Pension and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Amounts Recognized in Consolidated Statements of Financial Position

Amounts recognized in the consolidated statements of financial position consist of (in thousands):

	Qualified						Non-qualified
	December 31,
	2019			2018			2019			2018
Reconciliation of benefit obligation
Obligation at January 1,	$	344,974		$	415,824		$	68,035		$	75,014
Service cost	524			498			—			—
Interest cost on projected benefit obligation	14,867			13,428			2,554			2,418
Actuarial (gain) loss	48,210			(57,807		)	3,847			(496		)
Benefits paid	(21,302		)	(26,969		)	(8,703		)	(8,901		)
Obligation at December 31,	387,273			344,974			65,733			68,035
Reconciliation of fair value of plan assets
Fair value of plan assets at January 1,	402,579			382,724			—			—
Actual return on plan assets	88,827			(13,184		)	—			—
Employer contributions	—			60,000			8,703			8,901
Benefits paid	(21,305		)	(26,961		)	(8,703		)	(8,901		)
Fair value of plan assets at December 31,	470,101			402,579			—			—
Funded status at December 31,	$	82,828		$	57,605		$	(65,733	)	$	(68,035	)

Components of Net Periodic Benefit Cost for Defined Benefit Pension Plans

The components of net periodic benefit cost for the defined benefit pension plans are shown below (in thousands):

	Years ended December 31,
	2019			2018			2017
Service cost	$	523		$	499		$	63
Interest cost	17,421			15,846			18,772
Expected return on plan assets	(24,248		)	(24,164		)	(23,579		)
Amortization of net actuarial loss	7,070			8,560			23,832
Net periodic benefit cost	$	766		$	741		$	19,088

Defined Benefit Pension Plans Recognized as Component of Other Comprehensive Income (Loss)

Amounts related to the defined benefit pension plans recognized as a component of AOCI are shown below (in thousands):

	Years ended December 31,
	2019			2018			2017
Actuarial gain	$	19,615		$	28,260		$	20,040
Deferred tax expense	(4,120		)	(5,934		)	(4,209		)
Cumulative effect of change in accounting	(16,491		)	—			—
Other comprehensive income, net of tax	$	(996	)	$	22,326		$	15,831

Net Periodic Benefit Cost Not yet Recognized

Amounts recognized as a component of AOCI that have not been recognized as a component of the combined net periodic benefit cost of the defined benefit pension plans, are shown below (in thousands):

	Years ended December 31,
	2019			2018
Net actuarial loss	$	(69,915	)	$	(68,653	)
Deferred tax benefit	14,683			14,417
Amounts included in AOCI	$	(55,232	)	$	(54,236	)

Weighted Average Assumptions Used in Measurement of Benefit Obligation

The weighted average assumptions used are shown below:

	Used for Net Benefit Cost in Fiscal Year 1/1/2019 to 12/31/2019		Used for Benefit Obligations as of 12/31/2019
Discount rate	4.50	%	3.51	%
Long-term rate of return	6.25		N/A

Pension Benefit Payments Expected to be Paid

The following table shows pension benefit payments expected to be paid (in thousands):

2020	$	44,247
2021	33,417
2022	32,714
2023	32,113
2024	31,654
2025-2029	140,543

Fair Values of Plan Assets by Asset Category

The fair value (hierarchy measurements) of the pension plan assets by asset category are shown below (in thousands):

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Asset Category
Corporate debt securities	$	149,409	$	—	$	149,409	$	—
Residential mortgage-backed securities	4,041		—		4,041		—
Mutual funds	25,594		25,594		—		—
Equity securities by sector
Consumer goods	46,260		46,260		—		—
Energy and utilities	27,410		27,410		—		—
Finance	57,900		57,900		—		—
Healthcare	37,017		37,017		—		—
Industrials	17,996		17,996		—		—
Information technology	60,225		60,225		—		—
Other	35,597		35,597		—		—
Commercial paper	2,948		—		2,948		—
Unallocated group annuity contract	598		—		598		—
Other	5,106		5,106		—		—
Total	$	470,101	$	313,105	$	156,996	$	—

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Asset Category
Corporate debt securities	$	140,836	$	—	$	140,836	$	—
Residential mortgage-backed securities	4,644		—		4,644		—
Mutual funds	9,161		9,161		—		—
Equity securities by sector
Consumer goods	44,746		44,746		—		—
Energy and utilities	23,844		23,844		—		—
Finance	45,131		45,131		—		—
Healthcare	31,259		31,259		—		—
Industrials	16,033		16,033		—		—
Information technology	47,226		47,226		—		—
Other	28,963		28,963		—		—
Commercial paper	6,836		—		6,836		—
Unallocated group annuity contract	1,131		—		1,131		—
Other	2,769		2,714		55		—
Total	$	402,579	$	249,077	$	153,502	$	—