Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2022		2021
(In thousands)
CHANGE IN BENEFIT OBLIGATIONS
Benefit obligations at beginning of period	$	169,976	$	202,267	$	79,245	$	100,898
Service cost		—		—		282		341
Interest cost		5,264		4,334		2,006		2,113
Settlement gain		(771)		(1,768)		—		—
Plan Amendments		—		(341)		—		—
Benefits paid		(22,164)		(27,014)		(4,834)		(5,676)
Other-primarily actuarial gain		(29,875)		(7,502)		(22,185)		(18,431)
Benefit obligations at end of period	$	122,430	$	169,976	$	54,514	$	79,245
CHANGE IN PLAN ASSETS
Value of plan assets at beginning of period	$	177,499	$	199,248	$	—	$	—
Actual return on plan assets		(34,325)		5,117		—		—
Employer contributions		117		148		4,834		5,676
Benefits paid		(22,164)		(27,014)		(4,834)		(5,676)
Value of plan assets at end of period	$	121,127	$	177,499	$	—	$	—
Accrued benefit net asset (obligation)	$	(1,303)	$	7,523	$	(54,514)	$	(79,245)
ITEMS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC BENEFIT COST
Prior service credit	$	945	$	1,091	$	—	$	—
Accumulated gain		5,164		16,102		40,334		20,657
	$	6,109	$	17,193		40,334	$	20,657
BALANCE SHEET AMOUNTS
Noncurrent asset	$	—	$	8,973	$	—	$	—
Current liability		(202)		(150)		(4,840)		(5,680)
Noncurrent liability		(1,101)		(1,300)		(49,674)		(73,565)
	$	(1,303)	$	7,523	$	(54,514)	$	(79,245)

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,
	2022		2021		2020		2022		2021		2020
(In thousands)
Service cost	$	—	$	—	$	—	$	282	$	341	$	419
Interest cost⁽¹⁾		5,264		4,334		5,498		2,006		2,113		2,392
Settlements⁽¹⁾		(771)		(1,768)		(896)		—		—		—
Expected return on plan assets⁽¹⁾		(6,173)		(7,245)		(8,283)		—		—		—
Amortization of prior service credits⁽¹⁾		(147)		(128)		(112)		—		—		—
Amortization of other actuarial losses (gains) ⁽¹⁾		(313)		(62)		—		(2,508)		—		(1,379)
Net benefit cost (credit)	$	(2,140)	$	(4,869)	$	(3,793)	$	(220)	$	2,454	$	1,432

(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,
	2022	2021
(Percentages)
Pension Benefits
Discount rate	5.20/5.15	2.67/2.49

Other Postretirement Benefits
Discount rate	5.19	2.63


	Year Ended	Year Ended	Year Ended
	December 31,	December 31,	December 31,
	2022	2021	2020
(Percentages)
Pension Benefits
Discount rate	4.47	2.50	2.72
Expected return on plan assets	4.06	4.30	4.65

Other Postretirement Benefits
Discount rate	2.63	2.17	3.09

Schedule of Allocation of Plan Assets


	Total				Level 1				Level 2				Level 3
	2022		2021		2022		2021		2022		2021		2022		2021

	(In thousands)
Fixed income securities:
U.S. government securities^(A)	$	37,148	$	42,273	$	34,143	$	41,129	$	3,005	$	1,144	$	—	$	—
Non-U.S. government securities^(B)		2,340		333		—		—		2,340		333		—		—
Corporate fixed income^(C)		41,286		81,906		—		—		41,286		81,906		—		—
State and local government securities^(D)		2,504		2,514		—		—		2,504		2,514		—		—
Other investments^(E)		15,616		23,828		—		—		15,616		23,828		—		—
Total	$	98,894	$	150,854	$	34,143	$	41,129	$	64,751	$	109,725	$	—	$	—
Assets at net asset value^(F)		22,233		26,645
	$	121,127	$	177,499

(A)

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

(B)

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.

(C)

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.

(D)

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.

(E)

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.

(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.

Schedule of Expected Benefit Payments


			Other
	Pension		Postretirement
	Benefits		Benefits

	(In thousands)
2023	$	16,833	$	5,199
2024		11,950		5,051
2025		10,686		4,952
2026		10,083		4,826
2027		9,879		4,731
Next 5 years		41,667		20,858
	$	101,098	$	45,617