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Pension Plan (Tables) | 12 Months Ended
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Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract] |
Reconciliation of Defined Benefit Pension Plan | The following table shows the reconciliation of the defined benefit pensio n plan as of December 31, 20 20 and 201 9:
|  | 2020 |  |  | 2019 |
|  | (000s) |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 120,287 |  |  | $ | 104,591 |
Actual return (loss) on plan assets |  |  | 18,169 |  |  |  | 22,331 |
Benefits paid |  |  | (6,260 | ) |  |  | (6,168 | )
Administrative expenses |  |  | (511 | ) |  |  | (467 | )
Fair value of plan assets at end of year |  | $ | 131,685 |  |  | $ | 120,287 |
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 117,556 |  |  | $ | 108,428 |
Service cost |  | $ | 615 |  |  | $ | 725 |
Interest cost |  | $ | 3,357 |  |  | $ | 4,237 |
Benefits paid |  | $ | (6,260 | ) |  | $ | (6,168 | )
Actuarial (gain) loss |  | $ | 7,969 |  |  | $ | 10,334 |
Benefit obligation at end of year |  | $ | 123,237 |  |  | $ | 117,556 |
Amounts recognized in the Consolidated Balance Sheet: |  |  |  |  |  |  |  |
Other non-current assets |  | $ | 8,449 |  |  | $ | 2,731 |
Total amounts recognized at end of year |  | $ | 8,449 |  |  | $ | 2,731 |
Components of Net Periodic Pension Cost (Benefit) |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (000s) |
Components of net periodic cost (benefit) |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 615 |  |  | $ | 725 |  |  | $ | 689 |
Interest cost |  |  | 3,357 |  |  |  | 4,237 |  |  |  | 4,063 |
Expected return on plan assets |  |  | (5,261 | ) |  |  | (4,558 | ) |  |  | (5,197 | )
Amortization of actuarial loss |  |  | — |  |  |  | 1,533 |  |  |  | — |
Net periodic cost |  | $ | (1,289 | ) |  | $ | 1,937 |  |  | $ | (445 | )
Measurement Dates |
|  | 2020 |  | 2019
Measurement Dates |  |  |  |
Benefit obligations |  | 12/31/2020 |  | 12/31/2019
Fair value of plan assets |  | 12/31/2020 |  | 12/31/2019
Weighted-average Assumptions for Net Periodic Benefit Cost |
|  | 2020 |  |  | 2019 |
Weighted average assumptions as of December 31 |  |  |  |  |  |  |  |
Discount rate |  |  | 2.08 | % |  |  | 2.94 | %
Rate of compensation increase |  |  | 4.00 | % |  |  | 4.00 | %
Weighted Average Assumptions |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Weighted-average assumptions for net periodic benefit cost calculations |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 2.94 | % |  |  | 4.03 | % |  |  | 3.60 | %
Expected long-term rate of return on plan assets |  |  | 4.50 | % |  |  | 4.50 | % |  |  | 4.50 | %
Rate of compensation increase |  |  | 4.00 | % |  |  | 4.00 | % |  |  | 4.00 | %
Market Values of Our Pension Plan Assets | The market values of our pension plan assets at December 31, 2020 and December 31, 2019, reported using net asset value as a practical expedient, by asset category are as follows:
|  | 2020 |  |  | 2019 |
Equities: |  |  |  |  |  |  |  |
U.S. Large Cap |  | $ | 10,946 |  |  | $ | 9,867 |
U.S. Mid Cap |  | $ | 3,403 |  |  | $ | 3,054 |
U.S. Small Cap |  | $ | 3,581 |  |  | $ | 3,160 |
International Developed |  | $ | 8,315 |  |  | $ | 7,317 |
Emerging Markets |  | $ | 5,631 |  |  | $ | 4,957 |
Fixed income: |  |  |  |  |  |  |  |
Core Fixed Income |  | $ | 27,782 |  |  | $ | 25,390 |
Long Duration Fixed Income |  | $ | 68,886 |  |  | $ | 63,515 |
Real Estate: |  |  |  |  |  |  |  |
REIT Fund |  | $ | 2,474 |  |  | $ | 2,372 |
Cash/Currency: |  |  |  |  |  |  |  |
Cash Equivalents |  | $ | 667 |  |  | $ | 655 |
Total market value |  | $ | 131,685 |  |  | $ | 120,287 |
Estimated Future Benefit | There will be benefit payments under this plan beyond 2030.
Estimated Future Benefit Payments (000s) |  |  |  |
2021 |  | $ | 6,790 |
2022 |  |  | 6,889 |
2023 |  |  | 6,920 |
2024 |  |  | 6,915 |
2025 |  |  | 6,886 |
2026-2030 |  |  | 33,298 |
Total |  | $ | 67,698 |
Plan Assets |
|  | 2020 |  |  | 2019 |
Plan Assets |  |  |  |  |  |  |  |
Asset Category |  |  |  |  |  |  |  |
Equity securities |  |  | 24 | % |  |  | 24 | %
Fixed income securities |  |  | 73 | % |  |  | 74 | %
Other |  |  | 3 | % |  |  | 2 | %
Total |  |  | 100 | % |  |  | 100 | %
Asset Allocation Policy and Ranges Established in accordance with Overall Risk and Return Objectives of Portfolio | The following asset allocation policy and ranges have been established in accordance with the overall risk and return objectives of the portfolio:
|  | As of 12/31/2020 |  |  | Permitted Range
Total Equity |  |  | 24 | % |  | 10-30%
Total Fixed Income |  |  | 73 | % |  | 70-90%
Other |  |  | 3 | % |  | 0-10%

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