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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Components of net periodic benefit cost The following tables 11.1, 11.2, and 11.3 provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2020, 2019, and 2018 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheets as of December 31, 2020 and 2019.
Components of net periodic benefit cost
Table
11.1
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202012/31/201912/31/201812/31/202012/31/201912/31/2018
1. Company Service Cost$7,342 $8,345 $10,530 $1,263 $1,345 $1,160 
2. Interest Cost13,036 15,705 15,095 832 1,130 834 
3. Expected Return on Assets(22,139)(19,466)(22,250)(7,407)(5,785)(6,359)
4. Other Adjustments— — — — — — 
Subtotal(1,761)4,584 3,375 (5,312)(3,310)(4,365)
5. Amortization of:      
a. Net Transition Obligation/(Asset)— — — — — — 
b. Net Prior Service Cost/(Credit)(247)(281)(351)51 (34)(4,104)
c. Net Losses/(Gains)6,578 8,412 6,937 (783)— (250)
Total Amortization6,331 8,131 6,586 (732)(34)(4,354)
6. Net Periodic Benefit Cost4,570 12,715 9,961 (6,044)(3,344)(8,719)
7. Cost of settlements10,369 1,933 — — — — 
8. Total Expense for Year$14,939 $14,648 $9,961 $(6,044)$(3,344)$(8,719)
Development of funded status
Development of funded status
Table
11.2
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202012/31/201912/31/202012/31/2019
Actuarial Value of Benefit Obligations
1. Measurement Date12/31/202012/31/201912/31/202012/31/2019
2. Accumulated Benefit Obligation$423,305 $412,939 $28,714 $27,496 
Funded Status/Asset (Liability) on the Consolidated Balance Sheet
1. Projected Benefit Obligation$(423,713)$(413,350)$(28,714)$(27,496)
2. Plan Assets at Fair Value411,245 402,691 119,024 99,590 
3. Funded Status - Overfunded/AssetN/AN/A$90,310 $72,094 
4. Funded Status - Underfunded/Liability(12,468)(10,659)N/AN/A
Accumulated other comprehensive (income) loss
Table
11.3
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202012/31/201912/31/202012/31/2019
1. Net Actuarial (Gain)/Loss$98,899 $99,826 $(30,565)$(18,005)
2. Net Prior Service Cost/(Credit)(988)(1,237)2,673 2,724 
3. Net Transition Obligation/(Asset)— — — — 
4. Total at Year End$97,911 $98,589 $(27,892)$(15,281)
Change in projected benefit obligation
Table 11.4 shows the changes in the projected benefit obligation for 2020 and 2019.
Change in projected benefit / accumulated benefit
Table
11.4
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202012/31/201912/31/202012/31/2019
1. Benefit Obligation at Beginning of Year$413,350 $376,153 $27,496 $28,085 
2. Company Service Cost7,342 8,345 1,263 1,345 
3. Interest Cost13,036 15,705 832 1,130 
4. Plan Participants' Contributions— — 425 382 
5. Net Actuarial (Gain)/Loss 36,196 47,113 660 (2,075)
6. Benefit Payments from Fund (1)
(40,260)(30,829)(1,975)(826)
7. Benefit Payments Directly by Company(5,953)(3,105)— — 
8. Plan Amendments2 (5)— — 
9. Other Adjustment— — 13 (545)
10. Settlement (Gain)/Loss— (27)— — 
11. Benefit Obligation at End of Year$423,713 $413,350 $28,714 $27,496 
(1)Includes lump sum payments of $27.5 million and $18.5 million in 2020 and 2019, respectively, from our pension plan to eligible participants, which were former employees with vested benefits.
Change in plan assets
Tables 11.5 and 11.6 shows the changes in the fair value of the net assets available for plan benefits, and changes in other comprehensive income (loss) during 2020 and 2019.
Change in plan assets
Table
11.5
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202012/31/201912/31/202012/31/2019
1. Fair Value of Plan Assets at Beginning of Year$402,691 $359,719 $99,590 $77,762 
2. Company Contributions12,453 10,205 — — 
3. Plan Participants' Contributions— — 425 382 
4. Benefit Payments from Fund(40,260)(30,829)(1,975)(826)
5. Benefit Payments paid directly by Company(5,953)(3,105)— — 
6. Actual Return on Assets42,314 70,262 21,409 22,654 
7. Other Adjustment— (3,561)(425)(382)
8. Fair Value of Plan Assets at End of Year$411,245 $402,691 $119,024 $99,590 
Change in accumulated other comprehensive income (AOCI)
Change in accumulated other comprehensive income (loss) ("AOCI")
Table
11.6
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202012/31/201912/31/202012/31/2019
1. AOCI in Prior Year$98,589 $108,808 $(15,281)$3,629 
2. Increase/(Decrease) in AOCI    
a. Recognized during year - Prior Service (Cost)/Credit247 281 (51)34 
b. Recognized during year - Net Actuarial (Losses)/Gains(16,948)(8,412)782 — 
c. Occurring during year - Prior Service Cost2 (5)— — 
d. Occurring during year - Net Actuarial Losses/(Gains)16,021 (150)(13,342)(18,944)
e. Occurring during year - Net Settlement Losses/(Gains)— (1,933)— — 
3. AOCI in Current Year$97,911 $98,589 $(27,892)$(15,281)
Actuarial assumptions
The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions.
Actuarial assumptions
Table11.7
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
 12/31/202012/31/201912/31/202012/31/2019
Weighted-Average Assumptions Used to Determine
Benefit Obligations at year end
1. Discount Rate2.75 %3.45 %2.35 %3.20 %
2. Rate of Compensation Increase3.00 %3.00 %N/AN/A
3. Cash balance interest crediting rate2.50 %3.20 %N/AN/A
Weighted-Average Assumptions Used to Determine    
Net Periodic Benefit Cost for Year    
1. Discount Rate3.30 %4.40 %3.20 %4.25 %
2. Expected Long-term Return on Plan Assets5.75 %5.75 %7.50 %7.50 %
3. Rate of Compensation Increase3.00 %3.00 %N/AN/A
Assumed Health Care Cost Trend Rates at year end    
1. Health Care Cost Trend Rate Assumed for Next YearN/AN/A6.00 %6.00 %
2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate)N/AN/A5.00 %5.00 %
3. Year That the Rate Reaches the Ultimate Trend RateN/AN/A20242024
Year-end asset allocations of the plans
The year-end asset allocations of the plans are shown in table 11.8 below.
Plan assets
Table11.8
  Pension PlanOther Postretirement Benefits
 12/31/202012/31/201912/31/202012/31/2019
1. Equity Securities21 %23 %100 %100 %
2. Debt Securities79 %77 %— %— %
3. Total100 %100 %100 %100 %
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Schedule of investment allocation strategies
The equity investments use combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies:
StrategyObjectiveInvestment types
Return seeking growthFunded ratio improvement over the long term●Global quality growth
●Global low volatility
Return seeking bridgeDownside protection in the event of a declining equity market●Enduring asset
●Durable company
Minimum and maximum allocation ranges for fixed income securities and equity securities
The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these objectives the minimum and maximum allocation ranges for fixed income securities and equity securities are:
 MinimumMaximum
Equities (long only)70 %100 %
Real estate0 %15 %
Commodities0 %10 %
Fixed income/Cash0 %10 %
Actual and estimated future contributions and actual and estimated future benefit payments
Tables 11.12 and 11.13 show the current and estimated future contributions and benefit payments.
Company contributions
Table
11.12
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)12/31/202012/31/2020
Company Contributions for the Year Ending:
1. Current$12,453 $— 
2. Current + 16,200 — 
Benefits payments - total
Table
11.13
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)12/31/202012/31/2020
Actual Benefit Payments for the Year Ending:
1. Current$46,213 $1,975 
Expected Benefit Payments for the Year Ending:  
2. Current + 130,082 1,765 
3. Current + 229,929 1,995 
4. Current + 330,076 2,157 
5. Current + 429,567 2,241 
6. Current + 528,852 2,357 
7. Current + 6 - 10135,830 10,916 
Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Fair value of plan assets
Tables 11.9a and 11.9b set forth by level, within the fair value hierarchy, the pension plan assets and related accrued investment income at fair value as of December 31, 2020 and 2019. There were no securities that used Level 3 inputs.
Pension plan assets at fair value as of December 31, 2020
Table11.9a
(In thousands)
Level 1Level 2Total
Domestic Mutual Funds$4,842 $— $4,842 
Corporate Bonds— 231,190 231,190 
U.S. Government Securities26,407 — 26,407 
Municipal Bonds— 32,891 32,891 
Foreign Bonds— 33,368 33,368 
Pooled Equity Accounts— 82,547 82,547 
Total Assets at fair value$31,249 $379,996 $411,245 
Pension plan assets at fair value as of December 31, 2019
Table11.9b
(In thousands)
Level 1Level 2Total
Domestic Mutual Funds$7,325 $— $7,325 
Corporate Bonds— 203,684 203,684 
U.S. Government Securities32,166 2,511 34,677 
Municipal Bonds— 38,998 38,998 
Foreign Bonds— 34,024 34,024 
Pooled Equity Accounts— 83,983 83,983 
Total Assets at fair value$39,491 $363,200 $402,691 
Other Postretirement Benefit Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Fair value of plan assets
Tables 11.10a and 11.10b set forth the other postretirement benefits plan assets at fair value as of December 31, 2020 and 2019. All are Level 1 assets.
Other postretirement benefits plan assets at fair value as of December 31, 2020
Table11.10a
(In thousands)
Level 1
Domestic Mutual Funds$91,454 
International Mutual Funds27,570 
Total Assets at fair value$119,024 
Other postretirement benefits plan assets at fair value as of December 31, 2019
Table11.10b
(In thousands)
Level 1
Domestic Mutual Funds$77,640 
International Mutual Funds21,950 
Total Assets at fair value$99,590