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Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Change in benefit obligation
The following table summarizes the change in plan benefit obligations and changes in plan assets:
Pension BenefitsOther Postretirement Benefits
(Dollars in thousands)2020201920202019
Change in plan benefit obligations:
Benefit obligation as of January 1$30,300 $172,608 $1,599 $1,803 
Service cost— 56 61 
Interest cost908 5,641 40 59 
Actuarial (gain) loss491 23,797 — (51)
Benefit payments(1,647)(9,262)(192)(273)
Pension settlements237 (162,484)— — 
Benefit obligation as of December 31$30,289 $30,300 $1,503 $1,599 
Change in plan assets:
Fair value of plan assets as of January 1$42,835 $191,652 $— $— 
Actual return on plan assets3,615 22,888 — — 
Employer contributions— 41 192 273 
Benefit payments(1,647)(9,262)(192)(273)
Transfer related to plan termination(9,744)— — — 
Pension settlements237 (162,484)— — 
Fair value of plan assets as of December 31$35,296 $42,835 $— $— 
Amount overfunded (underfunded)$5,007 $12,535 $(1,503)$(1,599)
Change in plan assets
The following table summarizes the change in plan benefit obligations and changes in plan assets:
Pension BenefitsOther Postretirement Benefits
(Dollars in thousands)2020201920202019
Change in plan benefit obligations:
Benefit obligation as of January 1$30,300 $172,608 $1,599 $1,803 
Service cost— 56 61 
Interest cost908 5,641 40 59 
Actuarial (gain) loss491 23,797 — (51)
Benefit payments(1,647)(9,262)(192)(273)
Pension settlements237 (162,484)— — 
Benefit obligation as of December 31$30,289 $30,300 $1,503 $1,599 
Change in plan assets:
Fair value of plan assets as of January 1$42,835 $191,652 $— $— 
Actual return on plan assets3,615 22,888 — — 
Employer contributions— 41 192 273 
Benefit payments(1,647)(9,262)(192)(273)
Transfer related to plan termination(9,744)— — — 
Pension settlements237 (162,484)— — 
Fair value of plan assets as of December 31$35,296 $42,835 $— $— 
Amount overfunded (underfunded)$5,007 $12,535 $(1,503)$(1,599)
Amounts recognized in consolidated balance sheet
Our pension-related balances reflected in the consolidated statements of financial position consisted of the following:
Pension BenefitsOther Postretirement Benefits
As of December 31,As of December 31,
(Dollars in thousands)2020201920202019
Assets & Liabilities:
Non-current assets$5,278 $12,790 $— $— 
Current liabilities(14)(5)(148)(282)
Non-current liabilities(257)(250)(1,355)(1,317)
Net assets (liabilities)$5,007 $12,535 $(1,503)$(1,599)
Accumulated Other Comprehensive Loss:
Net actuarial (loss) gain$(11,171)$(13,085)$119 $54 
Prior service benefit— — 97 209 
Accumulated other comprehensive (loss) income$(11,171)$(13,085)$216 $263 
Schedule of net periodic benefit cost not yet recognized
Our pension-related balances reflected in the consolidated statements of financial position consisted of the following:
Pension BenefitsOther Postretirement Benefits
As of December 31,As of December 31,
(Dollars in thousands)2020201920202019
Assets & Liabilities:
Non-current assets$5,278 $12,790 $— $— 
Current liabilities(14)(5)(148)(282)
Non-current liabilities(257)(250)(1,355)(1,317)
Net assets (liabilities)$5,007 $12,535 $(1,503)$(1,599)
Accumulated Other Comprehensive Loss:
Net actuarial (loss) gain$(11,171)$(13,085)$119 $54 
Prior service benefit— — 97 209 
Accumulated other comprehensive (loss) income$(11,171)$(13,085)$216 $263 
Components of net periodic benefit cost
The components of net periodic benefit cost (credit) were as follows:
Pension BenefitsOther Postretirement Benefits
Years Ended December 31,Years Ended December 31,
(Dollars in thousands)202020192018202020192018
Service cost$— $— $56 $61 $73 
Interest cost908 5,641 6,758 40 59 62 
Expected return of plan assets(1,574)(6,932)(8,662)— — — 
Amortization of prior service credit— — — (112)(1,011)(1,602)
Amortization of net loss (gain)427 1,514 1,828 — — — 
Settlement charge(63)53,213 — — — — 
Net periodic benefit cost (credit)$(302)$53,436 $(76)$(16)$(891)$(1,467)
Schedule of weighted-average assumptions used
Pension BenefitsOther Postretirement Benefits
2020201920202019
Weighted average assumptions used in benefit obligations:
Discount rate2.50 %3.25 %1.75 %2.75 %
Weighted average assumptions used in net periodic benefit costs:
Discount rate3.25 %4.25 %2.75 %3.75 %
Expected long-term rate of return on assets4.53 %4.69 %— %— %
Schedule of allocation of plan assets
The following table presents the fair value of the pension plan net assets by asset category and level, within the fair value hierarchy, as of December 31, 2020 and 2019.
Fair Value of Plan Assets as of December 31, 2020
(Dollars in thousands)Level 1Level 2Level 3Total
Fixed income bonds$— $29,896 $— $29,896 
Mutual funds3,535 — — 3,535 
Pooled separate accounts— 518 — 518 
Guaranteed deposit account— — 1,347 1,347 
Total plan assets at fair value$3,535 $30,414 $1,347 $35,296 

Fair Value of Plan Assets as of December 31, 2019
(Dollars in thousands)Level 1Level 2Level 3Total
Fixed income bonds$— $27,704 $— $27,704 
Mutual funds3,277 — — 3,277 
Pooled separate accounts— 10,516 — 10,516 
Guaranteed deposit account— — 1,338 1,338 
Total plan assets at fair value$3,277 $38,220 $1,338 $42,835 
Changes in fair value of Level 3 assets
The following table presents a summary of changes in the fair value of the guaranteed deposit account’s Level 3 assets for the year ended December 31, 2020:
Guaranteed Deposit Account
Balance as of January 1, 2020$1,338 
Change in unrealized gain (loss)34 
Purchases, sales, issuances and settlements (net)(25)
Balance as of December 31, 2020$1,347 
Schedule of future benefit payments The following table sets forth the expected benefit payments to be paid for the pension plans and the other postretirement benefit plans:
Pension BenefitsOther Postretirement Benefits
2021$1,808 $148 
2022$1,758 $114 
2023$1,778 $130 
2024$1,770 $122 
2025$1,801 $150 
2026-2030$8,570 $763