XML 43 R20.htm IDEA: XBRL DOCUMENT v3.22.4
Retirement and Benefit Plans
 12 Months Ended
Dec. 31, 2022
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).

    Nonqualified Salaried Pension Plans

    We recognize and record the underfunded status of our defined benefit pension plans in "Accrued liabilities, Compensation and benefits" and "Other, Compensation and benefits" on our Consolidated Balance Sheets. The total accumulated benefit obligation for all unfunded nonqualified defined benefit pension plans was $3.0 million and $4.5 million at December 31, 2022 and 2021, respectively. In addition, we recognize changes in funded status in the year the changes occur through other comprehensive income (loss). For the years ended December 31, 2022 and 2021, we recognized $0.7 million and $1.4 million, respectively, in accumulated other comprehensive loss related to our nonqualified defined benefit pension plans. Furthermore, the components of net periodic benefit cost and other amounts recognized in other comprehensive income related to our nonqualified defined pension plans for the years ended December 31, 2022 and 2021 were immaterial.
    Qualified Defined Benefit Pension Plan

    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 were 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.

    For the year ended December 31, 2020, we recognized $8.1 million in net periodic benefit cost, which was primarily due to a $6.2 million non-cash settlement charge resulting from the Plan Termination described above. In addition, for the year ended December 31, 2020, we recognized $13.9 million in other comprehensive income, primarily related to a net actuarial gain and the effect of the settlement described above.

    Cash Flows

    For the years ended December 31, 2022 and 2021, we paid $1.1 million and $0.5 million, respectively, in cash to the nonqualified pension plan participants. For the year ended December 31, 2020, we made cash contributions to both our qualified and nonqualified pension plans totaling $12.8 million. During 2020, cash contributions included $11.4 million for the repurchase of two of the real property locations we previously had contributed to our Pension Plan and $0.6 million of lease payments. Since Plan Termination, we have had no federally required contributions to the Pension Plan. All nonqualified pension benefit payments are paid by the Company, and all future cash payments are immaterial.

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, 2022, 2021, and 2020, company performance resulted in additional contributions in the range of 2% to 4% 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, 2022, 2021, and 2020, were $31.3 million, $28.7 million, and $23.4 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, 2022, 2021, and 2020 approximately 740, 760, and 735, 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 2022, 2021, and 2020. For certain other of these employees, we were required to contribute $0.90 per hour per active employee during 2020. Company contributions to the multiemployer defined contributory trust plan were $2.0 million, $1.9 million, and $2.4 million, respectively, for each of the years ended December 31, 2022, 2021, and 2020. 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, 2022, 2021, and 2020, we recognized $1.4 million, $0.9 million, and $1.0 million, respectively, of interest expense related to the plans. At December 31, 2022 and 2021, we had liabilities related to the plans of $1.7 million and $3.3 million, respectively, recorded in "Accrued liabilities, Compensation and benefits" and $25.7 million and $21.1 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. Per the terms of the representative collective bargaining agreements, we were required to contribute $6.70 per hour per active employee from June 1, 2019, to May 31, 2020. From June 1, 2020, to November 30, 2020, we were required to contribute $7.00 per hour per active employee. During the year ended December 31, 2020, company contributions to the multiemployer health and welfare plan were $5.8 million. 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.