PENSION PLANS AND OTHER POST-RETIREMENT BENEFITS (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Post-retirement benefit obligation |
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| Schedule of expected benefit payments |
| | | | | | | | | | | | | Other | | | | Pension | | Post-retirement | | (In thousands) | | Plans | | Plans | | 2022 | | $ | 31,143 | | $ | 8,155 | | 2023 | | | 32,136 | | | 7,710 | | 2024 | | | 33,515 | | | 7,206 | | 2025 | | | 34,550 | | | 6,691 | | 2026 | | | 35,610 | | | 6,284 | | 2027 - 2031 | | | 189,363 | | | 27,262 | |
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| Defined Benefit Plans |
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| Post-retirement benefit obligation |
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| Summary of change in benefit obligation, plan assets and funded status of the Pension Plans |
| | | | | | | | (In thousands) | | 2021 | | 2020 | | Change in benefit obligation | | | | | | | | Benefit obligation at the beginning of the year | | $ | 826,120 | | $ | 759,821 | | Interest cost | | | 22,758 | | | 25,971 | | Actuarial loss (gain) | | | (19,218) | | | 75,131 | | Benefits paid | | | (36,381) | | | (34,803) | | Plan settlement | | | (48,816) | | | — | | Benefit obligation at the end of the year | | $ | 744,463 | | $ | 826,120 | | | | | | | | | | (In thousands) | | 2021 | | 2020 | | Change in plan assets | | | | | | | | Fair value of plan assets at the beginning of the year | | $ | 623,826 | | $ | 556,967 | | Employer contributions | | | 20,755 | | | 24,039 | | Actual return on plan assets | | | 58,156 | | | 77,623 | | Benefits paid | | | (36,381) | | | (34,803) | | Plan settlement | | | (48,816) | | | — | | Fair value of plan assets at the end of the year | | $ | 617,540 | | $ | 623,826 | | Funded status at year end | | $ | (126,923) | | $ | (202,294) | |
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| Schedule of amounts recognized in the consolidated balance sheets |
| | | | | | | | (In thousands) | | 2021 | | 2020 | | Current liabilities | | $ | (242) | | $ | (244) | | Long-term liabilities | | $ | (126,681) | | $ | (202,050) | |
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| Schedule of amounts recognized in accumulated other comprehensive loss |
| | | | | | | | (In thousands) | | 2021 | | 2020 | | Unamortized prior service cost | | $ | 808 | | $ | 930 | | Unamortized net actuarial loss | | | 90,318 | | | 138,868 | | | | $ | 91,126 | | $ | 139,798 | |
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| Schedule of the components of net periodic pension cost |
| | | | | | | | | | | (In thousands) | | 2021 | | 2020 | | 2019 | | Service cost | | $ | — | | $ | — | | $ | 50 | | Interest cost | | | 22,758 | | | 25,971 | | | 30,327 | | Expected return on plan assets | | | (36,997) | | | (34,544) | | | (34,627) | | Amortization of: | | | | | | | | | | | Net actuarial loss | | | 2,309 | | | 1,165 | | | 2,890 | | Prior service cost | | | 122 | | | 123 | | | 123 | | Plan settlement | | | 5,864 | | | — | | | 6,726 | | Net periodic pension cost (benefit) | | $ | (5,944) | | $ | (7,285) | | $ | 5,489 | |
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| Summary of changes in plan assets and benefit obligations recognized in other comprehensive loss, before tax effects |
| | | | | | | | (In thousands) | | 2021 | | 2020 | | Actuarial loss (gain), net | | $ | (40,377) | | $ | 32,052 | | Recognized actuarial loss | | | (2,309) | | | (1,165) | | Recognized prior service cost | | | (122) | | | (123) | | Plan settlement | | | (5,864) | | | — | | Total amount recognized in other comprehensive loss, before tax effects | | $ | (48,672) | | $ | 30,764 | |
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| Schedule of weighted-average discount rate assumptions used to determine benefit obligations and net periodic pension benefit cost |
| | | | | | | | | | 2021 | | 2020 | | 2019 | | Discount rate - net periodic benefit cost | | 2.81 | % | 3.51 | % | 4.36 | % | Discount rate - benefit obligation | | 3.05 | % | 2.81 | % | 3.51 | % | Expected long-term rate of return on plan assets | | 6.00 | % | 6.25 | % | 6.97 | % | Rate of compensation/salary increase | | N/A | | 2.50 | % | 2.50 | % | Interest crediting rate for cash balance plans | | 2.00 | % | 2.00 | % | 3.00 | % |
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| Schedule of fair values of assets for the entity's defined benefit pension plans |
| | | | | | | | | | | | | | | | | | | As of December 31, 2021 | | | | | | | Quoted Prices | | Significant | | | | | | | | | In Active | | Other | | Significant | | | | | | | Markets for | | Observable | | Unobservable | | | | | | | Identical Assets | | Inputs | | Inputs | | (In thousands) | | Total | | (Level 1) | | (Level 2) | | (Level 3) | | Cash and cash equivalents | | $ | 459 | | $ | 459 | | $ | — | | $ | — | | Equities: | | | | | | | | | | | | | | Stocks: | | | | | | | | | | | | | | U.S. common stocks | | | 24 | | | 24 | | | — | | | — | | International stocks | | | 1 | | | 1 | | | — | | | — | | Total plan assets in the fair value hierarchy | | | 484 | | $ | 484 | | $ | — | | $ | — | | Common Collective Trusts measured at NAV: (1) | | | | | | | | | | | | | | Short-term investments (2) | | | 6,477 | | | | | | | | | | | Equities: | | | | | | | | | | | | | | Global | | | 223,101 | | | | | | | | | | | Real estate | | | 126,980 | | | | | | | | | | | Fixed Income | | | 194,189 | | | | | | | | | | | Hedge Funds | | | 66,309 | | | | | | | | | | | Total plan assets | | $ | 617,540 | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | As of December 31, 2020 | | | | | | | Quoted Prices | | Significant | | | | | | | | | | In Active | | Other | | Significant | | | | | | | Markets for | | Observable | | Unobservable | | | | | | | Identical Assets | | Inputs | | Inputs | | (In thousands) | | Total | | (Level 1) | | (Level 2) | | (Level 3) | | Equities: | | | | | | | | | | | | | | Stocks: | | | | | | | | | | | | | | U.S. common stocks | | $ | 15 | | $ | 15 | | $ | — | | $ | — | | International stocks | | | 1 | | | 1 | | | — | | | — | | Total plan assets in the fair value hierarchy | | | 16 | | $ | 16 | | $ | — | | $ | — | | Common Collective Trusts measured at NAV: (1) | | | | | | | | | | | | | | Short-term investments (2) | | | 7,479 | | | | | | | | | | | Equities: | | | | | | | | | | | | | | Global | | | 232,933 | | | | | | | | | | | Real estate | | | 89,508 | | | | | | | | | | | Fixed Income | | | 247,479 | | | | | | | | | | | Hedge Funds | | | 46,402 | | | | | | | | | | | Other assets/(liabilities) (3) | | | 9 | | | | | | | | | | | Total plan assets | | $ | 623,826 | | | | | | | | | | |
| (1) | Certain investments that are measured at fair value using NAV per share as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the total plan assets. |
| (2) | Short-term investments include an investment in a common collective trust which is principally comprised of certificates of deposit, commercial paper, U.S. government obligations and variable rate securities with maturities less than one year. |
| (3) | Other assets/(liabilities) include accrued receivables, net payables and pending settlements. |
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| Post-retirement Benefit Obligations |
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| Post-retirement benefit obligation |
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| Summary of change in benefit obligation, plan assets and funded status of the Pension Plans |
| | | | | | | | (In thousands) | | 2021 | | 2020 | | Change in benefit obligation | | | | | | | | Benefit obligation at the beginning of the year | | $ | 106,704 | | $ | 107,132 | | Service cost | | | 649 | | | 825 | | Interest cost | | | 2,579 | | | 3,265 | | Plan participant contributions | | | 868 | | | 218 | | Actuarial loss (gain) | | | (4,860) | | | 6,387 | | Benefits paid | | | (9,506) | | | (9,376) | | Plan amendments | | | — | | | (1,747) | | Benefit obligation at the end of the year | | $ | 96,434 | | $ | 106,704 | |
| | | | | | | | (In thousands) | | 2021 | | 2020 | | Change in plan assets | | | | | | | | Fair value of plan assets at the beginning of the year | | $ | 3,337 | | $ | 3,164 | | Employer contributions | | | 8,638 | | | 9,159 | | Plan participant’s contributions | | | 868 | | | 218 | | Actual return on plan assets | | | 209 | | | 172 | | Benefits paid | | | (9,506) | | | (9,376) | | Fair value of plan assets at the end of the year | | $ | 3,546 | | $ | 3,337 | | Funded status at year end | | $ | (92,888) | | $ | (103,367) | |
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| Schedule of amounts recognized in the consolidated balance sheets |
| | | | | | | | (In thousands) | | 2021 | | 2020 | | Current liabilities | | $ | (5,446) | | $ | (5,709) | | Long-term liabilities | | $ | (87,442) | | $ | (97,658) | |
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| Schedule of amounts recognized in accumulated other comprehensive loss |
| | | | | | | | (In thousands) | | 2021 | | 2020 | | Unamortized prior service credit | | $ | (2,865) | | $ | (3,766) | | Unamortized net actuarial loss (gain) | | | (4,585) | | | 284 | | | | $ | (7,450) | | $ | (3,482) | |
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| Schedule of the components of net periodic pension cost |
| | | | | | | | | | | (In thousands) | | 2021 | | 2020 | | 2019 | | Service cost | | $ | 649 | | $ | 825 | | $ | 957 | | Interest cost | | | 2,579 | | | 3,265 | | | 4,231 | | Expected return on plan assets | | | (200) | | | (197) | | | (180) | | Amortization of: | | | | | | | | | | | Net actuarial gain | | | — | | | (1,859) | | | (2,033) | | Prior service cost (credit) | | | (901) | | | 1,147 | | | 3,072 | | Net periodic postretirement benefit cost | | $ | 2,127 | | $ | 3,181 | | $ | 6,047 | |
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| Summary of changes in plan assets and benefit obligations recognized in other comprehensive loss, before tax effects |
| | | | | | | | (In thousands) | | 2021 | | 2020 | | Actuarial loss (gain), net | | $ | (4,869) | | $ | 6,412 | | Recognized actuarial gain | | | — | | | 1,859 | | Prior service credit | | | — | | | (1,747) | | Recognized prior service (cost) credit | | | 901 | | | (1,147) | | Total amount recognized in other comprehensive loss, before tax effects | | $ | (3,968) | | $ | 5,377 | |
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| Schedule of weighted-average discount rate assumptions used to determine benefit obligations and net periodic pension benefit cost |
| | | | | | | | | | 2021 | | 2020 | | 2019 | | Discount rate - net periodic benefit cost | | 2.57 | % | 3.35 | % | 4.35 | % | Discount rate - benefit obligation | | 2.93 | % | 2.56 | % | 3.34 | % | Rate of compensation/salary increase | | 2.50 | % | 2.50 | % | 2.50 | % |
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| Schedule of fair values of assets for the entity's defined benefit pension plans |
| | | | | | | | | | | | | | | | | | | As of December 31, 2021 | | | | | | | Quoted Prices | | Significant | | | | | | | | | In Active | | Other | | Significant | | | | | | | Markets for | | Observable | | Unobservable | | | | | | | Identical Assets | | Inputs | | Inputs | | (In thousands) | | Total | | (Level 1) | | (Level 2) | | (Level 3) | | Cash and cash equivalents | | $ | 3 | | $ | 3 | | $ | — | | $ | — | | Common Collective Trusts measured at NAV: (1) | | | | | | | | | | | | | | Short-term investments (2) | | | 39 | | | | | | | | | | | Equities: | | | | | | | | | | | | | | Global | | | 1,330 | | | | | | | | | | | Real estate | | | 757 | | | | | | | | | | | Fixed Income | | | 1,158 | | | | | | | | | | | Hedge Funds | | | 395 | | | | | | | | | | | Total plan assets | | | 3,682 | | | | | | | | | | | Benefit payments payable | | | (136) | | | | | | | | | | | Net plan assets | | $ | 3,546 | | | | | | | | | | |
| | | | | | | As of | | | | December 31, | | (In thousands) | | 2020 | | Common Collective Trusts measured at NAV: (1) | | | | | Short-term investments (2) | | $ | 41 | | Equities: | | | | | Global | | | 1,288 | | Real estate | | | 496 | | Fixed Income | | | 1,369 | | Hedge Funds | | | 257 | | Total plan assets | | | 3,451 | | Benefit payments payable | | | (114) | | Net plan assets | | $ | 3,337 | |
| (1) | Certain investments that are measured at fair value using NAV per share as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the total plan assets. |
| (2) | Short-term investments include investment in a common collective trust which is principally comprised of certificates of deposit, commercial paper and U.S. government obligations with maturities less than one year. |
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