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Retirement Plans And Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

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 2021 and 2020, and reconcile the funded status to prepaid or accrued cost at December 31, 2021 and 2020:

			Pension Benefits															Other Post- Retirement Benefits
(In thousands)			2021						2020									2021						2020
Change in benefit obligation:
Benefit obligation, beginning of year			$	336,159					$	318,763								$	8,164					$	7,650
Service cost			—						—									21						29
Interest cost			8,398						10,156									195						243
Effect of actuarial (gains) losses related to the following:
Discount rate change			(12,512)						26,887									(272)						644
Retirement rate assumptions and mortality table adjustments			1,028						(3,446)									(1)						13
Other			(101)						69									(274)						55
Plan participant contributions			—						—									613						606
Benefits paid			(16,803)						(16,270)									(1,076)						(1,076)
Benefit obligation, end of year			$	316,169					$	336,159								$	7,370					$	8,164
Change in plan assets:
Plan assets at fair value, beginning of year			$	233,075					$	218,329								$	—					$	—
Actual return on plan assets			23,131						18,800									—						—
Employer contributions			5,209						12,216									463						470
Plan participant contributions			—						—									613						606
Benefits paid			(16,803)						(16,270)									(1,076)						(1,076)
Plan assets at fair value, end of year			$	244,612					$	233,075								$	—					$	—
Funded status of the plans			$	(71,557)					$	(103,084)								$	(7,370)					$	(8,164)
Amounts recognized in the consolidated balance sheets:
Accrued expenses (current)			$	181					$	181								$	478					$	481
Pension and other postretirement benefit obligations, net			71,376						102,903									6,892						7,683
Net amount recognized			$	71,557					$	103,084								$	7,370					$	8,164

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)			2021						2020						2019									2021						2020						2019
Weighted-average assumptions used to determine benefit obligations:
Discount rate			2.90		%				2.57		%				3.27		%							2.86		%				2.54		%				3.25		%
Expected long-term return on plan assets			3.05		%				5.00		%				5.00		%							n/a						n/a						n/a
Weighted-average assumptions used to determine net periodic benefit cost:
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
Components of net periodic benefit cost:
Service cost			$	—					$	—					$	—								$	21					$	29					$	26
Interest cost			8,398						10,156						12,222									195						243						290
Expected return on plan assets			(11,316)						(11,004)						(13,528)									—						—						—
Amortization of prior service costs and gains or losses			17,003						15,494						10,891									(141)						(198)						(258)
Net periodic benefit cost			$	14,085					$	14,646					$	9,585								$	75					$	74					$	58

Schedule Of Expected Benefit Payments For Continuing Operations

Expected benefit payments over the next five years and in the aggregate for 2027—2031 are as follows:

(In thousands)			Pension Benefits						Other Post- Retirement Benefits
2022			$	18,256					$	478
2023			18,380						472
2024			18,591						465
2025			18,615						456
2026			18,574						447
2027—2031			89,722						2,081

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

mounts recorded in 2021, 2020 and 2019 in accumulated other comprehensive income consist of:

			Pension																		Other Post-Retirement
(In thousands)			2021						2020						2019						2021						2020						2019
Net actuarial (gain) loss			$	109,893					$	150,267					$	150,047					$	(320)					$	86					$	(824)

Schedule Of Percentage Composition Of Assets Held By Pension Plans

The percentage composition of assets held by pension plans at December 31, 2021, 2020 and 2019 are as follows:

			% Composition of Plan Assets at December 31,
			2021						2020						2019
Pension plans:
Fixed income securities			25.3		%				7.7		%				8.7		%
Large/mid-capitalization equity securities			28.1						27.1						21.3
Small-capitalization equity securities			6.8						8.6						7.8
International and emerging market equity securities			19.9						20.6						19.7
Total equity securities			54.8						56.3						48.8
Private equity and hedge funds			10.4						12.1						35.0
Cash and cash equivalents			2.8						17.5						1.4
Other assets			6.7						6.4						6.1
Total			100.0		%				100.0		%				100.0		%

    

Prior to commencing plans to terminate and settle the frozen defined benefit pension plan, the Company’s primary investment objective was to maximize total return with a strong emphasis on the preservation of capital, which it expected to achieve through a diversified portfolio with both a higher risk profile and anticipated long-term returns via fixed income securities, equity securities, hedge funds and private equity funds. Concurrent with the Company’s decision to commence the termination and settlement of the plan, the Company began transitioning to a liability-driven investment strategy aimed at reducing funded status volatility. The new strategy contemplates an increase of the fixed income securities allocation from 25.3% as of December 31, 2021 to an ultimate target of 100% and decreases to the asset allocations currently invested in equity securities, commodity funds, private equity and hedge funds, from 71.9% to zero over the next 18 months.

The expected long-term rate of return developed through consultation with the Company’s investment advisors as of December 31, 2021 contemplates the impact of this strategy which included consideration of several factors, including prevailing and planned strategic asset allocations, current and expected future market conditions, inflation-adjusted historical returns, volatilities, risk premiums and managed asset premiums.

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

At December 31, 2021 and 2020, 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, 2021
Cash and cash equivalents			$	6,943					$	6,943					$	—					$	—
Large/mid-capitalization equity securities			68,739						68,739						—						—
Small-capitalization equity securities			16,588						16,588						—						—
International and emerging market equity securities			25,174						25,174						—						—
Fixed income securities			61,845						9,306						52,539						—
Contracts with insurance companies			9,438						—						—						9,438
Other assets(a)			6,868						6,868						—						—
Total plan assets at fair value			$	195,595					$	133,618					$	52,539					$	9,438
Investments measured at net asset value			49,017
Total plan assets, December 31, 2021			$	244,612
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(a)			5,629						5,629						—						—
Total plan assets at fair value			$	181,048					$	160,612					$	11,318					$	9,118
Investments measured at net asset value			52,027
Total plan assets, December 31, 2020			$	233,075
(a) Represents investments in certain commodity funds measured using quoted market prices.

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- Definition

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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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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