Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Change in Benefit Obligation

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans.

	Pension Benefits				Other Benefits
Years Ended December 31,	2021		2020		2021		2020
			(In thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	(492,925)	$	(461,352)	$	(29,498)	$	(29,470)
Service cost	(3,953)		(3,930)		(33)		(33)
Interest cost	(7,512)		(9,729)		(727)		(809)
Participant contributions	(143)		(73)		(4)		(5)
Actuarial gain (loss)	19,778		(42,284)		1,391		(110)
Acquisitions and divestitures	(12,886)		(910)		—		—
Settlements	5,855		26,970		—		—
Curtailments	—		236		—		—
Plan amendments	—		(226)		—		—
Foreign currency exchange rate changes	7,226		(15,345)		(227)		(427)
Benefits paid	12,726		13,718		1,473		1,356
Benefit obligation, end of year	$	(471,834)	$	(492,925)	$	(27,625)	$	(29,498)

Change in Plan Assets

	Pension Benefits				Other Benefits
Years Ended December 31,	2021		2020		2021		2020
			(In thousands)
Change in plan assets:
Fair value of plan assets, beginning of year	$	361,802	$	355,726	$	—	$	—
Actual return on plan assets	32,467		32,470		—		—
Employer contributions	11,618		6,393		1,469		1,351
Plan participant contributions	143		73		4		5
Acquisitions and divestitures	9,339		—		—		—
Settlements	(5,790)		(26,945)		—		—
Foreign currency exchange rate changes	(2,827)		7,803		—		—
Benefits paid	(12,726)		(13,718)		(1,473)		(1,356)
Fair value of plan assets, end of year	$	394,026	$	361,802	$	—	$	—

Amounts Recognized in Balance Sheets

Funded status, end of year	$	(77,808)	$	(131,123)	$	(27,625)	$	(29,498)
Amounts recognized in the balance sheets:
Prepaid benefit cost	$	20,177	$	4,780	$	—	$	—
Accrued benefit liability, current	(3,173)		(3,558)		(1,440)		(1,443)
Accrued benefit liability, noncurrent	(94,812)		(132,345)		(26,185)		(28,055)
Net funded status	$	(77,808)	$	(131,123)	$	(27,625)	$	(29,498)

Components of Net Periodic Benefit Costs

The following table provides the components of net periodic benefit costs for the plans.

	Pension Benefits						Other Benefits
Years Ended December 31,	2021		2020		2019		2021		2020		2019
					(In thousands)
Components of net periodic benefit cost:
Service cost	$	3,953	$	3,930	$	3,668	$	33	$	33	$	35
Interest cost	7,512		9,729		12,261		727		809		960
Expected return on plan assets	(16,337)		(16,357)		(15,699)		—		—		—
Amortization of prior service cost	110		190		169		—		—		—
Settlement loss (gain)	(18)		3,153		(7)		—		—		—
Other adjustments	(191)		—		—		—		—		—
Net loss (gain) recognition	3,764		2,930		1,432		(43)		(59)		(133)
Net periodic benefit cost (income)	$	(1,207)	$	3,575	$	1,824	$	717	$	783	$	862

Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts

The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts.

	Pension Benefits				Other Benefits
	Years Ended December 31,				Years Ended December 31,
	2021		2020		2021		2020
Weighted average assumptions for benefit obligations at year end:
Discount rate	2.0	%	1.5	%	2.9	%	2.5	%
Salary increase	3.3	%	3.3	%	N/A		N/A
Cash balance interest credit rate	4.7	%	4.6	%	N/A		N/A
Weighted average assumptions for net periodic cost for the year:
Discount rate	1.5	%	2.2	%	2.5	%	2.9	%
Salary increase	3.2	%	3.5	%	N/A		N/A
Cash balance interest credit rate	4.6	%	4.0	%	N/A		N/A
Expected return on assets	4.6	%	4.9	%	N/A		N/A
Assumed health care cost trend rates:
Health care cost trend rate assumed for next year	N/A		N/A		5.4	%	5.5	%
Rate that the cost trend rate gradually declines to	N/A		N/A		5.0	%	5.0	%
Year that the rate reaches the rate it is assumed to remain at	N/A		N/A		2027		2026

Fair Values of Pension Plan Assets by Asset Category

The following table presents the fair values of the pension plan assets by asset category. 

	December 31, 2021								December 31, 2020
	Fair Market Value at December 31, 2021		Quoted  Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Investments Measured at Net Asset Value		Fair Market Value at December 31, 2020		Quoted  Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Investments Measured at Net Asset Value
	(In thousands)								(In thousands)
Asset Category:
Equity securities(a)
U.S. equities fund	$	77,687	$	2,913	$	—	$	74,774	$	86,059	$	3,012	$	—	$	83,047
Non-U.S. equities fund	77,299		6,267		—		71,032		61,630		5,602		—		56,028
Debt securities(b)
Government bond fund	64,255		—		731		63,524		98,418		—		772		97,646
Corporate bond fund	108,729		—		11,507		97,222		82,434		—		12,150		70,284
Fixed income fund(c)	16,939		—		—		16,939		7,320		—		—		7,320
Liability driven investment fund(d)	22,713		—		—		22,713		—		—		—		—
Other investments(e)	15,103		—		—		15,103		17,367		—		—		17,367
Cash & equivalents	11,301		5,271		—		6,030		8,574		3,230		—		5,344
Total	$	394,026	$	14,451	$	12,238	$	367,337	$	361,802	$	11,844	$	12,922	$	337,036

(a)This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Equity securities held in separate accounts are valued based on observable quoted prices on active exchanges.

(b)This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

(c)This category includes guaranteed insurance contracts and annuity policies.

(d)This category includes investments in funds that are designed to provide leveraged exposure to changes in interest rates. The fund purchases shares of funds that invest in government bonds, debt repurchase agreements, total return swaps and interest rate swaps.

(e)This category includes investments in hedge funds that pursue multiple strategies in order to provide diversification and balance risk/return objectives, real estate funds, and private equity funds.

Benefits Expected to be Paid in Subsequent Years from Our Pension and Other Postretirement as Well as Medicare Subsidy Receipts

The following table reflects the benefits as of December 31, 2021 expected to be paid in each of the next five years and in the aggregate for the five years thereafter from our pension and other postretirement plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. 

	Pension Plans		Other Plans
	(In thousands)
2022	$	19,363	$	1,460
2023	20,383		1,458
2024	23,199		1,463
2025	20,531		1,468
2026	21,461		1,472
2027-2031	108,900		7,463
Total	$	213,837	$	14,784

Summary of Accumulated Other Comprehensive Loss and Changes in these Amounts

The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2021 and the changes in these amounts during the year ended December 31, 2021 are as follows. 

	Pension Benefits		Other Benefits
	(In thousands)
Components of accumulated other comprehensive loss:
Net actuarial loss (gain)	$	39,995	$	(1,770)
Net prior service cost	2,661		—
	$	42,656	$	(1,770)

	Pension Benefits		Other Benefits
	(In thousands)
Changes in accumulated other comprehensive loss:
Net actuarial loss (gain), beginning of year	$	80,671	$	(436)
Amortization of actuarial gain (loss)	(3,764)		43
Actuarial gain	(19,778)		(1,391)
Asset gain	(16,130)		—
Settlement gain recognized	18		—
Other adjustments	191		—
Currency impact	(1,213)		14
Net actuarial loss (gain), end of year	$	39,995	$	(1,770)
Prior service cost, beginning of year	$	2,798	$	—
Amortization of prior service cost	(110)		—
Currency impact	(27)		—
Prior service cost, end of year	$	2,661	$	—