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

12 Months Ended

Dec. 31, 2023

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)	2023			2022			2023			2022
Benefit obligation at beginning of year	$	(232,198	)	$	(386,205	)	$	(22,370	)	$	(32,258	)
Service cost		(5,422	)		(6,805	)		(110	)		(316	)
Interest cost		(12,551	)		(10,646	)		(1,175	)		(914	)
Actuarial gain		86			74,445			5,717			8,334
Benefits paid		16,883			17,708			874			2,784
Plan settlements		—			79,305			—			—
Benefit obligation at end of year	$	(233,202	)	$	(232,198	)	$	(17,064	)	$	(22,370	)
Fair value of plan assets at beginning of year	$	172,246		$	329,796		$	—		$	—
Actual return on plan assets		20,050			(62,807	)		—			—
Employer contributions and benefit payments		2,462			2,278			874			2,784
Benefits paid		(16,883	)		(17,708	)		(874	)		(2,784	)
Plan settlements		—			(79,313	)		—			—
Fair value of plan assets at end of year	$	177,875		$	172,246		$	—		$	—
Amounts recognized in the consolidated balance sheets:
Current liabilities	$	(2,586	)	$	(2,517	)	$	(1,949	)	$	(2,409	)
Noncurrent liabilities		(52,741	)		(57,435	)		(15,115	)		(19,961	)
Funded status	$	(55,327	)	$	(59,952	)	$	(17,064	)	$	(22,370	)

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:

	2023		2022
Projected benefit obligations	$	233,202	$	232,198
Fair value of plan assets	$	177,875	$	172,246

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:

	2023		2022
Accumulated benefit obligations	$	223,486	$	223,686
Fair value of plan assets	$	177,875	$	172,246

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

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

	Pension Plans
Asset Category	2023			2022
Global equities		19	%		20	%
Fixed income securities		74			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, 2023
Asset Category	Level 1		Level 2		Total
Cash and cash equivalents	$	3,009	$	—	$	3,009
Global equity securities1		34,534		—		34,534
Fixed income securities2		114,224		17,613		131,837
Alternatives3		8,495		—		8,495
Total	$	160,262	$	17,613	$	177,875

(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

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)	2023			2022			2021			2023			2022			2021
Service cost	$	5,422		$	6,805		$	8,182		$	110		$	316		$	670
Interest cost		12,551			10,646			10,533			1,175			914			1,267
Expected return on plan assets		(12,109	)		(9,920	)		(14,100	)		—			—			—
Amortization of prior service cost (credit)		45			73			86			—			(381	)		(1,192	)
Amortization of actuarial (gain) loss		(83	)		5,400			14,455			(665	)		623			2,178
Net periodic cost before pension settlement charges		5,826			13,004			19,156			620			1,472			2,923
Pension settlement charge		—			14,165			—			—			—			—
Other settlements		—			783			—			—			—			—
Net periodic cost	$	5,826		$	27,952		$	19,156		$	620		$	1,472		$	2,923

Schedule of Accumulated Other Comprehensive Income (Loss)

The amounts recorded in Accumulated Other Comprehensive Income 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)	2023			2022			2023		2022
Net (loss) income	$	(27,307	)	$	(33,043	)	$	8,397	$	4,598
Prior service cost		(15	)		(49	)		—		—
Total amount unrecognized	$	(27,322	)	$	(33,092	)	$	8,397	$	4,598

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
2024	$	16,261	$	1,949
2025	$	16,481	$	1,778
2026	$	16,608	$	1,688
2027	$	16,742	$	1,567
2028	$	16,765	$	1,477
2029-2033	$	85,034	$	6,121

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
	2023	2022	2023		2022
Discount rate	5.55%	5.60%	5.45%		5.55%
Rate of compensation increase	3.00%	3.00 - 5.00%		—		—

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
	2023	2022	2021	2023		2022		2021
Discount rate	5.60%	3.00%	2.65%	5.55%		2.95%		2.60%
Expected return on plan assets	6.25%	4.50%	5.25%		—		—		—
Rate of compensation increase	3.00 - 5.00%	3.00 - 5.00%	3.00 - 4.00%		—		—		—