Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Defined Contribution Plan [Abstract]

Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status

The reconciliation of changes in the benefit obligation, plan assets and funded status of these plans at December 31, 2019 and 2018 is as follows:

	Pension Benefits						Other Postretirement Benefits
	at December 31,						at December 31,
	2019			2018			2019			2018
Change in benefit obligation:
Benefit obligation at beginning of period	$	644,142		$	733,990		$	473,591		$	591,563
Service cost	3,950			1,150			—			—
Interest cost	25,101			23,505			18,320			18,706
Actuarial loss (gain)	95,078			(60,351		)	4,761			(101,259		)
Benefits and other payments	(48,173		)	(54,152		)	(32,343		)	(35,419		)
Benefit obligation at end of period	$	720,098		$	644,142		$	464,329		$	473,591
Change in plan assets:
Fair value of plan assets at beginning of period	$	578,347		$	679,245		$	—		$	—
Actual return on plan assets	136,976			(48,470		)	—			—
Company contributions	1,331			1,724			32,343			35,419
Benefits and other payments	(48,173		)	(54,152		)	(32,343		)	(35,419		)
Fair value of plan assets at end of period	$	668,481		$	578,347		$	—		$	—
Funded status:
Current liabilities	$	(1,687	)	$	(1,623	)	$	(31,833	)	$	(32,345	)
Noncurrent liabilities	(49,930		)	(64,172		)	(432,496		)	(441,246		)
Net obligation recognized	$	(51,617	)	$	(65,795	)	$	(464,329	)	$	(473,591	)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	255,830		$	263,229		$	179,937		$	184,438
Prior service credit	—			(367		)	(20,949		)	(23,354		)
Net amount recognized (before tax effect)	$	255,830		$	262,862		$	158,988		$	161,084

The reconciliation of changes in the benefit obligation and funded status of these plans at December 31, 2019 and 2018 is as follows:

	CWP						Workers' Compensation
	at December 31,						at December 31,
	2019			2018			2019			2018
Change in benefit obligation:
Benefit obligation at beginning of period	$	177,188		$	162,840		$	70,986		$	78,528
State administrative fees and insurance bond premiums	—			—			2,157			2,671
Service cost	3,791			6,650			5,685			6,230
Interest cost	7,001			5,245			2,585			2,283
Actuarial loss (gain)	39,827			14,832			1,536			(5,134		)
Benefits paid	(13,334		)	(12,379		)	(11,469		)	(13,592		)
Benefit obligation at end of period	$	214,473		$	177,188		$	71,480		$	70,986
Funded status:
Current assets	$	—		$	—		$	1,037		$	1,384
Current liabilities	(12,331		)	(12,187		)	(11,323		)	(12,628		)
Noncurrent liabilities	(202,142		)	(165,001		)	(61,194		)	(59,742		)
Net obligation recognized	$	(214,473	)	$	(177,188	)	$	(71,480	)	$	(70,986	)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss (gain)	$	47,352		$	8,542		$	(11,250	)	$	(13,561	)
Net amount recognized (before tax effect)	$	47,352		$	8,542		$	(11,250	)	$	(13,561	)

Schedule of Components of Net Periodic Benefit (Credit) Costs

The components of net periodic benefit (credit) cost are as follows:

 

	Pension Benefits									Other Postretirement Benefits
	For the Years Ended December 31,									For the Years Ended December 31,
	2019			2018			2017			2019			2018			2017
Components of net periodic benefit (credit) cost:
Service cost	$	3,950		$	1,150		$	2,948		$	—		$	—		$	—
Interest cost	25,101			23,505			25,265			18,320			18,706			23,945
Expected return on plan assets	(40,457		)	(40,370		)	(42,383		)	—			—			—
Amortization of prior service credits	(367		)	(502		)	(502		)	(2,405		)	(2,405		)	(2,405		)
Recognized net actuarial loss	5,958			8,715			8,896			9,262			16,205			23,112
Settlement loss	—			—			10,153			—			—			—
Net periodic benefit (credit) cost	$	(5,815	)	$	(7,502	)	$	4,377		$	25,177		$	32,506		$	44,652

The components of net periodic benefit cost are as follows:

 

	CWP								Workers’ Compensation
	For the Years Ended								For the Years Ended
	December 31,								December 31,
	2019		2018			2017			2019			2018			2017
Service cost	$	3,791	$	6,650		$	5,122		$	5,685		$	6,230		$	5,734
Interest cost	7,001		5,245			4,050			2,585			2,283			2,321
Recognized net actuarial loss (gain)	1,016		(853		)	(7,631		)	(774		)	(79		)	(598		)
State administrative fees and insurance bond premiums	—		—			—			2,157			2,671			3,198
Net periodic benefit cost	$	11,808	$	11,042		$	1,541		$	9,653		$	11,105		$	10,655

Schedule of Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Fiscal Year

Amounts included in accumulated other comprehensive loss which are expected to be recognized in 2020 net periodic benefit costs:

			Other
	Pension		Postretirement
	Benefits		Benefits
Prior service credit recognition	$	—	$	(2,405	)
Actuarial loss recognition	$	6,922	$	9,278

The following are amounts included in accumulated other comprehensive loss that are expected to be recognized in 2020 net periodic benefit costs:

			Workers'
	CWP		Compensation
	Benefits		Benefits
Actuarial loss (gain) recognition	$	5,604	$	(487	)

Schedule of Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

The following table provides information related to pension plans with an accumulated benefit obligation in excess of plan assets:

	As of December 31,
	2019		2018
Projected benefit obligation	$	720,098	$	644,142
Accumulated benefit obligation	$	719,985	$	644,069
Fair value of plan assets	$	668,481	$	578,347

Schedule of Weighted-Average Assumptions Used

The weighted-average assumptions used to determine benefit obligations are as follows:

	Pension Obligations				Other Postretirement Obligations
	at December 31,				at December 31,
	2019		2018		2019		2018
Discount rate	3.28	%	4.34	%	3.27	%	4.34	%
Rate of compensation increase	3.68	%	3.73	%	—		—

The weighted-average assumptions used to determine net periodic benefit costs are as follows:

	Pension Benefits						Other Postretirement Benefits
	For the Years Ended						For the Years Ended
	December 31,						December 31,
	2019		2018		2017		2019		2018		2017
Discount rate	4.37	%	3.69	%	4.27	%	4.34	%	3.65	%	4.22	%
Expected long-term return on plan assets	6.90	%	6.90	%	6.90	%	—		—		—
Rate of compensation increase	3.73	%	3.73	%	3.90	%	—		—		—

The weighted-average discount rates used to determine benefit obligations and net periodic benefit costs are as follows:

	CWP						Workers' Compensation
	For the Years Ended						For the Years Ended
	December 31,						December 31,
	2019		2018		2017		2019		2018		2017
Benefit obligations	3.41	%	4.42	%	3.75	%	3.25	%	4.26	%	3.57	%
Net periodic benefit costs	4.42	%	3.75	%	4.40	%	4.26	%	3.57	%	4.05	%

Schedule of Health Care Cost Trend Rates

The assumed health care cost trend rates are as follows:

	At December 31,
	2019		2018
Health care cost trend rate for next year	5.65	%	5.83	%
Rate to which the cost trend is assumed to decline (ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches ultimate trend rate	2038		2038

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

Assumed health care cost trend rates have a significant effect on the amounts reported for the medical plans. A one-percentage point change in assumed health care cost trend rates would have the following effects:

	1 Percentage		1 Percentage
	Point Increase		Point Decrease
Effect on total of service and interest cost components	$	2,023	$	(1,725	)
Effect on accumulated postretirement benefit obligation	$	48,891	$	(41,917	)

Schedule of Fair Value of Plan Assets

The fair values of plan assets at December 31, 2019 and 2018 by asset category are as follows:

	Fair Value Measurements at December 31, 2019								Fair Value Measurements at December 31, 2018
			Quoted								Quoted
			Prices in								Prices in
			Active								Active
			Markets for		Significant		Significant				Markets for		Significant		Significant
			Identical		Observable		Unobservable				Identical		Observable		Unobservable
			Assets		Inputs		Inputs				Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)		Total		(Level 1)		(Level 2)		(Level 3)
Asset Category
Cash/Accrued Income	$	97	$	97	$	—	$	—	$	101	$	101	$	—	$	—
Mercer Common Collective Trusts (a)	668,384		—		—		—		578,246		—		—		—
Total	$	668,481	$	97	$	—	$	—	$	578,347	$	101	$	—	$	—

__________

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total.

Schedule of Expected Benefit Payments

The following benefit payments, reflecting expected future service, are expected to be paid:

			Other
	Pension		Postretirement
	Benefits		Benefits
2020	$	44,619	$	31,833
2021	$	43,297	$	29,935
2022	$	43,438	$	29,302
2023	$	42,905	$	28,664
2024	$	42,837	$	27,881
Year 2025-2029	$	200,271	$	134,541

The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid:

			Workers' Compensation
	CWP		Total		Actuarial		Other
	Benefits		Benefits		Benefits		Benefits
2020	$	12,331	$	12,235	$	10,286	$	1,949
2021	$	12,013	$	12,427	$	10,430	$	1,997
2022	$	11,893	$	12,680	$	10,633	$	2,047
2023	$	11,545	$	12,741	$	10,643	$	2,098
2024	$	11,351	$	12,808	$	10,657	$	2,151
Year 2025-2029	$	57,446	$	66,260	$	54,672	$	11,588