Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Pension Benefit Costs (Credits)


	Pension Benefits				Other Postretirement Benefits
	Year Ended		Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,		December 31,
	2020		2019		2020		2019
(In thousands)
CHANGE IN BENEFIT OBLIGATIONS
Benefit obligations at beginning of period	$	217,548	$	228,873	$	87,867	$	88,563
Service cost		—		—		419		480
Interest cost		5,498		8,141		2,392		3,505
Settlement gain		(896)		(1,326)		—		—
Curtailments		—		—		284		30
Benefits paid		(38,221)		(34,918)		(6,507)		(7,304)
Other-primarily actuarial loss		18,338		16,778		16,443		2,593
Benefit obligations at end of period	$	202,267	$	217,548	$	100,898	$	87,867
CHANGE IN PLAN ASSETS
Value of plan assets at beginning of period	$	211,802	$	212,506	$	—	$	—
Actual return on plan assets		23,055		33,998		—		—
Employer contributions		2,612		216		6,507		7,304
Benefits paid		(38,221)		(34,918)		(6,507)		(7,304)
Value of plan assets at end of period	$	199,248	$	211,802	$	—	$	—
Accrued benefit cost	$	(3,019)	$	(5,746)	$	(100,898)	$	(87,867)
ITEMS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC BENEFIT COST
Prior service credit	$	880	$	992	$	—	$	—
Accumulated gain		10,790		14,537		2,226		20,333
	$	11,670	$	15,529		2,226	$	20,333
BALANCE SHEET AMOUNTS
Current liability	$	(140)	$	(270)	$	(6,510)	$	(7,300)
Noncurrent liability		(2,879)		(5,476)		(94,388)		(80,567)
	$	(3,019)	$	(5,746)	$	(100,898)	$	(87,867)

Other Postretirement Benefit Costs


	Pension Benefits						Other Postretirement Benefits
	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,		December 31,		December 31,		December 31,
	2020		2019		2018		2020		2019		2018
(In thousands)
Service cost	$	—	$	—	$	—	$	419	$	480	$	558
Interest cost⁽¹⁾		5,498		8,141		9,269		2,392		3,505		3,674
Curtailments		—		—		—		—		—		—
Settlements⁽¹⁾		(896)		(1,326)		(2,332)		—		—		—
Expected return on plan assets⁽¹⁾		(8,283)		(10,555)		(12,083)		—		—		—
Amortization of prior service credits⁽¹⁾		(112)		(24)		—		—		—		—
Amortization of other actuarial losses (gains) ⁽¹⁾		—		(11)		—		(1,379)		(2,974)		—
Net benefit cost (credit)	$	(3,793)	$	(3,775)	$	(5,146)	$	1,432	$	1,011	$	4,232

(1)

In accordance with the adoption of ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” these costs are recorded within Nonoperating expenses in the Consolidated Statements of Operations on the line item “Non-service related pension and postretirement benefit costs.”

Schedule of Assumptions Used


	Year Ended	Year Ended
	December 31,	December 31,
	2020	2019
(Percentages)
Pension Benefits
Discount rate	2.19/1.96	3.09/2.90

Other Postretirement Benefits
Discount rate	2.17	3.09


	Year Ended	Year Ended	Year Ended
	December 31,	December 31,	December 31,
	2020	2019	2018
(Percentages)
Pension Benefits
Discount rate	2.72	3.65	3.82
Expected return on plan assets	4.65	5.10	5.30

Other Postretirement Benefits
Discount rate	3.09	4.12	3.49

Schedule of Allocation of Plan Assets


	Total				Level 1				Level 2				Level 3
	2020		2019		2020		2019		2020		2019		2020		2019

	(In thousands)
Equity Securities:^(A)
U.S. small-cap	$	2,287	$	2,319	$	2,287	$	2,319	$	—	$	—	$	—	$	—
U.S. mid-cap		2,890		1,397		2,890		1,397		—		—		—		—
Fixed income securities:		—		—
U.S. government securities^(B)		31,850		50,610		18,705		35,751		13,145		14,859		—		—
Non-U.S. government securities^(C)		1,612		2,242		—		—		1,612		2,242		—		—
Corporate fixed income^(D)		98,357		108,023		—		—		98,357		108,023		—		—
State and local government securities^(E)		2,962		2,653		—		—		2,962		2,653		—		—
Other investments^(G)		3,519		—		—		—		3,519		—		—		—
Total	$	143,477	$	167,244	$	23,882	$	39,467	$	119,595	$	127,777	$	—	$	—
Assets at net asset value^(F)		55,771		53,418
Other liabilities^(H)		—		(8,860)
	$	199,248	$	211,802

(A)

Equity securities includes investments in 1) common stock, 2) preferred stock and 3) mutual funds. Investments in common and preferred stocks are valued using quoted market prices multiplied by the number of shares owned. Investments in mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date and are traded on listed exchanges.

(B)

U.S. government securities includes agency and treasury debt. These investments are valued using dealer quotes in an active market.

(C)

Non-U.S. government securities includes debt securities issued by foreign governments and are valued utilizing a price spread basis valuation technique with observable sources from investment dealers and research vendors.

(D)

Corporate fixed income is primarily comprised of corporate bonds and certain corporate asset-backed securities that are denominated in the U.S. dollar and are investment-grade securities. These investments are valued using dealer quotes.

(E)

State and local government securities include different U.S. state and local municipal bonds and asset backed securities, these investments are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes, benchmark yields and securities, reported trades, issuer trades and/or other applicable data.

(F)

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 in accordance with Accounting Standards Update 2015-07. These investments are primarily mutual funds that are highly liquid with no restrictions on ability to redeem the funds into cash.

(G)

Other investments include cash, forward contracts, derivative instruments, credit default swaps, interest rate swaps and mutual funds. Investments in interest rate swaps are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer trades and/or other applicable data. Forward contracts and derivative instruments are valued at their exchange listed price or broker quote in an active market. The mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date and are traded on listed exchanges.

(H)

Net payable amount due for pending securities purchased and sold due to broker/dealer.

Schedule of Expected Benefit Payments


			Other
	Pension		Postretirement
	Benefits		Benefits

	(In thousands)
2021	$	13,143	$	12,514
2022		13,902		12,521
2023		12,605		12,351
2024		12,221		12,237
2025		13,351		12,131
Next 5 years		52,093		60,057
	$	117,315	$	121,811