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Pension Plans (Tables)
12 Months Ended
Dec. 31, 2020
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 PlanSERP
 2020201920202019
In thousands    
Projected benefit obligation at beginning of year$777,388 $695,375 $7,336 $6,913 
Service cost5,234 5,100 — — 
Interest cost21,020 26,422 165 237 
Actuarial liability loss gain (1)
72,145 88,271 702 720 
Benefit payments(39,256)(37,780)(534)(534)
Projected benefit obligation at end of year$836,531 $777,388 $7,669 $7,336 
Fair value of plan assets at beginning of year$680,142 $590,387 $— $— 
Actual return on plan assets116,035 127,535 — — 
Employer contributions10,000 — 534 534 
Benefit payments(39,256)(37,780)(534)(534)
Fair value of plan assets at end of year$766,921 $680,142 $— $— 
Funded status at end of year$(69,610)$(97,246)$(7,669)$(7,336)
Accumulated benefit obligation$836,531 $777,388 $7,669 $7,336 
(1) The actuarial liability loss (gain) amount for the qualified pension plan for 2020 and 2019 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 PlanSERP
 2020201920202019
In thousands    
Current liabilities (1)
$— $— $(2,771)$(528)
Noncurrent liabilities(69,610)(97,246)(4,898)(6,808)
Total$(69,610)$(97,246)$(7,669)$(7,336)
(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 PlanSERP
 2020201920202019
In thousands    
Unrecognized loss$171,571 $177,083 $1,069 $1,311 
Amount included in accumulated other comprehensive income$171,571 $177,083 $1,069 $1,311 
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 PlanSERP
 202020192018202020192018
In thousands      
Service cost for benefits earned during the year$5,234 $5,100 $4,897 $— $— $— 
Interest cost on projected benefit obligation21,020 26,422 23,804 165 237 246 
Expected return on plan assets(43,183)(42,560)(47,841)— — — 
Recognized net loss4,804 15,260 11,370 944 245 248 
Additional amount recognized due to curtailment/settlement— — — — — 46 
Net pension benefit cost (income)$(12,125)$4,222 $(7,770)$1,109 $482 $540 
Change in net gain or (loss)(708)3,295 27,203 703 720 (325)
Amortization of net loss(4,804)(15,260)(11,370)(944)(245)(248)
Total recognized in other comprehensive (loss) income$(5,512)$(11,965)$15,833 $(241)$475 $(573)
Total recognized in net periodic benefit cost and other comprehensive (loss) income$(17,637)$(7,743)$8,063 $868 $957 $(33)
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 2021:
Qualified Pension PlanSERP
2020201920202019
In thousands
Contributions$10,000 $— $534 $534 

Qualified Pension PlanSERP
In thousands
Expected contributions during 2021$10,000 $2,771 
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
2021$40,619 $2,771 
2022$41,892 $510 
2023$43,178 $489 
2024$44,130 $467 
2025$44,740 $442 
2026-2030$225,167 $1,779 
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 PlanSERP
 2020201920202019
Discount rate2.34 %3.14 %1.78 %2.76 %

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 PlanSERP
 2020201920202019
Discount rate3.14 %4.17 %2.76 %3.88 %
Expected return on plan assets6.50 %7.50 %N/AN/A
Average rate of increase in compensation levelsN/AN/AN/AN/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, 2020 and 2019, are as follows:
Total Carrying
Value at
December 31,
2020
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$26,951 $26,951 $— $— $— 
Futures contracts - assets285 — 285 — — 
Futures contracts - liabilities(15)— (15)— — 
Fixed income securities214,961 — 214,961 — — 
Mutual funds130,490 130,490 — — — 
Common trust funds(1)
362,288 — — — 362,288 
Corporate stock30,222 30,222 — — — 
Subtotal$765,182 $187,663 $215,231 $— $362,288 
Accrued income/expense1,739 17 1,722 — — 
Total$766,921 $187,680 $216,953 $— $362,288 

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 securities195,133 — 195,133 — — 
Mutual funds102,423 102,423 — — — 
Common trust funds(1)
319,932 — — — 319,932 
Corporate stock44,124 44,124 — — — 
Subtotal$677,999 $164,144 $193,923 $— $319,932 
Accrued income/expense2,143 67 2,021 — 55 
Total$680,142 $164,211 $195,944 $— $319,987 
(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.