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Pension and Other Post-Retirement Benefits And Employee Benefits (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2021 | Dec. 31, 2020
Components of Net Periodic Benefit Cost | The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated:
|  | For the Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
(in thousands) |  | Pension Benefits |  |  | Post- Retirement Benefits |  |  | Pension Benefits |  |  | Post- Retirement Benefits |
Components of net periodic (credit) expense: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 912 |  |  | $ | 56 |  |  | $ | 1,173 |  |  | $ | 82 |
Expected return on plan assets |  |  | (4,016 | ) |  |  | — |  |  |  | (3,876 | ) |  |  | — |
Amortization of prior-service liability |  |  | — |  |  |  | (62 | ) |  |  | — |  |  |  | (62 | )
Amortization of net actuarial loss |  |  | 1,732 |  |  |  | 11 |  |  |  | 1,831 |  |  |  | 6 |
Net periodic (credit) expense |  | $ | (1,372 | ) |  | $ | 5 |  |  | $ | (872 | ) |  | $ | 26 |
(1) | Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income.
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost |  | The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Discount rate |  |  | 3.0 | % |  |  | 4.1 | % |  |  | 3.4 | %
Expected rate of return on plan assets |  |  | 6.5 |  |  |  | 6.8 |  |  |  | 7.0 |
Fair Value Measurements of Investments Held by Retirement Plan |  | The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2020:
(in thousands) |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large-cap value (1) |  | $ | 23,206 |  |  | $ | — |  |  | $ | 23,206 |  |  | $ | — |
Large-cap growth (2) |  |  | 22,997 |  |  |  | — |  |  |  | 22,997 |  |  |  | — |
Large-cap core (3) |  |  | 15,146 |  |  |  | — |  |  |  | 15,146 |  |  |  | — |
Mid-cap value (4) |  |  | 4,509 |  |  |  | — |  |  |  | 4,509 |  |  |  | — |
Mid-cap growth (5) |  |  | 6,316 |  |  |  | — |  |  |  | 6,316 |  |  |  | — |
Mid-cap core (6) |  |  | 5,113 |  |  |  | — |  |  |  | 5,113 |  |  |  | — |
Small-cap value (7) |  |  | 3,307 |  |  |  | — |  |  |  | 3,307 |  |  |  | — |
Small-cap growth (8) |  |  | 8,674 |  |  |  | — |  |  |  | 8,674 |  |  |  | — |
Small-cap core (9) |  |  | 3,400 |  |  |  | — |  |  |  | 3,400 |  |  |  | — |
International equity (10) |  |  | 32,248 |  |  |  | — |  |  |  | 32,248 |  |  |  | — |
Fixed Income Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income – U.S. Core (11) |  |  | 74,523 |  |  |  | — |  |  |  | 74,523 |  |  |  | — |
Intermediate duration (12) |  |  | 24,953 |  |  |  | — |  |  |  | 24,953 |  |  |  | — |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Company common stock |  |  | 31,401 |  |  |  | 31,401 |  |  |  | — |  |  |  | — |
Cash Equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market * |  |  | 5,237 |  |  |  | 2,321 |  |  |  | 2,916 |  |  |  | — |
|  | $261,030 |  |  | $33,722 |  |  | $227,308 |  |  | $— |
* | Includes cash equivalent investments in equity and fixed income strategies.
(1) | This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks.
(2) | This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S.
(3) | This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index.
(4) | This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index.
(5) | This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index.
(6) | This category seeks to track the performance of the S&P Midcap 400 Index.
(7) | This category consists of a selection of investments based on the Russell 2000 Value Index.
(8) | This category consists of a mutual fund invested in small cap growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index.
(9) | This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company.
(10) | This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80% of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities.
(11) | This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies.
(12) | This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better.
Weighted Average Asset Allocations for Retirement Plan |  | The asset allocations for the Retirement Plan as of December 31, 2020 and 2019 were as follows:
|  | At December 31, |
|  | 2020 |  |  | 2019 |
Equity securities |  |  | 60 | % |  |  | 58 | %
Debt securities |  |  | 38 |  |  |  | 40 |
Cash equivalents |  |  | 2 |  |  |  | 2 |
Total |  |  | 100 | % |  |  | 100 | %
Expected Future Annuity Payments by Retirement Plan |  | The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated:
(in thousands) |  |  |
2021 |  | $ | 7,995 |
2022 |  |  | 8,073 |
2023 |  |  | 8,060 |
2024 |  |  | 8,302 |
2025 |  |  | 8,567 |
2026 and thereafter |  |  | 43,728 |
Total |  | $ | 84,725 |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfare Plan |  | The following table presents the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Discount rate |  |  | 2.9 | % |  |  | 3.9 | % |  |  | 3.3 | %
Current medical trend rate |  |  | 6.5 |  |  |  | 6.5 |  |  |  | 6.5 |
Ultimate trend rate |  |  | 5.0 |  |  |  | 5.0 |  |  |  | 5.0 |
Year when ultimate trend rate will be reached |  |  | 2026 |  |  |  | 2025 |  |  |  | 2024 |
Expected Future Payments for Premiums and Claims under Health and Welfare Plan |  | The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan:
(in thousands) |  |  |
2021 |  | $ | 915 |
2022 |  |  | 881 |
2023 |  |  | 851 |
2024 |  |  | 820 |
2025 |  |  | 789 |
2026 and thereafter |  |  | 3,451 |
Total |  | $ | 7,707 |
Pension Benefits |  |
Information Regarding Benefit Plan |  | The following table sets forth certain information regarding the Retirement Plan as of the dates indicated:
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Change in Benefit Obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 159,896 |  |  | $ | 143,235 |
Interest cost |  |  | 4,692 |  |  |  | 5,660 |
Actuarial loss (gain) |  |  | 14,629 |  |  |  | 18,806 |
Annuity payments |  |  | (6,510 | ) |  |  | (6,473 | )
Settlements |  |  | (575 | ) |  |  | (1,332 | )
Benefit obligation at end of year |  | $ | 172,132 |  |  | $ | 159,896 |
Change in Plan Assets: |  |  |  |  |  |  |  |
Fair value of assets at beginning of year |  | $ | 242,558 |  |  | $ | 210,246 |
Actual return (loss) on plan assets |  |  | 25,557 |  |  |  | 40,117 |
Contributions |  |  | — |  |  |  | — |
Annuity payments |  |  | (6,510 | ) |  |  | (6,473 | )
Settlements |  |  | (575 | ) |  |  | (1,332 | )
Fair value of assets at end of year |  | $ | 261,030 |  |  | $ | 242,558 |
Funded status (included in “Other assets”) |  | $ | 88,898 |  |  | $ | 82,662 |
Changes recognized in other comprehensive income for the year ended December 31: |  |  |  |  |  |  |  |
Amortization of prior service cost |  | $ | — |  |  | $ | — |
Amortization of actuarial loss |  |  | (7,327 | ) |  |  | (10,035 | )
Net actuarial (gain) loss arising during the year |  |  | 4,577 |  |  |  | (7,378 | )
Total recognized in other comprehensive income for the year (pre-tax) |  | $ | (2,750 | ) |  | $ | (17,413 | )
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: |  |  |  |  |  |  |  |
Prior service cost |  | $ | — |  |  | $ | — |
Actuarial loss, net |  |  | 73,017 |  |  |  | 75,767 |
Total accumulated other comprehensive loss (pre-tax) |  | $ | 73,017 |  |  | $ | 75,767 |
Components of Net Periodic Benefit Cost |  | The components of net periodic pension (credit) expense were as follows for the years indicated:
|  | Years Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Components of net periodic pension expense (credit): |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 4,692 |  |  | $ | 5,660 |  |  | $ | 5,085 |
Expected return on plan assets |  |  | (15,505 | ) |  |  | (13,933 | ) |  |  | (16,139 | )
Amortization of net actuarial loss |  |  | 7,327 |  |  |  | 10,035 |  |  |  | 7,179 |
Net periodic pension (credit) expense |  | $ | (3,486 | ) |  | $ | 1,762 |  |  | $ | (3,875 | )
Post-Retirement Benefits |  |
Information Regarding Benefit Plan |  | The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated:
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 11,898 |  |  | $ | 13,583 |
Interest cost |  |  | 327 |  |  |  | 512 |
Actuarial gain |  |  | 238 |  |  |  | (1,233 | )
Premiums and claims paid |  |  | (614 | ) |  |  | (964 | )
Benefit obligation at end of year |  | $ | 11,849 |  |  |  | 11,898 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of assets at beginning of year |  | $ | — |  |  | $ | — |
Employer contribution |  |  | 614 |  |  |  | 964 |
Premiums and claims paid |  |  | (614 | ) |  |  | (964 | )
Fair value of assets at end of year |  | $ | — |  |  | $ | — |
Funded status (included in “Other liabilities”) |  | $ | (11,849 | ) |  |  | (11,898 | )
Changes recognized in other comprehensive income for the year ended December 31: |  |  |  |  |  |  |  |
Amortization of prior service cost |  | $ | 249 |  |  | $ | 249 |
Amortization of actuarial gain |  |  | (25 | ) |  |  | (124 | )
Net actuarial (gain) loss arising during the year |  |  | 238 |  |  |  | (1,234 | )
Total recognized in other comprehensive income for the year (pre-tax) |  | $ | 462 |  |  | $ | (1,109 | )
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: |  |  |  |  |  |  |  |
Prior service cost |  | $ | (287 | ) |  | $ | (536 | )
Actuarial loss, net |  |  | 1,679 |  |  |  | 1,466 |
Total accumulated other comprehensive income (pre-tax) |  | $ | 1,392 |  |  | $ | 930 |
Components of Net Periodic Benefit Cost |  | The following table presents the components of net periodic benefit cost for the years indicated:
|  | Years Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Components of Net Periodic Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 327 |  |  |  | 512 |  |  |  | 513 |
Amortization of past-service liability |  |  | (249 | ) |  |  | (249 | ) |  |  | (249 | )
Amortization of net actuarial loss |  |  | 25 |  |  |  | 124 |  |  |  | 309 |
Net periodic benefit cost |  | $ | 103 |  |  | $ | 387 |  |  | $ | 573 |

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