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Employee Benefit Plans (Tables)

12 Months Ended

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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