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Retirement Plans And Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Reconciliation Of Changes In Benefit Obligations And Plan Assets

The following tables reconcile the changes in benefit obligations and plan assets in 2020 and 2019, and reconcile the funded status to prepaid or accrued cost at December 31, 2020 and 2019:

			Pension Benefits															Other Post- Retirement Benefits
(In thousands)			2020						2019									2020						2019
Change in benefit obligation:
Benefit obligation, beginning of year			$	318,763					$	287,240								$	7,650					$	6,889
Service cost			—						—									29						26
Interest cost			10,156						12,222									243						290
Effect of actuarial (gains) losses related to the following:
Discount rate change			26,887						38,919									644						894
Retirement rate assumptions and mortality table adjustments			(3,446)						(2,589)									13						21
Other			69						(1,047)									55						(176)
Plan participant contributions			—						—									606						649
Benefits paid			(16,270)						(15,982)									(1,076)						(943)
Benefit obligation, end of year			$	336,159					$	318,763								$	8,164					$	7,650
Change in plan assets:
Plan assets at fair value, beginning of year			$	218,329					$	205,367								$	—					$	—
Actual return on plan assets			18,800						20,624									—						—
Employer contributions			12,216						8,320									470						294
Plan participant contributions			—						—									606						649
Benefits paid			(16,270)						(15,982)									(1,076)						(943)
Plan assets at fair value, end of year			$	233,075					$	218,329								$	—					$	—
Funded status of the plans			$	(103,084)					$	(100,434)								$	(8,164)					$	(7,650)
Amounts recognized in the consolidated balance sheets:
Accrued expenses (current)			$	181					$	168								$	481					$	470
Pension and other postretirement benefit obligations, net			102,903						100,266									7,683						7,180
Net amount recognized			$	103,084					$	100,434								$	8,164					$	7,650

Components Of Net Periodic Benefit Income Or Cost For Continuing Operations

The following table sets forth the assumptions used in accounting for the pension and other post-retirement benefits, and the components of net periodic benefit cost:

			Pension Benefits																					Other Post- Retirement Benefits
(In thousands, except percentages)			2020						2019						2018									2020						2019						2018
Weighted-average assumptions used to determine benefit obligations:
Discount rate			2.57		%				3.27		%				4.40		%							2.54		%				3.25		%				4.37		%
Expected long-term return on plan assets			5.00		%				5.00		%				6.00		%							n/a						n/a						n/a
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate			3.27		%				4.40		%				3.72		%							3.25		%				4.37		%				3.69		%
Expected long-term return on plan assets			5.00		%				6.00		%				6.50		%							n/a						n/a						n/a
Components of net periodic benefit cost:
Service cost			$	—					$	—					$	17								$	29					$	26					$	36
Interest cost			10,156						12,222						11,442									243						290						271
Expected return on plan assets			(11,004)						(13,528)						(15,011)									—						—						—
Amortization of prior service costs and gains or losses			15,494						10,891						13,894									(198)						(258)						(243)
Net periodic benefit cost			$	14,646					$	9,585					$	10,342								$	74					$	58					$	64

Schedule Of Expected Benefit Payments For Continuing Operations

Expected benefit payments over the next five years and in the aggregate for 2026-2030 are as follows:

(In thousands)			Pension Benefits						Other Post- Retirement Benefits
2021			$	17,593					$	481
2022			18,001						482
2023			18,205						478
2024			18,445						473
2025			18,511						468
2026—2030			90,778						2,196

Schedule Of Amounts Recognized Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income

mounts recorded in 2020, 2019 and 2018 in accumulated other comprehensive income consist of:

			Pension																		Other Post-Retirement
(In thousands)			2020						2019						2018						2020						2019						2018
Net actuarial (gain) loss			$	150,267					$	150,047					$	132,751					$	86					$	(824)					$	(1,821)

Schedule Of Percentage Composition Of Assets Held By Pension Plans

The percentage composition of assets held by pension plans at December 31, 2020, 2019 and 2018 are as follows:

			% Composition of Plan Assets at December 31,
			2020						2019						2018
Pension plans:
Fixed income securities			7.7		%				8.7		%				8.6		%
Large/mid-capitalization equity securities			27.1						21.3						18.2
Small-capitalization equity securities			8.6						7.8						6.8
International and emerging market equity securities			20.6						19.7						16.0
Total equity securities			56.3						48.8						41.0
Private equity and hedge funds			12.1						35.0						42.3
Cash and cash equivalents			17.5						1.4						1.4
Other assets			6.4						6.1						6.7
Total			100.0		%				100.0		%				100.0		%

Schedule Of Targeted Allocation Percentage For Pension Plan Assets And Expected Long-Term Rate Of Return On Assets

targeted allocation percentage for pension plan assets and the expected long-term rate of return on assets used to determine its benefit obligation at December 31, 2020, are as follows:

			Target % Composition of Plan Assets1						Expected Long-term Return %
Pension plans:
Fixed income securities			12.0		%				1.3		%
Large/mid-capitalization equity securities			27.0						6.3
Small-capitalization equity securities			8.0						6.8
International and emerging market equity securities			20.0						5.6
Total equity securities			55.0						6.1
Private equity and hedge funds			33.0						4.4
Total			100.0		%				5.0		%
1.Target percentages for the composition of plan assets represents a neutral position within the approved range of allocations for such assets.

Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy

At December 31, 2020 and 2019, the pension plan assets are categorized by level within the fair value measurement hierarchy as follows:

(In thousands)			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Balances at December 31, 2020
Cash and cash equivalents			$	40,890					$	40,890					$	—					$	—
Large/mid-capitalization equity securities			63,146						63,146						—						—
Small-capitalization equity securities			19,932						19,932						—						—
International and emerging market equity securities			24,325						24,325						—						—
Fixed income securities			18,008						6,690						11,318						—
Contracts with insurance companies			9,118						—						—						9,118
Other assets			5,629						5,629						—						—
Total plan assets at fair value			$	181,048					$	160,612					$	11,318					$	9,118
Investments measured at net asset value1			52,027
Total plan assets, December 31, 2020			$	233,075
Balances at December 31, 2019
Cash and cash equivalents			$	3,076					$	3,076					$	—					$	—
Large/mid-capitalization equity securities			46,440						46,440						—						—
Small-capitalization equity securities			17,135						17,135						—						—
International and emerging market equity securities			43,079						19,117						23,962						—
Fixed income securities			18,911						6,209						12,702						—
Contracts with insurance companies			8,840						—						—						8,840
Other assets			4,509						4,509						—						—
Total plan assets at fair value			$	141,990					$	96,486					$	36,664					$	8,840
Investments measured at net asset value1			76,339
Total plan assets, December 31, 2019			$	218,329
1.Includes private equity, hedge funds and certain international equity securities measured at net asset value.

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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets as well as the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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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.

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

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Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period.

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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.

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