v3.24.0.1
Pension Plans and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Obligations and Funded Status
Obligations and Funded Status
 Pension Benefits
Year Ended December 31,		Other Benefits
Year Ended December 31,
 2023202220232022
 (In thousands)
Change in benefit obligation:
Benefit obligation at beginning of period
$926,978 $1,308,266 $43,050 $59,301 
Service cost
7,515 11,116 338 650 
Interest cost
47,638 30,924 2,139 1,387 
Plan participants' contributions
137 224 218 346 
Amendments
2,161 3,100 — 261 
Settlements
— (48,777)— — 
Actuarial loss (gain)
30,568 (307,946)159 (14,747)
Foreign currency exchange rate changes
738 (6,564)292 (921)
Benefits paid
(61,366)(63,365)(2,880)(3,227)
Benefit obligation at end of period
$954,369 $926,978 $43,316 $43,050 
Change in plan assets:
Fair value of plan assets at beginning of period
$875,691 $1,256,799 $45,616 $53,512 
Actual return on plan assets
59,354 (263,881)3,769 (6,003)
Plan participants' contributions
137 224 218 346 
Company contributions
4,390 14,172 870 1,032 
Settlements
— (61,416)— — 
Foreign currency exchange rate changes
736 (6,842)— — 
Benefits paid
(61,366)(63,365)(3,020)(3,271)
Fair value of plan assets at the end of period
878,942 875,691 47,453 45,616 
Funded status
$(75,427)$(51,287)$4,137 $2,566 
Amounts recognized in the balance sheet consist of:
Prepaid postretirement benefit obligation
$— $— $23,915 $22,232 
Prepaid pension
10,146 9,542 — — 
Accrued employee benefits
(2,787)(2,997)(1,312)(1,509)
Accumulated postretirement benefit obligation
— — (18,466)(18,157)
Pension liability
(82,786)(57,832)— — 
Accrued benefit liability, net
$(75,427)$(51,287)$4,137 $2,566 
Amount recognized in accumulated comprehensive income (before taxes):
Prior service cost (credit)
$19,287 $20,363 $2,711 $2,750 
Supplemental information:
Plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation
$933,588 $877,431 N/AN/A
Accumulated benefit obligation
$906,593 $873,185 $17,747 $17,795 
Fair value of plan assets
$847,755 $816,693 $— $— 
Plans with plan assets in excess of accumulated benefit obligation:
Projected benefit obligation
$20,781 $49,547 N/AN/A
Accumulated benefit obligation
$20,781 $49,547 $25,569 $25,255 
Fair value of plan assets
$31,187 $58,999 $47,453 $45,616 
Components of Net Periodic Benefit Cost Components of net periodic benefit cost included in net income are as follows:
 Pension Benefits
Year Ended December 31,		Other Benefits
Year Ended December 31,
 202320222021202320222021
 (In thousands)
Components of net periodic benefit cost:
Service cost
$7,515 $11,116 $11,667 $338 $650 $760 
Interest cost
47,638 30,924 27,170 2,139 1,387 1,197 
Expected return on plan assets
(60,437)(83,254)(81,778)(2,536)(2,974)(2,891)
Amortization of prior service cost
3,238 3,257 3,097 40 26 (178)
Recognized net actuarial loss (gain)
31,755 52,202 (34,690)(946)(5,616)(4,876)
Net periodic benefit cost (income)
$29,709 $14,245 $(74,534)$(965)$(6,527)$(5,988)
Summary of Additional Information
 Pension Benefits
Year Ended December 31,		Other Benefits
Year Ended December 31,
 2023202220232022
 (In thousands)
Decrease in accumulated other comprehensive income due to actuarial losses – before taxes
$(2,161)$(3,100)$— $(261)
Weighted Average Assumptions
 Pension BenefitsOther Benefits
 2023202220232022
Weighted-average assumptions used to determine net periodic benefit obligations at December 31:
Discount rate
5.07 %5.42 %4.92 %5.32 %
 Pension BenefitsOther Benefits
 202320222021202320222021
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate to determine interest cost
5.26 %2.42 %1.96 %5.23 %2.42 %1.87 %
Expected return on plan assets
7.13 %7.10 %6.80 %5.67 %5.67 %5.66 %
Assumed health-care cost trend rates All of the assets for these postretirement benefit plans are contributed into a Voluntary Employees' Beneficiary Association trust.
20232022
Assumed health care cost trend rates at December 31:
Health care cost trend rate assumed for next year7.50 %7.25 %
Rates to which the cost trend rate is assumed to decline (ultimate trend rate)4.50 %4.50 %
Year that the rate reaches ultimate trend rate20372034
Plan Asset Allocations by Asset Category
The following is a summary of the asset allocations for the Master Trust at December 31, 2023 and 2022 by asset category:
December 31,
20232022
Asset Category:
U.S. Government Securities34 %36 %
Commingled and Mutual Funds25 %25 %
Real Estate15 %16 %
Diversified Credit13 %13 %
Fixed Income (excluding U.S. Government Securities)6 %5 %
Partnerships with Security Holdings2 %3 %
Other5 %2 %
Total100 %100 %
The following is a summary of the asset allocations of this plan at December 31, 2023 and 2022 by asset category:
December 31,
20232022
Asset Category:
Fixed Income61 %51 %
Commingled and Mutual Funds35 %29 %
Cash and Other4 %20 %
Total100 %100 %
Target Allocation by Asset Class
The target allocation for 2024 for the domestic plans, by asset class, is as follows:
Asset Class:
Fixed Income57 %
Equities33 %
Other10 %
The target allocation for 2024 for the Canadian plan, by asset class, is as follows:
Asset Class:
Fixed Income65 %
Equities35 %
Summary of Total Investments Measured at Fair Value The following is a summary of total assets for our plans measured at fair value at December 31, 2023:
12/31/2023Level 1Level 2Level 3Unclassified
 (In thousands)
Pension and Other Benefits:
U.S. Government Securities$288,495 $288,495 $— $— $— 
Commingled and Mutual Funds231,801 46,504 — — 185,297 
Real Estate123,250 — — — 123,250 
Diversified Credit113,271 — — — 113,271 
Fixed Income108,646 36,741 — — 71,905 
Partnerships with Security Holdings19,752 — — — 19,752 
Cash, Cash Equivalents and Accrued Items (1)
41,180 — — — 41,180 
Total Assets$926,395 $371,740 $— $— $554,655 
(1)Includes items that are not required to be categorized in the fair value hierarchy in order to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented in the Obligations and Funded Status table.
The following is a summary of total assets for our plans measured at fair value at December 31, 2022:
12/31/2022Level 1Level 2Level 3Unclassified
 (In thousands)
Pension and Other Benefits:
U.S. Government Securities$305,995 $305,995 $— $— $— 
Commingled and Mutual Funds230,674 42,180 — — 188,494 
Fixed Income95,967 35,563 — — 60,404 
Diversified Credit108,363 — — — 108,363 
Real Estate132,867 — — — 132,867 
Partnerships with Security Holdings25,259 — — — 25,259 
Cash, Cash Equivalents and Accrued Items (1)
22,182 — — — 22,182 
Total Assets$921,307 $383,738 $— $— $537,569 
(1)Includes items that are not required to be categorized in the fair value hierarchy in order to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented in the Obligations and Funded Status table.
The following is a summary of the changes in the Plans' Level 3 instruments for the year ended December 31, 2022. The Plan did not have any Level 3 instruments during the year ended December 31, 2023.
 Year Ended December 31,
 2022
 (In thousands)
Balance at beginning of period$46,817 
Purchases— 
Dispositions(35,822)
Realized gain (loss)(6,988)
Change in unrealized gain (loss)(652)
Translation(3,355)
Balance at end of period$— 
Cash Flows
Cash Flows
 Domestic PlansForeign Plans
 Pension
Benefits		Other
Benefits		Pension
Benefits		Other
Benefits
 (In thousands)
Expected employer contributions to trusts of defined benefit plans:
2024$526 $— $1,008 N/A
Expected benefit payments:
2024$64,254 $2,542 $917 $595 
2025$65,457 $2,570 $1,076 $640 
2026$66,333 $2,497 $1,216 $700 
2027$67,009 $2,458 $1,373 $737 
2028$67,288 $2,398 $1,471 $772 
2029-2033$332,253 $11,209 $8,648 $3,875