Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2021

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations

Changes in benefit obligation, plan assets and funded status for our pension and OPEB plans are as follows:

	Pension Plans						OPEB
(in thousands)	2021			2020			2021			2020
Benefit obligation at beginning of year	$	(408,429	)	$	(474,237	)	$	(50,835	)	$	(46,395	)
Service cost		(8,182	)		(8,932	)		(670	)		(508	)
Interest cost		(10,533	)		(12,263	)		(1,267	)		(1,502	)
Actuarial gain (loss)		17,204			(38,366	)		16,614			(6,415	)
Benefits paid		23,735			23,614			3,900			3,985
Plan settlements		—			101,755			—			—
Benefit obligation at end of year	$	(386,205	)	$	(408,429	)	$	(32,258	)	$	(50,835	)
Fair value of plan assets at beginning of year	$	325,790		$	398,468		$	—		$	—
Actual return on plan assets		22,597			46,672			—			—
Employer contributions and benefit payments		5,144			6,019			3,900			3,985
Benefits paid		(23,735	)		(23,614	)		(3,900	)		(3,985	)
Plan settlements		—			(101,755	)		—			—
Fair value of plan assets at end of year	$	329,796		$	325,790		$	—		$	—
Amounts recognized in the consolidated balance sheets:
Current liabilities	$	(2,462	)	$	(2,363	)	$	(2,531	)	$	(4,211	)
Noncurrent assets		—			1,907			—			—
Noncurrent liabilities		(53,947	)		(82,183	)		(29,727	)		(46,624	)
Funded status	$	(56,409	)	$	(82,639	)	$	(32,258	)	$	(50,835	)

Pension Plans with Projected Benefit Obligations Greater than Plan Assets

Pension plans with projected benefit obligations greater than plan assets at December 31 are as follows:

		2021		2020
Projected benefit obligations	$	386,205	$	350,091
Fair value of plan assets	$	329,796	$	265,546

Pension Plans with Accumulated Benefit Obligations Greater than Plan Assets

Pension plans with accumulated benefit obligations greater than plan assets at December 31 are as follows:

		2021		2020
Accumulated benefit obligations	$	374,719	$	332,012
Fair value of plan assets	$	329,796	$	265,546

Long-term Targeted Asset Allocation Ranges

The long-term targeted asset allocation ranges for the pension benefit plans’ asset categories are as follows:

Asset Category	Allocation Range
Global equities	5% - 35%
Fixed income securities	50% - 100%
Alternatives, which may include equities and fixed income securities	0% - 15%
Cash and cash equivalents	0% - 5%

Schedule of Actual Asset Allocations of the Pension Benefit Plans' Assets

he asset allocations of the pension benefit plans’ assets at December 31 by asset category are as follows:

	Pension Plans
Asset Category		2021		2020
Global equities		20	%	32	%
Fixed income securities		73		53
Other (includes cash and cash equivalents and alternatives)		7		15
Total		100	%	100	%

Schedule of Allocation of Plan Assets

Assets within our defined benefit pension plans were invested as follows:

(in thousands)	December 31, 2021
Asset Category	Level 1		Level 2		Total
Cash and cash equivalents	$	4,269	$	—	$	4,269
Global equity securities1		66,517		—		66,517
Fixed income securities2		182,506		59,405		241,911
Alternatives3		17,099		—		17,099
Total	$	270,391	$	59,405	$	329,796

(in thousands)	December 31, 2020
Asset Category	Level 1		Level 2		Total
Cash and cash equivalents	$	5,571	$	—	$	5,571
Global equity securities1		104,775		—		104,775
Fixed income securities2		143,415		29,494		172,909
Alternatives3		42,535		—		42,535
Total	$	296,296	$	29,494	$	325,790

1	Level 1 assets are international and domestic managed investments with quoted prices on major security markets and also include investments in registered investment company funds for which market quotations are generally readily available on the primary market or exchange on which they are traded. The global equity securities track the MSCI All-Country World Index.
2	Level 1 assets are investments in a diversified portfolio of fixed income instruments of varying maturities representing corporates, U.S. treasuries, municipals and futures. Level 2 assets are thinly traded investments in a diversified portfolio of fixed income instruments of varying maturities representing mostly corporates securities. Both Level 1 & Level 2 investments track the Bloomberg Barclay’s Long-term Credit Index.
3	Level 1 assets are long-term investment funds which are invested in tangible assets and real asset companies such as, infrastructure, natural resources and timber.

Pre-tax Components of Net Periodic Cost (Benefit)

Pre-tax components of net periodic cost (benefit) recognized in our Consolidated Statements of Operations were as follows for the years ended December 31:

	Pension Plans									OPEB
(in thousands)		2021			2020			2019			2021			2020			2019
Service cost	$	8,182		$	8,932		$	7,767		$	670		$	508		$	371
Interest cost		10,533			12,263			18,465			1,267			1,502			1,588
Expected return on plan assets		(14,100	)		(15,474	)		(22,190	)		—			—			—
Amortization of prior service cost (credit)		86			111			211			(1,192	)		(1,274	)		(8,844	)
Amortization of actuarial loss		14,455			15,426			13,497			2,178			1,672			1,012
Net periodic cost (benefit) before pension settlement charge		19,156			21,258			17,750			2,923			2,408			(5,873	)
Pension settlement charge		—			42,988			—			—			—			—
Net periodic cost (benefit)	$	19,156		$	64,246		$	17,750		$	2,923		$	2,408		$	(5,873	)

Schedule of Accumulated Other Comprehensive Income (Loss)

The amounts recorded in Accumulated Other Comprehensive Loss on our Consolidated Balance Sheets, that have not yet been recognized as components of net periodic benefit costs at December 31, net of tax, consist of:

	Pension Plans				OPEB
(in thousands)	2021		2020			2021			2020
Net loss	$	49,476	$	78,859	$	2,075		$	15,947
Prior service cost (credit)		103		166		(285	)		(1,164	)
Total amount unrecognized	$	49,579	$	79,025	$	1,790		$	14,783

Schedule of Expected Future Benefit Payments

Estimated future benefit payments, which reflect expected future service are as follows for the years indicated:

(in thousands)	Pension Plans		OPEB
2022	$	22,574	$	2,532
2023	$	22,944	$	2,414
2024	$	22,945	$	2,192
2025	$	22,730	$	2,017
2026	$	22,554	$	1,926
2027–2031	$	109,673	$	8,447

Weighted Average Assumptions Used to Determine the Benefit Obligation for our Pension and OPEB Plans

The weighted average assumptions used to determine the benefit obligation for our pension and OPEB plans as of December 31 were:

	Pension Plans				OPEB
		2021		2020		2021		2020
Discount rate	3.00%		2.65%			2.95	%	2.60	%
Rate of compensation increase	3.00 - 4.00%		3.00 - 4.00%			—		—

Schedule of Weighted Average Assumptions Used for All Pension and OPEB Plans to Determine the Net Periodic Benefit Cost

The weighted average assumptions used for all pension and OPEB plans to determine the net periodic benefit cost for the years ended December 31 were:

	Pension Plans						OPEB
		2021		2020		2019		2021		2020		2019
Discount rate	2.65%		3.40%		4.40%			2.60	%	3.40	%	4.40	%
Expected return on plan assets	5.25%		5.75%		6.25%			—		—		—
Rate of compensation increase	3.00 - 4.00%		3.00 - 4.00%		3.00 - 4.00%			—		—		—