands)Private
Investment Funds		U.S. Stock
Index Fund
As of December 31, 2019$151,854 $322,229 
Purchases, sales, and settlements, net130,000 (100,000)
Actual return on plan assets:
Losses relating to assets sold— (5,763)
Gains relating to assets still held at year-end214,604 39,825 
As of December 31, 2020496,458 256,291 
Purchases, sales, and settlements, net3,912 (25,000)
Actual return on plan assets:
Gains relating to assets sold— 3,715 
Gains relating to assets still held at year-end73,600 67,472 
As of December 31, 2021$573,970 $302,478 
Supplemental Executive Retirement Plan (SERP) [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Obligation, Asset and Funding Information
SERP
As of December 31
(in thousands)20212020
Change in Benefit Obligation  
Benefit obligation at beginning of year$122,299 $116,193 
Service cost1,022 954 
Interest cost2,943 3,678 
Actuarial (gain) loss(7,640)7,448 
Benefits paid(5,918)(5,974)
Benefit Obligation at End of Year$112,706 $122,299 
Change in Plan Assets 
Fair value of assets at beginning of year$— $— 
Employer contributions5,918 5,974 
Benefits paid(5,918)(5,974)
Fair Value of Assets at End of Year$— $— 
Funded Status$(112,706)$(122,299)
Schedule of Net (Benefit) Costs
SERP
Year Ended December 31
(in thousands)202120202019
Service cost$1,022 $954 $858 
Interest cost2,943 3,678 4,314 
Amortization of prior service cost331 331 339 
Recognized actuarial loss5,930 5,267 2,314 
Total Cost for the Year$10,226 $10,230 $7,825 
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial (gain) loss$(7,640)$7,448 $15,544 
Amortization of prior service cost(331)(331)(339)
Recognized net actuarial loss(5,930)(5,267)(2,314)
Total Recognized in Other Comprehensive Income (Before Tax Effects)$(13,901)$1,850 $12,891 
Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects)
$(3,675)$12,080 $20,716 
Other Postretirement Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Obligation, Asset and Funding Information The following table sets forth obligation, asset and funding information for the Company’s other postretirement plans:
Postretirement Plans
As of December 31
(in thousands)20212020
Change in Benefit Obligation  
Benefit obligation at beginning of year$5,587 $6,816 
Interest cost92 167 
Actuarial gain(582)(991)
Benefits paid, net of Medicare subsidy(375)(405)
Benefit Obligation at End of Year$4,722 $5,587 
Change in Plan Assets  
Fair value of assets at beginning of year$— $— 
Employer contributions375 405 
Benefits paid, net of Medicare subsidy(375)(405)
Fair Value of Assets at End of Year$— $— 
Funded Status$(4,722)$(5,587)
Schedule of Amounts Recognized in Balance Sheet
The amounts recognized in the Company’s Consolidated Balance Sheets for its other postretirement plans are as follows:
Postretirement Plans
As of December 31
(in thousands)20212020
Current liability$(671)$(797)
Noncurrent liability(4,051)(4,790)
Recognized Liability$(4,722)$(5,587)
Schedule of Estimated Benefit Payments
At December 31, 2021, future estimated benefit payments are as follows:
(in thousands)Postretirement
Plans
2022$671 
2023$590 
2024$485 
2025$393 
2026$335 
2027–2031$2,474 
Schedule of Net (Benefit) Costs
The total benefit arising from the Company’s other postretirement plans consists of the following components:
Postretirement Plans
Year Ended December 31
(in thousands)202120202019
Interest cost$92 $167 $289 
Amortization of prior service credit(7)(481)(7,363)
Recognized actuarial gain(3,510)(4,048)(4,360)
Net Periodic Benefit for the Year(3,425)(4,362)(11,434)
Settlement(120)— — 
Total Benefit for the Year$(3,545)$(4,362)$(11,434)
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial gain$(582)$(991)$(1,246)
Amortization of prior service credit7 481 7,363 
Recognized actuarial gain3,510 4,048 4,360 
Settlement120 — — 
Total Recognized in Other Comprehensive Income (Before Tax Effects)$3,055 $3,538 $10,477 
Total Recognized in Benefit and Other Comprehensive Income (Before Tax Effects)
$(490)$(824)$(957)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) AOCI included the following components of unrecognized net periodic benefit for the postretirement plans:
As of December 31
(in thousands)20212020
Unrecognized actuarial gain$(13,642)$(16,690)
Unrecognized prior service credit(12)(19)
Gross Amount(13,654)(16,709)
Deferred tax liability3,724 4,512 
Net Amount$(9,930)$(12,197)