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Pension and Other Postretirement Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefit Plans PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS:
Pension
The Company has non-contributory defined benefit retirement plans. The benefits for these plans are based primarily on years of service and employees' pay. The Company's qualified pension plan (the “Pension Plan”) allows for lump-sum distributions of benefits earned up until December 31, 2005, at the employees' election. In 2015, the Company's qualified defined benefit retirement plan was frozen.
According to the Defined Benefit Plans Topic of the FASB Accounting Standards Codification, if the lump sum distributions made during a plan year, which for the Company is January 1 to December 31, exceed the total of the projected service cost and interest cost for the plan year, settlement accounting is required. Lump sum payments did not exceed this threshold during the years ended December 31, 2024, 2023, and 2022. The Company's non-qualified pension plan was frozen as of December 31, 2024.
Other Postretirement Benefit Plan
Certain subsidiaries of the Company provide medical and prescription drug benefits to retired employees covered by either the Coal Act or the National Bituminous Coal Wage Agreement of 2011.
The reconciliation of changes in the benefit obligation, plan assets and funded status of these plans at December 31, 2024 and 2023 is as follows:
 Pension Benefits
at December 31,		Other Postretirement Benefits at December 31,
 2024202320242023
Change in benefit obligation:    
Benefit obligation at beginning of period$525,086 $524,212 $227,235 $255,029 
Service cost1,208 1,217 — — 
Interest cost25,724 27,027 11,031 13,044 
Plan curtailments(217)— — — 
Actuarial (gain) loss(14,615)14,061 (27,445)(20,776)
Benefits and other payments(45,522)(41,431)(16,683)(20,062)
Benefit obligation at end of period$491,664 $525,086 $194,138 $227,235 
     
Change in plan assets:    
Fair value of plan assets at beginning of period$549,571 $540,225 $— $— 
Actual return on plan assets5,695 49,239 — — 
Company contributions1,728 1,538 16,683 20,062 
Benefits and other payments(45,522)(41,431)(16,683)(20,062)
Fair value of plan assets at end of period$511,472 $549,571 $— $— 
     
Funded status:    
Noncurrent assets$41,938 $47,246 $— $— 
Current liabilities(2,057)(1,953)(17,887)(19,327)
Noncurrent liabilities(20,073)(20,808)(176,251)(207,908)
Net asset (obligation) recognized$19,808 $24,485 $(194,138)$(227,235)
     
Amounts recognized in accumulated other comprehensive (loss) income consist of:    
Net actuarial loss (gain)$253,641 $248,252 $(53,416)$(26,249)
Prior service credit— — (8,924)(11,329)
Net amount recognized (before tax effect)$253,641 $248,252 $(62,340)$(37,578)
The components of net periodic benefit cost (credit) are as follows:
 Pension BenefitsOther Postretirement Benefits
 For the Years Ended December 31,For the Years Ended December 31,
 202420232022202420232022
Components of net periodic benefit cost (credit):      
Service cost$1,208 $1,217 $1,207 $— $— $— 
Interest cost25,724 27,027 16,539 11,031 13,044 7,898 
Expected return on plan assets(31,964)(39,470)(37,276)— — — 
Amortization of prior service credits— — — (2,405)(2,405)(2,405)
Recognized net actuarial loss (gain)6,265 741 3,037 (278)— 3,515 
Curtailment gain recognized(217)— — — — — 
Net periodic benefit cost (credit)$1,016 $(10,485)$(16,493)$8,348 $10,639 $9,008 
Expenses (credits) related to pension and other post-employment benefits are reflected in Operating and Other Costs in the Consolidated Statements of Income. Amounts reclassified out of accumulated other comprehensive (loss) income are reflected in Operating and Other Costs in the Consolidated Statements of Income.
The Company utilizes a corridor approach to amortize actuarial gains and losses that have been accumulated under the Pension Plan. Cumulative gains and losses that are in excess of 10% of the greater of either the projected benefit obligation (PBO) or the market-related value of plan assets are amortized over the expected remaining future lifetime of all plan participants for the Pension Plan. Actuarial gains or losses can result from discount rate changes, changes in underlying assumptions that affect the projected benefit obligation, changes in underlying assumptions that affect the market-related value of plan assets, as well as actual fluctuations in the market value of plan assets.
The Company also utilizes a corridor approach to amortize actuarial gains and losses that have been accumulated under the OPEB Plan. Cumulative gains and losses that are in excess of 10% of the accumulated postretirement benefit obligation (APBO) are amortized over the average future remaining lifetime of the current inactive population for the OPEB Plan.
The following table provides information related to pension plans with an accumulated benefit obligation in excess of plan assets:
 As of December 31,
 20242023
Projected benefit obligation$22,130 $22,762 
Accumulated benefit obligation$22,130 $22,464 
Fair value of plan assets$— $— 
Assumptions:
The weighted-average assumptions used to determine benefit obligations are as follows:
 Pension Obligations at
December 31,		Other Postretirement Obligations at
December 31,
 2024202320242023
Discount rate5.66 %5.15 %5.60 %5.14 %
Rate of compensation increase4.04 %3.93 %— — 
The discount rates are determined using a Company-specific yield curve model (above-mean) developed with the assistance of an external actuary. The Company-specific yield curve models (above-mean) use a subset of the expanded bond universe to determine the Company-specific discount rate. Bonds used in the yield curve are rated AA by Moody's or Standard & Poor's as of the measurement date. The yield curve models parallel the plans' projected cash flows, and the underlying cash flows of the bonds included in the models exceed the cash flows needed to satisfy the Company's plans.
The weighted-average assumptions used to determine net periodic benefit costs are as follows:
Pension BenefitsOther Postretirement Benefits
 For the Years Ended
December 31,		For the Years Ended
December 31,
 202420232022202420232022
Discount rate5.14 %5.41 %2.83 %5.14 %5.43 %2.79 %
Expected long-term return on plan assets5.59 %5.81 %4.75 %— — — 
Rate of compensation increase3.93 %3.89 %3.78 %— — — 
The long-term rate of return is the sum of the portion of total assets in each asset class held multiplied by the expected return for that class, adjusted for expected expenses to be paid from the assets. The expected return for each class is determined using the plan asset allocation at the measurement date and a distribution of compound average returns over a 20-year time horizon. The model uses asset class returns, variances and correlation assumptions to produce the expected
return for each portfolio. The return assumptions used forward-looking gross returns influenced by the current Treasury yield curve. These returns recognize current bond yields, corporate bond spreads and equity risk premiums based on current market conditions.
The assumed health care cost trend rates are as follows:
 At December 31,
 20242023
Health care cost trend rate for next year6.01 %6.40 %
Rate to which the cost trend is assumed to decline (ultimate trend rate)4.00 %4.00 %
Year that the rate reaches ultimate trend rate20482048
Plan Assets:
The Company’s overall investment strategy is to meet current and future benefit payment needs through diversification across asset classes, fund strategies and fund managers to achieve an optimal balance between risk and return and between income and growth of assets through capital appreciation. Consistent with the objectives of the pension trust (the “Trust”) and in consideration of the Trust’s current funded status and the current level of market interest rates, the Retirement Board, as appointed by the Company's Board of Directors (the “Retirement Board”) has approved an asset allocation strategy that will change over time in response to future improvements in the Trust’s funded status and/or changes in market interest rates. Such changes in asset allocation strategy are intended to allocate additional assets to the fixed income asset class should the Trust’s funded status improve. In this framework, the current target allocation for plan assets is 10.0% diversified growth assets and 90.0% liability hedging fixed income. Both the equity and fixed income portfolios are comprised of both active and passive investment strategies. The Trust is primarily invested in Mercer Common Collective Trusts. Equity securities consist of investments in large and mid/small cap companies; non-U.S. equities are derived from both developed and emerging markets. Fixed income securities consist primarily of U.S. long duration fixed income corporate and U.S. Treasury instruments. The average quality of the fixed income portfolio must be rated at least “investment grade” by nationally recognized rating agencies. Within the fixed income asset class, investments are invested primarily across various strategies such that the overall profile strongly correlates with the interest rate sensitivity of the Trust’s liabilities in order to reduce the volatility resulting from the risk of changes in interest rates and the impact of such changes on the Trust’s overall financial status. Derivatives, interest rate swaps, options and futures are permitted investments for the purpose of reducing risk and to extend the duration of the overall fixed income portfolio; however, they may not be used for speculative purposes. All or a portion of the assets may be invested in mutual funds or other commingled vehicles so long as the pooled investment funds have an adequate asset base relative to their asset class; are invested in a diversified manner; and have management and/or oversight by an Investment Advisor registered with the SEC. The Retirement Board reviews the investment program on an ongoing basis including asset performance, current trends and developments in capital markets, changes in Trust liabilities and ongoing appropriateness of the overall investment policy.
The fair values of plan assets at December 31, 2024 and 2023 by asset category are as follows:
 Fair Value Measurements at December 31, 2024Fair Value Measurements at December 31, 2023
 TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Asset Category        
Cash/Accrued Income$103 $103 $— $— $116 $116 $— $— 
Mercer Common Collective Trusts (a)511,369 — — — 549,455 — — — 
Total$511,472 $103 $— $— $549,571 $116 $— $— 
(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total.
There are no investments in Company stock held by these plans at December 31, 2024 or 2023.
There are no assets in the other postretirement benefit plan at December 31, 2024 or 2023.
Cash Flows:
If necessary, the Company intends to contribute to the pension trust using prudent funding methods. However, the Company does not expect to contribute to the pension plan trust in 2025. Pension benefit payments are primarily funded from the Trust. The Company expects to pay benefits of $2,057 from the non-qualified pension plan in 2025. The Company does not expect to contribute to the other postretirement benefit plan in 2025 and intends to pay benefit claims as they become due.
The following benefit payments are expected to be paid in accordance with plan documents:
 Pension
Benefits		Other
Postretirement
Benefits
2025$39,153 $17,887 
2026$40,571 $17,536 
2027$38,570 $17,007 
2028$38,519 $16,661 
2029$38,245 $16,240 
Year 2030-2034$182,302 $76,625