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Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits, Description [Abstract] |
Schedule of Changes in Projected Benefit Obligations | Changes in benefit obligation, plan assets and funded status for our pension and OPEB plans were as follows for the year ended December 31:
|  | Pension Plans |  |  | OPEB |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Benefit obligation at beginning of year |  | $ | (386,205 | ) |  | $ | (408,429 | ) |  | $ | (32,258 | ) |  | $ | (50,835 | )
Service cost |  |  | (6,805 | ) |  |  | (8,182 | ) |  |  | (316 | ) |  |  | (670 | )
Interest cost |  |  | (10,646 | ) |  |  | (10,533 | ) |  |  | (914 | ) |  |  | (1,267 | )
Actuarial gain |  |  | 74,445 |  |  |  | 17,204 |  |  |  | 8,334 |  |  |  | 16,614 |
Benefits paid |  |  | 17,708 |  |  |  | 23,735 |  |  |  | 2,784 |  |  |  | 3,900 |
Plan settlements |  |  | 79,305 |  |  |  | — |  |  |  | — |  |  |  | — |
Benefit obligation at end of year |  | $ | (232,198 | ) |  | $ | (386,205 | ) |  | $ | (22,370 | ) |  | $ | (32,258 | )
Fair value of plan assets at beginning of year |  | $ | 329,796 |  |  | $ | 325,790 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  | (62,807 | ) |  |  | 22,597 |  |  |  | — |  |  |  | — |
Employer contributions and benefit payments |  |  | 2,278 |  |  |  | 5,144 |  |  |  | 2,784 |  |  |  | 3,900 |
Benefits paid |  |  | (17,708 | ) |  |  | (23,735 | ) |  |  | (2,784 | ) |  |  | (3,900 | )
Plan settlements |  |  | (79,313 | ) |  |  | — |  |  |  | — |  |  |  | — |
Fair value of plan assets at end of year |  | $ | 172,246 |  |  | $ | 329,796 |  |  | $ | — |  |  | $ | — |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | (2,517 | ) |  | $ | (2,462 | ) |  | $ | (2,409 | ) |  | $ | (2,531 | )
Noncurrent liabilities |  |  | (57,435 | ) |  |  | (53,947 | ) |  |  | (19,961 | ) |  |  | (29,727 | )
Funded status |  | $ | (59,952 | ) |  | $ | (56,409 | ) |  | $ | (22,370 | ) |  | $ | (32,258 | )
Pension Plans with Projected Benefit Obligations Greater than Plan Assets | Pension plans with projected benefit obligations greater than plan assets were as follows at December 31:
|  |  | 2022 |  |  |  | 2021 |
Projected benefit obligations |  | $ | 232,198 |  |  | $ | 386,205 |
Fair value of plan assets |  | $ | 172,246 |  |  | $ | 329,796 |
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:
|  |  | 2022 |  |  |  | 2021 |
Accumulated benefit obligations |  | $ | 223,686 |  |  | $ | 374,719 |
Fair value of plan assets |  | $ | 172,246 |  |  | $ | 329,796 |
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 |  | 5% - 35%
Fixed income securities |  | 50% - 100%
Alternatives, which may include equities and fixed income securities |  | 0% - 15%
Cash and cash equivalents |  | 0% - 5%
Schedule of Actual Asset Allocations of the Pension Benefit Plans' Assets | he asset allocations of the pension benefit plans’ assets by asset category were as follows at December 31:
|  | Pension Plans |
Asset Category |  |  | 2022 |  |  |  | 2021 |
Global equities |  |  | 20 | % |  |  | 20 | %
Fixed income securities |  |  | 73 |  |  | 73 |
Other (includes cash and cash equivalents and alternatives) |  |  | 7 |  |  | 7 |
Total |  |  | 100 | % |  |  | 100 | %
Schedule of Allocation of Plan Assets | Assets within our defined benefit pension plans were invested as follows:
(in thousands) |  | December 31, 2022 |
Asset Category |  | Level 1 |  |  | Level 2 |  |  | Total |
Cash and cash equivalents |  | $ | 3,690 |  |  | $ | — |  |  | $ | 3,690 |
Global equity securities 1 |  |  | 33,974 |  |  |  | — |  |  |  | 33,974 |
Fixed income securities 2 |  |  | 107,557 |  |  |  | 18,801 |  |  |  | 126,358 |
Alternatives 3 |  |  | 8,224 |  |  |  | — |  |  |  | 8,224 |
Total |  | $ | 153,445 |  |  | $ | 18,801 |  |  | $ | 172,246 |
(in thousands) |  | December 31, 2021 |
Asset Category |  | Level 1 |  |  | Level 2 |  |  | Total |
Cash and cash equivalents |  | $ | 4,269 |  |  | $ | — |  |  | $ | 4,269 |
Global equity securities 1 |  |  | 66,517 |  |  |  | — |  |  |  | 66,517 |
Fixed income securities 2 |  |  | 182,506 |  |  |  | 59,405 |  |  |  | 241,911 |
Alternatives 3 |  |  | 17,099 |  |  |  | — |  |  |  | 17,099 |
Total |  | $ | 270,391 |  |  | $ | 59,405 |  |  | $ | 329,796 |
1 | Level 1 assets are international and domestic managed investments with quoted prices on major security markets and also include investments in registered investment company funds for which market quotations are generally readily available on the primary market or exchange on which they are traded. The global equity securities 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 corporate securities, 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 corporate 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 year ended December 31:
|  | Pension Plans |  |  | OPEB |
(in thousands) |  |  | 2022 |  |  |  | 2021 |  |  |  | 2020 |  |  |  | 2022 |  |  |  | 2021 |  |  |  | 2020 |
Service cost |  | $ | 6,805 |  |  | $ | 8,182 |  |  | $ | 8,932 |  |  | $ | 316 |  |  | $ | 670 |  |  | $ | 508 |
Interest cost |  |  | 10,646 |  |  |  | 10,533 |  |  |  | 12,263 |  |  |  | 914 |  |  |  | 1,267 |  |  |  | 1,502 |
Expected return on plan assets |  |  | (9,920 | ) |  |  | (14,100 | ) |  |  | (15,474 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service cost (credit) |  |  | 73 |  |  |  | 86 |  |  |  | 111 |  |  |  | (381 | ) |  |  | (1,192 | ) |  |  | (1,274 | )
Amortization of actuarial loss |  |  | 5,400 |  |  |  | 14,455 |  |  |  | 15,426 |  |  |  | 623 |  |  |  | 2,178 |  |  |  | 1,672 |
Net periodic cost before pension settlement charges |  |  | 13,004 |  |  |  | 19,156 |  |  |  | 21,258 |  |  |  | 1,472 |  |  |  | 2,923 |  |  |  | 2,408 |
Pension settlement charge |  |  | 14,165 |  |  |  | — |  |  |  | 42,988 |  |  |  | — |  |  |  | — |  |  |  | — |
Other settlements |  |  | 783 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net periodic cost |  | $ | 27,952 |  |  | $ | 19,156 |  |  | $ | 64,246 |  |  | $ | 1,472 |  |  | $ | 2,923 |  |  | $ | 2,408 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The amounts recorded in Accumulated Other Comprehensive Income (Loss) on our Consolidated Balance Sheets, which 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) |  | 2022 |  |  | 2021 |  |  |  | 2022 |  |  |  | 2021 |
Net (loss) income |  | $ | (33,043 | ) |  | $ | (49,476 | ) |  | $ | 4,598 |  |  | $ | (2,075 | )
Prior service (cost) credit |  |  | (49 | ) |  |  | (103 | ) |  |  | — |  |  |  | 285 |
Total amount unrecognized |  | $ | (33,092 | ) |  | $ | (49,579 | ) |  | $ | 4,598 |  |  | $ | (1,790 | )
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 |
2023 |  | $ | 16,141 |  |  | $ | 2,409 |
2024 |  | $ | 16,514 |  |  | $ | 2,171 |
2025 |  | $ | 16,680 |  |  | $ | 1,984 |
2026 |  | $ | 16,835 |  |  | $ | 1,898 |
2027 |  | $ | 17,040 |  |  | $ | 1,783 |
2028–2032 |  | $ | 85,999 |  |  | $ | 8,019 |
Weighted Average Assumptions Used to Determine the Benefit Obligation for our Pension and OPEB Plans | The weighted-average assumptions used to determine the benefit obligation for our pension and OPEB plans were as follows at December 31:
|  | Pension Plans |  |  | OPEB |
|  |  | 2022 |  |  |  | 2021 |  |  |  | 2022 |  |  |  | 2021 |
Discount rate |  |  | 5.60 | % |  |  | 3.00 | % |  |  | 5.55 | % |  |  | 2.95 | %
Rate of compensation increase |  | 3.00 - 5.00% |  |  | 3.00 - 4.00% |  |  |  | — |  |  |  | — |
Schedule of Weighted Average Assumptions Used for All Pension and OPEB Plans to Determine the Net Periodic Benefit Cost | The weighted-average assumptions used for all pension and OPEB plans to determine the net periodic benefit cost were as follows for the year ended December 31:
|  | Pension Plans |  |  | OPEB |
|  |  | 2022 |  |  |  | 2021 |  |  |  | 2020 |  |  |  | 2022 |  |  |  | 2021 |  |  |  | 2020 |
Discount rate |  |  | 3.00 | % |  |  | 2.65 | % |  | 3.40% |  |  |  | 2.95 | % |  |  | 2.60 | % |  |  | 3.40 | %
Expected return on plan assets |  |  | 4.50 | % |  |  | 5.25 | % |  | 5.75% |  |  |  | — |  |  |  | — |  |  |  | — |
Rate of compensation increase |  | 3.00 - 5.00% |  |  | 3.00 - 4.00% |  |  | 3.00 - 4.00% |  |  |  | — |  |  |  | — |  |  |  | — |

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