Pension Plans (Tables)

12 Months Ended

Dec. 31, 2019

Payment for Pension and Other Postretirement Benefits [Abstract]

Changes in the actuarial present value of the projected benefit obligation and fair value of plan assets

The changes in the actuarial present value of the projected benefit obligation and fair value of plan assets are as follows:

	For the twelve months ended December 31,
	Qualified Pension Plan						SERP
	2019			2018			2019			2018
In thousands
Projected benefit obligation at beginning of year	$	695,375		$	770,316		$	6,913		$	7,896
Service cost	5,100			4,897			—			—
Interest cost	26,422			23,804			237			246
Actuarial liability loss (gain) (1)	88,271			(67,157		)	720			(280		)
Benefit payments	(37,780		)	(36,485		)	(534		)	(949		)
Projected benefit obligation at end of year	$	777,388		$	695,375		$	7,336		$	6,913
Fair value of plan assets at beginning of year	$	590,387		$	643,392		$	—		$	—
Actual return on plan assets	127,535			(46,520		)	—			—
Employer contributions	—			30,000			534			949
Benefit payments	(37,780		)	(36,485		)	(534		)	(949		)
Fair value of plan assets at end of year	$	680,142		$	590,387		$	—		$	—
Funded status at end of year	$	(97,246	)	$	(104,988	)	$	(7,336	)	$	(6,913	)
Accumulated benefit obligation	$	777,388		$	695,375		$	7,336		$	6,913

⁽¹⁾ The actuarial liability loss (gain) amount for the qualified pension plan for 2019 and 2018 is principally due to the effect of changes in the discount rate.

Liabilities related to the qualified pension plan and SERP

The Company has recorded liabilities related to our qualified pension plan and SERP as follows:

	At December 31,
	Qualified Pension Plan						SERP
	2019			2018			2019			2018
In thousands
Current liabilities (1)	$	—		$	—		$	(528	)	$	(529	)
Noncurrent liabilities	(97,246		)	(104,988		)	(6,808		)	(6,384		)
Total	$	(97,246	)	$	(104,988	)	$	(7,336	)	$	(6,913	)

⁽¹⁾ The current liabilities are included in other current liabilities on the Consolidated Balance Sheets.

Schedule of pension costs in future periods

The following table presents amounts included in accumulated other comprehensive income on the Consolidated Balance Sheets that will be recognized as components of pension cost in future periods.

	At December 31,
	Qualified Pension Plan				SERP
	2019		2018		2019		2018
In thousands
Unrecognized loss	$	177,083	$	189,047	$	1,311	$	837
Amount included in accumulated other comprehensive income	$	177,083	$	189,047	$	1,311	$	837

Pension plan net periodic benefit costs and other amounts recognized in other comprehensive loss

The pension plan net periodic benefit costs on the Consolidated Statements of Operations and other amounts recognized in other comprehensive income (loss) on the Consolidated Statements of Comprehensive Income and Consolidated Statements of Shareholders’ Equity were computed using the projected unit credit actuarial cost method and included the following components:

	For the twelve months ended December 31,
	Qualified Pension Plan									SERP
	2019			2018			2017			2019			2018			2017
In thousands
Service cost for benefits earned during the year	$	5,100		$	4,897		$	4,794		$	—		$	—		$	—
Interest cost on projected benefit obligation	26,422			23,804			24,358			237			246			241
Expected return on plan assets	(42,560		)	(47,841		)	(42,049		)	—			—			—
Recognized net loss	15,260			11,370			13,943			245			248			146
Additional amount recognized due to curtailment/settlement	—			—			—			—			46			305
Net pension benefit cost (income)	$	4,222		$	(7,770	)	$	1,046		$	482		$	540		$	692
Change in net gain or (loss)	3,295			27,203			(6,607		)	720			(325		)	347
Amortization of net loss	(15,260		)	(11,370		)	(13,943		)	(245		)	(248		)	(146		)
Total recognized in other comprehensive (loss) income	$	(11,965	)	$	15,833		$	(20,550	)	$	475		$	(573	)	$	201
Total recognized in net periodic benefit cost and other comprehensive (loss) income	$	(7,743	)	$	8,063		$	(19,504	)	$	957		$	(33	)	$	893

Contributions made to the Qualified Pension Plan and SERP

The following tables show the amount of the contributions made to the Qualified Pension Plan and SERP during each period and the amount of contributions the Company expects to make during 2020:

	Qualified Pension Plan				SERP
	2019		2018		2019		2018
In thousands
Contributions	$	—	$	30,000	$	534	$	949

	Qualified Pension Plan		SERP
In thousands
Expected contributions during 2020(1)	$	10,000	$	528

Actuarial assumptions used in determining benefit obligations and net periodic benefit of the pension plans

Expected future benefit payments are as follows:

	Qualified Pension Plan		SERP
In thousands
2020	$	39,368	$	528
2021	$	40,664	$	2,554
2022	$	41,966	$	494
2023	$	43,107	$	474
2024	$	44,127	$	451
2025-2029	$	225,251	$	1,863

Schedule of actuarial assumptions used in determining benefit obligations and net periodic benefit cost of the pension plans

The discount rates used in determining benefit obligations of the pension plans are as follows:

	At December 31,
	Qualified Pension Plan				SERP
	2019		2018		2019		2018
Discount rate	3.14	%	4.17	%	2.76	%	3.88	%

The actuarial assumptions used in determining the net periodic benefit cost of the pension plans are as follows:

	For the twelve months ended December 31,
	Qualified Pension Plan				SERP
	2019		2018		2019		2018
Discount rate	4.17	%	3.50	%	3.88	%	3.15	%
Expected return on plan assets	7.50	%	7.50	%	N/A		N/A
Average rate of increase in compensation levels	N/A		N/A		N/A		N/A

Fair value of the Company’s qualified pension plan assets

The fair values of the Company’s qualified pension plan assets at December 31, 2019 and 2018, are as follows:

	Total Carrying Value at December 31, 2019			Quoted prices  in active markets (Level 1)		Significant  other observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Not subject to leveling
In thousands
Short-term investments:
Cash and cash equivalents	$	17,597		$	17,597	$	—		$	—	$	—
Futures contracts - assets	—			—		—			—		—
Futures contracts - liabilities	(1,210		)	—		(1,210		)	—		—
Fixed income securities	195,133			—		195,133			—		—
Mutual funds	102,423			102,423		—			—		—
Common trust funds(1)	319,932			—		—			—		319,932
Corporate stock	44,124			44,124		—			—		—
Subtotal	$	677,999		$	164,144	$	193,923		$	—	$	319,932
Accrued income/expense	2,143			67		2,021			—		55
Total	$	680,142		$	164,211	$	195,944		$	—	$	319,987

	Total Carrying Value at December 31, 2018		Quoted prices  in active markets (Level 1)		Significant  other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Not subject to leveling
In thousands
Short term investments:
Cash and cash equivalents	$	17,752	$	17,752	$	—	$	—	$	—
Futures contracts - assets	4,023		—		4,023		—		—
Futures contracts - liabilities	—		—		—		—		—
Fixed income securities	151,895		—		151,895		—		—
Mutual funds	99,584		99,584		—		—		—
Common trust funds(1)	281,064		—		—		—		281,064
Corporate stock	34,164		34,164		—		—		—
Subtotal	$	588,482	$	151,500	$	155,918	$	—	$	281,064
Accrued income/expense	1,905		113		1,740		—		52
Total	$	590,387	$	151,613	$	157,658	$	—	$	281,116

⁽¹⁾ In accordance with ASU 2015-07, Fair Value Measurement (Topic 820), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets.