XML 72 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Summary of Actual and Target Asset Allocation of Plan Assets
The following is a summary of the pension plan's actual and target asset allocations at December 31, 2024 and 2023 by asset category:
Target
Pension Plan Assets2024% of Total2023% of TotalAllocation
Hedge portfolio:80 %
Fixed Maturity Securities:
Corporate bonds$147,336 61.1 %$166,063 62.9 %
Foreign Bonds15,960 6.6 — — 
Federal Agency5,185 2.1 — — 
Private Placement3,319 1.4 — — 
Mortgage/Asset Backed Securities732 0.3 — — 
Money Market Funds546 0.2 785 0.3 
Pooled separate accounts:
Liquid assets separate account fund8,872 3.7 4,475 1.7 
Short-term income separate account fund5,169 2.1 — — 
Return seeking portfolio:20 %
Equity Securities— — 53,981 20.5 
Pooled separate accounts:
U.S. property separate account fund6,688 2.8 25,407 9.6 
LargeCap S&P 500 index31,968 13.3 
MidCap S&P 400 index6,227 2.6 
SmallCap S&P 600 index4,163 1.7 
International equity index5,017 2.1 
United Life annuity— — 13,195 5.0 
Total plan assets$241,182 100.0 %$263,906 100.0 %100.0 %
Summary of Categories of Pension Plan Assets at Fair Value on Recurring Basis
The following tables present the categorization of the pension plan's assets measured at fair value on a recurring basis at December 31, 2024 and 2023:
 Fair Value Measurements
DescriptionDecember 31, 2024Level 1Level 2Level 3
Fixed maturity securities
Corporate bonds$147,336 $— $147,336 $— 
Foreign Bonds15,960 — 15,960 — 
Federal Agency5,185 — 5,185 — 
Private Placement3,319 — 3,319 — 
Mortgage/Asset Backed Securities732 — 732 — 
Money Market Funds546 546 — — 
Pooled separate accounts:
Liquid assets separate account fund8,872 — 8,872 — 
Short-term income separate account fund5,169 5,169 — — 
U.S. property separate account fund6,688 — — 6,688 
LargeCap S&P 500 index31,968 31,968 — — 
MidCap S&P 400 index6,227 6,227 — — 
SmallCap S&P 600 index4,163 4,163 — — 
International equity index5,017 5,017 — — 
Total assets measured at fair value$241,182 $53,090 $181,404 $6,688 
Fair Value Measurements
DescriptionDecember 31, 2023Level 1Level 2Level 3
Fixed maturity securities$166,063 $— $166,063 $— 
Equity securities53,981 53,981 — — 
Pooled separate accounts
Liquid assets separate account fund4,475 4,475 — 
U.S. property separate account fund25,407 — — 25,407 
Money market funds772 772 — — 
Total assets measured at fair value$250,698 $54,753 $170,538 $25,407 
Summary of Changes in Fair Value of Pension Plan Securities
The following tables provide a summary of the changes in fair value of the pension plan's Level 3 securities:
U.S. property separate account fund
Balance at January 1, 2024$25,407 
Unrealized losses(564)
Expenses(54)
Transfers out(18,101)
Balance at December 31, 2024$6,688 
U.S. property separate account fund
Balance at January 1, 2023$28,468 
Unrealized losses(3,061)
Balance at December 31, 2023$25,407 
Summary of Actuarial Assumptions Used
The following actuarial assumptions were used to determine the reported plan benefit obligations at December 31:
Weighted-average assumptions as ofPension BenefitsPost-retirement Benefits
December 31,2024202320242023
Discount rate5.54 %4.93 %N/AN/A
Interest crediting rate4.00 4.00 N/AN/A
Rate of compensation increase4.00 4.00 N/AN/A
The following actuarial assumptions were used at January 1 to determine our reported net periodic benefit costs for the year ended December 31:
Weighted-average assumptions as ofPension BenefitsPost-retirement Benefits
January 1,202420232022202420232022
Discount rate4.93 %5.15 %2.84 %N/AN/A0.48 %
Expected long-term rate of return on plan assets5.70 6.70 6.70 N/AN/AN/A
Rate of compensation increase4.00 3.00 3.00 N/AN/AN/A
Summary of Reconciliation of Benefit Obligations, Plan Assets, and Funded Status
The following table provides a reconciliation of benefit obligations, plan assets and funded status of our plans:
Pension BenefitsPost-retirement Benefits
Years Ended December 31,2024202320242023
Reconciliation of benefit obligation
Benefit obligation at beginning of year (2)
$209,867 $201,676 $— $— 
Service cost3,287 3,817 — — 
Interest cost9,913 10,106 — — 
Actuarial loss (gain)(15,634)3,112 — — 
Benefit payments(9,350)(8,831)— — 
Settlement - lump sums paid(17,759)— 
Benefit obligation at end of year (1)
$180,324 $209,880 $— $— 
Reconciliation of fair value of plan assets
Fair value of plan assets at beginning of year (2)
$263,893 $229,701 $— $— 
Actual return on plan assets4,398 43,036 — 
Benefit payments(9,350)(8,831)— — 
Settlement - lump sums paid(17,759)— — — 
Fair value of plan assets at end of year$241,182 $263,906 $— $— 
Funded status at end of year$60,858 $54,026 $— $— 
(1)For the pension plan, the benefit obligation is the projected benefit obligation. For the post-retirement benefit plan, the benefit obligation is the accumulated post-retirement benefit obligation.
(2)For end of year 2023 benefit obligation and fair value, an adjustment of 13 (thousand) was made reflecting an estimate provided to the current sole-custodian of the fund assets from a separate third-party managed custodian. The beginning of year 2024 balances were updated to reflect actual valuation as there is now only one custodian of fund assets.
Summary of Amounts Recognized in AOCI
The following table displays the effect that the unrecognized prior service cost and unrecognized actuarial loss of our plans had on accumulated other comprehensive income ("AOCI"), as reported in the accompanying Consolidated Balance Sheets:
Pension BenefitsPost-retirement Benefits
Years Ended December 312024202320242023
Amounts recognized in AOCI
Unrecognized prior service cost$(17,224)$(20,119)$— $— 
Unrecognized actuarial (gain) loss(5,131)(146)— — 
Total amounts recognized in AOCI$(22,354)$(20,265)$— $— 
Summary of Components of Net Periodic Benefit Cost
The components of the net periodic benefit cost for our pension and post-retirement benefit plans are as follows:
Pension PlanPost-retirement Benefit Plan
Years Ended December 31,202420232022202420232022
Net periodic benefit cost
Service cost$3,287 $3,817 $4,481 $— $— $— 
Interest cost9,913 10,106 7,730 — — 2 
Expected return on plan assets(14,541)(15,025)(18,891)— — — 
Amortization of prior service cost(2,896)(3,280)(3,280)— — (15,085)
Effect of partial curtailment(506)(2,666)— — — (26)
Amortization of net loss— 207 777 — — 2,824 
Net periodic benefit cost$(4,743)$(6,841)$(9,183)$— $— $(12,285)
Summary of Expected Benefit Payments
The following table summarizes the expected benefits to be paid from our plans over the next 10 years:
202520262027202820292030-2034
Pension benefits$14,600 $13,000 $13,540 $13,830 $14,200 $75,300