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Retirement and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Defined Benefit Obligations and Funded Status [Table Text Block]

The following table, which includes only company-sponsored defined benefit plans, reconciles the beginning and ending balances of our projected benefit obligation and fair value of plan assets. We recognize the underfunded status of our defined benefit pension plans on our Consolidated Balance Sheets. We recognize changes in funded status in the year changes occur through other comprehensive income (loss).

						December 31
						2020						2019
						(thousands)
Change in benefit obligation
Benefit obligation at beginning of year						$	192,061					$	176,852
Service cost						668						647
Interest cost						5,893						7,210
Actuarial loss						18,605						29,065
Group annuity transactions (a)						(76,650)						(19,848)
Benefits paid (b)						(135,690)						(1,865)
Benefit obligation at end of year						4,887						192,061
Change in plan assets
Fair value of plan assets at beginning of year						168,651						154,801
Actual return on plan assets						30,930						29,769
Employer contributions						12,759						5,238
Group annuity transactions (a)						(76,650)						(19,292)
Benefits paid (b)						(135,690)						(1,865)
Fair value of plan assets at end of year						—						168,651
Underfunded status						$	(4,887)					$	(23,410)
Amounts recognized on our Consolidated Balance Sheets
Current liabilities						$	(367)					$	(878)
Noncurrent liabilities						(4,520)						(22,532)
Net liability						$	(4,887)					$	(23,410)
Amounts recognized in accumulated other comprehensive loss
Net actuarial loss						$	1,443					$	15,332
Prior service cost						—						—
Net loss recognized						$	1,443					$	15,332

______________________________________ 

(a)    See Defined Benefits Plans above for description of group annuity transactions.

(b)    See Defined Benefits Plans above for description of lump-sum payments.

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

The components of net periodic benefit cost and other amounts recognized in other comprehensive (income) loss are as follows:

			Year Ended December 31
			2020						2019						2018
			(thousands)
Net periodic benefit cost
Service cost			$	668					$	647					$	794
Interest cost			5,893						7,210						11,344
Expected return on plan assets			(5,493)						(5,903)						(11,097)
Amortization of actuarial (gain) loss			807						(175)						1,497
Plan settlement expense (a)			6,250						1,342						23,255
Net periodic benefit cost			8,125						3,121						25,793
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Net actuarial (gain) loss			(6,832)						4,642						(14,178)
Amortization of actuarial gain (loss)			(807)						175						(1,497)
Effect of settlements			(6,250)						(1,342)						(23,255)
Total recognized in other comprehensive (income) loss			(13,889)						3,475						(38,930)
Total recognized in net periodic cost and other comprehensive (income) loss			$	(5,764)					$	6,596					$	(13,137)

______________________________________ 

(a)    Plan settlement expense during the years ended December 31, 2020, 2019, and 2018 includes $6.3 million, $1.3 million and $23.3 million, respectively, of settlement charges related to the transfers of pension plan assets to Prudential for the purchase of group annuity contracts, as well as lump-sum payments in 2020.

Schedule of Net Benefit Costs [Table Text Block]

The components of net periodic benefit cost and other amounts recognized in other comprehensive (income) loss are as follows:

			Year Ended December 31
			2020						2019						2018
			(thousands)
Net periodic benefit cost
Service cost			$	668					$	647					$	794
Interest cost			5,893						7,210						11,344
Expected return on plan assets			(5,493)						(5,903)						(11,097)
Amortization of actuarial (gain) loss			807						(175)						1,497
Plan settlement expense (a)			6,250						1,342						23,255
Net periodic benefit cost			8,125						3,121						25,793
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Net actuarial (gain) loss			(6,832)						4,642						(14,178)
Amortization of actuarial gain (loss)			(807)						175						(1,497)
Effect of settlements			(6,250)						(1,342)						(23,255)
Total recognized in other comprehensive (income) loss			(13,889)						3,475						(38,930)
Total recognized in net periodic cost and other comprehensive (income) loss			$	(5,764)					$	6,596					$	(13,137)

______________________________________ 

(a)    Plan settlement expense during the years ended December 31, 2020, 2019, and 2018 includes $6.3 million, $1.3 million and $23.3 million, respectively, of settlement charges related to the transfers of pension plan assets to Prudential for the purchase of group annuity contracts, as well as lump-sum payments in 2020.

Schedule of Assumptions Used [Table Text Block]

The following table presents the assumptions used in the measurement of our benefit obligations:

			December 31
			2020						2019
Weighted average assumptions
Discount rate			2.00		%				3.10		%
Rate of compensation increases (a)			—		%				—		%

    The following table presents the assumptions used in the measurement of net periodic benefit cost:

						December 31
						2020						2019						2018 (b)
Weighted average assumptions
Discount rate						3.10		%				4.15		%				3.95		%	/			4.05		%	/			3.40		%
Expected long-term rate of return on plan assets						3.50		%				3.85		%				3.85		%	/			4.50		%	/			4.75		%
Rate of compensation increases (a)						—		%				—		%																—		%

_______________________________________ 

(a)    Pension benefits for all salaried employees are frozen, resulting in an assumption for the rate of compensation increase of zero.

(b)    Prior to the remeasurements of our qualified defined benefit pension plan on April 25, 2018, and August 10, 2018, the discount rates were 3.40% and 4.05%, respectively, and the expected rates of return on plan assets were 4.75% and 4.50%, respectively. The discount rate and expected rate of return on plan assets after the August 10, 2018 remeasurement were 3.95% and 3.85%, respectively.

Schedule of Allocation of Plan Assets [Table Text Block]

The following table sets forth by level, within the fair value hierarchy, the pension plan assets, by major asset category, at fair value at December 31, 2019:

						December 31, 2019
						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2) (a)						Significant Unobservable Inputs (Level 3)						Total
						(thousands)
Fixed-income securities (b)						$	—					$	152,530					$	—					$	152,530
Multi-asset class fund (c)						—						16,361						—						16,361
Total investments at fair value						$	—					$	168,891					$	—					168,891
Receivables and accrued expenses, net																								(240)
Fair value of plan assets																								$	168,651

_______________________________________ 

(a)Securities represent common collective trusts managed and valued by Russell Trust Company, the administrator of the funds. While the underlying assets are actively traded on an exchange, the funds are not. The investments in equity and fixed-income securities are considered to have a readily determinable fair value because the fair value per share (unit) is determined and published and is the basis for current transactions. We had the ability to redeem these securities with a 1 day notice.

(b)Invested in the Russell Long Duration Fixed Income Fund, which is designed to provide current income and capital appreciation through diversified strategies including sector rotation, modest interest rate timing, security selection, and tactical use of high-yield, emerging market bonds and other non-index securities. In addition, our investments in this category included the Russell 14 Year LDI Fixed Income Fund. We also were invested in the Russell 8 Year LDI Fixed Income Fund. These LDI funds invest primarily in investment grade bonds that closely match those found in discount rate curves used to value U.S. pension liabilities and seeks to provide additional incremental return through modest interest rate timing, security selection, and tactical use of non-credit sectors. In addition, our investments in this category included Russell STRIPS Fixed Income Funds with duration profiles of 10, 15, and 28 years. These funds invest in a subset of the STRIPS universe with a similar duration profile as their respective Bloomberg Barclays U.S. STRIPS Index.

(c)Invested in the Russell Multi-Asset Core Plus Fund, which is designed to provide long-term growth by providing a diversified portfolio of investments that has an overall strategic allocation of 75% global equity, 15% marketable real assets, and 10% global fixed income.

Schedule of Expected Benefit Payments [Table Text Block]

Nonqualified pension benefit payments are paid by the company.

The following benefit payments are expected to be paid to nonqualified plan participants (in thousands):

2021						$	367
2022						380
2023						382
2024						368
2025						314
Years 2026-2030						1,373

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