XML 40 R27.htm IDEA: XBRL DOCUMENT v3.22.4
Retirement plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
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):
202220212020
Service cost-benefits earned during the period$— $2 $7 
Interest cost on benefit obligation16,830 15,887 19,487 
Expected return on plan assets(19,502)(34,679)(31,058)
Amortization of prior service cost90 90 90 
Amortization of actuarial loss4,583 4,952 6,207 
Pension payment timing related charge300 946 — 
Expense for (income from) company-sponsored retirement plans$2,301 $(12,802)$(5,267)
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,
20222021
Change in benefit obligations
Benefit obligations as of beginning of year$605,834 $646,662 
Service cost— 2 
Interest cost16,830 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 contributions5,788 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.
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 AssetsBenefit ObligationFunded 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.
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,
20222021
Accumulated benefit obligation$464,309 $605,817 
Fair value of plan assets$385,005 $541,758 
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,
20222021
Projected benefit obligation$464,309 $605,834 
Fair value of plan assets$385,005 $541,758 
Schedule of Net Periodic Benefit Cost Not Yet Recognized
The following table summarizes the pre-tax amounts recorded in accumulated other comprehensive loss that have not yet been recognized as a component of pension expense (in thousands):
Dec. 31,
20222021
Net actuarial losses$(167,502)$(148,696)
Prior service cost(1,526)(1,617)
Amounts in accumulated other comprehensive loss$(169,028)$(150,313)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss), pre-tax, consist of the following (in thousands):
202220212020
Current year net actuarial (loss) gain$(23,688)$4,463 $23,597 
Amortization of actuarial loss4,583 4,952 6,207 
Amortization of previously deferred prior service costs90 90 91 
Pension payment timing related charges300 946 — 
Total$(18,715)$10,451 $29,895 
Schedule of Assumptions Used
Pension costs: The following assumptions were used to determine net pension costs:
202220212020
Discount rate2.89%2.54%3.29%
Expected return on plan assets3.75%6.50%6.75%
Schedule of Assumptions Used in Calculating Pension Benefit Obligations Table The following assumptions were used to determine the year-end benefit obligations:
Dec. 31,
20222021
Discount rate5.50%2.89%
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 AllocationAllocation of Plan Assets
202320222021
Equity securities14 %14 %10 %
Debt securities86 %86 %86 %
Other (including hedge funds and private real estate)— %— %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):
2023$50,145 
2024$39,405 
2025$39,884 
2026$39,473 
2027$38,829 
2028 through 2032$179,115