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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan The following table provides a reconciliation of the changes in the PBO and fair value of plan assets for the years ended December 31, 2024 and 2023:
Year Ended
December 31
(In thousands)20242023
Change in benefit obligation:
PBO at beginning of period$74,710 $74,230 
Interest cost3,526 3,666 
Actuarial (gain) loss (1)
(4,437)1,824 
Benefits paid(4,251)(5,010)
PBO at December 31$69,548 $74,710 
Change in fair value of plan assets:
Fair value of plan assets beginning of period$76,136 $75,427 
Actual return on plan assets(418)5,719 
Benefits paid(4,251)(5,010)
Fair value of plan assets at December 31$71,467 $76,136 
Funded (underfunded) status of the plan$1,919 $1,426 
Amount recognized in Consolidated Balance Sheets at December 31 (2)
$1,919 $1,426 
Net actuarial (gain) loss recognized in AOCI and not yet reflected in net periodic benefit cost (income) $1,046 $1,495 
(1) The actuarial gain experienced in 2024 was largely driven by the increase in the discount rate from the prior year that was used to determine the projected benefit obligation at December 31, 2024.
(2) The funded balance is included as a component of other assets on the Consolidated Balance Sheets for the years ended December 31, 2024 and 2023.
Schedule of Net Benefit Costs
The components of the net periodic benefit cost (income) for the years ended December 31, 2024, 2023 and 2022 were as follows:
(In thousands)Year Ended December 31
202420232022
Components of net periodic benefit cost (income):
Interest cost$3,526 $3,666 $2,885 
Expected return on plan assets(3,569)(3,545)(4,013)
(Gain) loss on settlement
— — 163 
Total net periodic benefit cost (income)*(43)121 (965)
Other changes recognized in OCI:
Net actuarial (gain) loss(449)(350)3,476 
Reclassification of gain (loss) on settlement
— — (163)
(Gain) loss recognized in OCI(449)(350)3,313 
Total recognized in net periodic benefit cost (income) and OCI$(492)$(229)$2,348 
*Net periodic benefit cost (income) is included as a component of operating expense on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2024, 2023 and 2022.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The components of the net periodic benefit cost (income) for the years ended December 31, 2024, 2023 and 2022 were as follows:
(In thousands)Year Ended December 31
202420232022
Components of net periodic benefit cost (income):
Interest cost$3,526 $3,666 $2,885 
Expected return on plan assets(3,569)(3,545)(4,013)
(Gain) loss on settlement
— — 163 
Total net periodic benefit cost (income)*(43)121 (965)
Other changes recognized in OCI:
Net actuarial (gain) loss(449)(350)3,476 
Reclassification of gain (loss) on settlement
— — (163)
(Gain) loss recognized in OCI(449)(350)3,313 
Total recognized in net periodic benefit cost (income) and OCI$(492)$(229)$2,348 
*Net periodic benefit cost (income) is included as a component of operating expense on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2024, 2023 and 2022.
Schedule of Net Periodic Benefit Cost Not yet Recognized
The components of the change in amounts not yet recognized as components of the net periodic benefit cost (income) were as follows:
Year Ended
December 31
(In thousands)20242023
Items not yet recognized as a component of net periodic benefit cost (income) at beginning of period$1,495 $1,845 
Net actuarial (gain) loss(449)(350)
Items not yet recognized as a component of net periodic benefit cost (income) at December 31$1,046 $1,495 
Amounts recognized in AOCI$1,046 $1,495 
Schedule of Weighted Average Discount Rate on Defined Benefit Plan
The weighted average discount rate used to determine the projected benefit obligation of the defined benefit pension plan for the years ended December 31, 2024 and 2023 were as follows:
December 31, 2024December 31, 2023
Weighted average discount rate5.51 %4.91 %
The weighted average discount rate and the weighted average expected return on plan assets used to determine net periodic benefit cost (income) for the years ended December 31, 2024 and 2023 were as follows:
December 31, 2024December 31, 2023
Weighted average discount rate4.91 %5.13 %
Weighted average expected return on plan assets5.25 %5.25 %
Schedule of Allocation of Plan Assets The defined benefit pension plan’s target allocations, by asset category as of December 31, 2024 and 2023, were as follows:
December 31, 2024December 31, 2023
Fixed maturities90 %90 %
Equity investments10 %10 %
100 %100 %
The fair values of the assets in the defined benefit pension plan, by asset category as of December 31, 2024 and 2023, were as follows:
December 31, 2024
(In thousands)Level 1Level 2Level 3Total*
Pooled separate account investments:
Large cap equity investments(1)
$5,219 $— $— $5,219 
International equity investments(2)
— 2,111 — 2,111 
Corporate and government debt(3)
— 64,137 — 64,137 
Total$5,219 $66,248 $— $71,467 
December 31, 2023
(In thousands)Level 1Level 2Level 3Total*
Pooled separate account investments:
Large cap equity investments(1)
$5,325 $— $— $5,325 
International equity investments(2)
— 2,280 — 2,280 
Corporate and government debt(3)
68,531 — — 68,531 
Total$73,856 $2,280 $— $76,136 
*For some assets, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. When this is the case, the asset is categorized based on the level of the most significant input to the fair value measurement. Assessments of the significance of a particular input to the fair value measurement require judgement and consideration of factors specific to the assets being valued.
Schedule of Expected Benefit Payments
Based on current data and assumptions as of December 31, 2024, the following benefit payments are expected to be paid in future periods:
(In thousands)
2025$5,880 
20264,790 
20274,890 
20285,580 
20295,770 
Thereafter26,400 
Total$53,310