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Pension Plans and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Obligations and Funded Status

Obligations and Funded Status

						Pension Benefits Year Ended December 31,												Other Benefits Year Ended December 31,
						2020						2019						2020						2019
						(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of period						$	1,308,798					$	1,186,186					$	58,881					$	60,405
Service cost						10,650						9,123						642						545
Interest cost						37,199						46,307						1,612						2,254
Plan participants' contributions						180						321						562						550
Amendments						2,333						5,523						—						—
Settlements						(7,041)						(25,694)						—						—
Actuarial loss (gain)						120,126						139,909						2,219						(2,427)
Foreign currency exchange rate changes						3,513						6,027						331						462
Benefits paid						(61,703)						(58,904)						(3,161)						(2,908)
Benefit obligation at end of period						$	1,414,055					$	1,308,798					$	61,086					$	58,881
Change in plan assets:
Fair value of plan assets at beginning of period						$	1,150,495					$	1,024,091					$	48,321					$	43,945
Actual return on plan assets						190,862						195,846						5,293						5,688
Plan participants' contributions						180						321						562						550
Company contributions						5,131						4,284						992						915
Settlements						(7,041)						(21,191)						—						—
Foreign currency exchange rate changes						3,308						6,048						—						—
Benefits paid						(61,703)						(58,904)						(3,091)						(2,777)
Fair value of plan assets at the end of period						1,281,232						1,150,495						52,077						48,321
Funded status						$	(132,823)					$	(158,303)					$	(9,009)					$	(10,560)
Amounts recognized in the balance sheet consist of:
Prepaid postretirement benefit obligation						$	—					$	—					$	18,069					$	14,012
Prepaid pension						14,588						16,936						—						—
Accrued employee benefits						(3,082)						(3,218)						(1,389)						(1,313)
Accumulated postretirement benefit obligation						—						—						(25,689)						(23,259)
Pension liability						(144,329)						(172,021)						—						—
Accrued benefit liability, net						$	(132,823)					$	(158,303)					$	(9,009)					$	(10,560)
Amount recognized in accumulated comprehensive income (before taxes):
Prior service cost (credit)						$	21,319					$	22,356					$	(1,059)					$	(1,252)
Supplemental information:
Plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation						$	1,264,764					$	1,167,257					N/A						N/A
Accumulated benefit obligation						$	1,255,899					$	1,153,811					$	24,593					$	22,316
Fair value of plan assets						$	1,117,353					$	992,018					$	—					$	—
Plans with plan assets in excess of accumulated benefit obligation:
Projected benefit obligation						$	149,291					$	141,541					N/A						N/A
Accumulated benefit obligation						$	149,270					$	141,497					$	36,493					$	36,565
Fair value of plan assets						$	163,879					$	158,477					$	52,077					$	48,321

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost included in net income are as follows:

						Pension Benefits Year Ended December 31,																		Other Benefits Year Ended December 31,
						2020						2019						2018						2020						2019						2018
						(In thousands)
Components of net periodic benefit cost:
Service cost						$	10,650					$	9,123					$	9,593					$	642					$	545					$	620
Interest cost						37,199						46,307						47,496						1,612						2,254						2,121
Expected return on plan assets						(77,298)						(69,809)						(80,939)						(2,691)						(2,514)						(2,540)
Amortization of prior service cost						3,370						2,903						2,221						(193)						(311)						(311)
Recognized net actuarial loss (gain)						6,829						9,353						36,738						(458)						(5,723)						(4,094)
Net periodic benefit cost (income)						$	(19,250)					$	(2,123)					$	15,109					$	(1,088)					$	(5,749)					$	(4,204)

Summary of Additional Information

Additional Information

						Pension Benefits Year Ended December 31,												Other Benefits Year Ended December 31,
						2020						2019						2020						2019
						(In thousands)
Decrease in accumulated other comprehensive income due to actuarial losses – before taxes						$	(2,333)					$	(5,523)					$	—					$	—

Weighted Average Assumptions

Assumptions

						Pension Benefits												Other Benefits
						2020						2019						2020						2019
Weighted-average assumptions used to determine net periodic benefit obligations at December 31:
Discount rate						2.63		%				3.31		%				2.49		%				3.21		%

						Pension Benefits																		Other Benefits
						2020						2019						2018						2020						2019						2018
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate to determine service cost						3.00		%				3.74		%				3.32		%				3.01		%				3.93		%				3.91		%
Discount rate to determine interest cost						2.78		%				3.98		%				3.56		%				2.62		%				3.92		%				3.50		%
Expected return on plan assets						6.95		%				6.95		%				6.95		%				5.66		%				5.68		%				5.70		%

Assumed health-care cost trend rates

All of the assets for these postretirement benefit plans are contributed into a Voluntary Employees' Beneficiary Association trust.

						2020						2019
Assumed health care cost trend rates at December 31:
Health care cost trend rate assumed for next year						6.75		%				7.00		%
Rates to which the cost trend rate is assumed to decline (ultimate trend rate)						4.50		%				4.50		%
Year that the rate reaches ultimate trend rate						2030						2030

Plan Asset Allocations by Asset Category

The following is a summary of the asset allocations for the Master Trust at December 31, 2020 and 2019 by asset category:

						December 31,
						2020						2019
Asset Category:
Commingled and Mutual Funds						29		%				27		%
U.S. Government Securities						28		%				22		%
Fixed Income (excluding U.S. Government Securities)						18		%				33		%
Diversified Credit						11		%				5		%
Real Estate						7		%				7		%
Partnerships with Security Holdings						4		%				5		%
Other						3		%				1		%
Total						100		%				100		%

The combined weighted-average asset allocations of these plans at December 31, 2020 and 2019 by asset category were as follows:

						December 31,
						2020						2019
Asset Category:
Fixed Income						98		%				62		%
Equity Securities and Commingled Mutual Funds						—		%				35		%
Other						2		%				3		%
Total						100		%				100		%

Target Allocation by Asset Class

The target allocation for 2021 for the domestic plans, by asset class, is as follows:

Asset Class:
Fixed Income						49		%
Equities						28		%
Other						23		%

The target allocation for 2021 for the Canadian plans, by asset class, is entirely fixed income securities.

Summary of Total Investments Measured at Fair Value

The following is a summary of total assets for our plans measured at fair value at December 31, 2020:

						12/31/2020						Level 1						Level 2						Level 3						Unclassified
						(In thousands)
Pension and Other Benefits:
Fixed Income						$	391,418					$	—					$	228,857					$	—					$	162,561
Commingled and Mutual Funds						338,473						72,764						—						—						265,709
U.S. Government Securities						316,375						310,975						5,400						—						—
Diversified Credit						126,823						—						—						—						126,823
Real Estate						77,437						—						—						—						77,437
Partnerships with Security Holdings						49,007						—						—						—						49,007
Cash and Accrued Items (1)						33,776						—						—						—						33,776
Total Assets						$	1,333,309					$	383,739					$	234,257					$	—					$	715,313

(1)Includes items that are not required to be categorized in the fair value hierarchy in order to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented in the Obligations and Funded Status table.

The following is a summary of total assets for our plans measured at fair value at December 31, 2019:

						12/31/2019						Level 1						Level 2						Level 3						Unclassified
						(In thousands)
Pension and Other Benefits:
Fixed Income						$	453,390					$	—					$	355,064					$	—					$	98,326
Commingled and Mutual Funds						334,786						58,161						—						—						276,625
U.S. Government Securities						220,606						216,300						4,306						—						—
Partnerships with Security Holdings						52,840						—						—						—						52,840
Real Estate						65,821						—						—						—						65,821
Other						47,550						—						—						—						47,550
Cash and Accrued Items						23,823						17,180						6,643						—						—
Total Assets						$	1,198,816					$	291,641					$	366,013					$	—					$	541,162

Cash Flows

Cash Flows

						Domestic Plans												Foreign Plans
						Pension Benefits						Other Benefits						Pension Benefits						Other Benefits
						(In thousands)
Expected employer contributions to trusts of defined benefit plans:
2021						$	—					$	90					$	1,827					N/A
Expected benefit payments:
2021						$	59,656					$	2,736					$	7,007					$	507
2022						$	61,903					$	2,812					$	7,237					$	509
2023						$	63,795					$	2,819					$	7,353					$	539
2024						$	65,255					$	2,841					$	7,469					$	549
2025						$	66,330					$	2,827					$	7,578					$	578
2026-2030						$	336,783					$	12,950					$	38,756					$	3,322

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