Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Employee Benefit Plans |
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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, | | | 2021 | | 2020 | | 2021 | | 2020 | (In thousands) | | | | | | | | | | | | | CHANGE IN BENEFIT OBLIGATIONS | | | | | | | | | | | | | Benefit obligations at beginning of period | | $ | 202,267 | | $ | 217,548 | | $ | 100,898 | | $ | 87,867 | Service cost | | | — | | | — | | | 341 | | | 419 | Interest cost | | | 4,334 | | | 5,498 | | | 2,113 | | | 2,392 | Settlement gain | | | (1,768) | | | (896) | | | — | | | — | Curtailments | | | — | | | — | | | — | | | 284 | Plan Amendments | | | (341) | | | — | | | — | | | — | Benefits paid | | | (27,014) | | | (38,221) | | | (5,676) | | | (6,507) | Other-primarily actuarial (gain) loss | | | (7,502) | | | 18,338 | | | (18,431) | | | 16,443 | Benefit obligations at end of period | | $ | 169,976 | | $ | 202,267 | | $ | 79,245 | | $ | 100,898 | CHANGE IN PLAN ASSETS | | | | | | | | | | | | | Value of plan assets at beginning of period | | $ | 199,248 | | $ | 211,802 | | $ | — | | $ | — | Actual return on plan assets | | | 5,117 | | | 23,055 | | | — | | | — | Employer contributions | | | 148 | | | 2,612 | | | 5,676 | | | 6,507 | Benefits paid | | | (27,014) | | | (38,221) | | | (5,676) | | | (6,507) | Value of plan assets at end of period | | $ | 177,499 | | $ | 199,248 | | $ | — | | $ | — | Accrued benefit net asset (obiligation) | | $ | 7,523 | | $ | (3,019) | | $ | (79,245) | | $ | (100,898) | ITEMS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC BENEFIT COST | | | | | | | | | | | | | Prior service credit | | $ | 1,091 | | $ | 880 | | $ | — | | $ | — | Accumulated gain | | | 16,102 | | | 10,790 | | | 20,657 | | | 2,226 | | | $ | 17,193 | | $ | 11,670 | | | 20,657 | | $ | 2,226 | BALANCE SHEET AMOUNTS | | | | | | | | | | | | | Noncurrent asset | | $ | 8,973 | | $ | — | | $ | — | | $ | — | Current liability | | | (150) | | | (140) | | | (5,680) | | | (6,510) | Noncurrent liability | | | (1,300) | | | (2,879) | | | (73,565) | | | (94,388) | | | $ | 7,523 | | $ | (3,019) | | $ | (79,245) | | $ | (100,898) |
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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, | | | 2021 | | 2020 | | 2019 | | 2021 | | 2020 | | 2019 | (In thousands) | | | | | | | | | | | | | | | | | | | Service cost | | $ | — | | $ | — | | $ | — | | $ | 341 | | $ | 419 | | $ | 480 | Interest cost(1) | | | 4,334 | | | 5,498 | | | 8,141 | | | 2,113 | | | 2,392 | | | 3,505 | Curtailments | | | — | | | — | | | — | | | — | | | — | | | — | Settlements(1) | | | (1,768) | | | (896) | | | (1,326) | | | — | | | — | | | — | Expected return on plan assets(1) | | | (7,245) | | | (8,283) | | | (10,555) | | | — | | | — | | | — | Amortization of prior service credits(1) | | | (190) | | | (112) | | | (24) | | | — | | | — | | | — | Amortization of other actuarial losses (gains) (1) | | | — | | | — | | | (11) | | | — | | | (1,379) | | | (2,974) | Net benefit cost (credit) | | $ | (4,869) | | $ | (3,793) | | $ | (3,775) | | $ | 2,454 | | $ | 1,432 | | $ | 1,011 |
(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.” |
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Schedule of Assumptions Used |
| | | | | | | Year Ended | | Year Ended | | | December 31, | | December 31, | | | 2021 | | 2020 | (Percentages) | | | | | Pension Benefits | | | | | Discount rate | | 2.67/2.49 | | 2.19/1.96 | | | | | | Other Postretirement Benefits | | | | | Discount rate | | 2.63 | | 2.17 |
| | | | | | | | | Year Ended | | Year Ended | | Year Ended | | | December 31, | | December 31, | | December 31, | | | 2021 | | 2020 | | 2019 | (Percentages) | | | | | | | Pension Benefits | | | | | | | Discount rate | | 2.50 | | 2.72 | | 3.65 | Expected return on plan assets | | 4.30 | | 4.65 | | 5.10 | | | | | | | | Other Postretirement Benefits | | | | | | | Discount rate | | 2.17 | | 3.09 | | 4.12 |
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Schedule of Allocation of Plan Assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | Level 1 | | Level 2 | | Level 3 | | | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 | | | | (In thousands) | Equity Securities:(A) | | | | | | | | | | | | | | | | | | | | | | | | | U.S. small-cap | | $ | — | | $ | 2,287 | | $ | — | | $ | 2,287 | | $ | — | | $ | — | | $ | — | | $ | — | U.S. mid-cap | | | — | | | 2,890 | | | — | | | 2,890 | | | — | | | — | | | — | | | — | Fixed income securities: | | | | | | | | | | | | | | | | | | | | | | | | | U.S. government securities(B) | | | 42,273 | | | 31,850 | | | 41,129 | | | 18,705 | | | 1,144 | | | 13,145 | | | — | | | — | Non-U.S. government securities(C) | | | 333 | | | 1,612 | | | — | | | — | | | 333 | | | 1,612 | | | — | | | — | Corporate fixed income(D) | | | 81,906 | | | 98,357 | | | — | | | — | | | 81,906 | | | 98,357 | | | — | | | — | State and local government securities(E) | | | 2,514 | | | 2,962 | | | — | | | — | | | 2,514 | | | 2,962 | | | — | | | — | Other investments(G) | | | 23,828 | | | 3,519 | | | — | | | — | | | 23,828 | | | 3,519 | | | — | | | — | Total | | $ | 150,854 | | $ | 143,477 | | $ | 41,129 | | $ | 23,882 | | $ | 109,725 | | $ | 119,595 | | $ | — | | $ | — | Assets at net asset value(F) | | | 26,645 | | | 55,771 | | | | | | | | | | | | | | | | | | | | | $ | 177,499 | | $ | 199,248 | | | | | | | | | | | | | | | | | | |
(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. |
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Schedule of Expected Benefit Payments |
| | | | | | | | | | | | Other | | | Pension | | Postretirement | | | Benefits | | Benefits | | | | (In thousands) | 2022 | | $ | 11,245 | | $ | 5,968 | 2023 | | | 11,415 | | | 5,884 | 2024 | | | 11,476 | | | 5,617 | 2025 | | | 11,181 | | | 5,458 | 2026 | | | 10,892 | | | 5,275 | Next 5 years | | | 46,338 | | | 23,632 | | | $ | 102,547 | | $ | 51,834 |
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