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Pensions (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs | The following table details the other components of net periodic pension cost for the Company's pension plans:
| Years Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Interest cost | $ | 10,469 |  |  | $ | 13,949 |  |  | $ | 22,146 |
Expected return on assets | (11,560) |  |  | (16,027) |  |  | (15,044) |
Settlement (gain)/loss | (374) |  |  | 819 |  |  | 693 |
Remeasurement (gain)/loss | (13,364) |  |  | 43,495 |  |  | 45,366 |
Net periodic pension (benefit) cost | $ | (14,829) |  |  | $ | 42,236 |  |  | $ | 53,161 |
Defined Benefit Plan, Assumptions | The following table sets forth the weighted-average assumptions used for determining the Company's net periodic pension cost:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Pension benefit obligations discount rate | 2.39 | % |  | 3.16 | % |  | 4.30 | %
Interest cost discount rate | 1.71 | % |  | 2.74 | % |  | 3.93 | %
Expected return on plan assets, net of administrative expenses | 2.69 | % |  | 3.73 | % |  | 3.68 | %
Rate of compensation expense increase | N/A |  | N/A |  | N/A
The following table sets forth the weighted-average assumptions used for determining the Company's pension benefit obligations:
| Years Ended December 31,
| 2021 |  | 2020
Pension benefit obligations discount rate | 2.77 | % |  | 2.39 | %
Rate of compensation increase | N/A |  | N/A
Interest crediting rate | 3.01 | % |  | 3.00 | %
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following table summarizes the benefit obligations, plan assets, and funded status associated with the Company's pension and benefit plan:
(in thousands) | 2021 |  | 2020
Change in Benefit Obligations |  |  |
Balance as of January 1 | $ | 636,497 |  |  | $ | 643,961 |
Interest cost | 10,469 |  |  | 13,949 |
Actuarial (gain) loss, net | (12,565) |  |  | 63,164 |
Benefits paid | (42,434) |  |  | (66,746) |
Annuity purchase | — |  |  | (17,831) |
Balance as of December 31 | $ | 591,967 |  |  | $ | 636,497 |
Change in Plan Assets |  |  |
Balance as of January 1 | $ | 444,228 |  |  | $ | 449,019 |
Plan contributions | 36,185 |  |  | 44,908 |
Actual return on plan assets, net of administrative expenses | 12,734 |  |  | 34,878 |
Benefits paid | (42,434) |  |  | (66,746) |
Annuity purchase | — |  |  | (17,831) |
Balance as of December 31 | $ | 450,713 |  |  | $ | 444,228 |
Funded Status as of December 31 (plan assets less benefit obligations) | $ | (141,254) |  |  | $ | (192,269) |
Schedule of Cash Contributions made by the Company | The following table sets forth cash contributions made by the Company to its qualified and non-qualified plans during the years ended December 31, 2021, 2020 and 2019:
| Years Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Qualified plans | $ | 35,000 |  |  | $ | 43,875 |  |  | $ | 29,635 |
Non-qualified plans | 1,176 |  |  | 1,034 |  |  | 734 |
Schedule of Amounts Recognized in Balance Sheet | The following table sets forth the amounts associated with pension plans recognized within Pension obligations, net on the Company's consolidated balance sheets:
(in thousands) | December 31, 2021 |  | December 31, 2020
Current liabilities | $ | (1,087) |  |  | $ | (1,442) |
Long-term liabilities | (140,167) |  | (190,827)
Total pension liability as of December 31 | $ | (141,254) |  |  | $ | (192,269) |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets | The following table sets forth the amounts associated with the Company's pension plans that have accumulated pension obligations greater than plan assets (underfunded):
(in thousands) | December 31, 2021 |  | December 31, 2020
Accumulated benefit obligations | $ | 591,967 |  |  | $ | 636,497 |
Projected benefit obligations | 591,967 |  |  | 636,497 |
Plan assets | $ | 450,713 |  |  | $ | 444,228 |
Schedule of Expected Benefit Payments | The following table sets forth the Company's expected future pension benefit payments:
(in thousands) | Expected Future Pension Benefit Payments
2022 | $ | 52,312
2023 | 42,725
2024 | 40,738
2025 | 40,617
2026 | 39,854
2027 to 2031 | 176,245
Schedule of Allocation of Plan Assets | The following tables set forth the fair values of the Company's pension plan assets by asset category:
| December 31, 2021
(in thousands) | Total |  | Level 1 (Quoted Market Prices in Active Markets) |  | Level 2 (Significant Observable Input) |  | Level 3 (Unobservable Inputs)
Cash and cash equivalents | $ | 10,687 |  |  | $ | 10,687 |  |  | $ | — |  |  | $ | — |
Equity funds | 92,689 |  |  | 92,689 |  |  | — |  |  | — |
U.S. treasuries and agencies | 41,535 |  |  | — |  |  | 41,535 |  |  | — |
Corporate bond funds | 184,034 |  |  | 184,034 |  |  | — |  |  | — |
Total | $ | 328,945 |  |  | $ | 287,410 |  |  | $ | 41,535 |  |  | $ | — |
Hedge funds-investments measured at net asset value (“NAV”) as a practical expedient | 121,768 |  |  |  |  |  |  |
Total plan assets | $ | 450,713 |  |  |  |  |  |  |
| December 31, 2020
| Total |  | Level 1 (Quoted Market Prices in Active Markets) |  | Level 2 (Significant Observable Input) |  | Level 3 (Unobservable Inputs)
Cash and cash equivalents | $ | 17,831 |  |  | $ | 17,831 |  |  | $ | — |  |  | $ | — |
Equity funds | 88,118 |  |  | 88,118 |  |  | — |  |  | — |
U.S. treasuries and agencies | 35,797 |  |  | — |  |  | 35,797 |  |  | — |
Corporate bond funds | 170,552 |  |  | 170,552 |  |  | — |  |  | — |
Total | $ | 312,298 |  |  | $ | 276,501 |  |  | $ | 35,797 |  |  | $ | — |
Hedge funds-investments measured at NAV as a practical expedient | 131,930 |  |  |  |  |  |  |
Total plan assets | $ | 444,228 |  |  |  |  |  |  |
The following table sets forth the weighted asset allocation percentages for the pension plans by asset category:
| December 31,
| 2021 |  | 2020
Cash and cash equivalents | 2.4 | % |  | 4.0 | %
U.S. treasuries and agencies, corporate bond funds, and other fixed income | 50.0 | % |  | 46.4 | %
Equity funds | 20.6 | % |  | 19.9 | %
Hedge funds | 27.0 | % |  | 29.7 | %
Total | 100.0 | % |  | 100.0 | %

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- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + 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 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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