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PENSION PLANS AND OTHER POST-RETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2021
Post-retirement benefit obligation  
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

Defined Benefit Plans  
Post-retirement benefit obligation  
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)

Schedule of amounts recognized in the consolidated balance sheets

(In thousands)

    

2021

    

2020

 

Current liabilities

$

(242)

$

(244)

Long-term liabilities

$

(126,681)

$

(202,050)

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

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

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

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

%

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.
Post-retirement Benefit Obligations  
Post-retirement benefit obligation  
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)

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)

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)

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

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

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

%

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.