XML 45 R20.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Retirement and Benefit Plans | 12 Months Ended
--- | ---
Dec. 31, 2021
Retirement Benefits [Abstract] |
Retirement and Benefit Plans | Retirement and Benefit Plans Our retirement plans consist of noncontributory defined benefit pension plans, contributory defined contribution savings plans, and deferred compensation plans. Prior to 2021, our retirement plans also included a multiemployer health and welfare plan. Defined Benefit Plans Some of our current or former employees are covered by noncontributory defined benefit pension plans. This includes nonqualified salaried pension plans, which were frozen so that no future benefits have accrued since December 31, 2009. We also had a qualified defined benefit pension plan (Pension Plan) that was eliminated in December 2020 (Plan Termination). Benefits under the Pension Plan were frozen for salaried employees since 2009 and substantially all eligible hourly employees since 2012. The following summarizes the recent Pension Plan activity: •In conjunction with the Plan Termination, we purchased a buy-in group annuity contract (Buy-In) from The Prudential Insurance Company of America (Prudential), which was funded with plan assets on August 6, 2020. In addition, we froze accrual of all remaining benefits of hourly employees on our Pension Plan effective August 31, 2020. In anticipation of the Plan Termination, the Buy-In funded lump-sum payments made to eligible plan participants at their election, on or about December 2, 2020, after which, neither the Pension Plan nor Prudential had any further obligations to those participants. After completion of the lump-sum program, we exercised our option to convert the Buy-In to a buy-out group annuity contract (Buy-Out) for no additional premium. When the Buy-Out became effective on December 31, 2020, we irrevocably transferred to Prudential the future benefit obligations and annuity administration for all remaining plan participants (or their beneficiaries) in the Pension Plan. These transactions fully eliminated the liabilities of our Pension Plan, resulting in a non-cash settlement charge of $6.2 million in fourth quarter 2020. •On September 30, 2019, we transferred $19.8 million of our Pension Plan assets to Prudential for the purchase of a group annuity contract. Under the arrangement, Prudential assumed ongoing responsibility for administration and benefit payments for approximately 10% of our U.S. qualified pension plan projected benefit obligations at the time of the transaction. As a result of the transaction, we recognized a non-cash settlement charge of $1.3 million in third quarter 2019. Defined Contribution Plans We sponsor contributory defined contribution savings plans for most of our salaried and hourly employees, and we generally provide company contributions to the savings plans. Since March 1, 2010, we have contributed 4% of each salaried participant's eligible compensation to the plan as a nondiscretionary company contribution. In addition, beginning in 2012, for the years that a performance target is met, we contribute an additional amount of the employee's eligible compensation, depending on company performance and the employee's years of service. During the years ended December 31, 2021, 2020, and 2019, company performance resulted in additional contributions in the range of 2% to 4%, 2% to 4%, and 1.6% to 3.1%, respectively, of eligible compensation. The company contributions for union and nonunion hourly employees vary by location. Company contributions paid, or to be paid, to our defined contribution savings plans for the years ended December 31, 2021, 2020, and 2019, were $28.7 million, $23.4 million, and $19.8 million, respectively. Defined Contributory Trust We have participated in a multiemployer defined contributory trust plan for certain union hourly employees since 2013. As of December 31, 2021, 2020, and 2019 approximately 760, 735, and 1,215, respectively, of our employees participated in this plan. Effective in 2020, through collective bargaining negotiations, some of our employees no longer participate in this plan. For certain of these employees, per the terms of the representative collective bargaining agreements, we were required to contribute 4.5% of the employee's earnings during 2021, 2020, and 2019. For certain other of these employees, we were required to contribute $0.90 per hour per active employee during 2020 and 2019. Company contributions to the multiemployer defined contributory trust plan were $1.9 million, $2.4 million, and $2.6 million, respectively, for each of the years ended December 31, 2021, 2020, and 2019. After required contributions, we have no further obligation to the plan. The plan and its assets are managed by a joint board of trustees. Deferred Compensation Plans We sponsor deferred compensation plans. Under the plans, participating employees and directors irrevocably elect each year to defer receipt of a portion of their compensation. A participant's account is credited with imputed interest at a rate equal to 130% of Moody's Composite Average of Yields on Corporate Bonds. Participants may receive payment of their deferred compensation plan balance in a lump sum or in monthly installments over a specified period of years following the termination of their employment with the company. In addition, subject to plan revisions that became effective January 1, 2019, employee participants may also receive distributions of their deferred compensation accounts while still employed by the company. The deferred compensation plans are unfunded; therefore, benefits are paid from our general assets. For the years ended December 31, 2021, 2020, and 2019, we recognized $0.9 million, $1.0 million, and $1.1 million, respectively, of interest expense related to the plans. At December 31, 2021 and 2020, we had liabilities related to the plans of $3.3 million and $5.9 million, respectively, recorded in "Accrued liabilities, Compensation and benefits" and $21.1 million and $19.8 million, respectively, recorded in "Other, Compensation and benefits" on our Consolidated Balance Sheets. Multiemployer Health and Welfare Plan We have participated in a multiemployer health and welfare plan that covered medical, dental, and life insurance benefits for certain active employees as well as benefits for retired employees. Effective November 30, 2020, through collective bargaining negotiations, our employees no longer participate in this plan. As of December 31, 2019, approximately 475 of our employees participated in this plan. Per the terms of the representative collective bargaining agreements, we were required to contribute $6.40 per hour per active employee from June 1, 2018, to May 31, 2019. From June 1, 2019, to May 31, 2020, we were required to contribute $6.70 per hour per active employee. From June 1, 2020, to November 30, 2020, we were required to contribute $7.00 per hour per active employee. During the years ended December 31, 2020 and 2019, company contributions to the multiemployer health and welfare plan were $5.8 million and $6.7 million, respectively. After required contributions, we have no further obligation to the plan. The trustees of the plan determine the allocation of benefits between active and retired employees. Defined Benefit Obligations and Funded Status At December 31, 2021 and 2020, our only remaining defined benefit plan obligations relate to unfunded nonqualified salaried pension plans that were frozen so that no future benefits have accrued since December 31, 2009. 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
|  | 2021 |  | 2020
|  | (thousands)
Change in benefit obligation |  |  |  |
Benefit obligation at beginning of year |  | $ | 4,887 |  |  | $ | 192,061 |
Service cost |  | — |  |  | 668 |
Interest cost |  | 95 |  |  | 5,893 |
Actuarial loss |  | (61) |  |  | 18,605 |
Group annuity transactions (a) |  | — |  |  | (76,650) |
Benefits paid (b) |  | (470) |  |  | (135,690) |
Benefit obligation at end of year |  | 4,451 |  |  | 4,887 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year |  | — |  |  | 168,651 |
Actual return on plan assets |  | — |  |  | 30,930 |
Employer contributions |  | 470 |  |  | 12,759 |
Group annuity transactions (a) |  | — |  |  | (76,650) |
Benefits paid (b) |  | (470) |  |  | (135,690) |
Fair value of plan assets at end of year |  | — |  |  | — |
Underfunded status |  | $ | (4,451) |  |  | $ | (4,887) |
Amounts recognized on our Consolidated Balance Sheets |  |  |  |
Current liabilities |  | $ | (1,054) |  |  | $ | (367) |
Noncurrent liabilities |  | (3,397) |  |  | (4,520) |
Net liability |  | $ | (4,451) |  |  | $ | (4,887) |
Amounts recognized in accumulated other comprehensive loss |  |  |  |
Net actuarial loss |  | $ | 1,401 |  |  | $ | 1,443 |
Prior service cost |  | — |  |  | — |
Net loss recognized |  | $ | 1,401 |  |  | $ | 1,443 |
______________________________________ (a) See Defined Benefits Plans above for description of group annuity transactions. (b) See Defined Benefits Plans above for description of lump-sum payments. The accumulated benefit obligation for all defined benefit pension plans was $4.5 million and $4.9 million at December 31, 2021 and 2020, respectively. After the Plan Termination, the remaining accumulated benefit obligations are from our unfunded nonqualified defined benefit pension plans. Net Periodic Benefit Cost and Other Comprehensive (Income) Loss The components of net periodic benefit cost and other amounts recognized in other comprehensive (income) loss are as follows:
| Year Ended December 31
| 2021 |  | 2020 |  | 2019
| (thousands)
Net periodic benefit cost |  |  |  |  |
Service cost | $ | — |  |  | $ | 668 |  |  | $ | 647 |
Interest cost | 95 |  |  | 5,893 |  |  | 7,210 |
Expected return on plan assets | — |  |  | (5,493) |  |  | (5,903) |
Amortization of actuarial (gain) loss | (19) |  |  | 807 |  |  | (175) |
Plan settlement expense (a) | — |  |  | 6,250 |  |  | 1,342 |
Net periodic benefit cost | 76 |  |  | 8,125 |  |  | 3,121 |
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss |  |  |  |  |
Net actuarial (gain) loss | (61) |  |  | (6,832) |  |  | 4,642 |
Amortization of actuarial gain (loss) | 19 |  |  | (807) |  |  | 175 |
Effect of settlements | — |  |  | (6,250) |  |  | (1,342) |
Total recognized in other comprehensive (income) loss | (42) |  |  | (13,889) |  |  | 3,475 |
Total recognized in net periodic cost and other comprehensive (income) loss | $ | 34 |  |  | $ | (5,764) |  |  | $ | 6,596 |
______________________________________ (a) Plan settlement expense during the years ended December 31, 2020, and 2019 includes $6.3 million and $1.3 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. Assumptions for Qualified Defined Benefit Pension Plan As discussed above, we eliminated our qualified defined benefit pension plan in December 2020. The historical assumptions used in accounting for our qualified defined benefit pension plan were estimates of factors that determined, among other things, the amount and timing of contributions. The following table presents the assumptions used in the measurement of net periodic benefit cost:
|  |  |  | December 31 |  |
|  |  |  | 2020 |  | 2019 |
Weighted average assumptions |  |  |  |  |  |  |  |
Discount rate |  |  |  | 3.10 | % |  | 4.15 | % |  |
Expected long-term rate of return on plan assets |  |  |  | 3.50 | % |  | 3.85 | % |  |
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. Discount Rate Assumption. The discount rate reflected the current rate at which the pension obligations could have been settled at each measurement date of the plan. In all years presented, the discount rates were determined by matching the expected plan benefit payments against a spot rate yield curve constructed to replicate the yields of Aa-graded corporate bonds. Asset Return Assumption. Prior to the Plan Termination, we based our expected long-term rate of return on plan assets on a weighted average of our expected returns for the major asset classes in which assets were invested. The weights we assigned each asset class were based on our investment strategy. Expected returns for the asset classes were based on long-term historical returns, inflation expectations, forecasted gross domestic product, earnings growth, and other economic factors. We developed our return assumption based on a review of the fund manager's estimates of future market expectations by broad asset class and expected long-term rates of return from external investment managers. Retirement and Mortality Rates. These rates were developed to reflect actual and projected plan experience. In 2020, we used the Pri-2012 mortality tables projected forward using MP-2020 on a generational basis. In 2019, we used the Pri-2012 mortality tables projected forward using MP-2019 on a generational basis. Cash Flows Since 2012, we contributed a total of four company-owned real property locations from our BMD segment to our Pension Plan, which we then leased from the Pension Plan. These contributions constituted related party transactions. We determined that these contributed properties did not meet the accounting definition of a plan asset within the scope of Accounting Standards Codification 715, Compensation - Retirement Benefits, and, therefore, were not included in plan assets and had no impact on the net pension liability. However, the lease payments and payments for the repurchase of the contributed properties were recorded as pension contributions. During the years ended December 31, 2020 and 2019, we repurchased two and one, respectively, of the real property locations we previously had contributed to our Pension Plan for approximately $11.4 million (the 2020 Repurchases) and $3.6 million (the 2019 Repurchase), respectively, which were recorded as pension contributions. For the year ended December 31, 2021, we paid $0.5 million in cash to the nonqualified pension plan participants. For the years ended December 31, 2020 and 2019, we made cash contributions to both our qualified and nonqualified pension plans totaling $12.8 million and $5.2 million, respectively. During 2020, cash contributions include $11.4 million for the 2020 Repurchases and $0.6 million of lease payments. During 2019, cash contributions include $3.6 million for the 2019 Repurchase and $1.1 million of lease payments. Since Plan Termination, we have no federally required contributions to the Pension Plan. All nonqualified pension benefit payments are paid by company, and we expect to make cash payments of approximately $1 million to the nonqualified pension plan participants in 2022.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section S99 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(i) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (o) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (p) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (q) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (r)(1) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (l) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (r)(2) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration