EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Postretirement Medical Benefit and Postemployment Medical Benefit Obligations

The NRECA Executive Benefit Restoration Plan obligations are determined annually (during the first quarter of the subsequent year) by an NRECA actuary and are included in accumulated postretirement benefit and postemployment obligations on our consolidated statements of financial position as follows (dollars in thousands):

	2023		2022
Executive benefit restoration obligation at beginning of period	$	8,485	$	9,852
Service cost	323		468
Interest cost	441		300
Plan amendments - prior service cost	—		308
Curtailment	—		(292)
Benefit payments	—		(110)
Actuarial (gain) loss	909		(2,041)
Executive benefit restoration obligation at end of period	$	10,158	$	8,485
Fair value of plan assets at beginning of year	$	9,808	$	8,640
Employer contributions	—		1,734
Benefits paid	—		(109)
Actual return on plan assets	490		(457)
Fair value of plan assets at end of year	$	10,298	$	9,808
Net (asset) liability recognized	$	(140)	$	(1,323)

The postretirement medical benefit and post-employment medical benefit obligations are determined annually (during the fourth quarter) by an independent actuary and are included in accumulated postretirement benefit and postemployment obligations on our consolidated statements of financial position as follows (dollars in thousands):

	2023		2022
Postretirement medical benefit obligation at beginning of period	$	2,092	$	2,809
Interest cost	58		47
Benefit payments (net of contributions by participants)	(469)		(732)
Actuarial gain	(757)		(32)
Postretirement medical benefit obligation at end of period	$	924	$	2,092
Postemployment medical benefit obligation at end of period	243		97
Total postretirement and postemployment medical obligations at end of period	$	1,167	$	2,189

Schedule of Net Unrecognized Actuarial Gains and Losses Related to Postretirement Medical Benefit Obligation Included in Accumulated Other Comprehensive Income

The net unrecognized actuarial gains and losses related to the executive benefit restoration obligations are included in accumulated other comprehensive income as follows (dollars in thousands):

	2023		2022
Accumulated other comprehensive loss at beginning of period	$	(2,105)	$	(4,932)
Plan amendments - prior service cost	—		(308)
Amortization of prior service cost into other income	1,156		1,156
Amortization of actuarial loss	219		426
Curtailment and settlement	—		(187)
Unrecognized actuarial gain (loss)	(909)		1,740
Accumulated other comprehensive loss at end of period	$	(1,639)	$	(2,105)

The net unrecognized actuarial gains and losses related to the postretirement medical benefit obligation are included in accumulated other comprehensive income as follows (dollars in thousands):

	2023		2022
Amounts included in accumulated other comprehensive income at beginning of period	$	2,078	$	3,580
Amortization of prior service credit into other income	(1,637)		(1,636)
Amortization of actuarial loss into other income	(84)		102
Actuarial gain	757		32
Plan amendments	—		—
Amounts included in accumulated other comprehensive income at end of period	$	1,114	$	2,078

Schedule of Assumptions Used in Actuarial Study Performed for Postretirement Medical Benefit Obligation

The assumptions used in the 2023 actuarial study performed for our postretirement medical benefit obligation were as follows:

Weighted-average discount rate	5.01	%
Initial health care cost trend (2018)	7.25	%
Ultimate health care cost trend	4.50	%
Year that the rate reached the ultimate health care cost trend rate	2034
Expected return on plan assets (unfunded)	N/A
Average remaining service lives of active plan participants (years)	2.61

Schedule of Expected Future Benefits to be Paid Related to Postretirement Medical Benefit Obligation

The following are the expected future benefits to be paid (net of contributions by participants) related to the postretirement medical benefit obligation during the next ten years (dollars in thousands):

2024	$	360,535
2025	258,005
2026	175,368
2027	99,245
2028	65,168
2029 through 2033	49,246
	$	1,007,567