XML 60 R44.htm IDEA: XBRL DOCUMENT v3.22.0.1
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
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:
202120202019
Change in plan assets:
Fair value of plan assets at beginning of year$182,088 $174,173 $152,820 
Actual return on plan assets24,908 16,599 29,945 
Employer contributions1,236 1,201 1,163 
Benefits paid(10,485)(9,885)(9,755)
Fair value of plan assets at end of year197,747 182,088 174,173 
Change in benefit obligation:
Benefit obligation at beginning of year197,593 186,641 167,107 
Interest cost3,341 5,010 6,472 
Actuarial (gain) loss(4,524)15,827 22,817 
Benefits paid(10,485)(9,885)(9,755)
Benefit obligation at end of year185,925 197,593 186,641 
Funded status of the plan at end of year and accrued benefit (liability) recognized
$11,822 $(15,505)$(12,468)
Accumulated benefit obligation at end of year$185,925 $197,593 $186,641 
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
2021202020212020
Projected benefit obligation$170,389 $180,986 $15,536 $16,607 
Accumulated benefit obligation170,389 180,986 15,536 16,607 
Fair value of plan assets197,747 182,088 — — 
Funded status of the plan at end of year and accrued benefit (liability) recognized
27,358 1,102 (15,536)(16,607)
Net Periodic Benefit Cost (Benefit)
The components of the combined net periodic cost (benefit) for our defined benefit pension plans are presented in the table below.
202120202019
Expected return on plan assets, net of expenses$(12,839)$(12,289)$(10,772)
Interest cost on projected benefit obligation3,341 5,010 6,472 
Net amortization and deferral6,116 5,319 5,623 
Net periodic expense (benefit)$(3,382)$(1,960)$1,323 
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:
202120202019
Net actuarial gain (loss)$22,709 $(6,199)$1,979 
Deferred tax (expense) benefit(4,769)1,302 (416)
Other comprehensive income (loss), net of tax$17,940 $(4,897)$1,563 
Defined Benefit Pension Plans Not Recognized as Component of Combined Net Period Benefit Cost
Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the combined net periodic benefit cost of our defined benefit pension plans are presented in the following table.
20212020
Net actuarial loss$(41,634)$(64,343)
Deferred tax benefit8,743 13,512 
Amounts included in accumulated other comprehensive income/loss, net of tax(32,891)(50,831)
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.
202120202019
Benefit obligations:
Discount rate2.79 %2.43 %3.20 %
Net periodic benefit cost:
Discount rate2.43 %3.20 %4.36 %
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.
20212020
Level 1:
Mutual funds$195,452 $180,693 
Cash and cash equivalents2,295 1,395 
Total fair value of plan assets$197,747 $182,088 
Expected Future Benefit Payments Related to Defined Benefit Plans
As of December 31, 2021, expected future benefit payments related to our defined benefit plans were as follows:
2022$11,592 
202311,805 
202411,975 
202511,982 
202612,018 
2027 through 203156,494 
$115,866 
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 2021, 2020 and 2019 was 30,723, 48,409 and 34,317, respectively. As of December 31, 2021, there were 777,687 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, 201948,910 $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 
Granted5,940 117.90 95,258 130.36 46,086 121.46 — — 
Exercised/vested(2,499)92.03 (88,250)98.90 (35,131)92.27 (861,878)63.14 
Forfeited/expired— — (28,030)87.08 (9,752)75.70 — — 
December 31, 202156,301 79.21 449,337 93.05 202,460 84.71 877,681 69.02 
Options Outstanding and Exercisable
Other information regarding options outstanding and exercisable as of December 31, 2021 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
$50.01 to$55.00 123,314 $54.56 0.81123,314 $54.56 
65.01 to70.00 319,081 65.11 3.72319,081 65.11 
70.01 to75.00 169,726 71.39 1.78169,726 71.39 
75.01 to80.00 265,560 78.92 2.75265,560 78.92 
Total877,681 69.02 2.64877,681 69.02 
Total intrinsic value$50,070 $50,070 
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:
202120202019
Shares issued from available treasury stock987,758 408,563 399,224 
Proceeds from stock option exercises$54,417 $12,557 $20,770 
Intrinsic value of stock options exercised43,904 5,365 13,713 
Fair value of stock awards/units vested15,751 12,773 5,192 
Stock-Based Compensation Expense
Stock-based compensation expense and the related income tax benefit is presented in the following table. The service period for performance stock units granted each year begins on January 1 of the following year.
202120202019
Stock options$— $— $1,185 
Non-vested stock awards/stock units9,977 10,240 9,339 
Deferred stock-units700 770 780 
Performance stock units2,076 2,908 4,642 
Total$12,753 $13,918 $15,946 
Income tax benefit$1,713 $2,142 $2,359 
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, 2021 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$18,431 2.07
Performance stock units9,818 2.16
Total$28,249