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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Components of benefit expense

The components of the expense consisted of the following:

						For the years ended December 31,
(in thousands)						2021						2020						2019
Interest cost						$	16,465					$	19,799					$	23,287
Expected return on plan assets, net of expenses						(23,235)						(21,016)						(19,974)
Amortization of actuarial loss and prior service cost						6,210						4,672						2,622
Total for defined benefit plans						(560)						3,455						5,935
Multi-employer plans						—						5						132
SERPs						903						933						1,018
Defined contribution plan						14,394						14,074						10,494
Net periodic benefit cost						14,737						18,467						17,579
Allocated to discontinued operations						—						(522)						(447)
Net periodic benefit cost - continuing operations						$	14,737					$	17,945					$	17,132

Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:

						For the years ended December 31,
(in thousands)						2021						2020						2019
Actuarial gain/(loss)						$	27,318					$	(5,296)					$	(5,478)
Amortization of actuarial loss and prior service cost						6,210						4,672						2,622
Total						$	33,528					$	(624)					$	(2,856)

Schedule of assumptions used

Assumptions used in determining the annual retirement plans expense were as follows:

						2021						2020						2019
Discount rate						2.64		%				3.40%						4.38%
Long-term rate of return on plan assets						5.50		%				5.50		%				5.50		%

Assumptions used to determine the defined benefit pension plan benefit obligation were as follows:

						2021						2020						2019
Weighted average discount rate						2.95		%				2.64		%				3.40		%

Schedule of employee benefit plan assets and obligations

The following table presents information about our employee benefit plan assets and obligations:

						Defined Benefit Plan												SERPs
						For the years ended December 31,
(in thousands)						2021						2020						2021						2020
Change in projected benefit obligation:
Projected benefit obligation at beginning of year						$	637,165					$	593,591					$	18,890					$	18,541
Interest cost						16,465						19,799						473						586
Benefits paid						(31,616)						(31,576)						(1,028)						(1,236)
Actuarial (gains)/losses						(18,705)						55,351						(312)						999
Projected benefit obligation at end of year						603,309						637,165						18,023						18,890
Plan assets:
Fair value at beginning of year						492,827						420,699						—						—
Actual return on plan assets						31,848						71,071						—						—
Company contributions						24,089						32,633						1,028						1,236
Benefits paid						(31,616)						(31,576)						(1,028)						(1,236)
Fair value at end of year						517,148						492,827						—						—
Funded status						$	(86,161)					$	(144,338)					$	(18,023)					$	(18,890)
Amounts recognized in Consolidated Balance Sheets:
Current liabilities						$	—					$	—					$	(1,353)					$	(1,383)
Noncurrent liabilities						(86,161)						(144,338)						(16,670)						(17,507)
Total						$	(86,161)					$	(144,338)					$	(18,023)					$	(18,890)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss						$	90,197					$	123,707					$	7,364					$	7,999
Prior service cost						370						388						—						—

Schedule of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets

Information for plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows:

						Defined Benefit Plan												SERPs
						As of December 31,
(in thousands)						2021						2020						2021						2020
Accumulated benefit obligation						$	603,309					$	637,165					$	18,023					$	18,890
Projected benefit obligation						603,309						637,165						18,023						18,890
Fair value of plan assets						517,148						492,827						—						—

Schedule of allocation of pension plan assets by asset category

Information related to our pension plan asset allocations by asset category were as follows:

						Target allocation						Percentage of plan assets as of December 31,
						2022						2021						2020
US equity securities						15		%				15		%				16		%
Non-US equity securities						30		%				35		%				39		%
Fixed-income securities						50		%				49		%				44		%
Other						5		%				1		%				1		%
Total						100		%				100		%				100		%

Plan assets measured using the fair value hierarchy

The following table presents our plan assets as of December 31, 2021 and 2020:

						As of December 31,
(in thousands)						2021						2020
Equity securities
Common/collective trust funds						$	261,810					$	274,810
Fixed income
Common/collective trust funds						252,731						215,444
Cash equivalents						2,607						2,573
Fair value of plan assets						$	517,148					$	492,827

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