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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Liability Under Executive Benefit Plans The liability under these two deferral plans was as follows:
(in thousands)December 31, 2021December 31, 2020
Current liabilities$10,111 $11,132 
Noncurrent liabilities84,664 80,890 
Total liability - Supplemental Savings Incentive Plan and Director Deferral Plan$94,775 $92,022 
The liability under this plan was as follows:
(in thousands)December 31, 2021December 31, 2020
Current liabilities$178 $137 
Noncurrent liabilities6,815 4,728 
Total liability - Long-Term Retention Plan$6,993 $4,865 
The liability under this plan was as follows:
(in thousands)December 31, 2021December 31, 2020
Current liabilities$4,036 $4,176 
Noncurrent liabilities37,008 38,605 
Total liability - Officer Retention Plan$41,044 $42,781 
The liability under this plan was as follows:
(in thousands)December 31, 2021December 31, 2020
Current liabilities$8,247 $8,515 
Noncurrent liabilities7,675 7,866 
Total liability - Long-Term Performance Plan$15,922 $16,381 
Changes in Projected Benefit Obligation
The following tables set forth pertinent information for the two Company-sponsored pension plans:

 Fiscal Year
(in thousands)20212020
Beginning balance - projected benefit obligation$368,245 $332,304 
Service cost7,529 6,331 
Interest cost9,846 10,957 
Actuarial (gain) loss(12,735)31,300 
Benefits paid(13,410)(12,647)
Ending balance - projected benefit obligation$359,475 $368,245 
Change in Plan Assets
Change in Plan Assets

 Fiscal Year
(in thousands)20212020
Beginning balance - plan assets at fair value$319,699 $276,699 
Actual return on plan assets16,427 40,680 
Employer contributions6,800 16,250 
Benefits and expenses paid(14,676)(13,930)
Ending balance - plan assets at fair value$328,250 $319,699 
Funded Status
Funded Status

(in thousands)December 31, 2021December 31, 2020
Projected benefit obligation$(359,475)$(368,245)
Plan assets at fair value328,250 319,699 
Net funded status$(31,225)$(48,546)
Amounts Recognized in the Consolidated Balance Sheet
Amounts Recognized in the Consolidated Balance Sheets

(in thousands)December 31, 2021December 31, 2020
Current liabilities$— $— 
Noncurrent liabilities(31,225)(48,546)
Total liability - pension plans$(31,225)$(48,546)
Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
Net Periodic Pension Cost

 Fiscal Year
(in thousands)202120202019
Service cost$7,529 $6,331 $4,853 
Interest cost9,846 10,957 12,299 
Expected return on plan assets(13,000)(13,617)(10,290)
Recognized net actuarial loss4,954 4,619 3,688 
Amortization of prior service cost19 22 
Net periodic pension cost$9,332 $8,309 $10,572 
Net Periodic Postretirement Benefit Cost

 Fiscal Year
(in thousands)202120202019
Service cost$1,516 $1,454 $1,496 
Interest cost1,772 2,031 2,750 
Recognized net actuarial loss682 383 730 
Amortization of prior service cost— — (1,293)
Net periodic postretirement benefit cost$3,970 $3,868 $3,683 
Significant Assumptions
Significant Assumptions

 Fiscal Year
 202120202019
Projected benefit obligation at the measurement date:
Discount rate - Primary Plan2.97 %2.66 %3.36 %
Discount rate - Bargaining Plan3.31 %3.12 %3.61 %
Weighted average rate of compensation increaseN/AN/AN/A
Net periodic pension cost for the fiscal year:
Discount rate - Primary Plan2.66 %3.36 %4.47 %
Discount rate - Bargaining Plan3.12 %3.61 %4.63 %
Weighted average expected long-term rate of return of plan assets - Primary Plan(1)
4.75 %5.50 %5.00 %
Weighted average expected long-term rate of return of plan assets - Bargaining Plan(1)
5.75 %6.25 %5.25 %
Weighted average rate of compensation increaseN/AN/AN/A

(1)The weighted average expected long-term rate of return assumption for the pension plan assets, which was used to compute net periodic pension cost, is based upon target asset allocation and is determined using forward-looking performance and duration assumptions set at the beginning of each fiscal year.
Anticipated Future Pension and Postretirement Benefit Payments
Cash Flows

(in thousands)Anticipated Future Pension Benefit
Payments for the Fiscal Years
2022$14,276 
202315,111 
202415,731 
202516,474 
202617,090 
2027 - 203192,221 
Cash Flows

(in thousands)Anticipated Future Postretirement Benefit
Payments Reflecting Expected Future Service
2022$2,990 
20233,114 
20243,321 
20253,399 
20263,629 
2027 - 203120,356 
Target Asset Allocation, Actual Asset Allocation, and Weighted Average Expected Long-Term Rate of Return and Summary of Pension Plan Assets The Company’s pension plans target asset allocation for 2022, actual asset allocation at December 31, 2021 and December 31, 2020, and the weighted average expected long-term rate of return by asset category for the Primary Plan were as follows:
Percentage of Plan
Assets at Fiscal Year-End
Target
Allocation
Weighted Average Expected
Long-Term Rate of Return
 2021202020222022
U.S. debt securities87 %58 %98 %2.94 %
U.S. equity securities— %24 %— %— %
International debt securities10 %%— %— %
International equity securities— %%— %— %
Cash and cash equivalents%%%0.06 %
Total100 %100 %100 %3.00 %

The Company’s pension plans target asset allocation for 2022, actual asset allocation at December 31, 2021 and December 31, 2020, and the weighted average expected long-term rate of return by asset category for the Bargaining Plan were as follows:

Percentage of Plan
Assets at Fiscal Year-End
Target
Allocation
Weighted Average Expected
Long-Term Rate of Return
2021202020222022
U.S. debt securities46 %46 %41 %2.26 %
U.S. equity securities40 %39 %47 %2.59 %
International debt securities%%— %— %
International equity securities11 %12 %11 %0.59 %
Cash and cash equivalents%%%0.06 %
Total100 %100 %100 %5.50 %
The following table summarizes the Company’s pension plan assets, which are classified as Level 1 and Level 2 for fair value measurement. The Company does not have any Level 3 pension plan assets. See Note 15 for additional information.

(in thousands)December 31, 2021December 31, 2020
Pension plan assets - fixed income$300,670 $205,812 
Pension plan assets - equity securities18,867 106,424 
Pension plan assets - cash and cash equivalents8,713 7,463 
Total pension plan assets$328,250 $319,699 
Reconciliation of Activity in Postretirement Benefit Plan
The following tables set forth pertinent information for the Company’s postretirement benefit plan:

Reconciliation of Activity

 Fiscal Year
(in thousands)20212020
Benefit obligation at beginning of year$67,665 $62,056 
Service cost1,516 1,454 
Interest cost1,772 2,031 
Plan participants’ contributions930 753 
Actuarial (gain) loss(3,414)4,555 
Benefits paid(3,313)(3,184)
Benefit obligation at end of year$65,156 $67,665 
Reconciliation of Plan Assets Fair Value in Postretirement Benefit Plan
Reconciliation of Plan Assets Fair Value

 Fiscal Year
(in thousands)20212020
Fair value of plan assets at beginning of year$— $— 
Employer contributions2,383 2,431 
Plan participants’ contributions930 753 
Benefits paid(3,313)(3,184)
Fair value of plan assets at end of year$ $ 
Funded Status in Postretirement Benefit Plan
Funded Status

(in thousands)December 31, 2021December 31, 2020
Current liabilities$(2,990)$(2,886)
Noncurrent liabilities(62,166)(64,779)
Total liability - postretirement benefits$(65,156)$(67,665)
Significant Assumptions
Significant Assumptions

 Fiscal Year
 202120202019
Benefit obligation discount rate at measurement date2.98 %2.70 %3.32 %
Net periodic postretirement benefit cost discount rate for fiscal year2.70 %3.32 %4.41 %
Postretirement benefit expense - Pre-Medicare:
Weighted average healthcare cost trend rate6.26 %6.53 %7.13 %
Trend rate graded down to ultimate rate4.50 %4.50 %4.50 %
Ultimate rate year202920282026
Postretirement benefit expense - Post-Medicare:
Weighted average healthcare cost trend rate6.54 %6.73 %7.11 %
Trend rate graded down to ultimate rate4.50 %4.50 %4.50 %
Ultimate rate year202920282026
Reconciliation of Amounts in Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost
A reconciliation of the amounts in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost is as follows:

(in thousands)December 31,
2020
Actuarial
Loss
Reclassification
Adjustments
December 31,
2021
Pension Plans:
Actuarial loss$(147,664)$14,897 $4,954 $(127,813)
Prior service costs(7)— (4)
Postretirement Benefits:
Actuarial loss(13,908)3,414 682 (9,812)
Total within accumulated other comprehensive loss$(161,579)$18,311 $5,639 $(137,629)
Multiemployer Plans
The Company’s participation in the Teamsters Plan is outlined in the table below. A red zone represents less than 80% funding and requires a financial improvement plan (“FIP”) or rehabilitation plan (“RP”).

 Fiscal Year
(in thousands)202120202019
Pension Protection Act Zone StatusRedRedRed
FIP or RP pending or implementedYesYesYes
Surcharge imposedYesYesYes
Contribution$933 $924 $987