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Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Change in benefit obligation | The following table summarizes the change in plan benefit obligations and changes in plan assets:
| Pension Benefits |  | Other Postretirement Benefits
(Dollars in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Change in plan benefit obligations: |  |  |  |  |  |  |
Benefit obligation as of January 1 | $ | 30,300 |  |  | $ | 172,608 |  |  | $ | 1,599 |  |  | $ | 1,803 |
Service cost |  |  | — |  |  | 56 |  |  | 61 |
Interest cost | 908 |  |  | 5,641 |  |  | 40 |  |  | 59 |
Actuarial (gain) loss | 491 |  |  | 23,797 |  |  | — |  |  | (51) |
Benefit payments | (1,647) |  |  | (9,262) |  |  | (192) |  |  | (273) |
Pension settlements | 237 |  |  | (162,484) |  |  | — |  |  | — |
Benefit obligation as of December 31 | $ | 30,289 |  |  | $ | 30,300 |  |  | $ | 1,503 |  |  | $ | 1,599 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets as of January 1 | $ | 42,835 |  |  | $ | 191,652 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 3,615 |  |  | 22,888 |  |  | — |  |  | — |
Employer contributions | — |  |  | 41 |  |  | 192 |  |  | 273 |
Benefit payments | (1,647) |  |  | (9,262) |  |  | (192) |  |  | (273) |
Transfer related to plan termination | (9,744) |  |  | — |  |  | — |  |  | — |
Pension settlements | 237 |  |  | (162,484) |  |  | — |  |  | — |
Fair value of plan assets as of December 31 | $ | 35,296 |  |  | $ | 42,835 |  |  | $ | — |  |  | $ | — |
Amount overfunded (underfunded) | $ | 5,007 |  |  | $ | 12,535 |  |  | $ | (1,503) |  |  | $ | (1,599) |
Change in plan assets | The following table summarizes the change in plan benefit obligations and changes in plan assets:
| Pension Benefits |  | Other Postretirement Benefits
(Dollars in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Change in plan benefit obligations: |  |  |  |  |  |  |
Benefit obligation as of January 1 | $ | 30,300 |  |  | $ | 172,608 |  |  | $ | 1,599 |  |  | $ | 1,803 |
Service cost |  |  | — |  |  | 56 |  |  | 61 |
Interest cost | 908 |  |  | 5,641 |  |  | 40 |  |  | 59 |
Actuarial (gain) loss | 491 |  |  | 23,797 |  |  | — |  |  | (51) |
Benefit payments | (1,647) |  |  | (9,262) |  |  | (192) |  |  | (273) |
Pension settlements | 237 |  |  | (162,484) |  |  | — |  |  | — |
Benefit obligation as of December 31 | $ | 30,289 |  |  | $ | 30,300 |  |  | $ | 1,503 |  |  | $ | 1,599 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets as of January 1 | $ | 42,835 |  |  | $ | 191,652 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 3,615 |  |  | 22,888 |  |  | — |  |  | — |
Employer contributions | — |  |  | 41 |  |  | 192 |  |  | 273 |
Benefit payments | (1,647) |  |  | (9,262) |  |  | (192) |  |  | (273) |
Transfer related to plan termination | (9,744) |  |  | — |  |  | — |  |  | — |
Pension settlements | 237 |  |  | (162,484) |  |  | — |  |  | — |
Fair value of plan assets as of December 31 | $ | 35,296 |  |  | $ | 42,835 |  |  | $ | — |  |  | $ | — |
Amount overfunded (underfunded) | $ | 5,007 |  |  | $ | 12,535 |  |  | $ | (1,503) |  |  | $ | (1,599) |
Amounts recognized in consolidated balance sheet | Our pension-related balances reflected in the consolidated statements of financial position consisted of the following:
| Pension Benefits |  | Other Postretirement Benefits
| As of December 31, |  | As of December 31,
(Dollars in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Assets & Liabilities: |  |  |  |  |  |  |
Non-current assets | $ | 5,278 |  |  | $ | 12,790 |  |  | $ | — |  |  | $ | — |
Current liabilities | (14) |  |  | (5) |  |  | (148) |  |  | (282) |
Non-current liabilities | (257) |  |  | (250) |  |  | (1,355) |  |  | (1,317) |
Net assets (liabilities) | $ | 5,007 |  |  | $ | 12,535 |  |  | $ | (1,503) |  |  | $ | (1,599) |
Accumulated Other Comprehensive Loss: |  |  |  |  |  |  |
Net actuarial (loss) gain | $ | (11,171) |  |  | $ | (13,085) |  |  | $ | 119 |  |  | $ | 54 |
Prior service benefit | — |  |  | — |  |  | 97 |  |  | 209 |
Accumulated other comprehensive (loss) income | $ | (11,171) |  |  | $ | (13,085) |  |  | $ | 216 |  |  | $ | 263 |
Schedule of net periodic benefit cost not yet recognized | Our pension-related balances reflected in the consolidated statements of financial position consisted of the following:
| Pension Benefits |  | Other Postretirement Benefits
| As of December 31, |  | As of December 31,
(Dollars in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Assets & Liabilities: |  |  |  |  |  |  |
Non-current assets | $ | 5,278 |  |  | $ | 12,790 |  |  | $ | — |  |  | $ | — |
Current liabilities | (14) |  |  | (5) |  |  | (148) |  |  | (282) |
Non-current liabilities | (257) |  |  | (250) |  |  | (1,355) |  |  | (1,317) |
Net assets (liabilities) | $ | 5,007 |  |  | $ | 12,535 |  |  | $ | (1,503) |  |  | $ | (1,599) |
Accumulated Other Comprehensive Loss: |  |  |  |  |  |  |
Net actuarial (loss) gain | $ | (11,171) |  |  | $ | (13,085) |  |  | $ | 119 |  |  | $ | 54 |
Prior service benefit | — |  |  | — |  |  | 97 |  |  | 209 |
Accumulated other comprehensive (loss) income | $ | (11,171) |  |  | $ | (13,085) |  |  | $ | 216 |  |  | $ | 263 |
Components of net periodic benefit cost | The components of net periodic benefit cost (credit) were as follows:
| Pension Benefits |  | Other Postretirement Benefits
| Years Ended December 31, |  | Years Ended December 31,
(Dollars in thousands) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost |  |  | $ | — |  |  | $ | — |  |  | $ | 56 |  |  | $ | 61 |  |  | $ | 73 |
Interest cost | 908 |  |  | 5,641 |  |  | 6,758 |  |  | 40 |  |  | 59 |  |  | 62 |
Expected return of plan assets | (1,574) |  |  | (6,932) |  |  | (8,662) |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | — |  |  | (112) |  |  | (1,011) |  |  | (1,602) |
Amortization of net loss (gain) | 427 |  |  | 1,514 |  |  | 1,828 |  |  | — |  |  | — |  |  | — |
Settlement charge | (63) |  |  | 53,213 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) | $ | (302) |  |  | $ | 53,436 |  |  | $ | (76) |  |  | $ | (16) |  |  | $ | (891) |  |  | $ | (1,467) |
Schedule of weighted-average assumptions used |
| Pension Benefits |  | Other Postretirement Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019
Weighted average assumptions used in benefit obligations: |  |  |  |  |  |  |
Discount rate | 2.50 | % |  | 3.25 | % |  | 1.75 | % |  | 2.75 | %
Weighted average assumptions used in net periodic benefit costs: |  |  |  |  |  |  |
Discount rate | 3.25 | % |  | 4.25 | % |  | 2.75 | % |  | 3.75 | %
Expected long-term rate of return on assets | 4.53 | % |  | 4.69 | % |  | — | % |  | — | %
Schedule of allocation of plan assets | The following table presents the fair value of the pension plan net assets by asset category and level, within the fair value hierarchy, as of December 31, 2020 and 2019.
| Fair Value of Plan Assets as of December 31, 2020
(Dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fixed income bonds | $ | — |  |  | $ | 29,896 |  |  | $ | — |  |  | $ | 29,896 |
Mutual funds | 3,535 |  |  | — |  |  | — |  |  | 3,535 |
Pooled separate accounts | — |  |  | 518 |  |  | — |  |  | 518 |
Guaranteed deposit account | — |  |  | — |  |  | 1,347 |  |  | 1,347 |
Total plan assets at fair value | $ | 3,535 |  |  | $ | 30,414 |  |  | $ | 1,347 |  |  | $ | 35,296 |
| Fair Value of Plan Assets as of December 31, 2019
(Dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fixed income bonds | $ | — |  |  | $ | 27,704 |  |  | $ | — |  |  | $ | 27,704 |
Mutual funds | 3,277 |  |  | — |  |  | — |  |  | 3,277 |
Pooled separate accounts | — |  |  | 10,516 |  |  | — |  |  | 10,516 |
Guaranteed deposit account | — |  |  | — |  |  | 1,338 |  |  | 1,338 |
Total plan assets at fair value | $ | 3,277 |  |  | $ | 38,220 |  |  | $ | 1,338 |  |  | $ | 42,835 |
Changes in fair value of Level 3 assets | The following table presents a summary of changes in the fair value of the guaranteed deposit account’s Level 3 assets for the year ended December 31, 2020:
| Guaranteed Deposit Account
Balance as of January 1, 2020 | $ | 1,338 |
Change in unrealized gain (loss) | 34 |
Purchases, sales, issuances and settlements (net) | (25) |
Balance as of December 31, 2020 | $ | 1,347 |
Schedule of future benefit payments | The following table sets forth the expected benefit payments to be paid for the pension plans and the other postretirement benefit plans:
| Pension Benefits |  | Other Postretirement Benefits
2021 | $ | 1,808 |  |  | $ | 148 |
2022 | $ | 1,758 |  |  | $ | 114 |
2023 | $ | 1,778 |  |  | $ | 130 |
2024 | $ | 1,770 |  |  | $ | 122 |
2025 | $ | 1,801 |  |  | $ | 150 |
2026-2030 | $ | 8,570 |  |  | $ | 763 |

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