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Pension Plans (Tables)
12 Months Ended
Dec. 31, 2022
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 year ended December 31,
 Qualified Pension PlanSERP
 2022202120222021
In thousands    
Projected benefit obligation at beginning of year$785,795 $836,531 $5,017 $7,669 
Service cost3,363 1,301 — — 
Interest cost17,198 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.
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
 2022202120222021
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.
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
 2022202120222021
In thousands    
Unrecognized loss (gain)$206,896 $159,015 $(68)$730 
Amount included in accumulated other comprehensive income$206,896 $159,015 $(68)$730 
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 PlanSERP
 202220212020202220212020
In thousands      
Service cost for benefits earned during the year$3,363 $1,301 $5,234 $— $— $— 
Interest cost on projected benefit obligation17,198 14,165 21,020 86 63 165 
Expected return on plan assets(42,177)(45,177)(43,183)— — — 
Recognized net loss4,258 4,444 4,804 61 65 944 
Additional amount recognized due to curtailment/settlement— — — — 211 — 
Net pension benefit (income) cost$(17,358)$(25,267)$(12,125)$147 $339 $1,109 
Change in net (loss) or gain52,139 (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)$(651)$— $868 
Contributions made to the Qualified Pension Plan and SERP
The following tables show the amount of the contributions made to the Qualified Pension Plan and SERP during each period and the amount of contributions the Company expects to make during 2023:
Qualified Pension PlanSERP
2022202120222021
In thousands
Contributions$— $10,000 $534 $2,652 
Qualified Pension PlanSERP
In thousands
Expected contributions during 2023
$— $520 
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 
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
 2022202120222021
Discount rate5.19 %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 PlanSERP
 2022202120222021
Discount rate(1)
2.71 %2.34 %2.33 %1.78 %/2.29 %
Expected return on plan assets5.70 %6.00 %N/AN/A
Average rate of increase in compensation levelsN/AN/AN/AN/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.
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 - assets145 — 145 — — 
Futures contracts - liabilities(1,283)— (1,283)— — 
Fixed income securities251,317 — 251,317 — — 
Mutual funds73,042 73,042 — — — 
Common trust funds(1)
177,894 — — — 177,894 
Corporate stock26,450 26,450 — — — 
Subtotal$541,733 $113,660 $250,179 $— $177,894 
Accrued income/expense2,909 107 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 - assets2,014 — 2,014 — — 
Futures contracts - liabilities(372)— (372)— — 
Fixed income securities231,433 — 231,433 — — 
Mutual funds72,834 72,834 — — — 
Common trust funds(1)
417,022 — — — 417,022 
Corporate stock20,222 20,222 — — — 
Subtotal$762,186 $112,089 $233,075 $— $417,022 
Accrued income/expense1,823 (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.