Pension Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Pension Benefits

Schedule of changes in benefit plan obligation and fair value of plan assets

	Year Ended December 31,
(Amounts in thousands)	2019		2018		2017
Change in benefit obligation:
Beginning balance	$	201,752	$	218,746	$	216,571
Interest cost		7,993		7,386		8,283
Actuarial loss (gain)		25,632		(16,324)		11,402
Benefits paid		(13,919)		(8,056)		(17,510)
Benefit obligation at end of period	$	221,458	$	201,752	$	218,746
Change in fair value of plan assets:
Beginning balance	$	184,758	$	190,534	$	178,375
Actual return on assets		29,815		(2,497)		25,240
Employer contributions		6,000		6,000		6,000
Administrative fees		(13,918)		(1,223)		(1,571)
Benefits paid		(1,192)		(8,056)		(17,510)
Fair value of plan assets at end of period	$	205,463	$	184,758	$	190,534

Schedule of weighted average assumptions used to determine net cost

	December 31,
	2019		2018
Discount rate	3.00	%	4.05	%
Rate of compensation increase	N/A		N/A

	Year Ended December 31,
	2019		2018		2017
Discount rate	4.05	%	3.45	%	3.90	%
Rate of compensation increase	N/A		N/A		N/A
Expected return on plan assets	7.25	%	7.25	%	7.25	%
Corridor	10.00	%	10.00	%	10.00	%
Average future life expectancy (in years)	26.87		27.77		26.33

Schedule of components of net periodic benefit cost and amounts recognized in other comprehensive income (loss)

	Year Ended December 31,
(Amounts in thousands)	2019		2018		2017
Net periodic benefit cost:
Service cost	$	1,300	$	1,300	$	1,700
Interest cost		7,993		7,386		8,283
Expected return on plan assets		(13,296)		(13,737)		(12,831)
Amortization of net actuarial loss		795		721		865
Total net periodic benefit	$	(3,208)	$	(4,330)	$	(1,983)
Other comprehensive income:
Current year actuarial gain	$	(9,006)	$	167	$	1,136
Recognized net actuarial loss		795		721		865
Total other comprehensive gain	$	(8,211)	$	888	$	2,001

Schedule of fair value of plan assets

	Fair Value Measurements as of December 31, 2019
			Quoted Prices in		Significant		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
(Amounts in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
ASSET CATEGORY:
Equity Securities:
Large-Cap Disciplined Equity (a)	$	6,844	$	6,844	$	—	$	—
International Equity (b)		35,962		35,962		—		—
Fixed Income:
Long Duration Fixed Income (c)		133,592		133,592		—		—
Alternatives:
Other Investments (f)		29,065		—		—		—
Fair Value of Plan Assets	$	205,463	$	176,398	$	—	$	—

	Fair Value Measurements as of December 31, 2018
			Quoted Prices in		Significant		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
(Amounts in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
ASSET CATEGORY:
Equity Securities:
Large-Cap Disciplined Equity (a)	$	15,894	$	15,894	$	—	$	—
International Equity (b)		22,022		22,022		—		—
Fixed Income:
Long Duration Fixed Income (c)		109,408		109,408		—		—
High Yield (d)		4,965		4,965		—		—
Emerging Markets Debt (e)		4,566		4,566		—		—
Alternatives:
Other Investments (f)		27,903		—		—		—
Fair Value of Plan Assets	$	184,758	$	156,855	$	—	$	—

(a) These categories are comprised of mutual funds actively traded on the registered exchanges or over the counter markets. The mutual funds are invested in equity securities of U.S. issuers.

(b) This category consists of mutual funds invested primarily in equity securities (common stocks, securities that are convertible into common stocks, preferred stocks, warrants and rights to subscribe to common stocks) of non-U.S. issuers purchased in foreign markets. The mutual funds are actively traded on U.S. or foreign registered exchanges, or the over-the-counter markets.

(c) The assets are comprised of U.S. Treasury Separate Trading of Registered Interest and Principal of Securities ("U.S. Treasury STRIPS") and mutual funds which are actively traded on the registered exchanges. The mutual funds are invested primarily in high quality government and corporate fixed income securities, as well as synthetic instruments or derivatives having economic characteristics similar to fixed income securities.

(d) The high yield portion of the fixed income portfolio consists of mutual funds invested primarily in fixed income securities that are rated below investment grade. The mutual funds are actively traded on the registered exchanges.

(e) The emerging debt portion of the portfolio consists of mutual funds primarily invested in the debt securities of government, government-related and corporate issuers in emerging market countries and of entities organized to restructure outstanding debt of such issuers. The mutual funds are actively traded on the registered exchanges.

(f) Common/collective trust investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets. The Company has participant redemptions restricted to the last business day of the quarter, with either a 65 or 90 day period redemption notice.

Summary of expected employer contributions and future benefit payments

(Amounts in thousands)
Expected contributions to plan trusts
2020	$	6,000
Total expected contributions	$	6,000
Expected benefit payments:
2020	$	10,221
2021		10,665
2022		11,174
2023		11,518
2024		11,815
2025 through 2029		61,203
Total expected benefit payments	$	116,596