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Pensions (Tables)

12 Months Ended

Dec. 31, 2020

The following table details the other components of net periodic pension cost for the Company's pension plans (in thousands):


	Years Ended December 31,
	2020		2019		2018
Interest cost	$	13,949	$	22,146	$	20,946
Expected return on assets	(16,027)		(15,044)		(16,716)
Settlement loss (gain)	819		693		(204)
Remeasurement loss (gain)	43,495		45,366		(3,510)
Net periodic pension cost	$	42,236	$	53,161	$	516

Defined Benefit Plan, Assumptions

The following table sets forth the weighted-average assumptions used for determining the Company's net periodic pension cost:


	Years Ended December 31,
	2020		2019		2018
Pension benefit obligations discount rate	3.16	%	4.30	%	3.63	%
Interest cost discount rate	2.74	%	3.93	%	3.23	%
Expected return on plan assets, net of administrative expenses	3.73	%	3.68	%	3.58	%
Rate of compensation expense increase	N/A		N/A		N/A

The following table sets forth the weighted-average assumptions used for determining the Company's pension benefit obligations:


	Years Ended December 31,
	2020		2019
Pension benefit obligations discount rate	2.39	%	3.16	%
Rate of compensation increase	N/A		N/A
Interest crediting rate	3.00	%	3.36	%

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table summarizes the benefit obligations, plan assets, and funded status associated with the Company's pension and benefit plans (in thousands):


	2020		2019
Change in Benefit Obligations
Balance as of January 1	$	643,961	$	597,077
Interest cost	13,949		22,146
Actuarial loss, net	63,164		76,161
Benefits paid	(66,746)		(51,423)
Annuity purchase	(17,831)		—
Balance as of December 31	$	636,497	$	643,961

Change in Plan Assets
Balance as of January 1	$	449,019	$	424,927
Plan contributions	44,908		30,369
Actual return on plan assets, net of administrative expenses	34,878		45,146
Benefits paid	(66,746)		(51,423)
Annuity purchase	(17,831)		—
Balance as of December 31	$	444,228	$	449,019

Funded Status as of December 31 (plan assets less benefit obligations)	$	(192,269)	$	(194,942)

Schedule of Amounts Associated with Pension Plans

The following table sets forth the amounts associated with pension plans recognized within Pension obligations, net on the Company's consolidated balance sheets (in thousands):


	December 31, 2020		December 31, 2019
Current liabilities	$	(1,442)	$	(1,409)
Long-term liabilities	(190,827)		(193,533)
Total pension liability as of December 31	$	(192,269)	$	(194,942)

Schedule of Accumulated Pension Obligations greater than Plan Assets

The following table sets forth the amounts associated with the Company's pension plans that have accumulated pension obligations greater than plan assets (underfunded) (in thousands):


	December 31, 2020		December 31, 2019
Accumulated benefit obligations	$	636,497	$	643,961
Projected benefit obligations	636,497		643,961
Plan assets	$	444,228	$	449,019

Schedule of Expected Benefit Payments

The following table sets forth the expected future pension benefit payments (in thousands):


	Expected Future Pension Benefit Payments
2021	$	55,025
2022	45,097
2023	43,085
2024	40,822
2025	39,675
2026 to 2030	169,606

Schedule of Fair Value and Weighted Asset Allocation Percentages of Pension Plan Assets

The following tables set forth the fair values of the Company's pension plan assets by asset category (in thousands):


	December 31, 2020
	Total		Level 1 (quoted market prices in active markets)		Level 2 (significant observable input)		Level 3 (Unobservable inputs)
Cash and cash equivalents	$	17,831	$	17,831	$	—	$	—
Equity funds	88,118		88,118		—		—
U.S. treasuries and agencies	35,797		—		35,797		—
Corporate bond funds	170,552		170,552		—		—
Total	$	312,298	$	276,501	$	35,797	$	—
Hedge funds-investments measured at NAV as a practical expedient	131,930
Total plan assets	$	444,228


	December 31, 2019
	Total		Level 1 (quoted market prices in active markets)		Level 2 (significant observable input)		Level 3 (Unobservable inputs)
Cash and cash equivalents	$	8,029	$	8,029	$	—	$	—
Equity funds	99,963		99,963		—		—
U.S. treasuries and agencies	29,610		—		29,610		—
Corporate bond funds	187,272		187,272		—		—
Total	$	324,874	$	295,264	$	29,610	$	—
Hedge funds-investments measured at NAV as a practical expedient	124,145
Total plan assets	$	449,019

The following table sets forth the weighted asset allocation percentages for the pension plans by asset category:


	December 31,
	2020		2019
Cash and cash equivalents	4.0	%	1.8	%
U.S. treasuries and agencies, corporate bond funds, and other fixed income	46.4	%	48.3	%
Equity funds	19.9	%	22.3	%
Hedge funds	29.7	%	27.6	%
Total	100.0	%	100.0	%