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POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Change in benefit obligation, plan assets and funded status | Changes in our benefit obligation, plan assets and funded status for the years ended December 31 were as follows:
(in thousands) |  | Postretirement benefit plan |  | Pension plan(1)
Change in benefit obligation: |  |  |  |
Benefit obligation, December 31, 2019 |  | $ | 73,175 |  |  | $ | 3,251 |
Interest cost |  | 1,835 |  |  | 76 |
Net actuarial loss |  | 218 |  |  | 340 |
Benefits paid from plan assets and company funds |  | (7,064) |  |  | (324) |
Benefit obligation, December 31, 2020 |  | 68,164 |  |  | 3,343 |
Interest cost |  | 929 |  |  | 39 |
Net actuarial (gain) loss |  | (5,721) |  |  | 2 |
Benefits paid from plan assets and company funds |  | (5,591) |  |  | (324) |
Benefit obligation, December 31, 2021 |  | $ | 57,781 |  |  | $ | 3,060 |
Change in plan assets: |  |  |  |
Fair value of plan assets, December 31, 2019 |  | $ | 129,918 |  |  | $ | — |
Return on plan assets |  | 15,741 |  |  | — |
Benefits paid |  | (6,287) |  |  | — |
Fair value of plan assets, December 31, 2020 |  | 139,372 |  |  | — |
Return on plan assets |  | 10,159 |  |  | — |
Benefits paid |  | (4,731) |  |  | — |
Fair value of plan assets, December 31, 2021 |  | $ | 144,800 |  |  | $ | — |
Funded status, December 31, 2020 |  | $ | 71,208 |  |  | $ | (3,343) |
Funded status, December 31, 2021 |  | $ | 87,019 |  |  | $ | (3,060) |
(1) The accumulated benefit obligation equals the projected benefit obligation.
Amounts recognized in consolidated balance sheets | The funded status of our plans was recognized on the consolidated balance sheets as of December 31 as follows:
|  | Postretirement benefit plan |  | Pension plan
(in thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Other non-current assets |  | $ | 87,019 |  |  | $ | 71,208 |  |  | $ | — |  |  | $ | — |
Accrued liabilities |  | — |  |  | — |  |  | 324 |  |  | 324 |
Other non-current liabilities |  | — |  |  | — |  |  | 2,736 |  |  | 3,019 |
Amounts included in other comprehensive loss that have not been recognized as components of postretirement benefit income | Amounts included in accumulated other comprehensive loss as of December 31 that have not been recognized as components of postretirement benefit income were as follows:
(in thousands) |  | 2021 |  | 2020
Unrecognized prior service credit |  | $ | 9,914 |  |  | $ | 11,335 |
Unrecognized net actuarial loss |  | (25,445) |  |  | (35,454) |
Tax effect |  | 100 |  |  | 2,163 |
Amount recognized in accumulated other comprehensive loss, net of tax |  | $ | (15,431) |  |  | $ | (21,956) |
Components of net periodic benefit income | Postretirement benefit income for the years ended December 31 consisted of the following components:
(in thousands) |  | 2021 |  | 2020 |  | 2019
Interest cost |  | $ | 968 |  |  | $ | 1,911 |  |  | $ | 2,727 |
Expected return on plan assets |  | (7,498) |  |  | (7,619) |  |  | (6,957) |
Amortization of prior service credit |  | (1,421) |  |  | (1,421) |  |  | (1,421) |
Amortization of net actuarial losses |  | 1,629 |  |  | 2,301 |  |  | 3,223 |
Net periodic benefit income |  | $ | (6,322) |  |  | $ | (4,828) |  |  | $ | (2,428) |
Actuarial assumptions used in measuring benefit obligation and net periodic benefit income | In measuring the benefit obligations as of December 31, the following discount rate assumptions were used:
|  | Postretirement benefit plan |  | Pension plan
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Discount rate |  | 2.61 | % |  | 2.16 | % |  | 2.26 | % |  | 1.74 | %
In measuring net periodic benefit income for the years ended December 31, the following assumptions were used:
|  | Postretirement benefit plan |  | Pension plan
|  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Discount rate |  | 2.16 | % |  | 3.03 | % |  | 4.13 | % |  | 1.74 | % |  | 2.76 | % |  | 4.01 | %
Expected return on plan assets |  | 5.50 | % |  | 6.00 | % |  | 6.25 | % |  | — |  |  | — |  |  | — |
Health care cost trend rate assumptions | In measuring the benefit obligation as of December 31 for our postretirement benefit plan, the following assumptions for health care cost trend rates were used. These rates are utilized to determine our periodic benefit income for the following year.
|  | 2021 |  | 2020 |  | 2019
|  | Participants under age 65 |  | Participants age 65 and older |  | Participants under age 65 |  | Participants age 65 and older |  | Participants under age 65 |  | Participants age 65 and older
Health care cost trend rate assumed for next year |  | 6.9 | % |  | 7.6 | % |  | 7.2 | % |  | 8.0 | % |  | 7.4 | % |  | 8.4 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) |  | 4.5 | % |  | 4.5 | % |  | 4.5 | % |  | 4.5 | % |  | 4.5 | % |  | 4.5 | %
Year that the rate reaches the ultimate trend rate |  | 2030 |  | 2030 |  | 2030 |  | 2030 |  | 2029 |  | 2029
Allocation of plan assets by asset category | The allocation of plan assets by asset category as of December 31 was as follows:
|  | Postretirement benefit plan
|  | 2021 |  | 2020
Mortgage-backed securities |  | 41 | % |  | 24 | %
International equity securities |  | 20 | % |  | 20 | %
U.S. corporate debt securities |  | 19 | % |  | 21 | %
U.S. large capitalization equity securities |  | 17 | % |  | 17 | %
Government debt securities |  | — |  |  | 15 | %
U.S. small and mid-capitalization equity securities |  | 3 | % |  | 3 | %
Total |  | 100 | % |  | 100 | %
Our postretirement benefit plan has assets that are intended to meet long-term obligations. In order to meet these obligations, we employ a total return investment approach that considers cash flow needs and balances long-term projected returns against expected asset risk, as measured using projected standard deviations. Risk tolerance is established through consideration of projected plan liabilities, the plan's funded status, projected liquidity needs and our financial condition. The target asset allocation percentages for our postretirement benefit plan are based on our liability and asset projections. The targeted allocation of plan assets is 60% fixed income securities, 20% international equity securities, 17% large capitalization equity securities and 3% small and mid-capitalization equity securities. During 2021, we modified certain of the funds in which our plan assets are invested and we began utilizing collective investment trusts (CITs). Information regarding fair value measurements of plan assets was as follows as of December 31, 2021:
|  | Fair value measurements using |  |  |  |
|  | Quoted prices in active markets for identical assets |  | Significant other observable inputs |  | Significant unobservable inputs |  | Investments measured at net asset value |  | Fair value as of December 31, 2021
(in thousands) |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |
Mortgage-backed securities |  | $ | (94) |  |  | $ | 58,893 |  |  | $ | — |  |  | $ | — |  |  | $ | 58,799 |
International equity securities |  | 285 |  |  | 28,708 |  |  | — |  |  | — |  |  | 28,993 |
U.S. corporate debt securities |  | 22 |  |  | 27,836 |  |  | — |  |  | — |  |  | 27,858 |
U.S. large capitalization equity securities |  | (15) |  |  | 25,410 |  |  | — |  |  | — |  |  | 25,395 |
U.S. small and mid-capitalization equity securities |  | 26 |  |  | 3,729 |  |  | — |  |  | — |  |  | 3,755 |
Plan assets |  | $ | 224 |  |  | $ | 144,576 |  |  | $ | — |  |  | $ | — |  |  | $ | 144,800 |
Information regarding fair value measurements of plan assets was as follows as of December 31, 2020:
|  | Fair value measurements using |  |  |  |
|  | Quoted prices in active markets for identical assets |  | Significant other observable inputs |  | Significant unobservable inputs |  | Investments measured at net asset value |  | Fair value as of December 31, 2020
(in thousands) |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |
Mortgage-backed securities |  | $ | — |  |  | $ | 10,546 |  |  | $ | — |  |  | $ | 22,507 |  |  | $ | 33,053 |
U.S. corporate debt securities |  | — |  |  | 27,439 |  |  | — |  |  | 1,474 |  |  | 28,913 |
International equity securities |  | 24,512 |  |  | 3,632 |  |  | — |  |  | — |  |  | 28,144 |
U.S. large capitalization equity securities |  | — |  |  | 24,536 |  |  | — |  |  | — |  |  | 24,536 |
Government debt securities |  | — |  |  | 20,357 |  |  | — |  |  | — |  |  | 20,357 |
U.S. small and mid-capitalization equity securities |  | 3,406 |  |  | 356 |  |  | — |  |  | — |  |  | 3,762 |
Other debt securities |  | 387 |  |  | 220 |  |  | — |  |  | — |  |  | 607 |
Plan assets |  | $ | 28,305 |  |  | $ | 87,086 |  |  | $ | — |  |  | $ | 23,981 |  |  | $ | 139,372 |
Expected benefit payments | The following benefit payments are expected to be paid during the years indicated:
(in thousands) |  | Postretirement benefit plan | Pension plan
2022 |  | $ | 6,190 |  |  | $ | 320 |
2023 |  | 5,846 |  |  | 320 |
2024 |  | 5,314 |  |  | 310 |
2025 |  | 4,810 |  |  | 300 |
2026 |  | 4,338 |  |  | 290 |
2027 - 2031 |  | 17,328 |  |  | 1,190 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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