XML 57 R37.htm IDEA: XBRL DOCUMENT v3.22.4
Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
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, 2022, 2021, and 2020 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, 2022 and 2021.
Components of net periodic benefit cost
Table
11.1
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202212/31/202112/31/202012/31/202212/31/202112/31/2020
Company Service Cost$7,153 $7,569 $7,342 $1,307 $1,508 $1,263 
Interest Cost12,461 11,276 13,036 694 648 832 
Expected Return on Assets(18,064)(20,657)(22,139)(10,502)(8,863)(7,407)
Amortization of:      
Net Transition Obligation/(Asset)— — — — — — 
Net Prior Service Cost/(Credit)(163)(239)(247)489 213 51 
Net Losses/(Gains)5,726 5,490 6,578 (3,103)(1,697)(783)
Cost of Settlements and Curtailments13,801 6,012 10,369 — — — 
Net Periodic Benefit Cost$20,914 $9,451 $14,939 $(11,115)$(8,191)$(6,044)
Development of funded status
Development of funded status
Table
11.2
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202212/31/202112/31/202212/31/2021
Actuarial Value of Benefit Obligations
Measurement Date12/31/202212/31/202112/31/202212/31/2021
Accumulated Benefit Obligation$274,975 $390,747 $29,580 $25,635 
Funded Status/Asset (Liability) on the Consolidated Balance Sheet
Benefit Obligation$(274,975)$(391,698)$(29,580)$(25,635)
Plan Assets at Fair Value250,674 391,555 111,154 140,839 
Funded Status - Overfunded/AssetN/AN/A$81,574 $115,204 
Funded Status - Underfunded/Liability(24,301)(143)N/AN/A
Accumulated other comprehensive (income) loss
Table
11.3
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202212/31/202112/31/202212/31/2021
Net Actuarial (Gain)/Loss$89,711 $84,045 $(13,781)$(47,352)
Net Prior Service Cost/(Credit)3,245 (747)13,249 2,461 
Net Transition Obligation/(Asset)— — — — 
Total at Year End$92,956 $83,298 $(532)$(44,891)
Change in projected benefit obligation
Table 11.4 shows the changes in the projected benefit obligation for the years ended December 31, 2022 and 2021.
Change in projected benefit / accumulated benefit
Table
11.4
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202212/31/202112/31/202212/31/2021
Benefit Obligation at Beginning of Year$391,698 $423,713 $25,635 $28,714 
Company Service Cost7,153 7,569 1,307 1,508 
Interest Cost12,461 11,276 694 648 
Plan Participants' Contributions— — 463 456 
Net Actuarial (Gain)/Loss (83,240)(10,018)(8,123)(3,574)
Benefit Payments from Fund(13,165)(12,866)(1,504)(1,963)
Benefit Payments Paid Directly by Company(114)(362)— — 
Plan Amendments3,247 2 11,278 — 
Curtailments(352)— — — 
Settlement Payments from Fund (1)
(42,713)(27,616)— — 
Other Adjustment— — (170)(154)
Benefit Obligation at End of Year$274,975 $391,698 $29,580 $25,635 
(1)Represents lump sum payments from our pension plan to eligible participants, who were former employees with vested benefits.
Changes in fair value of plan assets and other comprehensive income (loss)
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) for the years ended December 31, 2022 and 2021.
Change in plan assets
Table
11.5
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202212/31/202112/31/202212/31/2021
Fair Value of Plan Assets at Beginning of Year$391,555 $411,245 $140,839 $119,024 
Actual Return on Assets(91,303)13,992 (28,088)23,773 
Company Contributions6,414 7,162 — — 
Plan Participants' Contributions— — 463 456 
Benefit Payments from Fund(13,165)(12,866)(1,504)(1,963)
Benefit Payments Paid Directly by Company(114)(362)— — 
Settlement Payments from Fund(42,713)(27,616)— — 
Other Adjustment— — (556)(451)
Fair Value of Plan Assets at End of Year$250,674 $391,555 $111,154 $140,839 
Change in accumulated other comprehensive income (loss) ("AOCI")
Table
11.6
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202212/31/202112/31/202212/31/2021
AOCI in Prior Year$83,298 $97,911 $(44,891)$(27,892)
Increase/(Decrease) in AOCI    
Recognized during year - Prior Service (Cost)/Credit745 239 (489)(213)
Recognized during year - Net Actuarial (Losses)/Gains(20,109)(11,502)3,103 1,697 
Occurring during year - Prior Service Cost3,247 2 11,277 — 
Occurring during year - Net Actuarial Losses/(Gains)25,775 (3,352)30,468 (18,483)
AOCI in Current Year$92,956 $83,298 $(532)$(44,891)
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
 12/31/202212/31/202112/31/202212/31/2021
Weighted-Average Assumptions Used to Determine
Benefit Obligations at year end
1. Discount Rate5.60 %3.05 %5.60 %2.85 %
2. Rate of Compensation Increase3.00 %3.00 %N/AN/A
3. Cash balance interest crediting rate3.97 %2.80 %N/AN/A
Weighted-Average Assumptions Used to Determine    
Net Periodic Benefit Cost for Year    
1. Discount Rate3.70 %2.80 %2.85 %2.35 %
2. Expected Long-term Return on Plan Assets5.25 %5.25 %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/A7.00 %6.50 %
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/A20312028
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
 12/31/202212/31/202112/31/202212/31/2021
Equity Securities20 %21 %100 %100 %
Debt Securities80 %79 %— %— %
Total100 %100 %100 %100 %
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
Expected future benefit payments from the plans are shown in Table 11.12 below.
Expected future benefit payments
Table11.12
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)12/31/202212/31/2022
Current + 123,966 2,211 
Current + 223,309 2,476 
Current + 323,104 2,780 
Current + 423,363 2,886 
Current + 523,194 2,929 
Current + 6 - 10102,588 16,102 
Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Schedule of 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, 2022 and 2021. There were no securities that used Level 3 inputs.
Pension plan assets at fair value as of December 31, 2022
Table11.9a
(In thousands)
Level 1Level 2Total
Domestic mutual funds$67 $— $67 
U.S. government securities13,328 — 13,328 
Corporate debt securities
Corporate debt securities and other— 146,854 146,854 
Non-government foreign debt securities— 20,793 20,793 
Municipal bonds— 18,336 18,336 
Pooled equity accounts— 51,296 51,296 
Total Assets at fair value$13,395 $237,279 $250,674 
Pension plan assets at fair value as of December 31, 2021
Table11.9b
(In thousands)
Level 1Level 2Total
Domestic mutual funds$4,071 $— $4,071 
U.S. government securities32,947 — 32,947 
Corporate debt Securities
Corporate debt securities and other— 221,033 221,033 
Non-government foreign debt securities— 34,103 34,103 
Municipal bonds— 20,093 20,093 
Pooled equity accounts— 79,308 79,308 
Total Assets at fair value$37,018 $354,537 $391,555 
Other Postretirement Benefit Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Schedule of 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, 2022 and 2021. All are Level 1 assets.
Other postretirement benefits plan assets at fair value as of December 31, 2022
Table11.10a
(In thousands)
Level 1
Domestic Mutual Funds$89,584 
International Mutual Funds21,570 
Total Assets at fair value$111,154 
Other postretirement benefits plan assets at fair value as of December 31, 2021
Table11.10b
(In thousands)
Level 1
Domestic Mutual Funds$112,770 
International Mutual Funds28,069 
Total Assets at fair value$140,839