Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Changes In Benefit Obligations And Plan Assets

The following table presents the changes in benefit obligations and plan assets for pension benefits and other postretirement benefits, as well as the end-of-period accumulated benefit obligation for the years ended December 31, 2018 and 2019 (in thousands):

	Pension Benefits						Other Postretirement Benefits
	2018			2019			2018			2019
Change in benefit obligations:
Benefit obligations at beginning of year	$	297,856		$	308,949		$	12,760		$	12,080
Service cost	38,167			25,406			243			193
Interest cost	14,907			12,163			416			507
Plan participants’ contributions	—			—			357			564
Actuarial (gain) loss	(21,375		)	54,171			(599		)	3,300
Benefits paid	(14,356		)	(11,409		)	(1,097		)	(1,437		)
Settlement payments	(6,250		)	(8,040		)	—			—
Benefit obligations at end of year	308,949			381,240			12,080			15,207
Change in plan assets:
Fair value of plan assets at beginning of year	198,686			197,590			—			—
Employer contributions	31,717			31,630			740			873
Plan participants’ contributions	—			—			357			564
Actual (loss) return on plan assets	(12,207		)	39,522			—			—
Benefits paid	(14,356		)	(11,409		)	(1,097		)	(1,437		)
Settlement payments	(6,250		)	(8,040		)	—			—
Fair value of plan assets at end of year	197,590			249,293			—			—
Funded status at end of year	$	(111,359	)	$	(131,947	)	$	(12,080	)	$	(15,207	)
Accumulated benefit obligations	$	208,840		$	274,353

Amounts Recognized In Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets included in these financial statements were as follows (in thousands):

	Pension Benefits						Other Postretirement Benefits
	2018			2019			2018			2019
Amounts recognized in consolidated balance sheets:
Current accrued benefit cost	$	—		$	—		$	859		$	1,162
Long-term pension and benefits	111,359			131,947			11,221			14,045
	111,359			131,947			12,080			15,207
Accumulated other comprehensive loss:
Net actuarial loss	(91,669		)	(107,625		)	(5,409		)	(8,378		)
Prior service credit	3,067			2,886			—			—
	(88,602		)	(104,739		)	(5,409		)	(8,378		)
Net amount of liabilities and accumulated other comprehensive loss recognized in consolidated balance sheets	$	22,757		$	27,208		$	6,671		$	6,829

Consolidated Net Periodic Benefit Costs

Net periodic benefit expense for the years ended December 31, 2017, 2018 and 2019 was as follows (in thousands): 

	Pension Benefits									Other  Postretirement Benefits
	2017			2018			2019			2017		2018		2019
Components of net periodic pension and postretirement benefit expense:
Service cost	$	20,497		$	38,167		$	25,406		$	243	$	243	$	193
Interest cost	9,865			14,907			12,163			475		416		507
Expected return on plan assets	(10,266		)	(12,090		)	(9,401		)	—		—		—
Amortization of prior service credit	(181		)	(181		)	(181		)	—		—		—
Amortization of actuarial loss	5,622			9,763			5,489			749		589		331
Settlement cost	2,460			1,964			2,606			—		—		—
Net periodic expense	$	27,997		$	52,530		$	36,082		$	1,467	$	1,248	$	1,031

Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Loss

Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during 2017, 2018 and 2019 were as follows (in thousands):

	Pension Benefits									Other Postretirement Benefits
	2017			2018			2019			2017			2018			2019
Beginning balance	$	(58,584	)	$	(97,226	)	$	(88,602	)	$	(7,881	)	$	(6,597	)	$	(5,409	)
Net actuarial gain (loss)	(46,543		)	(2,922		)	(24,051		)	535			599			(3,300		)
Amortization of prior service credit	(181		)	(181		)	(181		)	—			—			—
Amortization of actuarial loss	5,622			9,763			5,489			749			589			331
Settlement cost	2,460			1,964			2,606			—			—			—
Amount recognized in other comprehensive loss	(38,642		)	8,624			(16,137		)	1,284			1,188			(2,969		)
Ending balance	$	(97,226	)	$	(88,602	)	$	(104,739	)	$	(6,597	)	$	(5,409	)	$	(8,378	)

Weighted-Average Rate Assumptions Used

The weighted-average rate assumptions used to determine projected benefit obligations were as follows:

 

	December 31,
	2018	2019
Discount rate—Salaried plan	3.99%	3.02%
Discount rate—USW plan	3.94%	2.96%
Discount rate—IUOE plan	4.12%	3.09%
Discount rate—Other Postretirement Benefits	4.08%	3.06%
Rate of compensation increase—Salaried plan	6.90%	4.72%
Rate of compensation increase—USW plan	3.50%	3.28%
Rate of compensation increase—IUOE plan	5.00%	4.78%

The weighted-average rate assumptions used to determine net pension and other postretirement benefit plans expense were as follows:

 

	For the Year Ended December 31,
	2017	2018	2019
Discount rate—Salaried plan	4.21%	3.70%	3.99%
Discount rate—USW plan	4.04%	3.63%	3.73%
Discount rate—IUOE plan	4.41%	3.79%	4.12%
Discount rate—Other Postretirement Benefits	3.85%	3.43%	4.08%
Rate of compensation increase—Salaried plan	4% - 11%	6.80%	6.90%
Rate of compensation increase—USW plan	3.50%	3.50%	3.50%
Rate of compensation increase—IUOE plan	5.00%	5.00%	5.00%
Expected rate of return on plan assets—Salaried plan	6.00%	6.00%	4.60%
Expected rate of return on plan assets—USW plan	6.00%	6.00%	4.60%
Expected rate of return on plan assets—IUOE plan	6.00%	6.00%	4.70%

Schedule of Allocation of Plan Assets

The target allocation and actual weighted-average asset allocation percentages at December 31, 2018 and 2019 were as follows:

	2018		2019
	Actual	Target	Actual	Target
Equity securities	29%	30%	30%	30%
Fixed income securities	67%	67%	67%	67%
Other	4%	3%	3%	3%

Fair Value, Assets Measured on Recurring Basis

The fair values of the pension plan assets at December 31, 2018 were as follows (in thousands):

Asset Category	Total		Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Domestic Equity Securities(1):
Small-cap fund	$	3,816	$	3,816	$	—	$	—
Mid-cap fund	3,811		3,811		—		—
Large-cap fund	30,595		30,595		—		—
International equity fund	19,471		19,471		—		—
Fixed Income Securities(1):
Short-term bond fund	9,242		9,242		—		—
Intermediate-term bond fund	23,036		23,036		—		—
Long-term investment grade bond funds	99,118		99,118		—		—
Other:
Short-term investment fund	8,312		8,312		—		—
Group annuity contract	189		—		—		189
Fair value of plan assets	$	197,590	$	197,401	$	—	$	189

(1) We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated.

The fair values of the pension plan assets at December 31, 2019 were as follows (in thousands):

Asset Category	Total		Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Domestic Equity Securities(1):
Small-cap fund	$	5,087	$	5,087	$	—	$	—
Mid-cap fund	5,095		5,095		—		—
Large-cap fund	40,884		40,884		—		—
International equity fund	25,580		25,580		—		—
Fixed Income Securities(1):
Short-term bond fund	3,590		3,590		—		—
Intermediate-term bond fund	29,485		29,485		—		—
Long-term investment grade bond funds	132,096		132,096		—		—
Other:
Short-term investment fund	7,300		7,300		—		—
Group annuity contract	176		—		—		176
Fair value of plan assets	$	249,293	$	249,117	$	—	$	176

(1) We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated.

Expected Benefit Payments

As of December 31, 2019, the benefit amounts expected to be paid from plan assets through December 31, 2029 were as follows (in thousands): 

	Pension Benefits		Other Postretirement Benefits
2020	$	15,943	$	1,163
2021	$	16,473	$	1,187
2022	$	18,981	$	1,141
2023	$	21,445	$	1,080
2024	$	23,621	$	938
2025 through 2029	$	136,931	$	4,069