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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Combined Activity in Corporations Defined Benefit Pension Plans
We use a December 31 measurement date for our defined benefit plans. Combined activity in our defined benefit pension plans was as follows:
202020192018
Change in plan assets:
Fair value of plan assets at beginning of year$174,173 $152,820 $168,450 
Actual return on plan assets16,599 29,945 (7,739)
Employer contributions1,201 1,163 1,077 
Benefits paid(9,885)(9,755)(8,968)
Fair value of plan assets at end of year182,088 174,173 152,820 
Change in benefit obligation:
Benefit obligation at beginning of year186,641 167,107 182,607 
Interest cost5,010 6,472 5,898 
Actuarial (gain) loss15,827 22,817 (12,430)
Benefits paid(9,885)(9,755)(8,968)
Benefit obligation at end of year197,593 186,641 167,107 
Funded status of the plan at end of year and accrued benefit (liability) recognized
$(15,505)$(12,468)$(14,287)
Accumulated benefit obligation at end of year$197,593 $186,641 $167,107 
Disaggregated Information Related to Corporations Defined Benefit Pension Plans
Certain disaggregated information related to our defined benefit pension plans as of year-end was as follows:
Retirement PlanRestoration Plan
2020201920202019
Projected benefit obligation$180,986 $170,541 $16,607 $16,100 
Accumulated benefit obligation180,986 170,541 16,607 16,100 
Fair value of plan assets182,088 174,173 — — 
Funded status of the plan at end of year and accrued benefit (liability) recognized
1,102 3,632 (16,607)(16,100)
Net Periodic Benefit Cost (Benefit)
The components of the combined net periodic cost (benefit) for our defined benefit pension plans are presented in the table below.
202020192018
Expected return on plan assets, net of expenses$(12,289)$(10,772)$(11,916)
Interest cost on projected benefit obligation5,010 6,472 5,898 
Net amortization and deferral5,319 5,623 5,002 
Net periodic expense (benefit)$(1,960)$1,323 $(1,016)
Defined Benefit Pension Plans Recognized as Component of Other Comprehensive Income
Amounts related to our defined benefit pension plans recognized as a component of other comprehensive income were as follows:
202020192018
Net actuarial gain (loss)$(6,199)$1,979 $(2,223)
Deferred tax (expense) benefit1,302 (416)466 
Other comprehensive income (loss), net of tax$(4,897)$1,563 $(1,757)
Defined Benefit Pension Plans Not Recognized as Component of Combined Net Period Benefit Cost We expect to recognize approximately $6.1 million of the net actuarial loss reported in the following table as of December 31, 2020 as a component of net periodic benefit cost during 2021.
20202019
Net actuarial loss$(64,343)$(57,964)
Deferred tax benefit13,512 12,210 
Amounts included in accumulated other comprehensive income/loss, net of tax(50,831)(45,934)
Weighted-Average Assumptions Used to Determine Benefit Obligations
The weighted-average assumptions used to determine the benefit obligations as of the end of the years indicated and the net periodic benefit cost for the years indicated are presented in the table below. Because the plans were frozen, increases in compensation are not considered after 2001.
202020192018
Benefit obligations:
Discount rate2.43 %3.20 %4.36 %
Net periodic benefit cost:
Discount rate3.20 %4.36 %3.68 %
Expected return on plan assets7.25 7.25 7.25 
Fair Value of Plan Assets
The major categories of assets in our Retirement Plan as of year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 “Fair Value Measurements and Disclosures,” utilized to measure fair value (see Note 17 - Fair Value Measurements). Our Restoration Plan is unfunded.
20202019
Level 1:
Mutual funds$180,693 $172,773 
Cash and cash equivalents1,395 1,400 
Total fair value of plan assets$182,088 $174,173 
Expected Future Benefit Payments Related to Defined Benefit Plans
As of December 31, 2020, expected future benefit payments related to our defined benefit plans were as follows:
2021$11,315 
202211,507 
202311,668 
202411,800 
202511,880 
2026 through 203057,248 
$115,418 
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
A combined summary of activity in our active stock plans is presented in the table. Performance stock units outstanding are presented assuming attainment of the maximum payout rate as set forth by the performance criteria. The target award level for performance stock units granted in 2020, 2019 and 2018 was 48,409, 34,317 and 30,466, respectively. As of December 31, 2020, there were 887,189 shares remaining available for grant for future awards.
Director Deferred
Stock Units
Outstanding
Non-Vested Stock
Awards/Stock Units
Outstanding
Performance Stock Units OutstandingStock Options
Outstanding
Number of UnitsWeighted-
Average
Fair Value
at Grant
Number
of Shares/Units
Weighted-
Average
Fair Value
at Grant
Number of UnitsWeighted-
Average
Fair Value
at Grant
Number
of Shares
Weighted-
Average
Exercise
Price
January 1, 201853,008 $64.87 312,656 $81.71 80,106 $79.91 2,917,142 $63.34 
Granted6,576 109.58 109,847 94.81 45,703 87.18 — — 
Exercised/vested(10,674)63.68 (32,050)78.92 — — (513,134)61.68 
Forfeited/expired— — (6,656)87.60 — — (52,000)70.42 
December 31, 201848,910 71.14 383,797 85.59 125,809 82.55 2,352,008 63.55 
Granted7,592 102.70 127,091 93.46 51,479 85.74 — — 
Exercised/vested(1,132)106.03 (53,990)65.11 — — (359,892)57.71 
Forfeited/expired— — (16,251)89.71 — — (11,250)65.11 
December 31, 201955,370 74.76 440,647 90.22 177,288 83.48 1,980,866 64.60 
Granted10,428 73.84 151,038 66.79 72,618 57.89 — — 
Exercised/vested(12,938)71.09 (117,990)76.07 (41,755)69.70 (235,880)53.23 
Forfeited/expired— — (3,336)91.07 (6,894)81.33 (5,427)75.74 
December 31, 202052,860 75.47 470,359 86.24 201,257 77.18 1,739,559 66.11 
Options Outstanding and Exercisable
Other information regarding options outstanding and exercisable as of December 31, 2020 is as follows:
Options OutstandingOptions Exercisable
Range of
Exercise Prices
Number
of Shares
Weighted-
Average
Exercise Price
Weighted-
Average
Remaining
Contractual Life
in Years
Number
of Shares
Weighted-
Average
Exercise
Price
$45.01 to$50.00 204,480 $48.00 0.82204,480 $48.00 
50.01 to55.00 282,204 54.56 1.81282,204 54.56 
65.01 to70.00 509,221 65.11 4.67509,221 65.11 
70.01 to75.00 275,654 71.39 2.80275,654 71.39 
75.01 to80.00 468,000 78.95 3.74468,000 78.95 
Total1,739,559 66.11 3.211,739,559 66.11 
Total intrinsic value$36,745 $36,745 
Shares Issued in Connection With Stock Compensation Awards
Shares issued in connection with stock compensation awards are issued from available treasury shares. If no treasury shares are available, new shares are issued from available authorized shares. Shares issued in connection with stock compensation awards along with other related information were as follows:
202020192018
Shares issued from available treasury stock408,563 399,224 548,238 
Proceeds from stock option exercises$12,557 $20,770 $31,647 
Intrinsic value of stock options exercised5,365 13,713 23,292 
Fair value of stock awards/units vested9,465 5,192 4,212 
Stock-Based Compensation Expense
Stock-based compensation expense and the related income tax benefit is presented in the following table. The service period for performance stock units granted each year begins on January 1 of the following year.
202020192018
Stock options$— $1,185 $3,652 
Non-vested stock awards/stock units10,240 9,339 6,983 
Deferred stock-units770 780 721 
Performance stock units2,908 4,642 2,587 
Total$13,918 $15,946 $13,943 
Income tax benefit$2,142 $2,359 $2,831 
Unrecognized Stock-Based Compensation Expense
Unrecognized stock-based compensation expense and the weighted-average period over which the expense is expected to be recognized at December 31, 2020 is presented in the table below. Unrecognized stock-based compensation expense related to performance stock units is presented assuming attainment of the maximum payout rate as set forth by the performance criteria.
Unrecognized ExpenseWeighted-Average Number of Years for Expense Recognition
Non-vested stock awards/stock units$18,430 2.69
Performance stock units7,034 1.99
Total$25,464