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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
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, 

2023

2022

2023

2022

(In thousands)

CHANGE IN BENEFIT OBLIGATIONS

  

  

  

  

Benefit obligations at beginning of period

$

122,430

$

169,976

$

54,514

$

79,245

Service cost

 

 

 

231

 

282

Interest cost

 

4,108

 

5,264

 

2,694

 

2,006

Settlement gain

 

(1,586)

 

(771)

 

 

Plan Settlements

(124,382)

Benefits paid

 

(4,652)

 

(22,164)

 

(3,858)

 

(4,834)

Other-primarily actuarial gain

 

5,070

 

(29,875)

 

(2,227)

 

(22,185)

Benefit obligations at end of period

$

988

$

122,430

$

51,354

$

54,514

CHANGE IN PLAN ASSETS

 

  

 

  

 

  

 

  

Value of plan assets at beginning of period

$

121,127

$

177,499

$

$

Actual return on plan assets

 

4,625

 

(34,325)

 

 

Employer contributions

 

3,282

 

117

 

3,858

 

4,834

Plan Settlements

(124,382)

Benefits paid

 

(4,652)

 

(22,164)

 

(3,858)

 

(4,834)

Value of plan assets at end of period

$

$

121,127

$

$

Accrued benefit net obligation

$

(988)

$

(1,303)

$

(51,354)

$

(54,514)

ITEMS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC BENEFIT COST

 

  

 

  

 

  

 

  

Prior service credit

$

$

945

$

$

Accumulated gain

 

1,150

 

5,164

 

32,871

 

40,334

$

1,150

$

6,109

32,871

$

40,334

BALANCE SHEET AMOUNTS

 

  

 

  

 

  

 

  

Noncurrent asset

$

$

$

$

Current liability

(110)

(202)

(3,860)

(4,840)

Noncurrent liability

 

(878)

 

(1,101)

 

(47,494)

 

(49,674)

$

(988)

$

(1,303)

$

(51,354)

$

(54,514)

Schedule of 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, 

2023

2022

2021

2023

2022

2021

(In thousands)

Service cost

$

$

$

$

231

$

282

$

341

Interest cost(1)

 

4,108

 

5,264

 

4,334

 

2,694

 

2,006

 

2,113

Settlements/Terminations(1)

 

(1,586)

 

(771)

 

(1,768)

 

 

 

Expected return on plan assets(1)

 

(4,048)

 

(6,173)

 

(7,245)

 

 

 

Amortization of prior service credits(1)

 

(98)

 

(147)

 

(128)

 

 

 

Amortization of other actuarial losses (gains) (1)

 

(553)

 

(313)

 

(62)

 

(9,690)

 

(2,508)

 

Net benefit cost (credit)

$

(2,177)

$

(2,140)

$

(4,869)

$

(6,765)

$

(220)

$

2,454

(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 Income Statements on the line item “Non-service related pension and postretirement benefit credits (costs).”

Schedule of Assumptions Used

    

Year Ended

    

Year Ended

December 31, 

December 31, 

2023

2022

(Percentages)

 

  

 

  

Pension Benefits

 

  

 

  

Discount rate

 

4.89

 

5.20/5.15

Other Postretirement Benefits

 

  

 

  

Discount rate

 

4.94

 

5.19

    

Year Ended

    

Year Ended

    

Year Ended

December 31, 

December 31, 

December 31, 

2023

2022

2021

(Percentages)

 

  

 

  

 

  

Pension Benefits

 

  

 

  

 

  

Discount rate

 

5.20

 

4.47

 

2.50

Expected return on plan assets

 

4.20

 

4.06

 

4.30

Other Postretirement Benefits

 

  

 

  

 

  

Discount rate

 

5.19

 

2.63

 

2.17

Schedule of Allocation of Plan Assets

    

Total

    

Level 1

    

    Level 2

    

Level 3

2023

2022

2023

2022

2023

2022

2023

2022

(In thousands)

Fixed income securities:

 

 

 

  

 

  

 

  

 

  

 

  

 

  

U.S. government securities(A)

$

$

37,148

$

$

34,143

$

$

3,005

$

$

Non-U.S. government securities(B)

 

 

2,340

 

 

 

 

2,340

 

 

Corporate fixed income(C)

 

 

41,286

 

 

 

 

41,286

 

 

State and local government securities(D)

 

 

2,504

 

 

 

 

2,504

 

 

Other investments(E)

 

 

15,616

 

 

 

 

15,616

 

 

Total

$

$

98,894

$

$

34,143

$

$

64,751

$

$

Assets at net asset value(F)

 

 

22,233

 

  

 

  

 

  

 

  

 

  

 

  

$

$

121,127

(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)

2024

$

109

$

4,699

2025

 

106

 

4,645

2026

 

103

 

4,564

2027

 

99

 

4,493

2028

 

95

 

4,381

Next 5 years

 

393

 

19,208

$

905

$

41,990