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Pension Plans and Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Obligations and Funded Status | Obligations and Funded Status
|  | Pension Benefits Year Ended December 31, |  | Other Benefits Year Ended December 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (In thousands)
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of period |  | $ | 926,978 |  |  | $ | 1,308,266 |  |  | $ | 43,050 |  |  | $ | 59,301 |
Service cost |  | 7,515 |  |  | 11,116 |  |  | 338 |  |  | 650 |
Interest cost |  | 47,638 |  |  | 30,924 |  |  | 2,139 |  |  | 1,387 |
Plan participants' contributions |  | 137 |  |  | 224 |  |  | 218 |  |  | 346 |
Amendments |  | 2,161 |  |  | 3,100 |  |  | — |  |  | 261 |
Settlements |  | — |  |  | (48,777) |  |  | — |  |  | — |
Actuarial loss (gain) |  | 30,568 |  |  | (307,946) |  |  | 159 |  |  | (14,747) |
Foreign currency exchange rate changes |  | 738 |  |  | (6,564) |  |  | 292 |  |  | (921) |
Benefits paid |  | (61,366) |  |  | (63,365) |  |  | (2,880) |  |  | (3,227) |
Benefit obligation at end of period |  | $ | 954,369 |  |  | $ | 926,978 |  |  | $ | 43,316 |  |  | $ | 43,050 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of period |  | $ | 875,691 |  |  | $ | 1,256,799 |  |  | $ | 45,616 |  |  | $ | 53,512 |
Actual return on plan assets |  | 59,354 |  |  | (263,881) |  |  | 3,769 |  |  | (6,003) |
Plan participants' contributions |  | 137 |  |  | 224 |  |  | 218 |  |  | 346 |
Company contributions |  | 4,390 |  |  | 14,172 |  |  | 870 |  |  | 1,032 |
Settlements |  | — |  |  | (61,416) |  |  | — |  |  | — |
Foreign currency exchange rate changes |  | 736 |  |  | (6,842) |  |  | — |  |  | — |
Benefits paid |  | (61,366) |  |  | (63,365) |  |  | (3,020) |  |  | (3,271) |
Fair value of plan assets at the end of period |  | 878,942 |  |  | 875,691 |  |  | 47,453 |  |  | 45,616 |
Funded status |  | $ | (75,427) |  |  | $ | (51,287) |  |  | $ | 4,137 |  |  | $ | 2,566 |
Amounts recognized in the balance sheet consist of: |  |  |  |  |  |  |  |
Prepaid postretirement benefit obligation |  | $ | — |  |  | $ | — |  |  | $ | 23,915 |  |  | $ | 22,232 |
Prepaid pension |  | 10,146 |  |  | 9,542 |  |  | — |  |  | — |
Accrued employee benefits |  | (2,787) |  |  | (2,997) |  |  | (1,312) |  |  | (1,509) |
Accumulated postretirement benefit obligation |  | — |  |  | — |  |  | (18,466) |  |  | (18,157) |
Pension liability |  | (82,786) |  |  | (57,832) |  |  | — |  |  | — |
Accrued benefit liability, net |  | $ | (75,427) |  |  | $ | (51,287) |  |  | $ | 4,137 |  |  | $ | 2,566 |
Amount recognized in accumulated comprehensive income (before taxes): |  |  |  |  |  |  |  |
Prior service cost (credit) |  | $ | 19,287 |  |  | $ | 20,363 |  |  | $ | 2,711 |  |  | $ | 2,750 |
Supplemental information: |  |  |  |  |  |  |  |
Plans with accumulated benefit obligation in excess of plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 933,588 |  |  | $ | 877,431 |  |  | N/A |  | N/A
Accumulated benefit obligation |  | $ | 906,593 |  |  | $ | 873,185 |  |  | $ | 17,747 |  |  | $ | 17,795 |
Fair value of plan assets |  | $ | 847,755 |  |  | $ | 816,693 |  |  | $ | — |  |  | $ | — |
Plans with plan assets in excess of accumulated benefit obligation: |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 20,781 |  |  | $ | 49,547 |  |  | N/A |  | N/A
Accumulated benefit obligation |  | $ | 20,781 |  |  | $ | 49,547 |  |  | $ | 25,569 |  |  | $ | 25,255 |
Fair value of plan assets |  | $ | 31,187 |  |  | $ | 58,999 |  |  | $ | 47,453 |  |  | $ | 45,616 |
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,
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
|  | (In thousands)
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 7,515 |  |  | $ | 11,116 |  |  | $ | 11,667 |  |  | $ | 338 |  |  | $ | 650 |  |  | $ | 760 |
Interest cost |  | 47,638 |  |  | 30,924 |  |  | 27,170 |  |  | 2,139 |  |  | 1,387 |  |  | 1,197 |
Expected return on plan assets |  | (60,437) |  |  | (83,254) |  |  | (81,778) |  |  | (2,536) |  |  | (2,974) |  |  | (2,891) |
Amortization of prior service cost |  | 3,238 |  |  | 3,257 |  |  | 3,097 |  |  | 40 |  |  | 26 |  |  | (178) |
Recognized net actuarial loss (gain) |  | 31,755 |  |  | 52,202 |  |  | (34,690) |  |  | (946) |  |  | (5,616) |  |  | (4,876) |
Net periodic benefit cost (income) |  | $ | 29,709 |  |  | $ | 14,245 |  |  | $ | (74,534) |  |  | $ | (965) |  |  | $ | (6,527) |  |  | $ | (5,988) |
Summary of Additional Information |
|  | Pension Benefits Year Ended December 31, |  | Other Benefits Year Ended December 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (In thousands)
Decrease in accumulated other comprehensive income due to actuarial losses – before taxes |  | $ | (2,161) |  |  | $ | (3,100) |  |  | $ | — |  |  | $ | (261) |
Weighted Average Assumptions |
|  | Pension Benefits |  | Other Benefits
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Weighted-average assumptions used to determine net periodic benefit obligations at December 31: |  |  |  |  |  |  |  |
Discount rate |  | 5.07 | % |  | 5.42 | % |  | 4.92 | % |  | 5.32 | %
|  | Pension Benefits |  | Other Benefits
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate to determine interest cost |  | 5.26 | % |  | 2.42 | % |  | 1.96 | % |  | 5.23 | % |  | 2.42 | % |  | 1.87 | %
Expected return on plan assets |  | 7.13 | % |  | 7.10 | % |  | 6.80 | % |  | 5.67 | % |  | 5.67 | % |  | 5.66 | %
Assumed health-care cost trend rates | All of the assets for these postretirement benefit plans are contributed into a Voluntary Employees' Beneficiary Association trust.
|  | 2023 |  | 2022
Assumed health care cost trend rates at December 31: |  |  |  |
Health care cost trend rate assumed for next year |  | 7.50 | % |  | 7.25 | %
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 |  | 2037 |  | 2034
Plan Asset Allocations by Asset Category | The following is a summary of the asset allocations for the Master Trust at December 31, 2023 and 2022 by asset category:
|  | December 31,
|  | 2023 |  | 2022
Asset Category: |  |  |  |
U.S. Government Securities |  | 34 | % |  | 36 | %
Commingled and Mutual Funds |  | 25 | % |  | 25 | %
Real Estate |  | 15 | % |  | 16 | %
Diversified Credit |  | 13 | % |  | 13 | %
Fixed Income (excluding U.S. Government Securities) |  | 6 | % |  | 5 | %
Partnerships with Security Holdings |  | 2 | % |  | 3 | %
Other |  | 5 | % |  | 2 | %
Total |  | 100 | % |  | 100 | %
The following is a summary of the asset allocations of this plan at December 31, 2023 and 2022 by asset category:
|  | December 31,
|  | 2023 |  | 2022
Asset Category: |  |  |  |
Fixed Income |  | 61 | % |  | 51 | %
Commingled and Mutual Funds |  | 35 | % |  | 29 | %
Cash and Other |  | 4 | % |  | 20 | %
Total |  | 100 | % |  | 100 | %
Target Allocation by Asset Class | The target allocation for 2024 for the domestic plans, by asset class, is as follows:
Asset Class: |  |
Fixed Income |  | 57 | %
Equities |  | 33 | %
Other |  | 10 | %
The target allocation for 2024 for the Canadian plan, by asset class, is as follows:
Asset Class: |  |
Fixed Income |  | 65 | %
Equities |  | 35 | %
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, 2023:
|  | 12/31/2023 |  | Level 1 |  | Level 2 |  | Level 3 |  | Unclassified
|  | (In thousands)
Pension and Other Benefits: |  |  |  |  |  |  |  |  |  |
U.S. Government Securities |  | $ | 288,495 |  |  | $ | 288,495 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commingled and Mutual Funds |  | 231,801 |  |  | 46,504 |  |  | — |  |  | — |  |  | 185,297 |
Real Estate |  | 123,250 |  |  | — |  |  | — |  |  | — |  |  | 123,250 |
Diversified Credit |  | 113,271 |  |  | — |  |  | — |  |  | — |  |  | 113,271 |
Fixed Income |  | 108,646 |  |  | 36,741 |  |  | — |  |  | — |  |  | 71,905 |
Partnerships with Security Holdings |  | 19,752 |  |  | — |  |  | — |  |  | — |  |  | 19,752 |
Cash, Cash Equivalents and Accrued Items (1) |  | 41,180 |  |  | — |  |  | — |  |  | — |  |  | 41,180 |
Total Assets |  | $ | 926,395 |  |  | $ | 371,740 |  |  | $ | — |  |  | $ | — |  |  | $ | 554,655 |
(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, 2022:
|  | 12/31/2022 |  | Level 1 |  | Level 2 |  | Level 3 |  | Unclassified
|  | (In thousands)
Pension and Other Benefits: |  |  |  |  |  |  |  |  |  |
U.S. Government Securities |  | $ | 305,995 |  |  | $ | 305,995 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commingled and Mutual Funds |  | 230,674 |  |  | 42,180 |  |  | — |  |  | — |  |  | 188,494 |
Fixed Income |  | 95,967 |  |  | 35,563 |  |  | — |  |  | — |  |  | 60,404 |
Diversified Credit |  | 108,363 |  |  | — |  |  | — |  |  | — |  |  | 108,363 |
Real Estate |  | 132,867 |  |  | — |  |  | — |  |  | — |  |  | 132,867 |
Partnerships with Security Holdings |  | 25,259 |  |  | — |  |  | — |  |  | — |  |  | 25,259 |
Cash, Cash Equivalents and Accrued Items (1) |  | 22,182 |  |  | — |  |  | — |  |  | — |  |  | 22,182 |
Total Assets |  | $ | 921,307 |  |  | $ | 383,738 |  |  | $ | — |  |  | $ | — |  |  | $ | 537,569 |
(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, 2022. The Plan did not have any Level 3 instruments during the year ended December 31, 2023.
|  |  | Year Ended December 31,
|  |  |  | 2022
|  |  | (In thousands)
Balance at beginning of period |  |  |  | $ | 46,817 |
Purchases |  |  |  | — |
Dispositions |  |  |  | (35,822) |
Realized gain (loss) |  |  |  | (6,988) |
Change in unrealized gain (loss) |  |  |  | (652) |
Translation |  |  |  | (3,355) |
Balance at end of period |  |  |  | $ | — |
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: |  |  |  |  |  |  |  |
2024 |  | $ | 526 |  |  | $ | — |  |  | $ | 1,008 |  |  | N/A
Expected benefit payments: |  |  |  |  |  |  |  |
2024 |  | $ | 64,254 |  |  | $ | 2,542 |  |  | $ | 917 |  |  | $ | 595 |
2025 |  | $ | 65,457 |  |  | $ | 2,570 |  |  | $ | 1,076 |  |  | $ | 640 |
2026 |  | $ | 66,333 |  |  | $ | 2,497 |  |  | $ | 1,216 |  |  | $ | 700 |
2027 |  | $ | 67,009 |  |  | $ | 2,458 |  |  | $ | 1,373 |  |  | $ | 737 |
2028 |  | $ | 67,288 |  |  | $ | 2,398 |  |  | $ | 1,471 |  |  | $ | 772 |
2029-2033 |  | $ | 332,253 |  |  | $ | 11,209 |  |  | $ | 8,648 |  |  | $ | 3,875 |

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