XML 99 R52.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
Pension Benefit Costs
Summaries of the changes in the benefit obligations, plan assets and funded status of the plans are as follows:
 
Pension Benefits
 
Other Postretirement Benefits
 
Year Ended December 31, 2019
 
Year Ended December 31, 2018
 
Year Ended December 31, 2019
 
Year Ended December 31, 2018
(In thousands)
 
 
 
 
 
 
 
CHANGE IN BENEFIT OBLIGATIONS
 
 
 
 
 
 
 
Benefit obligations at beginning of period
$
228,873

 
$
270,098

 
$
88,563

 
$
110,519

Service cost
—

 
—

 
480

 
558

Interest cost
8,141

 
9,269

 
3,505

 
3,674

Settlement gain
(1,326
)
 
(2,332
)
 
—

 
—

Curtailments
—

 
—

 
30

 
—

Benefits paid
(34,918
)
 
(36,895
)
 
(7,304
)
 
(5,388
)
Other-primarily actuarial (gain) loss
16,778

 
(11,267
)
 
2,593

 
(20,800
)
Benefit obligations at end of period
$
217,548

 
$
228,873

 
$
87,867

 
$
88,563

CHANGE IN PLAN ASSETS
 
 
 
 
 
 
 
Value of plan assets at beginning of period
$
212,506

 
$
255,642

 
$
—

 
$
—

Actual return on plan assets
33,998

 
(6,463
)
 
—

 
—

Employer contributions
216

 
222

 
7,304

 
5,388

Benefits paid
(34,918
)
 
(36,895
)
 
(7,304
)
 
(5,388
)
Value of plan assets at end of period
$
211,802

 
$
212,506

 
$
—

 
$
—

Accrued benefit cost
$
(5,746
)
 
$
(16,367
)
 
$
(87,867
)
 
$
(88,563
)
ITEMS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC BENEFIT COST
 
 
 
 
 
 
 
Prior service credit
$
992

 
$
—

 
$
—

 
$
—

Accumulated gain
14,537

 
8,899

 
20,333

 
25,936

 
$
15,529

 
$
8,899

 
$
20,333

 
$
25,936

BALANCE SHEET AMOUNTS
 
 
 
 
 
 
 
Current liability
$
(270
)
 
$
(220
)
 
$
(7,300
)
 
$
(5,400
)
Noncurrent liability
(5,476
)
 
(16,147
)
 
(80,567
)
 
(83,163
)
 
$
(5,746
)
 
$
(16,367
)
 
$
(87,867
)
 
$
(88,563
)
Other Postretirement Benefit Costs The following table details the components of pension and postretirement benefit costs (credits):
 
Pension Benefits
 
Other Postretirement Benefits
 
Year Ended December 31, 2019
 
Year Ended December 31, 2018
 
Year Ended December 31, 2017
 
Year Ended December 31, 2019
 
Year Ended December 31, 2018
 
Year Ended December 31, 2017
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
—

 
$
—

 
$
—

 
$
480

 
$
558

 
$
671

Interest cost(1)
8,141

 
9,269

 
11,169

 
3,505

 
3,674

 
4,150

Curtailments
—

 
—

 
—

 
—

 
—

 
(520
)
Settlements(1)
(1,326
)
 
(2,332
)
 
(1,532
)
 
—

 
—

 
—

Expected return on plan assets(1)
(10,555
)
 
(12,083
)
 
(16,498
)
 
—

 
—

 
—

Amortization of prior service credits(1)
(24
)
 
—

 
—

 
—

 
—

 
—

Amortization of other actuarial losses (gains) (1)
(11
)
 
—

 
—

 
(2,974
)
 
—

 
—

Net benefit cost (credit)
$
(3,775
)
 
$
(5,146
)
 
$
(6,861
)
 
$
1,011

 
$
4,232

 
$
4,301



(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 costs.”
Schedule of Assumptions Used The following table provides the assumptions used to determine the actuarial present value of projected benefit obligations for the respective periods.
 
Year Ended December 31, 2019
 
Year Ended December 31, 2018
(Percentages)
 
 
 
Pension Benefits
 
 
 
Discount rate
3.09/2.90
 
4.11/3.94
 
 
 
 
Other Postretirement Benefits
 
 
 
Discount rate
3.09
 
4.12

The following table provides the weighted average assumptions used to determine net periodic benefit cost for the respective periods.
 
Year Ended December 31, 2019
 
Year Ended December 31, 2018
 
Year Ended December 31, 2017
(Percentages)
 
 
 
 
 
Pension Benefits
 
 
 
 
 
Discount rate
3.65
 
3.82
 
3.77
Expected return on plan assets
5.10
 
5.30
 
6.20
 
 
 
 
 
 
Other Postretirement Benefits
 
 
 
 
 
Discount rate
4.12
 
3.49
 
3.85
Schedule of Allocation of Plan Assets
The Company’s pension plan assets at December 31, 2019 and 2018, respectively, are categorized below according to the fair value hierarchy as defined in Note 16, “Fair Value Measurements”:
 
Total
 
Level 1
 
Level 2
 
Level 3
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
(In thousands)
Equity Securities:(A)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. small-cap
$
2,319

 
$
2,751

 
$
2,319

 
$
2,751

 
$
—

 
$
—

 
$
—

 
$
—

U.S. mid-cap
1,397

 
1,182

 
1,397

 
1,182

 
—

 
—

 
—

 
—

U.S. large-cap
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Non-U.S.
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Fixed income securities:

 

 
 
 
 
 
 
 
 
 
 
 
—

U.S. government securities(B)
50,610

 
43,829

 
35,751

 
38,436

 
14,859

 
5,393

 
—

 
—

Non-U.S. government securities(C)
2,242

 
2,092

 
—

 
—

 
2,242

 
2,092

 
—

 
—

U.S. government asset and mortgage backed securities(D)
—

 
7,667

 
—

 
—

 
—

 
7,667

 
—

 
—

Corporate fixed income(E)
108,023

 
68,762

 
—

 
—

 
108,023

 
68,762

 
—

 
—

State and local government securities(F)
2,653

 
3,480

 
—

 
—

 
2,653

 
3,480

 
—

 
—

Other investments(I)
—

 
5,223

 
—

 
—

 
—

 
5,223

 
—

 
—

Total
$
167,244

 
$
134,986

 
$
39,467

 
$
42,369

 
$
127,777

 
$
92,617

 
$
—

 
$
—

Assets at net asset value(G)
53,418

 
82,765

 
 
 
 
 
 
 
 
 
 
 
 
Short-term investments(H)
—

 
7,003

 
 
 
 
 
 
 
 
 
 
 
 
Other liabilities(J)
(8,860
)
 
(12,248
)
 
 
 
 
 
 
 
 
 
 
 
 
 
$
211,802

 
$
212,506

 
 
 
 
 
 
 
 
 
 
 
 
 (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) U.S. government asset and mortgage backed securities includes government-backed mortgage funds which are valued utilizing an income approach that includes various valuation techniques and sources such as discounted cash flows models, benchmark yields and securities, reported trades, issuer trades and/or other applicable data.
(E) 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.
(F) 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.
(G) 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.
(H) Short-term investments include governmental agency funds, government repurchase agreements, commingled funds, and pooled funds and mutual funds. Governmental agency funds are valued utilizing an option adjusted spread valuation technique and sources such as interest rate generation processes, benchmark yields and broker quotes. Investments in governmental
repurchase agreements, commingled funds and pooled funds and mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.
(I) 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.
(J)Net payable amount due for pending securities purchased and sold due to broker/dealer.
Schedule of Expected Benefit Payments
The following represents expected future benefit payments from the plan:
 
 
 
Other
 
Pension
 
Postretirement
 
Benefits
 
Benefits
 
(In thousands)
2020
$
18,016

 
$
12,043

2021
16,603

 
12,273

2022
15,257

 
12,071

2023
14,240

 
11,974

2024
13,640

 
11,836

Next 5 years
60,068

 
58,640

 
$
137,824

 
$
118,837