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Retirement Plans And Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2022

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 2022 and 2021, and reconcile the funded status to prepaid or accrued cost at December 31, 2022 and 2021:

			Pension Benefits															Other Post- Retirement Benefits
(In thousands)			2022						2021									2022						2021
Change in benefit obligation:
Benefit obligation, beginning of year			$	316,169					$	336,159								$	7,370					$	8,164
Service cost			—						—									18						21
Interest cost			8,945						8,398									207						195
Effect of actuarial (gains) losses related to the following:
Discount rate change			(61,519)						(12,512)									(1,483)						(272)
Retirement rate assumptions and mortality table adjustments			—						1,028									—						(1)
Other			1,513						(101)									90						(274)
Plan participant contributions			—						—									554						613
Benefits paid			(16,994)						(16,803)									(1,030)						(1,076)
Benefit obligation, end of year			$	248,114					$	316,169								$	5,726					$	7,370
Change in plan assets:
Plan assets at fair value, beginning of year			$	244,612					$	233,075								$	—					$	—
Actual return on plan assets			(59,683)						23,131									—						—
Employer contributions			50,184						5,209									476						463
Plan participant contributions			—						—									554						613
Benefits paid			(16,994)						(16,803)									(1,030)						(1,076)
Plan assets at fair value, end of year			$	218,119					$	244,612								$	—					$	—
Funded status of the plans			$	(29,995)					$	(71,557)								$	(5,726)					$	(7,370)
Amounts recognized in the consolidated balance sheets:
Accrued expenses (current)			$	180					$	181								$	489					$	478
Pension and other postretirement benefit obligations, net			29,815						71,376									5,237						6,892
Net amount recognized			$	29,995					$	71,557								$	5,726					$	7,370

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)			2022						2021						2020									2022						2021						2020
Weighted-average assumptions used to determine benefit obligations:
Discount rate			5.07		%				2.90		%				2.57		%							5.17		%				2.86		%				2.54		%
Expected long-term return on plan assets			4.99		%				3.05		%				5.00		%							n/a						n/a						n/a
Weighted-average assumptions used to determine net periodic benefit cost:
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
Components of net periodic benefit cost:
Service cost			$	—					$	—					$	—								$	18					$	21					$	29
Interest cost			8,945						8,398						10,156									207						195						243
Expected return on plan assets			(8,174)						(11,316)						(11,004)									—						—						—
Amortization of prior service costs and gains or losses			13,746						17,003						15,494									(140)						(141)						(198)
Net periodic benefit cost			$	14,517					$	14,085					$	14,646								$	85					$	75					$	74

Schedule Of Expected Benefit Payments For Continuing Operations

Expected benefit payments over the next five years and in the aggregate for 2028—2032 are as follows:

(In thousands)			Pension Benefits						Other Post- Retirement Benefits
2023			$	18,701					$	489
2024			18,971						480
2025			19,047						469
2026			18,666						458
2027			18,600						446
2028—2032			88,847						2,051

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

mounts recorded in 2022, 2021 and 2020 in accumulated other comprehensive income consist of:

			Pension Benefits																		Other Post-Retirement Benefits
(In thousands)			2022						2021						2020						2022						2021						2020
Net actuarial (gain) loss			$	103,998					$	109,893					$	150,267					$	(1,574)					$	(320)					$	86

Schedule Of Percentage Composition Of Assets Held By Pension Plans

The percentage composition of assets held by pension plans at December 31, 2022, 2021 and 2020 are as follows:

			% Composition of Plan Assets at December 31,
			2022						2021						2020
Pension plans:
Fixed income mutual fund			13.9		%				—						—
Fixed income securities			—						25.3		%				7.7		%
Large/mid-capitalization equity securities			—						28.1						27.1
Small-capitalization equity securities			—						6.8						8.6
International and emerging market equity securities			—						19.9						20.6
Total equity securities			—						54.8						56.3
Private equity and hedge funds			4.8						10.4						12.1
Collective investment trust			69.9						—						—
Cash and cash equivalents			11.4						2.8						17.5
Other assets			—						6.7						6.4
Total			100.0		%				100.0		%				100.0		%

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

At December 31, 2022 and 2021, 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, 2022
Cash and cash equivalents(a)			$	24,796					$	24,796					$	—					$	—
Fixed income mutual fund			30,284						30,284						—						—
Private equity and hedge funds(b)			10,250						—						—						10,250
Total plan assets at fair value			$	65,330					$	55,080					$	—					$	10,250
Investments measured at net asset value:
Collective investment trust(c)			152,389
Private equity and hedge funds			141
Total investments measured at net asset value			$	152,530
Securities sold and interest receivable			259
Total plan assets, December 31, 2022			$	218,119
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(d)			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
(a) This category represents investments in cash and cash equivalents, which includes: 1.) cash held in the plan used for investments in U.S. Treasury futures which are entered into to minimize the volatility of the estimated settlement funding gap; and 2.) short term money market fund in which the amortized cost approximates fair value. These investments are highly liquid and therefore are classified as level 1 securities. (b) Represents the estimated fair market value of the Company’s ownership in private equity and hedge funds which are probable of being sold for an amount different from the net asset value per share in connection with the expected termination of the pension plan. (c) The collective investment trust contains liability hedging fixed income investments and are valued at the net asset value of the collective investment trust. The net asset value is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities. (d) 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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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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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-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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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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