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Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2020

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations

Changes in benefit obligation, plan assets and funded status for our pension and OPEB plans are as follows: 

		Pension Plans								OPEB
(in thousands)		2020				2019				2020				2019
Benefit obligation at beginning of year		$	(474,237	)		$	(427,909	)		$	(46,395	)		$	(40,032	)
Service cost			(8,932	)			(7,767	)			(508	)			(371	)
Interest cost			(12,263	)			(18,465	)			(1,502	)			(1,588	)
Actuarial loss			(38,366	)			(53,446	)			(6,415	)			(7,997	)
Benefits paid			23,614				33,350				3,985				3,593
Plan settlements			101,755				—				—				—
Benefit obligation at end of year		$	(408,429	)		$	(474,237	)		$	(50,835	)		$	(46,395	)
Fair value of plan assets at beginning of year		$	398,468			$	351,285			$	—			$	—
Actual return on plan assets			46,672				78,448				—				—
Employer contributions and benefit payments			6,019				2,085				3,985				3,593
Benefits paid			(23,614	)			(33,350	)			(3,985	)			(3,593	)
Plan settlements			(101,755	)			—				—				—
Fair value of plan assets at end of year		$	325,790			$	398,468			$	—			$	—
Amounts recognized in the consolidated balance sheets:
Current liabilities		$	(2,363	)		$	(2,152	)		$	(4,211	)		$	(4,549	)
Noncurrent assets			1,907				—				—				—
Noncurrent liabilities			(82,183	)			(73,617	)			(46,624	)			(41,846	)
Funded status		$	(82,639	)		$	(75,769	)		$	(50,835	)		$	(46,395	)

Pension Plans with Projected Benefit Obligations Greater than Plan Assets

Pension plans with projected benefit obligations greater than plan assets at December 31 are as follows:

			2020				2019
Projected benefit obligations		$	350,091			$	474,237
Fair value of plan assets		$	265,546			$	398,468

Pension Plans with Accumulated Benefit Obligations Greater than Plan Assets

Pension plans with accumulated benefit obligations greater than plan assets at December 31 are as follows:

			2020				2019
Accumulated benefit obligations		$	332,012			$	458,106
Fair value of plan assets		$	265,546			$	398,468

Long-term Targeted Asset Allocation Ranges

The long-term targeted asset allocation ranges for the pension benefit plans’ asset categories are as follows:

Asset Category		Allocation Range
Global equities		26% - 38%
Fixed income securities		44% - 64%
Alternatives, which may include equities and fixed income securities		10% - 16%
Cash and cash equivalents		0% - 5%

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			2020				2019
Global equities			32	%			32	%
Fixed income securities			53				54
Other (includes cash and cash equivalents and alternatives)			15				14
Total			100	%			100	%

Schedule of Allocation of Plan Assets

Assets within our defined benefit pension plans were invested as follows:

(in thousands)		December 31, 2020
Asset Category		Level 1				Level 2				Total
Cash and cash equivalents		$	5,571			$	—			$	5,571
Global equity securities1			104,775				—				104,775
Fixed income securities2			143,415				29,494				172,909
Alternatives3			42,535				—				42,535
Total		$	296,296			$	29,494			$	325,790

(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 securities2			173,464				40,554				214,018
Alternatives3			50,091				—				50,091
Total		$	357,914			$	40,554			$	398,468

^{1 Level 1 assets are international and domestic managed investments that track the MSCI All-Country World Index.}

² 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.

³ 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.

Pre-tax Components of Net Periodic Cost (Benefit)

Pre-tax components of net periodic cost (benefit) recognized in our Consolidated Statements of Operations were as follows for the years ended December 31:

		Pension Plans												OPEB
(in thousands)			2020				2019				2018				2020				2019				2018
Service cost		$	8,932			$	7,767			$	8,454			$	508			$	371			$	341
Interest cost			12,263				18,465				16,992				1,502				1,588				1,482
Expected return on plan assets			(15,474	)			(22,190	)			(20,035	)			—				—				—
Amortization of prior service cost (credit)			111				211				186				(1,274	)			(8,844	)			(8,877	)
Amortization of actuarial loss			15,426				13,497				16,589				1,672				1,012				1,311
Net periodic cost (benefit) before pension settlement charge			21,258				17,750				22,186				2,408				(5,873	)			(5,743	)
Pension settlement charge			42,988				—				—				—				—				—
Net periodic cost (benefit)		$	64,246			$	17,750			$	22,186			$	2,408			$	(5,873	)		$	(5,743	)

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)		2020				2019					2020				2019
Net loss		$	78,859			$	116,780			$	15,947			$	12,437
Prior service cost (credit)			166				248				(1,164	)			(2,106	)
Total amount unrecognized		$	79,025			$	117,028			$	14,783			$	10,331

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
2021		$	21,923			$	4,211
2022		$	22,386			$	3,730
2023		$	22,649			$	3,556
2024		$	22,638			$	3,274
2025		$	22,519			$	3,018
2026–2030		$	110,216			$	13,300

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
			2020				2019				2020				2019
Discount rate			2.65	%			3.40	%			2.60	%			3.40	%
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
			2020				2019				2020				2019
Discount rate			2.65	%			3.40	%			2.60	%			3.40	%
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
			2020				2019				2018				2020				2019				2018
Discount rate			3.40	%			4.40	%			3.85	%			3.40	%			4.40	%			3.65	%
Expected return on plan assets			5.75	%			6.25	%			6.25	%			—				—				—
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
			2020				2019				2018				2020				2019				2018
Discount rate			3.40	%			4.40	%			4.30	%			3.40	%			4.40	%			4.30	%
Expected return on plan assets			5.75	%			6.25	%			6.25	%			—				—				—
Rate of salaried compensation increase			4.00	%			4.00	%			4.00	%			—				—				—

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