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Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Reconciliation of Plans Benefit Obligations, Fair Value of Assets and Funded Status

The following tables provide a reconciliation of the changes in the LPP’s benefit obligations and fair value of assets during the years ended December 31, 2020 and 2019, and the unfunded status as of December 31, 2020 and 2019 (in thousands):

			Year Ended December 31,
			2020						2019
Change in benefit obligation:
Benefit obligation at January 1			$	(463,436)					$	(428,216)
Interest cost			(14,675)						(18,324)
Actuarial loss, net			(53,831)						(47,632)
Benefits paid			18,476						30,736
Lump sum settlement			44,450						—
Benefit obligation at December 31			$	(469,016)					$	(463,436)
Change in plan assets:
Fair value of assets at January 1			$	338,264					$	312,455
Actual return on plan assets			55,215						54,945
Employer contributions			14,700						1,600
Benefits paid			(18,476)						(30,736)
Lump sum settlement			(44,450)						—
Fair value of assets at December 31			$	345,253					$	338,264
Unfunded status at December 31			$	(123,763)					$	(125,172)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The amounts recognized in accumulated other comprehensive income (loss) associated with the LPP, net of deferred taxes of $40 million and $42 million as of December 31, 2020 and 2019, respectively, are as follows (in thousands):

			December 31,
			2020						2019
Net actuarial loss			$	(159,709)					$	(154,608)
Prior service credit			9,099						10,210
Pension settlement			14,005						—
Accumulated other comprehensive loss			$	(136,605)					$	(144,398)

The following table provides the pre-tax amounts recognized in other comprehensive income (loss), including the amortization of the actuarial loss and prior service credit, associated with the LPP for the years ended December 31, 2020, 2019 and 2018 (in thousands):

Obligations Recognized in			Year Ended December 31,
Other Comprehensive Income (Loss)			2020						2019						2018
Net actuarial loss			$	15,225					$	11,196					$	25,595
Pension settlement			(18,071)						—						—
Amortization of actuarial loss			(8,611)						(6,516)						(7,362)
Amortization of prior service credit			1,432						1,432						1,432
Total (income) loss recognized in other comprehensive income (loss)			$	(10,025)					$	6,112					$	19,665
Total recognized in net periodic benefit cost and other comprehensive income (loss)			$	14,491					$	11,010					$	23,895

Schedule of Components of Net Periodic Benefit Cost

The following table provides the components of net periodic benefit costs associated with the LPP and the principal assumptions used in the measurement of the LPP benefit obligations and net benefit costs for the three years ended December 31, 2020, 2019 and 2018 (in thousands):

			Year Ended December 31,
			2020						2019						2018
Interest cost			$	14,675					$	18,324					$	17,090
Expected return on plan assets			(15,420)						(18,510)						(18,790)
Amortization of prior service credit			(1,432)						(1,432)						(1,432)
Amortization of actuarial loss			8,622						6,516						7,362
Net periodic benefit			$	6,445					$	4,898					$	4,230
Settlement charge			18,071						—						—
Net cost			$	24,516					$	4,898					$	4,230
Weighted-average discount rate used to measure benefit obligations			2.60		%				3.53		%				4.41		%
Weighted average assumptions used to determine net benefit cost:
Discount rate(1)			3.53		%				4.41		%				3.81		%
Expected return on plan assets			5.00		%				5.75		%				5.75		%

________________________________

(1) As of August 31, 2020, 2.76% discount rate due to the settlement charge.

Schedule of Fair Value of LPP Assets

As defined in Note 11. Fair Value Measurements, the following tables present the fair value of the LPP assets as of December 31, 2020, and 2019:

			Fair Value Measurements at December 31, 2020
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Common collective trusts:
Foreign equity securities			$	—					$	263,244					$	—					$	263,244
U.S. equity securities			—						65,257						—						65,257
Money market mutual fund			8,017						—						—						8,017
Limited partnership interest:
Real estate			—						—						8,735						8,735
Total assets at fair value			$	8,017					$	328,501					$	8,735					$	345,253

			Fair Value Measurements at December 31, 2019
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Common collective trusts:
Foreign equity securities			$	—					$	265,495					$	—					$	265,495
U.S. equity securities			—						58,315						—						58,315
Money market mutual fund			4,506						—						—						4,506
Limited partnership interest:
Real estate			—						—						9,948						9,948
Total assets at fair value			$	4,506					$	323,810					$	9,948					$	338,264

Schedule of Plan Assets Valued Using Significant Unobservable Inputs (Level 3)

The following table provides a rollforward of plan assets valued using significant unobservable inputs (level 3), in thousands:

			Real Estate
Ending balance at December 31, 2018			$	20,836
Contributions			331
Net distributions			(11,235)
Advisory fee			(205)
Net investment income			771
Unrealized gain			(541)
Net realized gain			(9)
Ending balance at December 31, 2019			$	9,948
Contributions			87
Net distributions			(300)
Redemptions			(573)
Advisory fee			(92)
Net investment income			400
Unrealized loss			(728)
Net realized loss			(7)
Ending balance at December 31, 2020			$	8,735

Summary of Estimated Future Benefit Payments

We expect the LPP to make the following estimated future benefit payments (in thousands):

			Amount
2021			$	30,114
2022			30,544
2023			29,392
2024			33,259
2025			35,522
2026-2030			160,287

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