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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Components of benefit expense | The components of the expense consisted of the following:
|  | For the years ended December 31,
(in thousands) |  | 2022 |  | 2021 |  | 2020
Interest cost |  | $ | 17,332 |  |  | $ | 16,465 |  |  | $ | 19,799 |
Expected return on plan assets, net of expenses |  | (24,900) |  |  | (23,235) |  |  | (21,016) |
Amortization of actuarial loss and prior service cost |  | 4,034 |  |  | 6,210 |  |  | 4,672 |
Total for defined benefit plans |  | (3,534) |  |  | (560) |  |  | 3,455 |
Multi-employer plans |  | — |  |  | — |  |  | 5 |
SERPs |  | 921 |  |  | 903 |  |  | 933 |
Defined contribution plan |  | 15,257 |  |  | 14,394 |  |  | 14,074 |
Net periodic benefit cost |  | 12,644 |  |  | 14,737 |  |  | 18,467 |
Allocated to discontinued operations |  | — |  |  | — |  |  | (522) |
Net periodic benefit cost - continuing operations |  | $ | 12,644 |  |  | $ | 14,737 |  |  | $ | 17,945 |
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) |  | 2022 |  | 2021 |  | 2020
Actuarial gain/(loss) |  | $ | (12,703) |  |  | $ | 27,318 |  |  | $ | (5,296) |
Amortization of actuarial loss and prior service cost |  | 4,034 |  |  | 6,210 |  |  | 4,672 |
Total |  | $ | (8,669) |  |  | $ | 33,528 |  |  | $ | (624) |
Schedule of assumptions used | Assumptions used in determining the annual retirement plans expense were as follows:
|  | 2022 |  | 2021 |  | 2020
Discount rate |  | 2.95 | % |  | 2.64% |  | 3.40%
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:
|  | 2022 |  | 2021 |  | 2020
Weighted average discount rate |  | 5.47 | % |  | 2.95 | % |  | 2.64 | %
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) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Change in projected benefit obligation: |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 603,309 |  |  | $ | 637,165 |  |  | $ | 18,023 |  |  | $ | 18,890 |
Interest cost |  | 17,332 |  |  | 16,465 |  |  | 509 |  |  | 473 |
Benefits paid |  | (33,521) |  |  | (31,616) |  |  | (1,541) |  |  | (1,028) |
Actuarial (gains)/losses |  | (137,098) |  |  | (18,705) |  |  | (3,598) |  |  | (312) |
Projected benefit obligation at end of year |  | 450,022 |  |  | 603,309 |  |  | 13,393 |  |  | 18,023 |
Plan assets: |  |  |  |  |  |  |  |
Fair value at beginning of year |  | 517,148 |  |  | 492,827 |  |  | — |  |  | — |
Actual return on plan assets |  | (124,901) |  |  | 31,848 |  |  | — |  |  | — |
Company contributions |  | 24,999 |  |  | 24,089 |  |  | 1,541 |  |  | 1,028 |
Benefits paid |  | (33,521) |  |  | (31,616) |  |  | (1,541) |  |  | (1,028) |
Fair value at end of year |  | 383,725 |  |  | 517,148 |  |  | — |  |  | — |
Funded status |  | $ | (66,297) |  |  | $ | (86,161) |  |  | $ | (13,393) |  |  | $ | (18,023) |
Amounts recognized in Consolidated Balance Sheets: |  |  |  |  |  |  |  |
Current liabilities |  | $ | — |  |  | $ | — |  |  | $ | (1,411) |  |  | $ | (1,353) |
Noncurrent liabilities |  | (66,297) |  |  | (86,161) |  |  | (11,982) |  |  | (16,670) |
Total |  | $ | (66,297) |  |  | $ | (86,161) |  |  | $ | (13,393) |  |  | $ | (18,023) |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | 98,884 |  |  | $ | 90,197 |  |  | $ | 3,467 |  |  | $ | 7,364 |
Prior service cost |  | 352 |  |  | 370 |  |  | — |  |  | — |
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) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Accumulated benefit obligation |  | $ | 450,022 |  |  | $ | 603,309 |  |  | $ | 13,393 |  |  | $ | 18,023 |
Projected benefit obligation |  | 450,022 |  |  | 603,309 |  |  | 13,393 |  |  | 18,023 |
Fair value of plan assets |  | 383,725 |  |  | 517,148 |  |  | — |  |  | — |
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,
|  | 2023 |  | 2022 |  | 2021
US equity securities |  | 13 | % |  | 13 | % |  | 15 | %
Non-US equity securities |  | 27 | % |  | 31 | % |  | 35 | %
Fixed-income securities |  | 55 | % |  | 55 | % |  | 49 | %
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, 2022 and 2021:
|  | As of December 31,
(in thousands) |  | 2022 |  | 2021
Equity securities |  |  |  |
Common/collective trust funds |  | $ | 170,867 |  |  | $ | 261,810 |
Fixed income |  |  |  |
Common/collective trust funds |  | 210,226 |  |  | 252,731 |
Cash equivalents |  | 2,632 |  |  | 2,607 |
Fair value of plan assets |  | $ | 383,725 |  |  | $ | 517,148 |

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