v3.10.0.1

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Changes In Benefit Obligations And Plan Assets

The following table presents the changes in benefit obligations and plan assets for pension benefits and other postretirement benefits, as well as the end-of-period accumulated benefit obligation for the years ended December 31, 2017 and 2018 (in thousands):

		Pension Benefits								Other Postretirement Benefits
		2017				2018				2017				2018
Change in benefit obligations:
Benefit obligations at beginning of year		$	225,970			$	297,856			$	13,011			$	12,760
Service cost		20,497				38,167				243				243
Interest cost		9,865				14,907				475				416
Plan participants’ contributions		—				—				280				357
Actuarial loss (gain)		59,686				(21,375		)		(535		)		(599		)
Benefits paid		(11,484		)		(14,356		)		(714		)		(1,097		)
Settlement payments		(6,678		)		(6,250		)		—				—
Benefit obligations at end of year		297,856				308,949				12,760				12,080
Change in plan assets:
Fair value of plan assets at beginning of year		166,906				198,686				—				—
Employer contributions		26,533				31,717				434				740
Plan participants’ contributions		—				—				280				357
Actual return (loss) on plan assets		23,409				(12,207		)		—				—
Benefits paid		(11,484		)		(14,356		)		(714		)		(1,097		)
Settlement payments		(6,678		)		(6,250		)		—				—
Fair value of plan assets at end of year		198,686				197,590				—				—
Funded status at end of year		$	(99,170	)		$	(111,359	)		$	(12,760	)		$	(12,080	)
Accumulated benefit obligations		$	206,480			$	208,840

Amounts Recognized In Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets included in these financial statements were as follows (in thousands):

		Pension Benefits								Other Postretirement Benefits
		2017				2018				2017				2018
Amounts recognized in consolidated balance sheets:
Current accrued benefit cost		$	—			$	—			$	625			$	859
Long-term pension and benefits		99,170				111,359				12,135				11,221
		99,170				111,359				12,760				12,080
Accumulated other comprehensive loss:
Net actuarial loss		(100,474		)		(91,669		)		(6,597		)		(5,409		)
Prior service credit		3,248				3,067				—				—
		(97,226		)		(88,602		)		(6,597		)		(5,409		)
Net amount of liabilities and accumulated other comprehensive loss recognized in consolidated balance sheets		$	1,944			$	22,757			$	6,163			$	6,671

Consolidated Net Periodic Benefit Costs

Net periodic benefit expense for the years ended December 31, 2016, 2017 and 2018 was as follows (in thousands):

		Pension Benefits												Other  Postretirement Benefits
		2016				2017				2018				2016				2017				2018
Components of net periodic pension and postretirement benefit expense:
Service cost		$	18,179			$	20,497			$	38,167			$	235			$	243			$	243
Interest cost		7,950				9,865				14,907				489				475				416
Expected return on plan assets		(8,913		)		(10,266		)		(12,090		)		—				—				—
Amortization of prior service credit		(181		)		(181		)		(181		)		(3,335		)		—				—
Amortization of actuarial loss		4,645				5,622				9,763				880				749				589
Settlement cost		202				2,460				1,964				—				—				—
Net periodic expense (credit)		$	21,882			$	27,997			$	52,530			$	(1,731	)		$	1,467			$	1,248

The service component of our net periodic benefit expense (credit) is presented in operating expense and G&A expense, and the non-service components are presented in other (income) expense in our consolidated statements of income.

Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Loss

Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during 2016, 2017 and 2018 were as follows (in thousands):

		Pension Benefits												Other Postretirement Benefits
		2016				2017				2018				2016				2017				2018
Beginning balance		$	(62,279	)		$	(58,584	)		$	(97,226	)		$	(3,945	)		$	(7,881	)		$	(6,597	)
Net actuarial gain (loss)		(971		)		(46,543		)		(2,922		)		(1,481		)		535				599
Amortization of prior service credit		(181		)		(181		)		(181		)		(3,335		)		—				—
Amortization of actuarial loss		4,645				5,622				9,763				880				749				589
Settlement cost		202				2,460				1,964				—				—				—
Amount recognized in other comprehensive loss		3,695				(38,642		)		8,624				(3,936		)		1,284				1,188
Ending balance		$	(58,584	)		$	(97,226	)		$	(88,602	)		$	(7,881	)		$	(6,597	)		$	(5,409	)

Weighted-Average Rate Assumptions Used

The weighted-average rate assumptions used to determine benefit obligations were as follows:

		December 31,
		2017		2018
Discount rate—Salaried plan		3.70%		3.99%
Discount rate—USW plan		3.54%		3.94%
Discount rate—IUOE plan		3.79%		4.12%
Discount rate—Other Postretirement Benefits		3.43%		4.08%
Rate of compensation increase—Salaried plan(1)		4% - 11%		4% - 11%
Rate of compensation increase—USW plan		3.50%		3.50%
Rate of compensation increase—IUOE plan		5.00%		5.00%

⁽¹⁾ The rate of compensation increase assumption for the Salaried plan in 2017 and 2018 is calculated by 10-year age groupings beginning with ages 20-29 at 11% dropping to 4% by ages 70 and above.

The weighted-average rate assumptions used to determine net pension and other postretirement benefit expense were as follows:

		For the Year Ended December 31,
		2016		2017		2018
Discount rate—Salaried plan		3.95%		4.21%		3.70%
Discount rate—USW plan		3.82%		4.04%		3.63%
Discount rate—IUOE plan		3.78%		4.41%		3.79%
Discount rate—Other Postretirement Benefits		4%		3.85%		3.43%
Rate of compensation increase—Salaried plan(1)		4% - 11%		4% - 11%		4% - 11%
Rate of compensation increase—USW plan		3.50%		3.50%		3.50%
Rate of compensation increase—IUOE plan		5.00%		5.00%		5.00%
Expected rate of return on plan assets—Salaried plan		6.00%		6.00%		6.00%
Expected rate of return on plan assets—USW plan		6.00%		6.00%		6.00%
Expected rate of return on plan assets—IUOE plan		6.00%		6.00%		6.00%

⁽¹⁾ The rate of compensation increase assumption for the Salaried plan is calculated by 10-year age groupings beginning with ages 20-29 at 11% dropping to 4% by ages 70 and above.

Schedule of Allocation of Plan Assets

The target allocation and actual weighted-average asset allocation percentages at December 31, 2017 and 2018 were as follows:

		2017				2018
		Actual		Target		Actual		Target
Equity securities		37%		30%		29%		30%
Fixed income securities		60%		67%		67%		67%
Other		3%		3%		4%		3%

Fair Value, Assets Measured on Recurring Basis

The fair values of the pension plan assets at December 31, 2017 were as follows (in thousands):

Asset Category		Total				Quoted Prices in Active  Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Domestic Equity Securities(a):
Small-cap fund		$	5,122			$	5,122			$	—			$	—
Mid-cap fund		5,132				5,132				—				—
Large-cap fund		38,678				38,678				—				—
International equity fund		24,284				24,284				—				—
Fixed Income Securities(a):
Short-term bond funds		5,110				5,110				—				—
Intermediate-term bond funds		25,875				25,875				—				—
Long-term investment grade bond funds		88,563				88,563				—				—
Other:
Short-term investment funds		5,722				5,722				—				—
Group annuity contract		200				—				—				200
Fair value of plan assets		$	198,686			$	198,486			$	—			$	200

(a) We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated.

The fair values of the pension plan assets at December 31, 2018 were as follows (in thousands):

Asset Category		Total				Quoted Prices in Active  Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Domestic Equity Securities(a):
Small-cap fund		$	3,816			$	3,816			$	—			$	—
Mid-cap fund		3,811				3,811				—				—
Large-cap funds		30,595				30,595				—				—
International equity fund		19,471				19,471				—				—
Fixed Income Securities(a):
Short-term bond funds		9,242				9,242				—				—
Intermediate-term bond funds		23,036				23,036				—				—
Long-term investment grade bond funds		99,118				99,118				—				—
Other:
Short-term investment fund		8,312				8,312				—				—
Group annuity contract		189				—				—				189
Fair value of plan assets		$	197,590			$	197,401			$	—			$	189

(a) We hold equity and fixed income securities through investments in mutual funds, which are dedicated to each category as indicated.

Expected Benefit Payments

As of December 31, 2018, the benefit amounts expected to be paid from plan assets through December 31, 2028 were as follows (in thousands):

		Pension Benefits				Other Postretirement Benefits
2019		$	14,734			$	859
2020		$	17,278			$	901
2021		$	19,576			$	915
2022		$	22,606			$	913
2023		$	24,381			$	878
2024 through 2028		$	147,022			$	3,787

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