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Pension Plans and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Obligations and Funded Status

Obligations and Funded Status

						Pension Benefits Year Ended December 31,												Other Benefits Year Ended December 31,
						2021						2020						2021						2020
						(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of period						$	1,414,055					$	1,308,798					$	61,086					$	58,881
Service cost						11,667						10,650						760						642
Interest cost						27,170						37,199						1,197						1,612
Plan participants' contributions						199						180						488						562
Amendments						2,314						2,333						3,402						—
Settlements						(38,330)						(7,041)						—						—
Actuarial loss (gain)						(45,476)						120,126						(4,944)						2,219
Foreign currency exchange rate changes						1,669						3,513						197						331
Benefits paid						(65,002)						(61,703)						(2,885)						(3,161)
Benefit obligation at end of period						$	1,308,266					$	1,414,055					$	59,301					$	61,086
Change in plan assets:
Fair value of plan assets at beginning of period						$	1,281,232					$	1,150,495					$	52,077					$	48,321
Actual return on plan assets						72,030						190,862						2,898						5,293
Plan participants' contributions						199						180						488						562
Company contributions						6,164						5,131						1,008						992
Settlements						(39,439)						(7,041)						—						—
Foreign currency exchange rate changes						1,615						3,308						—						—
Benefits paid						(65,002)						(61,703)						(2,959)						(3,091)
Fair value of plan assets at the end of period						1,256,799						1,281,232						53,512						52,077
Funded status						$	(51,467)					$	(132,823)					$	(5,789)					$	(9,009)
Amounts recognized in the balance sheet consist of:
Prepaid postretirement benefit obligation						$	—					$	—					$	20,122					$	18,069
Prepaid pension						10,573						14,588						—						—
Accrued employee benefits						(3,125)						(3,082)						(1,578)						(1,389)
Accumulated postretirement benefit obligation						—						—						(24,333)						(25,689)
Pension liability						(58,915)						(144,329)						—						—
Accrued benefit liability, net						$	(51,467)					$	(132,823)					$	(5,789)					$	(9,009)
Amount recognized in accumulated comprehensive income (before taxes):
Prior service cost (credit)						$	20,536					$	21,319					$	2,520					$	(1,059)
Supplemental information:
Plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation						$	1,172,881					$	1,264,764					N/A						N/A
Accumulated benefit obligation						$	1,166,855					$	1,255,899					$	23,503					$	24,593
Fair value of plan assets						$	1,110,841					$	1,117,353					$	—					$	—
Plans with plan assets in excess of accumulated benefit obligation:
Projected benefit obligation						$	135,385					$	149,291					N/A						N/A
Accumulated benefit obligation						$	135,375					$	149,270					$	35,798					$	36,493
Fair value of plan assets						$	145,958					$	163,879					$	53,512					$	52,077

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,
						2021						2020						2019						2021						2020						2019
						(In thousands)
Components of net periodic benefit cost:
Service cost						$	11,667					$	10,650					$	9,123					$	760					$	642					$	545
Interest cost						27,170						37,199						46,307						1,197						1,612						2,254
Expected return on plan assets						(81,778)						(77,298)						(69,809)						(2,891)						(2,691)						(2,514)
Amortization of prior service cost						3,097						3,370						2,903						(178)						(193)						(311)
Recognized net actuarial loss (gain)						(34,690)						6,829						9,353						(4,876)						(458)						(5,723)
Net periodic benefit cost (income)						$	(74,534)					$	(19,250)					$	(2,123)					$	(5,988)					$	(1,088)					$	(5,749)

Summary of Additional Information

Additional Information

						Pension Benefits Year Ended December 31,												Other Benefits Year Ended December 31,
						2021						2020						2021						2020
						(In thousands)
Decrease in accumulated other comprehensive income due to actuarial losses – before taxes						$	(2,314)					$	(2,333)					$	(3,402)					$	—

Weighted Average Assumptions

Assumptions

						Pension Benefits												Other Benefits
						2021						2020						2021						2020
Weighted-average assumptions used to determine net periodic benefit obligations at December 31:
Discount rate						2.91		%				2.63		%				2.85		%				2.49		%

						Pension Benefits																		Other Benefits
						2021						2020						2019						2021						2020						2019
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate to determine interest cost						1.96		%				2.78		%				3.98		%				1.87		%				2.62		%				3.92		%
Expected return on plan assets						6.80		%				6.95		%				6.95		%				5.66		%				5.66		%				5.68		%

Assumed health-care cost trend rates

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

						2021						2020
Assumed health care cost trend rates at December 31:
Health care cost trend rate assumed for next year						7.50		%				6.75		%
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						2034						2030

Plan Asset Allocations by Asset Category

The following is a summary of the asset allocations for the Master Trust at December 31, 2021 and 2020 by asset category:

						December 31,
						2021						2020
Asset Category:
Commingled and Mutual Funds						29		%				29		%
U.S. Government Securities						32		%				28		%
Fixed Income (excluding U.S. Government Securities)						11		%				18		%
Diversified Credit						11		%				11		%
Real Estate						11		%				7		%
Partnerships with Security Holdings						4		%				4		%
Other						2		%				3		%
Total						100		%				100		%

The combined weighted-average asset allocations of these plans at December 31, 2021 and 2020 by asset category were as follows:

						December 31,
						2021						2020
Asset Category:
Fixed Income						20		%				98		%
Commingled and Mutual Funds						11		%				—		%
Cash and Other						69		%				2		%
Total						100		%				100		%

Target Allocation by Asset Class

The target allocation for 2022 for the domestic plans, by asset class, is as follows:

Asset Class:
Fixed Income						45		%
Equities						28		%
Other						27		%

The target allocation for 2022 for the Canadian plans, by asset class, is as follows:

Asset Class:
Fixed Income						20		%
Equities						11		%
Cash and Other						69		%

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, 2021:

						12/31/2021						Level 1						Level 2						Level 3						Unclassified
						(In thousands)
Pension and Other Benefits:
U.S. Government Securities						$	369,980					$	365,295					$	4,685					$	—					$	—
Commingled and Mutual Funds						358,423						77,680						—						—						280,743
Fixed Income						182,169						31,856						128,829						—						21,484
Diversified Credit						133,508						—						—						—						133,508
Real Estate						126,886						—						—						—						126,886
Investment Contract (1)						46,817						—						—						46,817						—
Partnerships with Security Holdings						46,515						—						—						—						46,515
Cash, Cash Equivalents and Accrued Items (2)						46,013						—						—						—						46,013
Total Assets						$	1,310,311					$	474,831					$	133,514					$	46,817					$	655,149

(1)During 2021, we filed for regulatory approval for the windup of our foreign salaried pension benefit plan. Based on those participants who elected to receive annuities upon retirement, we purchased a group annuity contract totaling $45.6 million.

(2)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, 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, Cash Equivalents 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 the changes in the Plans' Level 3 instruments for the year ended December 31, 2021:

						Year Ended December 31,
						2021
						(In thousands)
Balance at beginning of period						$	—
Purchases						45,645
Unrealized gain						652
Translation						520
Balance at end of period						$	46,817

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:
2022						$	—					$	90					$	10,579					N/A
Expected benefit payments:
2022						$	61,599					$	2,924					$	3,588					$	526
2023						$	63,669					$	2,914					$	3,802					$	547
2024						$	65,271					$	2,959					$	4,009					$	557
2025						$	66,406					$	2,914					$	4,212					$	586
2026						$	67,253					$	2,855					$	4,390					$	639
2027-2031						$	337,288					$	12,881					$	24,724					$	3,404

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