Retirement plans (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Retirement Benefits [Abstract] |
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| Schedule of Pension Costs |
Pension costs, which primarily include costs for our qualified TRP and non-qualified SERP, are presented in the following table (in thousands): | | | | | | | | | | | | | 2022 | 2021 | 2020 | | Service cost-benefits earned during the period | $ | — | | $ | 2 | | $ | 7 | | | Interest cost on benefit obligation | 16,830 | | 15,887 | | 19,487 | | | Expected return on plan assets | (19,502) | | (34,679) | | (31,058) | | | Amortization of prior service cost | 90 | | 90 | | 90 | | | Amortization of actuarial loss | 4,583 | | 4,952 | | 6,207 | | | Pension payment timing related charge | 300 | | 946 | | — | | | Expense for (income from) company-sponsored retirement plans | $ | 2,301 | | $ | (12,802) | | $ | (5,267) | |
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| 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, | | 2022 | 2021 | | Change in benefit obligations | | | | Benefit obligations as of beginning of year | $ | 605,834 | | $ | 646,662 | | | Service cost | — | | 2 | | | Interest cost | 16,830 | | 15,887 | | | Actuarial gains | (119,462) | | (18,246) | | | Benefits paid | (36,943) | | (35,874) | | Settlements (1) | (1,950) | | (2,597) | | | Benefit obligations as of end of year | $ | 464,309 | | $ | 605,834 | | | Change in plan assets | | | | Fair value of plan assets as of beginning of year | $ | 541,758 | | $ | 552,996 | | | Actual (losses) gains experienced by plan assets | (123,648) | | 20,896 | | | Employer contributions | 5,788 | | 6,337 | | | Benefits paid | (36,943) | | (35,874) | | Settlements (1) | (1,950) | | (2,597) | | | Fair value of plan assets as of end of year | $ | 385,005 | | $ | 541,758 | | | Funded status as of end of year | $ | (79,304) | | $ | (64,076) | | | Amounts recognized in Consolidated Balance Sheets | | Accrued liabilities other—current | $ | (5,620) | | $ | (6,013) | | | Pension liabilities—non-current | $ | (73,684) | | $ | (58,063) | | (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. |
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| Schedule of Net Funded Status |
The funded status (on a projected benefit obligation basis) of our principal retirement plans as of December 31, 2022, is as follows (in thousands): | | | | | | | | | | | | | Fair Value of Plan Assets | Benefit Obligation | Funded Status | | TRP | $ | 385,005 | | $ | 417,950 | | $ | (32,945) | | SERP (1) | — | | 46,048 | | (46,048) | | | All other | — | | 311 | | (311) | | | Total | $ | 385,005 | | $ | 464,309 | | $ | (79,304) | |
(1) The SERP is an unfunded, unsecured liability.
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| 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, | | 2022 | 2021 | | Accumulated benefit obligation | $ | 464,309 | | $ | 605,817 | | | Fair value of plan assets | $ | 385,005 | | $ | 541,758 | |
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| 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, | | 2022 | 2021 | | Projected benefit obligation | $ | 464,309 | | $ | 605,834 | | | Fair value of plan assets | $ | 385,005 | | $ | 541,758 | |
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| 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, | | 2022 | 2021 | | Net actuarial losses | $ | (167,502) | | $ | (148,696) | | | Prior service cost | (1,526) | | (1,617) | | | Amounts in accumulated other comprehensive loss | $ | (169,028) | | $ | (150,313) | |
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| 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): | | | | | | | | | | | | | 2022 | 2021 | 2020 | | Current year net actuarial (loss) gain | $ | (23,688) | | $ | 4,463 | | $ | 23,597 | | | Amortization of actuarial loss | 4,583 | | 4,952 | | 6,207 | | | Amortization of previously deferred prior service costs | 90 | | 90 | | 91 | | | Pension payment timing related charges | 300 | | 946 | | — | | | Total | $ | (18,715) | | $ | 10,451 | | $ | 29,895 | |
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| Schedule of Assumptions Used |
Pension costs: The following assumptions were used to determine net pension costs: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | Discount rate | 2.89% | | 2.54% | | 3.29% | | Expected return on plan assets | 3.75% | | 6.50% | | 6.75% |
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| Schedule of Assumptions Used in Calculating Pension Benefit Obligations Table |
The following assumptions were used to determine the year-end benefit obligations: | | | | | | | | | | | | | Dec. 31, | | 2022 | | 2021 | | Discount rate | 5.50% | | 2.89% |
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| Schedule of Allocation of Plan Assets |
The asset allocation for the TRP as of the end of 2022 and 2021, and target allocations for 2023, by asset category, are presented in the table below: | | | | | | | | | | | | | | | | | | | Target Allocation | | Allocation of Plan Assets | | 2023 | | 2022 | | 2021 | | Equity securities | 14 | % | | 14 | % | | 10 | % | | Debt securities | 86 | % | | 86 | % | | 86 | % | | Other (including hedge funds and private real estate) | — | % | | — | % | | 4 | % | | Total | 100 | % | | 100 | % | | 100 | % |
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| 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): | | | | | | | 2023 | $ | 50,145 | | | 2024 | $ | 39,405 | | | 2025 | $ | 39,884 | | | 2026 | $ | 39,473 | | | 2027 | $ | 38,829 | | | 2028 through 2032 | $ | 179,115 | |
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