BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020



in thousands	2020	2019
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation	$ 1,058,645	$ 1,009,224
Fair value of assets	944,290	858,936
Pension plans with PBO in excess of plan assets
Projected benefit obligation	$ 1,059,545	$ 1,009,877
Fair value of assets	944,290	858,936



in thousands	2020	2019
Change in Benefit Obligation
Projected benefit obligation at beginning of year	$ 1,090,893	$ 958,936
Service cost	4,899	4,995
Interest cost	29,335	37,640
Actuarial loss	89,109	141,922
Benefits paid	(154,691)	(52,600)
Projected benefit obligation at end of year	$ 1,059,545	$ 1,090,893
Change in Fair Value of Plan Assets
Fair value of assets at beginning of year	$ 949,007	$ 836,770
Actual return on plan assets	141,155	155,955
Employer contribution	8,819	8,882
Benefits paid	(154,691)	(52,600)
Fair value of assets at end of year	$ 944,290	$ 949,007
Funded status	(115,255)	(141,886)
Net amount recognized	$ (115,255)	$ (141,886)
Amounts Recognized in the Consolidated
Balance Sheets
Noncurrent assets	$ 0	$ 9,056
Current liabilities	(8,060)	(8,579)
Noncurrent liabilities	(107,195)	(142,363)
Net amount recognized	$ (115,255)	$ (141,886)
Amounts Recognized in Accumulated
Other Comprehensive Income
Net actuarial loss	$ 230,452	$ 268,483
Prior service cost	5,148	6,488
Total amount recognized	$ 235,600	$ 274,971



dollars in thousands	2020	2019	2018
Components of Net Periodic Pension
Benefit Cost
Service cost	$ 4,899	$ 4,995	$ 5,716
Interest cost	29,335	37,640	35,503
Expected return on plan assets	(48,599)	(47,751)	(59,188)
Settlement charge	22,740	0	0
Amortization of prior service cost	1,340	1,340	1,340
Amortization of actuarial loss	11,845	5,433	9,826
Net periodic pension benefit cost (credit)	$ 21,560	$ 1,657	$ (6,803)
Changes in Plan Assets and Benefit
Obligations Recognized in Other
Comprehensive Income
Net actuarial loss (gain)	$ (3,446)	$ 33,717	$ (555)
Prior service cost	0	0	0
Reclassification of prior service cost	(1,340)	(1,340)	(1,340)
Reclassification of actuarial loss	(34,585)	(5,433)	(9,826)
Amount recognized in other comprehensive
income	$ (39,371)	$ 26,944	$ (11,721)
Amount recognized in net periodic pension
benefit cost and other comprehensive
income	$ (17,811)	$ 28,601	$ (18,524)
Assumptions
Weighted-average assumptions used to
determine net periodic benefit cost for
years ended December 31
Discount rate — PBO	3.22%	4.39%	3.72%
Discount rate — service cost (12/31/19 / 11/30/20)	3.49% / 2.89%	4.59%	3.90%
Discount rate — interest cost	2.78%	4.02%	3.35%
Expected return on plan assets (12/31/19 / 11/30/20)	5.75% / 5.25%	5.75%	7.00%
Weighted-average assumptions used to
determine benefit obligation at
December 31
Discount rate	2.57%	3.28%	4.39%

Fair Value Measurements at December 31, 2020



in thousands	Level 1	Level 2	Level 3	Total
Asset Category
Debt funds	$ 0	$ 456,238	$ 0	$ 456,238
Equity funds	16	115,779	0	115,795
Investments in the fair value hierarchy	$ 16	$ 572,017	$ 0	$ 572,033
Interest in common/collective trusts (at NAV)				367,105
Private partnerships (at NAV)				5,152
Total pension plan assets				$ 944,290

Fair Value Measurements at December 31, 2019



in thousands	Level 1	Level 2	Level 3	Total
Asset Category
Debt funds	$ 0	$ 435,692	$ 0	$ 435,692
Equity funds	549	120,253	0	120,802
Investments in the fair value hierarchy	$ 549	$ 555,945	$ 0	$ 556,494
Interest in common/collective trusts (at NAV)				387,785
Private partnerships (at NAV)				4,728
Total pension plan assets				$ 949,007



in thousands			Pension
Estimated Future Benefit Payments
2021			$ 55,333
2022			56,968
2023			57,558
2024			58,019
2025			56,217
2026-2030			279,537



in thousands	2020	2019
Change in Benefit Obligation
Projected benefit obligation at beginning of year	$ 41,187	$ 40,834
Service cost	1,520	1,317
Interest cost	969	1,388
Actuarial (gain) loss	(5,111)	2,677
Benefits paid	(4,682)	(5,029)
Projected benefit obligation at end of year	$ 33,883	$ 41,187
Change in Fair Value of Plan Assets
Fair value of assets at beginning of year	$ 0	$ 0
Actual return on plan assets	0	0
Fair value of assets at end of year	$ 0	$ 0
Funded status	$ (33,883)	$ (41,187)
Net amount recognized	$ (33,883)	$ (41,187)
Amounts Recognized in the Consolidated
Balance Sheets
Current liabilities	$ (4,471)	$ (5,339)
Noncurrent liabilities	(29,412)	(35,848)
Net amount recognized	$ (33,883)	$ (41,187)
Amounts Recognized in Accumulated
Other Comprehensive Income
Net actuarial gain	$ (19,003)	$ (14,642)
Prior service credit	(3,656)	(7,575)
Total amount recognized	$ (22,659)	$ (22,217)



dollars in thousands	2020	2019	2018
Components of Net Periodic Postretirement
Benefit Cost
Service cost	$ 1,521	$ 1,317	$ 1,358
Interest cost	969	1,388	1,240
Amortization of prior service credit	(3,919)	(3,919)	(3,962)
Amortization of actuarial gain	(806)	(1,309)	(1,298)
Net periodic postretirement benefit credit	$ (2,235)	$ (2,523)	$ (2,662)
Changes in Plan Assets and Benefit
Obligations Recognized in Other
Comprehensive Income
Net actuarial (gain) loss	$ (5,168)	$ 2,673	$ 835
Reclassification of prior service credit	3,919	3,919	3,962
Reclassification of actuarial gain	806	1,309	1,298
Amount recognized in other comprehensive
income	$ (443)	$ 7,901	$ 6,095
Amount recognized in net periodic
postretirement benefit cost and other
comprehensive income	$ (2,678)	$ 5,378	$ 3,433
Assumptions
Weighted-average assumptions used to
determine net periodic benefit cost for
years ended December 31
Discount rate — PBO	2.84%	4.01%	3.34%
Discount rate — service cost	3.09%	4.23%	3.56%
Discount rate — interest cost	2.42%	3.63%	2.90%
Weighted-average assumptions used to
determine benefit obligation at
December 31
Discount rate	2.09%	2.84%	4.01%



in thousands			Postretirement
Estimated Future Benefit Payments
2021			$ 4,471
2022			3,951
2023			3,688
2024			3,358
2025			3,054
2026–2030			11,023



in thousands			Postretirement
Participants Contributions
2018			$ 1,984
2019			2,239
2020			2,553