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

12 Months Ended

Dec. 31, 2022

Retirement Benefits, Description [Abstract]

Schedule of Changes in Projected Benefit Obligations

Changes in benefit obligation, plan assets and funded status for our pension and OPEB plans were as follows for the year ended December 31:

	Pension Plans						OPEB
(in thousands)	2022			2021			2022			2021
Benefit obligation at beginning of year	$	(386,205	)	$	(408,429	)	$	(32,258	)	$	(50,835	)
Service cost		(6,805	)		(8,182	)		(316	)		(670	)
Interest cost		(10,646	)		(10,533	)		(914	)		(1,267	)
Actuarial gain		74,445			17,204			8,334			16,614
Benefits paid		17,708			23,735			2,784			3,900
Plan settlements		79,305			—			—			—
Benefit obligation at end of year	$	(232,198	)	$	(386,205	)	$	(22,370	)	$	(32,258	)
Fair value of plan assets at beginning of year	$	329,796		$	325,790		$	—		$	—
Actual return on plan assets		(62,807	)		22,597			—			—
Employer contributions and benefit payments		2,278			5,144			2,784			3,900
Benefits paid		(17,708	)		(23,735	)		(2,784	)		(3,900	)
Plan settlements		(79,313	)		—			—			—
Fair value of plan assets at end of year	$	172,246		$	329,796		$	—		$	—
Amounts recognized in the consolidated balance sheets:
Current liabilities	$	(2,517	)	$	(2,462	)	$	(2,409	)	$	(2,531	)
Noncurrent liabilities		(57,435	)		(53,947	)		(19,961	)		(29,727	)
Funded status	$	(59,952	)	$	(56,409	)	$	(22,370	)	$	(32,258	)

Pension Plans with Projected Benefit Obligations Greater than Plan Assets

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

		2022		2021
Projected benefit obligations	$	232,198	$	386,205
Fair value of plan assets	$	172,246	$	329,796

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:

		2022		2021
Accumulated benefit obligations	$	223,686	$	374,719
Fair value of plan assets	$	172,246	$	329,796

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 by asset category were as follows at December 31:

	Pension Plans
Asset Category		2022			2021
Global equities		20	%		20	%
Fixed income securities		73		73
Other (includes cash and cash equivalents and alternatives)		7		7
Total		100	%		100	%

Schedule of Allocation of Plan Assets

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

(in thousands)	December 31, 2022
Asset Category	Level 1		Level 2		Total
Cash and cash equivalents	$	3,690	$	—	$	3,690
Global equity securities1		33,974		—		33,974
Fixed income securities2		107,557		18,801		126,358
Alternatives3		8,224		—		8,224
Total	$	153,445	$	18,801	$	172,246

(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

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 corporate securities, 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 corporate 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 year ended December 31:

	Pension Plans									OPEB
(in thousands)		2022			2021			2020			2022			2021			2020
Service cost	$	6,805		$	8,182		$	8,932		$	316		$	670		$	508
Interest cost		10,646			10,533			12,263			914			1,267			1,502
Expected return on plan assets		(9,920	)		(14,100	)		(15,474	)		—			—			—
Amortization of prior service cost (credit)		73			86			111			(381	)		(1,192	)		(1,274	)
Amortization of actuarial loss		5,400			14,455			15,426			623			2,178			1,672
Net periodic cost before pension settlement charges		13,004			19,156			21,258			1,472			2,923			2,408
Pension settlement charge		14,165			—			42,988			—			—			—
Other settlements		783			—			—			—			—			—
Net periodic cost	$	27,952		$	19,156		$	64,246		$	1,472		$	2,923		$	2,408

Schedule of Accumulated Other Comprehensive Income (Loss)

The amounts recorded in Accumulated Other Comprehensive Income (Loss) on our Consolidated Balance Sheets, which 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)	2022			2021				2022		2021
Net (loss) income	$	(33,043	)	$	(49,476	)	$	4,598	$	(2,075	)
Prior service (cost) credit		(49	)		(103	)		—		285
Total amount unrecognized	$	(33,092	)	$	(49,579	)	$	4,598	$	(1,790	)

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
2023	$	16,141	$	2,409
2024	$	16,514	$	2,171
2025	$	16,680	$	1,984
2026	$	16,835	$	1,898
2027	$	17,040	$	1,783
2028–2032	$	85,999	$	8,019

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 were as follows at December 31:

	Pension Plans						OPEB
		2022			2021			2022		2021
Discount rate		5.60	%		3.00	%		5.55	%	2.95	%
Rate of compensation increase	3.00 - 5.00%			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 were as follows for the year ended December 31:

	Pension Plans								OPEB
		2022			2021			2020		2022		2021		2020
Discount rate		3.00	%		2.65	%	3.40%			2.95	%	2.60	%	3.40	%
Expected return on plan assets		4.50	%		5.25	%	5.75%			—		—		—
Rate of compensation increase	3.00 - 5.00%			3.00 - 4.00%			3.00 - 4.00%			—		—		—