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Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Changes in Benefit Obligations and Plan Assets

The following tables detail the changes in the benefit obligations and plan assets of the defined benefit plans for the years ended December 31, 2020 and 2019, as well as the funded status of the plans at each year end and the amounts recognized in the Company’s consolidated balance sheets. The Company uses a December 31 measurement date for all defined benefit pension plans and other postretirement benefit plans.

		2020					2019					2020					2019
(in thousands)		Pension Benefits										Other Post- Retirement Benefits
Change in benefit obligation
Benefit obligation, beginning of year		$		581,866			$		492,017			$		16,713			$		16,283
Service cost				12,898					10,981					105					95
Interest cost				16,207					18,843					484					621
Plan participants' contributions				—					—					538					547
Net actuarial loss				70,777					81,166					1,910					733
Benefits paid				(21,439	)				(21,141	)				(1,420	)				(1,566	)
Benefit obligation, end of year				660,309					581,866					18,330					16,713
Change in plan assets
Fair value of plan assets, beginning of year				752,138					542,618					—					—
Actual return on plan assets				84,810					130,745					—					—
Employer contributions				1,178					101,165					882					1,019
Plan participants' contributions				—					—					538					547
Benefit payments				(21,439	)				(21,141	)				(1,420	)				(1,566	)
Expenses				(1,383	)				(1,249	)				—					—
Fair value of plan assets, end of year				815,304					752,138					—					—
Funded status at end of year - net asset (liability)		$		154,995			$		170,272			$		(18,330	)		$		(16,713	)
Amounts recognized in accumulated other    comprehensive loss
Unrecognized loss at beginning of year		$		136,252			$		149,470			$		(5,369	)		$		(7,015	)
Net actuarial loss (gain)				28,518					(13,218	)				2,565					1,646
Unrecognized gain (loss) at end of year		$		164,770			$		136,252			$		(2,804	)		$		(5,369	)
Projected benefit obligation		$		660,309			$		581,866
Accumulated benefit obligation				624,999					550,005
Fair value of plan assets				815,304					752,138

Components of Net Periodic Benefits Cost

The following table shows net periodic benefit cost included in expense and the changes in the amounts recognized in AOCI during 2020, 2019, and 2018.

		Years Ended December 31,
		2020					2019					2018					2020					2019					2018
($ in thousands)		Pension Benefits															Other Post-Retirement Benefits
Net periodic benefit cost
Service cost		$		12,898			$		10,981			$		12,414			$		105			$		95			$		120
Interest cost				16,207					18,843					16,762					484					621					621
Expected return on plan assets				(48,191	)				(45,199	)				(41,033	)				—					—					—
Amortization of net loss/ prior service cost				7,021					10,087					5,423					(653	)				(913	)				(434	)
Net periodic benefit cost				(12,065	)				(5,288	)				(6,434	)				(64	)				(197	)				307
Other changes in plan assets and benefit    obligations recognized in other    comprehensive income, before taxes
Net (loss) gain recognized during the year				(7,021	)				(10,087	)				(5,423	)				653					913					434
Net actuarial loss (gain)				35,539					(3,131	)				51,915					1,912					733					(6,717	)
Total recognized in other comprehensive    income				28,518					(13,218	)				46,492					2,565					1,646					(6,283	)
Total recognized in net periodic benefit    cost and other comprehensive income		$		16,453			$		(18,506	)		$		40,058			$		2,501			$		1,449			$		(5,976	)
Discount rate for benefit obligations				2.40	%				3.14	%				4.14	%				2.31	%				3.11	%				4.10	%
Discount rate for net periodic benefit cost				3.14	%				4.14	%				3.57	%				3.11	%				4.10	%				3.52	%
Expected long-term return on plan assets				6.50	%				7.25	%				7.25	%			n/a					n/a					n/a
Rate of compensation increase			scaled *					scaled *					scaled **					n/a					n/a					n/a

* Graded scale, declining from 7.25% at age 20 to 2.25% at age 60

** Graded scale, declining from 7.00% at age 20 t0 2.00% at age 60

Expected Plan Benefit Payments

The following table presents expected plan benefit payments over the ten years succeeding December 31, 2020:

(in thousands)		Pension					Post-Retirement					Total
2021		$		24,097			$		989			$		25,086
2022				25,244					929					26,173
2023				26,251					954					27,205
2024				27,546					912					28,458
2025				28,963					950					29,913
2026-2030				163,952					4,664					168,616
.		$		296,053			$		9,398			$		305,451

Fair Values of Pension Plan Assets

For all investments, the plan attempts to use quoted market prices of identical assets on active exchanges, or Level 1 measurements. Where such quoted market prices are not available, the plan will use quoted prices for similar instruments or discounted cash flows to estimate the value, reported as Level 2

		December 31, 2020
Fair Value Measurements by Asset Category / Fund			Level 1					Level 2					Level 3				Total
(in thousands)
Cash and equivalents		$		3,778			$		—			$		—			$		3,778
Total cash and cash equivalents				3,778					—					—					3,778
Fixed income securities				29,527					43,076					—					72,603
Mutual fund-fixed income				22,087					—					—					22,087
Exchange Traded Fund (ETF)-Fixed income				3,750					—					—					3,750
Total fixed income				55,364					43,076					—					98,440
Domestic and foreign stock				97,966					—					—					97,966
Mutual funds-equity				260,019					—					—					260,019
Total equity				357,985										—					357,985
Total assets at fair value				417,127					43,076					—					460,203
Common trust funds (fixed income)				—					—					—					298,694
Common trust fund (real assets)				—					—					—					56,407
Total		$		417,127			$		43,076			$		—			$		815,304

		December 31, 2019
Fair Value Measurements by Asset Category / Fund			Level 1					Level 2					Level 3					Total
(in thousands)
Cash and equivalents		$		2,574			$		—			$		—			$		2,574
Total cash and cash equivalents				2,574					—					—					2,574
Fixed income securities				23,450					45,951					—					69,401
Mutual fund-fixed income				34,652					—					—					34,652
Exchange Traded Fund (ETF)-Fixed income				3,134					—					—					3,134
Total fixed income				61,236					45,951					—					107,187
Domestic and foreign stock				88,174										—					88,174
Mutual funds-equity				236,436					—					—					236,436
Total equity				324,610										—					324,610
Total assets at fair value				388,420					45,951					—					434,371
Common trust funds (fixed income)				—					—					—					258,572
Common trust fund (real assets)				—					—					—					59,195
Total		$		388,420			$		45,951			$		—			$		752,138

Percentage and Target Allocations

The following table presents the percentage allocation of the plan assets by asset category and corresponding target allocations at December 31, 2020 and 2019.

		Plan Assets										Target Allocation
		at December 31,										at December 31,
Asset category		2020					2019					2020		2019
Cash and equivalents			0		%			0		%		0 - 5%		0 - 5%
Fixed income securities			49					49				41-57%		41-57%
Equity securities			44					43				35 - 51%		35 - 51%
Real assets			7					8				0 - 12%		0 - 12%
			100		%			100		%

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- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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