XML 29 R20.htm IDEA: XBRL DOCUMENT v3.21.2
Pension and Other Postretirement Employee Benefits
 9 Months Ended
Sep. 30, 2021
General Discussion Of Pension And Other Postretirement Benefits [Abstract]  
Pension and Other Postretirement Employee Benefits

NOTE 11. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS

The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB):

 

 

 

Three Months Ended September 30,

 

 

 

Pension

 

 

OPEB

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service cost

 

$

2,045

 

 

$

2,233

 

 

$

168

 

 

$

127

 

Interest cost

 

 

2,633

 

 

 

3,066

 

 

 

317

 

 

 

376

 

Expected return on plan assets

 

 

(3,525

)

 

 

(3,869

)

 

 

—

 

 

 

—

 

Amortization of prior service cost (credit)

 

 

21

 

 

 

29

 

 

 

(298

)

 

 

(319

)

Amortization of actuarial loss

 

 

3,578

 

 

 

3,856

 

 

 

545

 

 

 

418

 

Total net periodic cost

 

$

4,752

 

 

$

5,315

 

 

$

732

 

 

$

602

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

Pension

 

 

OPEB

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service cost

 

$

6,135

 

 

$

6,699

 

 

$

504

 

 

$

381

 

Interest cost

 

 

7,899

 

 

 

9,198

 

 

 

951

 

 

 

1,127

 

Expected return on plan assets

 

 

(10,575

)

 

 

(11,606

)

 

 

—

 

 

 

—

 

Amortization of prior service cost (credit)

 

 

63

 

 

 

85

 

 

 

(894

)

 

 

(957

)

Amortization of actuarial loss

 

 

10,877

 

 

 

11,569

 

 

 

1,635

 

 

 

1,254

 

Net periodic cost before pension settlement charge

 

 

14,399

 

 

 

15,945

 

 

 

2,196

 

 

 

1,805

 

Pension settlement charge

 

 

—

 

 

 

42,988

 

 

 

—

 

 

 

—

 

Net periodic cost

 

$

14,399

 

 

$

58,933

 

 

$

2,196

 

 

$

1,805

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

During the nine months ended September 30, 2021 and 2020, funding of pension and other postretirement employee benefit plans was $7.4 million and $8.5 million, respectively.

Pension Annuitization

In February 2020, we purchased a group annuity contract from an insurance company to transfer $101.1 million of our outstanding pension benefit obligation related to our qualified pension plans to the insurance company. This transaction was funded with plan assets. As a result of the transaction, the insurance company assumed responsibility for annuity administration and benefit payments to select retirees, with no change to their monthly retirement benefit payment amounts. The settlement triggered a remeasurement of plan assets and liabilities resulting in a reduction in the funded status of our qualified pension plans of approximately $26.2 million during the first quarter of 2020. In connection with this transaction, we recorded a non-cash pretax settlement charge of $43.0 million during the first quarter of 2020 in non-operating expense, net, as a result of accelerating the recognition of actuarial losses included in accumulated other comprehensive loss that would have been recognized in future periods.