Pension Plans (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Payment for Pension and Other Postretirement Benefits [Abstract] |
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| 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 year ended December 31, | | | | Qualified Pension Plan | | SERP | | | | 2022 | | 2021 | | 2022 | | 2021 | | In thousands | | | | | | | | | | Projected benefit obligation at beginning of year | | $ | 785,795 | | | $ | 836,531 | | | $ | 5,017 | | | $ | 7,669 | | | Service cost | | 3,363 | | | 1,301 | | | — | | | — | | | Interest cost | | 17,198 | | | 14,165 | | | 86 | | | 63 | | Actuarial liability (gain) loss (1) | | (169,342) | | | (29,590) | | | (737) | | | (63) | | | Benefit payments | | (40,063) | | | (36,612) | | | (534) | | | (2,652) | | | Projected benefit obligation at end of year | | $ | 596,951 | | | $ | 785,795 | | | $ | 3,832 | | | $ | 5,017 | | | Fair value of plan assets at beginning of year | | $ | 764,009 | | | $ | 766,921 | | | $ | — | | | $ | — | | | Actual return on plan assets | | (179,304) | | | 23,700 | | | — | | | — | | | Employer contributions | | — | | | 10,000 | | | 534 | | | 2,652 | | | Benefit payments | | (40,063) | | | (36,612) | | | (534) | | | (2,652) | | | Fair value of plan assets at end of year | | $ | 544,642 | | | $ | 764,009 | | | $ | — | | | $ | — | | | Funded status at end of year | | $ | (52,309) | | | $ | (21,786) | | | $ | (3,832) | | | $ | (5,017) | | | Accumulated benefit obligation | | $ | 596,951 | | | $ | 785,795 | | | $ | 3,832 | | | $ | 5,017 | |
(1) The actuarial liability (gain) loss amount for the qualified pension plan for 2022 and 2021 was principally due to the effect of changes in the discount rate.
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| 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 | | | | 2022 | | 2021 | | 2022 | | 2021 | | In thousands | | | | | | | | | Current liabilities (1) | | $ | — | | | $ | — | | | $ | (520) | | | $ | (526) | | | Noncurrent liabilities | | (52,309) | | | (21,786) | | | (3,312) | | | (4,491) | | | Total | | $ | (52,309) | | | $ | (21,786) | | | $ | (3,832) | | | $ | (5,017) | |
(1) The current liabilities are included in other current liabilities on the Consolidated Balance Sheets.
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| 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 | | | | 2022 | | 2021 | | 2022 | | 2021 | | In thousands | | | | | | | | | | Unrecognized loss (gain) | | $ | 206,896 | | | $ | 159,015 | | | $ | (68) | | | $ | 730 | | | Amount included in accumulated other comprehensive income | | $ | 206,896 | | | $ | 159,015 | | | $ | (68) | | | $ | 730 | |
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| 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 year ended December 31, | | | | Qualified Pension Plan | | SERP | | | | 2022 | | 2021 | | 2020 | | 2022 | | 2021 | | 2020 | | In thousands | | | | | | | | | | | | | | Service cost for benefits earned during the year | | $ | 3,363 | | | $ | 1,301 | | | $ | 5,234 | | | $ | — | | | $ | — | | | $ | — | | | Interest cost on projected benefit obligation | | 17,198 | | | 14,165 | | | 21,020 | | | 86 | | | 63 | | | 165 | | | Expected return on plan assets | | (42,177) | | | (45,177) | | | (43,183) | | | — | | | — | | | — | | | Recognized net loss | | 4,258 | | | 4,444 | | | 4,804 | | | 61 | | | 65 | | | 944 | | | Additional amount recognized due to curtailment/settlement | | — | | | — | | | — | | | — | | | 211 | | | — | | | Net pension benefit (income) cost | | $ | (17,358) | | | $ | (25,267) | | | $ | (12,125) | | | $ | 147 | | | $ | 339 | | | $ | 1,109 | | | Change in net (loss) or gain | | 52,139 | | | (8,113) | | | (708) | | | (737) | | | (274) | | | 703 | | | Amortization of net loss | | (4,258) | | | (4,444) | | | (4,804) | | | (61) | | | (65) | | | (944) | | | Total recognized in other comprehensive (loss) income | | $ | 47,881 | | | $ | (12,557) | | | $ | (5,512) | | | $ | (798) | | | $ | (339) | | | $ | (241) | | | Total recognized in net periodic benefit cost and other comprehensive (income) loss | | $ | 30,523 | | | $ | (37,824) | | | $ | (17,637) | | | $ | (651) | | | $ | — | | | $ | 868 | |
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| 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 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Qualified Pension Plan | | SERP | | | 2022 | | 2021 | | 2022 | | 2021 | | In thousands | | | | | | | | | | Contributions | | $ | — | | | $ | 10,000 | | | $ | 534 | | | $ | 2,652 | |
| | | | | | | | | | | | | | | | | Qualified Pension Plan | | SERP | | In thousands | | | | | Expected contributions during 2023 | | $ | — | | | $ | 520 | |
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| 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 | | | | | | 2023 | | $ | 43,242 | | | $ | 520 | | | 2024 | | $ | 44,380 | | | $ | 487 | | | 2025 | | $ | 45,138 | | | $ | 454 | | | 2026 | | $ | 45,709 | | | $ | 421 | | | 2027 | | $ | 45,928 | | | $ | 388 | | | 2028-2032 | | $ | 223,607 | | | $ | 1,486 | |
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| 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 | | | | 2022 | | 2021 | | 2022 | | 2021 | | Discount rate | | 5.19 | % | | 2.71 | % | | 5.04 | % | | 2.33 | % |
The actuarial assumptions used in determining the net periodic benefit cost of the pension plans are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the year ended December 31, | | | | | | Qualified Pension Plan | | SERP | | | | 2022 | | 2021 | | 2022 | | 2021 | Discount rate(1) | | 2.71 | % | | 2.34 | % | | 2.33 | % | | 1.78 | % | / | 2.29 | % | | Expected return on plan assets | | 5.70 | % | | 6.00 | % | | N/A | | N/A | | Average rate of increase in compensation levels | | N/A | | N/A | | N/A | | N/A |
(1) In November 2021, the Company's SERP had a settlement and re-measurement. This resulted in the Company using a discount rate of 1.78% for the first ten months of the year ended December 31, 2021 and a discount rate of 2.29% for the remaining two months following the re-measurement.
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| Fair value of the Company’s qualified pension plan assets |
The fair values of the Company’s qualified pension plan assets at December 31, 2022 and 2021, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Carrying Value at December 31, 2022 | | 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 | | $ | 14,168 | | | $ | 14,168 | | | $ | — | | | $ | — | | | $ | — | | | Futures contracts - assets | | 145 | | | — | | | 145 | | | — | | | — | | | Futures contracts - liabilities | | (1,283) | | | — | | | (1,283) | | | — | | | — | | | Fixed income securities | | 251,317 | | | — | | | 251,317 | | | — | | | — | | | Mutual funds | | 73,042 | | | 73,042 | | | — | | | — | | | — | | Common trust funds(1) | | 177,894 | | | — | | | — | | | — | | | 177,894 | | | Corporate stock | | 26,450 | | | 26,450 | | | — | | | — | | | — | | | Subtotal | | $ | 541,733 | | | $ | 113,660 | | | $ | 250,179 | | | $ | — | | | $ | 177,894 | | | Accrued income/expense | | 2,909 | | | 107 | | | 2,802 | | | — | | | — | | | Total | | $ | 544,642 | | | $ | 113,767 | | | $ | 252,981 | | | $ | — | | | $ | 177,894 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Carrying Value at December 31, 2021 | | 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 | | $ | 19,033 | | | $ | 19,033 | | | $ | — | | | $ | — | | | $ | — | | | Futures contracts - assets | | 2,014 | | | — | | | 2,014 | | | — | | | — | | | Futures contracts - liabilities | | (372) | | | — | | | (372) | | | — | | | — | | | Fixed income securities | | 231,433 | | | — | | | 231,433 | | | — | | | — | | | Mutual funds | | 72,834 | | | 72,834 | | | — | | | — | | | — | | Common trust funds(1) | | 417,022 | | | — | | | — | | | — | | | 417,022 | | | Corporate stock | | 20,222 | | | 20,222 | | | — | | | — | | | — | | | Subtotal | | $ | 762,186 | | | $ | 112,089 | | | $ | 233,075 | | | $ | — | | | $ | 417,022 | | | Accrued income/expense | | 1,823 | | | (33) | | | 1,856 | | | — | | | — | | | Total | | $ | 764,009 | | | $ | 112,056 | | | $ | 234,931 | | | $ | — | | | $ | 417,022 | |
(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.
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