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Retirement plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Plans Disclosures | Pension costs, which primarily include costs for our qualified TRP and non-qualified SERP, are presented in the following table (in thousands):
| 2019 | 2018 | 2017
Service cost-benefits earned during the period | $ | 8 |  | $ | 12 |  | $ | 872 |
Interest cost on benefit obligation | 23,066 |  | 21,337 |  | 23,985 |
Expected return on plan assets | (26,320 | ) | (30,935 | ) | (26,322 | )
Amortization of prior service cost | 90 |  | 168 |  | 635 |
Amortization of actuarial loss | 6,123 |  | 5,124 |  | 8,357 |
Pension payment timing related charge | 686 |  | 7,498 |  | 26 |
Expense for company-sponsored retirement plans | $ | 3,653 |  | $ | 3,204 |  | $ | 7,553 |
Schedule of Changes in Projected Benefit Obligations | The following table provides a reconciliation of pension benefit obligations (on a projected benefit obligation measurement basis), plan assets and funded status of company-sponsored retirement plans, along with the related amounts that are recognized in the Consolidated Balance Sheets (in thousands).
| Dec. 31,
| 2019 | 2018
Change in benefit obligations |  |
Benefit obligations as of beginning of year | $ | 554,795 |  | $ | 614,111 |
Service cost | 8 |  | 12 |
Interest cost | 23,066 |  | 21,337 |
Actuarial loss (gain) | 73,906 |  | (40,135 | )
Benefits paid | (34,771 | ) | (36,222 | )
Acquisition of KFMB | — |  | 25,966 |
Settlements (1) | (3,309 | ) | (30,274 | )
Benefit obligations as of end of year | $ | 613,695 |  | $ | 554,795 |
Change in plan assets |  |
Fair value of plan assets as of beginning of year | $ | 407,550 |  | $ | 439,149 |
Actual gain (loss) return on plan assets | 87,165 |  | (29,016 | )
Employer contributions | 23,100 |  | 45,219 |
Benefits paid | (34,771 | ) | (36,222 | )
Acquisition of KFMB | — |  | 18,694 |
Settlements (1) | (3,309 | ) | (30,274 | )
Fair value of plan assets as of end of year | $ | 479,735 |  | $ | 407,550 |
Funded status as of end of year | $ | (133,960 | ) | $ | (147,245 | )
Amounts recognized in Consolidated Balance Sheets
Accrued liabilities other—current | $ | (6,814 | ) | $ | (7,870 | )
Pension liabilities—non-current | $ | (127,146 | ) | $ | (139,375 | )
(1) Settlements represent lump sum benefit payments to certain SERP plan participants. When aggregate lump sums exceed the settlement threshold, pension payment timing related charges are incurred, and the lump sum payments prompting the charge are shown on a separate line from other benefit payments.
Schedule of Net Funded Status | The funded status (on a projected benefit obligation basis of our principal retirement plans as of December 31, 2019, is as follows (in thousands):
| Fair Value of Plan Assets | Benefit Obligation | Funded Status
TRP | $ | 479,735 |  | $ | 547,140 |  | $ | (67,405 | )
SERP (1) | — |  | 66,085 |  | (66,085 | )
All other | — |  | 470 |  | (470 | )
Total | $ | 479,735 |  | $ | 613,695 |  | $ | (133,960 | )
(1) The SERP is an unfunded, unsecured liability
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table presents information for our retirement plans for which accumulated benefit obligation exceed assets (in thousands):
| Dec. 31,
| 2019 | 2018
Accumulated benefit obligation | $ | 613,655 |  | $ | 554,768 |
Fair value of plan assets | $ | 479,735 |  | $ | 407,550 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following table presents information for our retirement plans for which projected benefit obligations exceed assets (in thousands):
| Dec. 31,
| 2019 | 2018
Projected benefit obligation | $ | 613,695 |  | $ | 554,795 |
Fair value of plan assets | $ | 479,735 |  | $ | 407,550 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following table summarizes the pre-tax amounts recorded in accumulated other comprehensive loss that have not yet been recognized as a component of pension expense (in thousands):
| Dec. 31,
| 2019 | 2018
Net actuarial losses | $ | (188,862 | ) | $ | (182,610 | )
Prior service cost | (1,797 | ) | (1,888 | )
Amounts in accumulated other comprehensive loss | $ | (190,659 | ) | $ | (184,498 | )
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss), pre-tax, consist of the following (in thousands):
| 2019 | 2018 | 2017
Current year net actuarial loss | $ | (13,060 | ) | $ | (19,817 | ) | $ | 16,272 |
Amortization of previously deferred actuarial loss | 6,123 |  | 5,124 |  | 8,357 |
Amortization of previously deferred prior service costs | 90 |  | 168 |  | 635 |
Pension payment timing related charges | 686 |  | 7,498 |  | — |
Curtailment gain | — |  | — |  | 4,716 |
Prior service cost recognized in curtailment | — |  | — |  | 26 |
Total | $ | (6,161 | ) | $ | (7,027 | ) | $ | 30,006 |
Schedule of Assumptions Used | Pension costs: The following assumptions were used to determine net pension costs:
| 2019 |  | 2018 |  | 2017
Discount rate | 4.34% |  | 3.64% |  | 4.12%
Expected return on plan assets | 6.75% |  | 7.00% |  | 7.00%
Schedule Of Assumptions Used In Calculating Pension Benefit Obligations Table | The following assumptions were used to determine the year-end benefit obligations:
| Dec. 31,
| 2019 |  | 2018
Discount rate | 3.29% |  | 4.34%
Schedule of Allocation of Plan Assets | The asset allocation for the TRP as of the end of 2019 and 2018, and target allocations for 2020, by asset category, are presented in the table below:
Target Allocation |  |  | Allocation of Plan Assets
| 2020 |  | 2019 |  | 2018
Equity securities | 57 | % |  | 58 | % |  | 57 | %
Debt securities | 38 | % |  | 38 | % |  | 39 | %
Other (including hedge funds and private real estate) | 5 | % |  | 4 | % |  | 4 | %
Total | 100 | % |  | 100 | % |  | 100 | %
Schedule of Expected Benefit Payments | We estimate we will make the following benefit payments from either retirement plan assets or directly from our funds (in thousands):
2020 | $ | 47,741 |
2021 | $ | 39,094 |
2022 | $ | 40,183 |
2023 | $ | 39,883 |
2024 | $ | 40,025 |
2025-2029 | $ | 192,826 |

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