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Pensions (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
The following table details the other components of net periodic pension cost for the Company's pension plans:
Years Ended December 31,
(in thousands)202120202019
Interest cost$10,469 $13,949 $22,146 
Expected return on assets(11,560)(16,027)(15,044)
Settlement (gain)/loss(374)819 693 
Remeasurement (gain)/loss(13,364)43,495 45,366 
Net periodic pension (benefit) cost$(14,829)$42,236 $53,161 
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,
 202120202019
Pension benefit obligations discount rate2.39 %3.16 %4.30 %
Interest cost discount rate1.71 %2.74 %3.93 %
Expected return on plan assets, net of administrative expenses2.69 %3.73 %3.68 %
Rate of compensation expense increaseN/AN/AN/A

The following table sets forth the weighted-average assumptions used for determining the Company's pension benefit obligations:
 Years Ended December 31,
 20212020
Pension benefit obligations discount rate2.77 %2.39 %
Rate of compensation increaseN/AN/A
Interest crediting rate3.01 %3.00 %
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 plan:

 (in thousands)
20212020
Change in Benefit Obligations
Balance as of January 1$636,497 $643,961 
Interest cost10,469 13,949 
Actuarial (gain) loss, net(12,565)63,164 
Benefits paid(42,434)(66,746)
Annuity purchase— (17,831)
Balance as of December 31$591,967 $636,497 
 
Change in Plan Assets
Balance as of January 1$444,228 $449,019 
Plan contributions36,185 44,908 
Actual return on plan assets, net of administrative expenses12,734 34,878 
Benefits paid(42,434)(66,746)
Annuity purchase— (17,831)
Balance as of December 31$450,713 $444,228 
 
Funded Status as of December 31 (plan assets less benefit obligations)$(141,254)$(192,269)
Schedule of Cash Contributions made by the Company
The following table sets forth cash contributions made by the Company to its qualified and non-qualified plans during the years ended December 31, 2021, 2020 and 2019:
Years Ended December 31,
(in thousands)202120202019
Qualified plans$35,000 $43,875 $29,635 
Non-qualified plans1,176 1,034 734 
Schedule of Amounts Recognized in Balance Sheet
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, 2021December 31, 2020
Current liabilities$(1,087)$(1,442)
Long-term liabilities(140,167)(190,827)
Total pension liability as of December 31$(141,254)$(192,269)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of 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, 2021December 31, 2020
Accumulated benefit obligations$591,967 $636,497 
Projected benefit obligations591,967 636,497 
Plan assets$450,713 $444,228 
Schedule of Expected Benefit Payments
The following table sets forth the Company's expected future pension benefit payments:
(in thousands)Expected Future
Pension Benefit
Payments
2022$52,312
202342,725
202440,738
202540,617
202639,854
2027 to 2031176,245
Schedule of Allocation of Plan Assets
The following tables set forth the fair values of the Company's pension plan assets by asset category:

 December 31, 2021
(in thousands)TotalLevel 1
(Quoted
Market Prices
in Active
Markets)		Level 2
(Significant
Observable
Input)		Level 3
(Unobservable
Inputs)
Cash and cash equivalents$10,687 $10,687 $— $— 
Equity funds92,689 92,689 — — 
U.S. treasuries and agencies41,535 — 41,535 — 
Corporate bond funds184,034 184,034 — — 
Total$328,945 $287,410 $41,535 $— 
Hedge funds-investments measured at net asset value (“NAV”) as a practical expedient
121,768 
Total plan assets$450,713 

 December 31, 2020
 TotalLevel 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 funds88,118 88,118 — — 
U.S. treasuries and agencies35,797 — 35,797 — 
Corporate bond funds170,552 170,552 — — 
Total$312,298 $276,501 $35,797 $— 
Hedge funds-investments measured at NAV as a practical expedient131,930 
Total plan assets$444,228 
The following table sets forth the weighted asset allocation percentages for the pension plans by asset category:

 December 31,
 20212020
Cash and cash equivalents2.4 %4.0 %
U.S. treasuries and agencies, corporate bond funds, and other fixed income50.0 %46.4 %
Equity funds20.6 %19.9 %
Hedge funds27.0 %29.7 %
Total100.0 %100.0 %