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Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
General Discussion Of Pension And Other Postretirement Benefits [Abstract] |
Schedule of Changes in Projected Benefit Obligations | The change in benefit obligation, change in plan assets and funded status for company-sponsored benefit plans and obligations are as follows:
|  | Pension Plans |  |  | OPEB |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Benefit obligation at beginning of year |  | $ | (427,909 | ) |  | $ | (392,371 | ) |  | $ | (40,032 | ) |  | $ | (30,349 | )
Service cost |  |  | (7,767 | ) |  |  | (8,454 | ) |  |  | (371 | ) |  |  | (341 | )
Interest cost |  |  | (18,465 | ) |  |  | (16,992 | ) |  |  | (1,588 | ) |  |  | (1,482 | )
Actuarial (loss) gain |  |  | (53,446 | ) |  |  | 20,445 |  |  |  | (7,997 | ) |  |  | 2,100 |
Benefits paid |  |  | 33,350 |  |  |  | 31,530 |  |  |  | 3,593 |  |  |  | 3,582 |
Plan acquisitions |  |  | — |  |  |  | (62,067 | ) |  |  | — |  |  |  | (13,542 | )
Benefit obligation at end of year |  | $ | (474,237 | ) |  | $ | (427,909 | ) |  | $ | (46,395 | ) |  | $ | (40,032 | )
Fair value of plan assets at beginning of year |  | $ | 351,285 |  |  | $ | 313,862 |  |  | $ | — |  |  | $ | — |
Actual return (loss) on plan assets |  |  | 78,448 |  |  |  | (23,745 | ) |  |  | — |  |  |  | — |
Employer contributions and benefit payments |  |  | 2,085 |  |  |  | 53,998 |  |  |  | 3,593 |  |  |  | 3,582 |
Benefits paid |  |  | (33,350 | ) |  |  | (31,530 | ) |  |  | (3,593 | ) |  |  | (3,582 | )
Plan acquisitions |  |  | — |  |  |  | 38,700 |  |  |  | — |  |  |  | — |
Fair value of plan assets at end of year |  | $ | 398,468 |  |  | $ | 351,285 |  |  | $ | — |  |  | $ | — |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | (2,152 | ) |  | $ | (2,121 | ) |  | $ | (4,549 | ) |  | $ | (3,876 | )
Noncurrent liabilities |  |  | (73,617 | ) |  |  | (74,503 | ) |  |  | (41,846 | ) |  |  | (36,156 | )
Funded status |  | $ | (75,769 | ) |  | $ | (76,624 | ) |  | $ | (46,395 | ) |  | $ | (40,032 | )
Schedule of Actual Asset Allocations of the Pension Benefit Plans' Assets | The asset allocations of the pension benefit plans’ assets at December 31 by asset category are as follows:
|  | Pension Plans |
Asset Category |  |  | 2019 |  |  |  | 2018 |
Global equities |  |  | 32 | % |  |  | 30 | %
Fixed income securities |  |  | 54 |  |  |  | 58 |
Other (includes cash and cash equivalents and alternatives) |  |  | 14 |  |  |  | 12 |
Total |  |  | 100 | % |  |  | 100 | %
Schedule of Allocation of Plan Assets | Fair value measurements are as follows:
(in thousands) |  | December 31, 2019 |
Asset Category |  | Level 1 |  |  | Level 2 |  |  | Total |
Cash and cash equivalents |  | $ | 6,671 |  |  | $ | — |  |  | $ | 6,671 |
Global equity securities1 |  |  | 127,688 |  |  |  | — |  |  |  | 127,688 |
Fixed income securities5 |  |  | 173,464 |  |  |  | 40,554 |  |  |  | 214,018 |
Alternatives6 |  |  | 50,091 |  |  |  | — |  |  |  | 50,091 |
Total |  | $ | 357,914 |  |  | $ | 40,554 |  |  | $ | 398,468 |
(in thousands) |  | December 31, 2018 |
Asset Category |  | Level 1 |  |  | Level 2 |  |  | Total |
Cash and cash equivalents |  | $ | 4,120 |  |  | $ | — |  |  | $ | 4,120 |
Domestic equity securities2 |  |  | 31,315 |  |  |  | 23,384 |  |  |  | 54,699 |
International equity securities3 |  |  | — |  |  |  | 21,848 |  |  |  | 21,848 |
Emerging markets4 |  |  | 6,909 |  |  |  | 21,225 |  |  |  | 28,134 |
Fixed income securities5 |  |  | 204,072 |  |  |  | — |  |  |  | 204,072 |
Alternatives6 |  |  | — |  |  |  | 38,412 |  |  |  | 38,412 |
Total |  | $ | 246,416 |  |  | $ | 104,869 |  |  | $ | 351,285 |
1 | Level 1 assets are international and domestic managed investments that track the MSCI All-Country World Index.
2 | Level 1 assets are managed investments in the U.S., small/mid-cap equities that track the Russell 2500 Growth index or Russell 2500 Value index. Level 2 assets are collective investments, which are invested in U.S. large-cap equities that track the S&P 500.
3 | Level 2 assets are collective investments in equity funds of developed markets outside of the United States and Canada that track the MSCI EAFE Value index or MSCI EAFE Growth index.
4 | Level 1 assets are mutual funds which are invested in the common stock of companies located (or with primary operations) in emerging markets that track the MSCI Emerging Markets index. Level 2 assets are collective investments in the common stock of companies located (or with primary operations) in emerging markets that track the MSCI Emerging Markets index.
5 | Level 1 assets are investments in a diversified portfolio of fixed income instruments of varying maturities representing corporates, U.S. treasuries, municipals and futures. Level 2 assets are thinly traded investments in a diversified portfolio of fixed income instruments of varying maturities representing mostly corporates securities. Both Level 1 & Level 2 investments track the Bloomberg Barclay’s Long-term Credit Index.
6 | Level 1 assets are long-term investment funds which are invested in tangible assets and real asset companies such as, infrastructure, natural resources and timber. Level 2 assets are collective investments in inflation-indexed bonds, securities of real estate companies, commodity index-linked notes, fixed income securities, foreign currencies, securities of natural resource companies, master limited partnerships, publicly listed infrastructure companies, floating-rate debt, securities of global agriculture companies and securities of global timber companies.
Pre-tax Components of Net Periodic Cost (Benefit) | Pre-tax components of net periodic cost (benefit) recognized in our Consolidated Statements of Income were as follows for the years ended December 31:
|  | Pension Plans |  |  | OPEB |
(in thousands) |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |  |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Service cost |  | $ | 7,767 |  |  | $ | 8,454 |  |  | $ | 6,753 |  |  | $ | 371 |  |  | $ | 341 |  |  | $ | 14 |
Interest cost |  |  | 18,465 |  |  |  | 16,992 |  |  |  | 16,096 |  |  |  | 1,588 |  |  |  | 1,482 |  |  |  | 1,262 |
Expected return on plan assets |  |  | (22,190 | ) |  |  | (20,035 | ) |  |  | (18,406 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service cost (credit) |  |  | 211 |  |  |  | 186 |  |  |  | 288 |  |  |  | (8,844 | ) |  |  | (8,877 | ) |  |  | (8,877 | )
Amortization of actuarial loss |  |  | 13,497 |  |  |  | 16,589 |  |  |  | 14,484 |  |  |  | 1,012 |  |  |  | 1,311 |  |  |  | 1,537 |
Net periodic cost (benefit) |  | $ | 17,750 |  |  | $ | 22,186 |  |  | $ | 19,215 |  |  | $ | (5,873 | ) |  | $ | (5,743 | ) |  | $ | (6,064 | )
Schedule of Accumulated Other Comprehensive Income (Loss) | The amounts recorded in Accumulated Other Comprehensive Loss on our Consolidated Balance Sheets, that have not yet been recognized as components of net periodic benefit costs at December 31, net of tax, consist of:
|  | Pension Plans |  |  | OPEB |
(in thousands) |  | 2019 |  |  | 2018 |  |  |  | 2019 |  |  |  | 2018 |
Net loss |  | $ | 116,780 |  |  | $ | 128,849 |  |  | $ | 12,437 |  |  | $ | 7,269 |
Prior service cost (credit) |  |  | 248 |  |  |  | 404 |  |  |  | (2,106 | ) |  |  | (8,651 | )
Net amount recognized |  | $ | 117,028 |  |  | $ | 129,253 |  |  | $ | 10,331 |  |  | $ | (1,382 | )
Schedule of Expected Future Benefit Payments | Estimated future benefit payments, which reflect expected future service are as follows for the years indicated:
(in thousands) |  | Pension Plans |  |  | OPEB |
2020 |  | $ | 30,769 |  |  | $ | 4,548 |
2021 |  | $ | 30,756 |  |  | $ | 3,780 |
2022 |  | $ | 30,689 |  |  | $ | 3,595 |
2023 |  | $ | 30,589 |  |  | $ | 3,402 |
2024 |  | $ | 30,232 |  |  | $ | 3,148 |
2025–2029 |  | $ | 143,237 |  |  | $ | 12,966 |
Weighted Average Assumptions Used to Determine the Benefit Obligation for Non-Deltic and Deltic Plans | The weighted average assumptions used to determine the benefit obligation for non-Deltic plans as of December 31 were:
|  | Pension Plans |  |  | OPEB |
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2018 |
Discount rate |  |  | 3.40 | % |  |  | 4.40 | % |  |  | 3.40 | % |  |  | 4.40 | %
Rate of salaried compensation increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | — |  |  |  | — |
The weighted average assumptions used to determine the benefit obligation for Deltic plans as of December 31 were:
|  | Pension Plans |  |  | OPEB |
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2018 |
Discount rate |  |  | 3.40 | % |  |  | 4.40 | % |  |  | 3.40 | % |  |  | 4.40 | %
Rate of salaried compensation increase |  |  | 4.00 | % |  |  | 4.00 | % |  |  | — |  |  |  | — |
Schedule of Weighted Average Assumptions Used to Determine the Net Periodic Cost (Benefit) for Non-Deltic and Deltic Plans | The weighted average assumptions used for non-Deltic plans to determine the net periodic cost (benefit) for the years ended December 31 were:
|  | Pension Plans |  |  | OPEB |
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |  |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Discount rate |  |  | 4.40 | % |  |  | 3.85 | % |  |  | 4.40 | % |  |  | 4.40 | % |  |  | 3.65 | % |  |  | 4.10 | %
Expected return on plan assets |  |  | 6.25 | % |  |  | 6.25 | % |  |  | 6.50 | % |  |  | — |  |  |  | — |  |  |  | — |
Rate of salaried compensation increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | % |  |  | — |  |  |  | — |  |  |  | — |
The weighted average assumptions used for Deltic plans to determine the net periodic cost (benefit) for the years ended December 31 were:
|  | Pension Plans |  |  | OPEB |
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2018 |
Discount rate |  |  | 4.40 | % |  |  | 4.30 | % |  |  | 4.40 | % |  |  | 4.30 | %
Expected return on plan assets |  |  | 6.25 | % |  |  | 6.25 | % |  |  | — |  |  |  | — |
Rate of salaried compensation increase |  |  | 4.00 | % |  |  | 4.00 | % |  |  | — |  |  |  | — |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one percentage point change in the health care cost trend rates would have the following effects on our December 31, 2019 Consolidated Financial Statements:
(in thousands) |  | 1% Increase |  |  | 1% Decrease |
Effect on total service cost plus interest cost |  | $ | 165 |  |  | $ | (126 | )
Effect on accumulated postretirement benefit obligation |  | $ | 3,282 |  |  | $ | (2,582 | )

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