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Pension Plans and Postretirement Benefits (Tables)

12 Months Ended

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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