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Pensions and Other Postretirement Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Defined Benefit Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Amounts Recognized in Balance Sheet The amounts recognized in the Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows:
Pension PlansSERP
As of December 31As of December 31
(in thousands)2020201920202019
Noncurrent asset$1,708,305 $1,292,350 $— $— 
Current liability— — (6,495)(6,447)
Noncurrent liability— — (115,804)(109,746)
Recognized Asset (Liability)$1,708,305 $1,292,350 $(122,299)$(116,193)
Schedule of Estimated Benefit Payments
At December 31, 2020, future estimated benefit payments, excluding charges for early retirement programs, are as follows:
(in thousands)Pension PlansSERP
2021$61,312 $6,576 
202261,461 6,818 
202361,888 7,014 
202462,496 7,150 
202563,056 7,229 
2026–2030303,420 36,132 
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net periodic cost for the defined benefit plans:
Pension PlansSERP
As of December 31As of December 31
(in thousands)2020201920202019
Unrecognized actuarial (gain) loss$(839,156)$(467,535)$32,681 $30,500 
Unrecognized prior service cost7,355 10,116 367 698 
Gross Amount(831,801)(457,419)33,048 31,198 
Deferred tax liability (asset)224,586 123,503 (8,923)(8,423)
Net Amount$(607,215)$(333,916)$24,125 $22,775 
Defined Benefit Plans [Member] | Benefit Obligation [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used
Key assumptions utilized for determining the benefit obligation are as follows:
Pension PlansSERP
As of December 31As of December 31
 2020201920202019
Discount rate2.5%3.3%2.5%3.3%
Rate of compensation increase – age graded
5.0%–1.0%
5.0%–1.0%
5.0%–1.0%
5.0%–1.0%
Cash balance interest crediting rate
1.41% with phase in to 2.50% in 2023
2.77% with phase in to 3.30% in 2022
——
Defined Benefit Plans [Member] | Periodic Cost [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used
The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key assumptions utilized to determine periodic cost:
Pension PlansSERP
Year Ended December 31Year Ended December 31
202020192018202020192018
Discount rate (1)
3.3%

4.3%

4.0%/3.6%

3.3%

4.3%

3.6%
Expected return on plan assets6.25%6.25%6.25%———
Rate of compensation increase – age graded
5.0%–1.0%
5.0%–1.0%
5.0%–1.0%
5.0%–1.0%
5.0%–1.0%
5.0%–1.0%
Cash balance interest crediting rate
2.77% with phase in to 3.30% in 2022
3.45% with phase in to 4.30% in 2021
2.23% with phase in to 3.00% in 2020
———
____________
(1)    As a result of the Kaplan University transaction, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of March 22, 2018. The remeasurement changed the discount rate from 3.6% for the period January 1 to March 23, 2018 to 4.0% for the period after March 23, 2018.
Pension Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Obligation, Asset and Funding Information
The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans:
Pension Plans
As of December 31
(in thousands)20202019
Change in Benefit Obligation
Benefit obligation at beginning of year$1,020,356 $1,116,569 
Service cost22,656 20,422 
Interest cost32,587 46,821 
Amendments69 5,725 
Actuarial loss78,900 124,285 
Benefits paid(73,232)(64,354)
Special termination benefits13,781 6,432 
Settlement— (235,544)
Benefit Obligation at End of Year$1,095,117 $1,020,356 
Change in Plan Assets  
Fair value of assets at beginning of year$2,312,706 $2,120,127 
Actual return on plan assets563,948 492,477 
Benefits paid(73,232)(64,354)
Settlement— (235,544)
Fair Value of Assets at End of Year$2,803,422 $2,312,706 
Funded Status$1,708,305 $1,292,350 
Schedule of Net (Benefit) Costs
The total (benefit) cost arising from the Company’s defined benefit pension plans consists of the following components:
Pension Plans
Year Ended December 31
(in thousands)202020192018
Service cost$22,656 $20,422 $18,221 
Interest cost32,587 46,821 46,787 
Expected return on assets(113,427)(122,790)(129,220)
Amortization of prior service cost2,830 2,882 150 
Recognized actuarial gain— — (9,969)
Net Periodic Benefit for the Year(55,354)(52,665)(74,031)
Curtailment— — (806)
Settlement— (91,676)(26,917)
Special separation benefit expense13,781 6,432 — 
Total Benefit for the Year$(41,573)$(137,909)$(101,754)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
   
Current year actuarial (gain) loss$(371,621)$(245,402)$111,084 
Current year prior service cost69 5,725 7,183 
Amortization of prior service cost(2,830)(2,882)(150)
Recognized net actuarial gain— — 9,969 
Curtailment and settlement— 91,676 26,887 
Total Recognized in Other Comprehensive Income (Before Tax Effects)$(374,382)$(150,883)$154,973 
Total Recognized in Total Benefit and Other Comprehensive Income (Before Tax Effects)
$(415,955)$(288,792)$53,219 
Allocation of the Assets of the Company's Pension Plans The assets of the Company’s pension plans were allocated as follows:
As of December 31
20202019
U.S. equities58 %62 %
Private investment fund18 %7 %
U.S. stock index fund9 %14 %
International equities8 %7 %
U.S. fixed income7 %10 %
 100 %100 %
Fair Value, Assets Measured on Recurring Basis
The Company’s pension plan assets measured at fair value on a recurring basis were as follows:
As of December 31, 2020
(in thousands)Level 1Level 2Level 3Total
Cash equivalents and other short-term investments$2,218 $197,655 $— $199,873 
Equity securities
U.S. equities1,614,879 — — 1,614,879 
International equities233,818 — — 233,818 
Private investment fund— — 496,458 496,458 
U.S. stock index fund— — 256,291 256,291 
Total Investments$1,850,915 $197,655 $752,749 $2,801,319 
Receivables, net 2,103 
Total $2,803,422 
As of December 31, 2019
(in thousands)Level 1Level 2Level 3Total
Cash equivalents and other short-term investments$2,133 $234,999 $— $237,132 
Equity securities
U.S. equities1,439,098 — — 1,439,098 
International equities161,377 — — 161,377 
U.S. stock index fund— — 322,229 322,229 
Private investment fund— — 151,854 151,854 
Total Investments$1,602,608 $234,999 $474,083 $2,311,690 
Receivables, net 1,016 
Total $2,312,706 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following table provides a reconciliation of changes in pension assets measured at fair value on a recurring basis, using Level 3 inputs:
(in thousands)Private
Investment Fund		U.S. Stock
Index Fund
As of December 31, 2018$— $601,395 
Purchases, sales, and settlements, net150,000 (425,000)
Actual return on plan assets:
Gains relating to assets sold— 68,658 
Gains relating to assets still held at year-end1,854 77,176 
As of December 31, 2019151,854 322,229 
Purchases, sales, and settlements, net130,000 (100,000)
Actual return on plan assets:
Losses relating to assets sold— (5,763)
Gains relating to assets still held at year-end214,604 39,825 
As of December 31, 2020$496,458 $256,291 
Supplemental Executive Retirement Plan (SERP) [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Obligation, Asset and Funding Information
SERP
As of December 31
(in thousands)20202019
Change in Benefit Obligation  
Benefit obligation at beginning of year$116,193 $102,548 
Service cost954 858 
Interest cost3,678 4,314 
Actuarial loss7,448 15,544 
Benefits paid(5,974)(7,071)
Benefit Obligation at End of Year$122,299 $116,193 
Change in Plan Assets 
Fair value of assets at beginning of year$— $— 
Employer contributions5,974 7,071 
Benefits paid(5,974)(7,071)
Fair Value of Assets at End of Year$— $— 
Funded Status$(122,299)$(116,193)
Schedule of Net (Benefit) Costs
SERP
Year Ended December 31
(in thousands)202020192018
Service cost$954 $858 $819 
Interest cost3,678 4,314 3,865 
Amortization of prior service cost331 339 311 
Recognized actuarial loss5,267 2,314 2,403 
Total Cost for the Year$10,230 $7,825 $7,398 
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial loss (gain)$7,448 $15,544 $(7,552)
Current year prior service cost— — 1,028 
Amortization of prior service cost(331)(339)(311)
Recognized net actuarial loss(5,267)(2,314)(2,403)
Total Recognized in Other Comprehensive Income (Before Tax Effects)$1,850 $12,891 $(9,238)
Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects)
$12,080 $20,716 $(1,840)
Other Postretirement Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Obligation, Asset and Funding Information The following table sets forth obligation, asset and funding information for the Company’s other postretirement plans:
Postretirement Plans
As of December 31
(in thousands)20202019
Change in Benefit Obligation  
Benefit obligation at beginning of year$6,816 $8,523 
Interest cost167 289 
Actuarial gain(991)(1,246)
Benefits paid, net of Medicare subsidy(405)(750)
Benefit Obligation at End of Year$5,587 $6,816 
Change in Plan Assets  
Fair value of assets at beginning of year$— $— 
Employer contributions405 750 
Benefits paid, net of Medicare subsidy(405)(750)
Fair Value of Assets at End of Year$— $— 
Funded Status$(5,587)$(6,816)
Schedule of Amounts Recognized in Balance Sheet
The amounts recognized in the Company’s Consolidated Balance Sheets for its other postretirement plans are as follows:
Postretirement Plans
As of December 31
(in thousands)20202019
Current liability$(797)$(1,153)
Noncurrent liability(4,790)(5,663)
Recognized Liability$(5,587)$(6,816)
Schedule of Estimated Benefit Payments
At December 31, 2020, future estimated benefit payments are as follows:
(in thousands)Postretirement
Plans
2021$797 
2022$725 
2023$624 
2024$500 
2025$398 
2026–2030$1,394 
Schedule of Net (Benefit) Costs
The total benefit arising from the Company’s other postretirement plans consists of the following components:
Postretirement Plans
Year Ended December 31
(in thousands)202020192018
Service cost$— $— $892 
Interest cost167 289 620 
Amortization of prior service credit(481)(7,363)(1,408)
Recognized actuarial gain(4,048)(4,360)(3,783)
Net Periodic Benefit for the Year(4,362)(11,434)(3,679)
Curtailment— — (3,380)
Total Benefit for the Year$(4,362)$(11,434)$(7,059)
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial gain$(991)$(1,246)$(2,519)
Current year prior service credit— — (12,473)
Amortization of prior service credit481 7,363 1,408 
Recognized actuarial gain4,048 4,360 3,783 
Curtailment and settlement— — 3,380 
Total Recognized in Other Comprehensive Income (Before Tax Effects)$3,538 $10,477 $(6,421)
Total Recognized in Benefit and Other Comprehensive Income (Before Tax Effects)
$(824)$(957)$(13,480)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) AOCI included the following components of unrecognized net periodic benefit for the postretirement plans:
As of December 31
(in thousands)20202019
Unrecognized actuarial gain$(16,690)$(19,747)
Unrecognized prior service credit(19)(500)
Gross Amount(16,709)(20,247)
Deferred tax liability4,512 5,467 
Net Amount$(12,197)$(14,780)