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

12 Months Ended

Dec. 31, 2019

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations

The change in benefit obligation, change in plan assets and funded status for company-sponsored benefit plans and obligations are as follows:

	Pension Plans						OPEB
(in thousands)	2019			2018			2019			2018
Benefit obligation at beginning of year	$	(427,909	)	$	(392,371	)	$	(40,032	)	$	(30,349	)
Service cost		(7,767	)		(8,454	)		(371	)		(341	)
Interest cost		(18,465	)		(16,992	)		(1,588	)		(1,482	)
Actuarial (loss) gain		(53,446	)		20,445			(7,997	)		2,100
Benefits paid		33,350			31,530			3,593			3,582
Plan acquisitions		—			(62,067	)		—			(13,542	)
Benefit obligation at end of year	$	(474,237	)	$	(427,909	)	$	(46,395	)	$	(40,032	)

Fair value of plan assets at beginning of year	$	351,285		$	313,862		$	—		$	—
Actual return (loss) on plan assets		78,448			(23,745	)		—			—
Employer contributions and benefit payments		2,085			53,998			3,593			3,582
Benefits paid		(33,350	)		(31,530	)		(3,593	)		(3,582	)
Plan acquisitions		—			38,700			—			—
Fair value of plan assets at end of year	$	398,468		$	351,285		$	—		$	—

Amounts recognized in the consolidated balance sheets:
Current liabilities	$	(2,152	)	$	(2,121	)	$	(4,549	)	$	(3,876	)
Noncurrent liabilities		(73,617	)		(74,503	)		(41,846	)		(36,156	)
Funded status	$	(75,769	)	$	(76,624	)	$	(46,395	)	$	(40,032	)

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

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

	Pension Plans
Asset Category		2019		2018
Global equities		32	%	30	%
Fixed income securities		54		58
Other (includes cash and cash equivalents and alternatives)		14		12
Total		100	%	100	%

Schedule of Allocation of Plan Assets

Fair value measurements are as follows:

(in thousands)	December 31, 2019
Asset Category	Level 1		Level 2		Total
Cash and cash equivalents	$	6,671	$	—	$	6,671
Global equity securities¹		127,688		—		127,688
Fixed income securities⁵		173,464		40,554		214,018
Alternatives⁶		50,091		—		50,091
Total	$	357,914	$	40,554	$	398,468

(in thousands)	December 31, 2018
Asset Category	Level 1		Level 2		Total
Cash and cash equivalents	$	4,120	$	—	$	4,120
Domestic equity securities²		31,315		23,384		54,699
International equity securities³		—		21,848		21,848
Emerging markets⁴		6,909		21,225		28,134
Fixed income securities⁵		204,072		—		204,072
Alternatives⁶		—		38,412		38,412
Total	$	246,416	$	104,869	$	351,285

¹	^{Level 1 assets are international and domestic managed investments that track the MSCI All-Country World Index.}

²	Level 1 assets are managed investments in the U.S., small/mid-cap equities that track the Russell 2500 Growth index or Russell 2500 Value index. Level 2 assets are collective investments, which are invested in U.S. large-cap equities that track the S&P 500.

³	Level 2 assets are collective investments in equity funds of developed markets outside of the United States and Canada that track the MSCI EAFE Value index or MSCI EAFE Growth index.

⁴

Level 1 assets are mutual funds which are invested in the common stock of companies located (or with primary operations) in emerging markets that track the MSCI Emerging Markets index. Level 2 assets are collective investments in the common stock of companies located (or with primary operations) in emerging markets that track the MSCI Emerging Markets index.

⁵

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.

⁶

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. Level 2 assets are collective investments in inflation-indexed bonds, securities of real estate companies, commodity index-linked notes, fixed income securities, foreign currencies, securities of natural resource companies, master limited partnerships, publicly listed infrastructure companies, floating-rate debt, securities of global agriculture companies and securities of global timber companies.

Pre-tax Components of Net Periodic Cost (Benefit)

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

	Pension Plans									OPEB
(in thousands)		2019			2018			2017			2019			2018			2017
Service cost	$	7,767		$	8,454		$	6,753		$	371		$	341		$	14
Interest cost		18,465			16,992			16,096			1,588			1,482			1,262
Expected return on plan assets		(22,190	)		(20,035	)		(18,406	)		—			—			—
Amortization of prior service cost (credit)		211			186			288			(8,844	)		(8,877	)		(8,877	)
Amortization of actuarial loss		13,497			16,589			14,484			1,012			1,311			1,537
Net periodic cost (benefit)	$	17,750		$	22,186		$	19,215		$	(5,873	)	$	(5,743	)	$	(6,064	)

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)	2019		2018			2019			2018
Net loss	$	116,780	$	128,849	$	12,437		$	7,269
Prior service cost (credit)		248		404		(2,106	)		(8,651	)
Net amount recognized	$	117,028	$	129,253	$	10,331		$	(1,382	)

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
2020	$	30,769	$	4,548
2021	$	30,756	$	3,780
2022	$	30,689	$	3,595
2023	$	30,589	$	3,402
2024	$	30,232	$	3,148
2025–2029	$	143,237	$	12,966

Weighted Average Assumptions Used to Determine the Benefit Obligation for Non-Deltic and Deltic Plans

The weighted average assumptions used to determine the benefit obligation for non-Deltic plans as of December 31 were:

	Pension Plans					OPEB
		2019		2018			2019		2018
Discount rate		3.40	%	4.40	%		3.40	%	4.40	%
Rate of salaried compensation increase		3.00	%	3.00	%		—		—

The weighted average assumptions used to determine the benefit obligation for Deltic plans as of December 31 were:

	Pension Plans					OPEB
		2019		2018			2019		2018
Discount rate		3.40	%	4.40	%		3.40	%	4.40	%
Rate of salaried compensation increase		4.00	%	4.00	%		—		—

Schedule of Weighted Average Assumptions Used to Determine the Net Periodic Cost (Benefit) for Non-Deltic and Deltic Plans

The weighted average assumptions used for non-Deltic plans to determine the net periodic cost (benefit) for the years ended December 31 were:

	Pension Plans							OPEB
		2019		2018		2017			2019		2018		2017
Discount rate		4.40	%	3.85	%	4.40	%		4.40	%	3.65	%	4.10	%
Expected return on plan assets		6.25	%	6.25	%	6.50	%		—		—		—
Rate of salaried compensation increase		3.00	%	3.00	%	3.00	%		—		—		—

The weighted average assumptions used for Deltic plans to determine the net periodic cost (benefit) for the years ended December 31 were:

	Pension Plans					OPEB
		2019		2018			2019		2018
Discount rate		4.40	%	4.30	%		4.40	%	4.30	%
Expected return on plan assets		6.25	%	6.25	%		—		—
Rate of salaried compensation increase		4.00	%	4.00	%		—		—

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A one percentage point change in the health care cost trend rates would have the following effects on our December 31, 2019 Consolidated Financial Statements:

(in thousands)	1% Increase		1% Decrease
Effect on total service cost plus interest cost	$	165	$	(126	)
Effect on accumulated postretirement benefit obligation	$	3,282	$	(2,582	)