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Retirement plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
Pension costs, which primarily include costs for our qualified TRP and non-qualified SERP, are presented in the following table (in thousands):
202020192018
Service cost-benefits earned during the period$7 $8 $12 
Interest cost on benefit obligation19,487 23,066 21,337 
Expected return on plan assets(31,058)(26,320)(30,935)
Amortization of prior service cost90 90 168 
Amortization of actuarial loss6,207 6,123 5,124 
Pension payment timing related charge— 686 7,498 
(Gains from) expense for company-sponsored retirement plans$(5,267)$3,653 $3,204 
Schedule of Changes in Projected Benefit Obligations
The following table provides a reconciliation of pension benefit obligations (on a projected benefit obligation measurement basis), plan assets and funded status of company-sponsored retirement plans, along with the related amounts that are recognized in the Consolidated Balance Sheets (in thousands).
Dec. 31,
20202019
Change in benefit obligations
Benefit obligations as of beginning of year$613,695 $554,795 
Service cost7 8 
Interest cost19,487 23,066 
Actuarial losses48,491 73,906 
Benefits paid(35,018)(34,771)
Settlements (1)
— (3,309)
Benefit obligations as of end of year$646,662 $613,695 
Change in plan assets
Fair value of plan assets as of beginning of year$479,735 $407,550 
Actual gains return on plan assets103,146 87,165 
Employer contributions5,133 23,100 
Benefits paid(35,018)(34,771)
Settlements (1)
— (3,309)
Fair value of plan assets as of end of year$552,996 $479,735 
Funded status as of end of year$(93,666)$(133,960)
Amounts recognized in Consolidated Balance Sheets
Accrued liabilities other—current$(7,758)$(6,814)
Pension liabilities—non-current$(85,908)$(127,146)
(1) Settlements represent lump sum benefit payments to certain SERP plan participants. When aggregate lump sums exceed the settlement threshold, pension payment timing related charges are incurred, and the lump sum payments prompting the charge are shown on a separate line from other benefit payments.
Schedule of Net Funded Status
The funded status (on a projected benefit obligation basis) of our principal retirement plans as of December 31, 2020, is as follows (in thousands):
Fair Value of Plan AssetsBenefit ObligationFunded Status
TRP$552,996 $576,846 $(23,850)
SERP (1)
— 69,294 (69,294)
All other— 522 (522)
Total$552,996 $646,662 $(93,666)
(1) The SERP is an unfunded, unsecured liability
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table presents information for our retirement plans for which accumulated benefit obligation exceed assets (in thousands):
Dec. 31,
20202019
Accumulated benefit obligation$646,644 $613,655 
Fair value of plan assets$552,996 $479,735 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table presents information for our retirement plans for which projected benefit obligations exceed assets (in thousands):
Dec. 31,
20202019
Projected benefit obligation$646,662 $613,695 
Fair value of plan assets$552,996 $479,735 
Schedule of Net Periodic Benefit Cost Not yet Recognized
The following table summarizes the pre-tax amounts recorded in accumulated other comprehensive loss that have not yet been recognized as a component of pension expense (in thousands):
Dec. 31,
20202019
Net actuarial losses$(159,057)$(188,862)
Prior service cost(1,707)(1,797)
Amounts in accumulated other comprehensive loss$(160,764)$(190,659)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss), pre-tax, consist of the following (in thousands):
202020192018
Current year net actuarial gain (loss)$23,597 $(13,060)$(19,817)
Amortization of previously deferred actuarial loss6,207 6,123 5,124 
Amortization of previously deferred prior service costs91 90 168 
Pension payment timing related charges— 686 7,498 
Total$29,895 $(6,161)$(7,027)
Schedule of Assumptions Used
Pension costs: The following assumptions were used to determine net pension costs:
202020192018
Discount rate3.29%4.34%3.64%
Expected return on plan assets6.75%6.75%7.00%
Schedule Of Assumptions Used In Calculating Pension Benefit Obligations Table The following assumptions were used to determine the year-end benefit obligations:
Dec. 31,
20202019
Discount rate2.54%3.29%
Schedule of Allocation of Plan Assets The asset allocation for the TRP as of the end of 2020 and 2019, and target allocations for 2021, by asset category, are presented in the table below: 
Target AllocationAllocation of Plan Assets
202120202019
Equity securities34 %47 %58 %
Debt securities63 %50 %38 %
Other (including hedge funds and private real estate)3 %3 %4 %
Total100 %100 %100 %
Schedule of Expected Benefit Payments We estimate we will make the following benefit payments from either retirement plan assets or directly from our funds (in thousands):
2021$50,570 
2022$40,498 
2023$39,639 
2024$39,696 
2025$40,056 
2026 through 2030$189,061