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Pension Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of net funded status [Table Text Block]

			For the Years Ended December 31,
			2020						2019
			(in thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year			$	70,843					$	66,086
Service cost			4,516						5,582
Interest cost			2,358						2,791
Actuarial loss			7,483						2,035
Benefits paid			(905)						(5,651)
Settlements			(10,702)						—
Projected benefit obligation at end of year			73,593						70,843
Change in plan assets:
Fair value of plan assets at beginning of year			35,634						30,100
Actual return on plan assets			2,837						3,985
Employer contribution			6,030						7,200
Benefits paid			(905)						(5,651)
Settlements			(10,702)						—
Fair value of plan assets at end of year			32,894						35,634
Funded status at end of year			$	(40,699)					$	(35,209)

Schedule of accumulated benefit obligation in excess of plan assets [Table Text Block]

Accumulated Benefit Obligation in Excess of Plan Assets for the Pension Plans

			As of December 31,
			2020						2019
			(in thousands)
Projected benefit obligation			$	73,593					$	70,843
Accumulated benefit obligation			$	63,934					$	60,877
Less: fair value of plan assets			(32,894)						(35,634)
Underfunded accumulated benefit obligation			$	31,040					$	25,243

Schedule of net periodic pension costs not yet recognized [Table Text Block]

The pre-tax amounts not yet recognized in net periodic pension costs, but rather recognized in the accumulated other comprehensive loss line item within the accompanying balance sheets as of December 31, 2020, and 2019, were as follows:

			As of December 31,
			2020						2019
			(in thousands)
Unrecognized actuarial losses			$	17,328					$	14,406
Unrecognized prior service costs			14						31
Accumulated other comprehensive loss			$	17,342					$	14,437

Schedule of pension liability adjustments recognized in other comprehensive income (loss) [Table Text Block]

The pension liability adjustments recognized in other comprehensive income (loss) during 2020, 2019, and 2018, were as follows:

			For the Years Ended December 31,
			2020						2019						2018
			(in thousands)
Net actuarial gain (loss)			$	(6,381)					$	377					$	4,329
Amortization of prior service cost			17						17						18
Amortization of net actuarial loss			950						958						1,327
Settlements			2,509						—						—
Total pension liability adjustment, pre-tax			(2,905)						1,352						5,674
Tax (expense) benefit			626						(291)						(4,265)
Cumulative effect of accounting change			—						—						2,969
Total pension liability adjustment, net			$	(2,279)					$	1,061					$	4,378

Components of net periodic benefit cost for the pension plans [Table Text Block]

Components of Net Periodic Benefit Cost for the Pension Plans

			For the Years Ended December 31,
			2020						2019						2018
			(in thousands)
Components of net periodic benefit cost:
Service cost			$	4,516					$	5,582					$	6,730
Interest cost			2,358						2,791						2,622
Expected return on plan assets that reduces periodic pension benefit cost			(1,735)						(1,574)						(1,862)
Amortization of prior service cost			17						17						18
Amortization of net actuarial loss			950						958						1,327
Net periodic benefit cost			6,106						7,774						8,835
Settlements			2,509						—						—
Total net benefit cost			$	8,615					$	7,774					$	8,835

Schedule of weighted-average pension plan assumptions [Table Text Block]

The weighted-average assumptions used to measure the Company’s projected benefit obligation are as follows:

			As of December 31,
			2020						2019
Projected benefit obligation:
Discount rate			2.9%						3.6%
Rate of compensation increase			4.4%						4.5%

The weighted-average assumptions used to measure the Company’s net periodic benefit cost are as follows:

			For the Years Ended December 31,
			2020						2019						2018
Net periodic benefit cost:
Discount rate			3.6%						4.4%						3.8%
Expected return on plan assets (1)			5.3%						5.0%						5.5%
Rate of compensation increase			4.5%						6.2%						6.2%

____________________________________________

(1)There is no assumed expected return on plan assets for the Nonqualified Pension Plan because there are no plan assets in the Nonqualified Pension Plan.

Schedule of weighted-average asset allocation of the Qualified Pension Plan [Table Text Block]

The weighted-average asset allocation of the Qualified Pension Plan is as follows:

						Target						As of December 31,
Asset Category						2021						2020						2019
Equity securities						36.0		%				37.0		%				36.9		%
Fixed income securities						37.0		%				24.9		%				38.1		%
Other securities						27.0		%				38.1		%				25.0		%
Total						100.0		%				100.0		%				100.0		%

Schedule of fair values of the Qualified Pension Plan assets [Table Text Block]

The fair values of the Company’s Qualified Pension Plan assets as of December 31, 2020, and 2019, utilizing the fair value hierarchy discussed in Note 11 – Fair Value Measurements are as follows:

															Fair Value Measurements Using:
			Actual Asset Allocation (1)						Total						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs
									(in thousands)
As of December 31, 2020
Equity securities:
Domestic (2)			18.7		%				$	6,149					$	4,165					$	1,984					$	—
International (3)			18.3		%				6,010						6,010						—						—
Total equity securities			37.0		%				12,159						10,175						1,984						—
Fixed income securities:
Core fixed income (4)			16.6		%				5,447						5,447						—						—
Floating rate corporate loans (5)			8.3		%				2,755						2,755						—						—
Total fixed income securities			24.9		%				8,202						8,202						—						—
Other securities:
Real estate (6)			5.7		%				1,870						—						—						1,870
Collective investment trusts (7)			4.6		%				1,498						—						1,498						—
Hedge fund (8)			27.8		%				9,165						5,299						—						3,866
Total other securities			38.1		%				12,533						5,299						1,498						5,736
Total investments			100.0		%				$	32,894					$	23,676					$	3,482					$	5,736
As of December 31, 2019
Equity securities:
Domestic (2)			17.3		%				$	6,176					$	4,130					$	2,046					$	—
International (3)			19.6		%				6,958						6,958						—						—
Total equity securities			36.9		%				13,134						11,088						2,046						—
Fixed income securities:
Core fixed income (4)			31.4		%				11,199						11,199						—						—
Floating rate corporate loans (5)			6.7		%				2,379						2,379						—						—
Total fixed income securities			38.1		%				13,578						13,578						—						—
Other securities:
Real estate (6)			5.4		%				1,929						—						—						1,929
Collective investment trusts (7)			3.3		%				1,168						—						1,168						—
Hedge fund (8)			16.3		%				5,825						2,006						—						3,819
Total other securities			25.0		%				8,922						2,006						1,168						5,748
Total investments			100.0		%				$	35,634					$	26,672					$	3,214					$	5,748

____________________________________________

(1)Percentages may not calculate due to rounding.

(2)Level 1 equity securities consist of United States large and small capitalization companies, which are actively traded securities that can be sold upon demand. Level 2 equity securities are investments in a collective investment fund that is valued at net asset value based on the value of the underlying investments and total units outstanding on a daily basis. The objective of these funds is to approximate the S&P 500 by investing in one or more collective investment funds.

(3)International equity securities consists of a well-diversified portfolio of holdings of mostly large issuers organized in developed countries with liquid markets, commingled with investments in equity securities of issuers located in emerging markets that are believed to have strong sustainable financial productivity at attractive valuations.

(4)The objective of core fixed income funds is to achieve value added from sector or issue selection by constructing a portfolio to approximate the investment results of the Barclay’s Capital Aggregate Bond Index with a modest amount of variability in duration around the index.

(5)Investments consist of floating rate bank loans. The interest rates on these loans are typically reset on a periodic basis to account for changes in the level of interest rates.

(6)The investment objective of direct real estate is to provide current income with the potential for long-term capital appreciation. Ownership in real estate entails a long-term time horizon, periodic valuations, and potentially low liquidity.

(7)Collective investment trusts invest in short-term investments and are valued at the net asset value of the collective investment trust. The net asset value, as provided by the trustee, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities.

(8)The hedge fund portfolio includes investments in actively traded global mutual funds that focus on alternative investments and a hedge fund of funds that invests both long and short using a variety of investment strategies.

Schedule of changes in Level 3 plan assets [Table Text Block]

Included below is a summary of the changes in Level 3 plan assets (in thousands):

Balance at January 1, 2019			$	5,507
Purchases			—
Realized gain on assets			190
Unrealized gain on assets			51
Disposition			—
Balance at December 31, 2019			$	5,748
Purchases			—
Realized gain on assets			526
Unrealized gain on assets			41
Disposition			(579)
Balance at December 31, 2020			$	5,736

Schedule of expected benefit payments [Table Text Block]

Expected benefit payments over the next 10 years are as follows:

For the Years Ending December 31,						Amount
						(in thousands)
2021						$	9,564
2022						$	3,769
2023						$	5,390
2024						$	4,765
2025						$	5,996
2026 through 2030						$	24,132

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