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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Employee Benefit Plans  
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)

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.”

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

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.

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