XML 49 R35.htm IDEA: XBRL DOCUMENT v3.25.0.1
Pension Plan (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Reconciliation of Defined Benefit Pension Plan The following table shows the reconciliation of the defined benefit pension plan as of December 31, 2024 and 2023:

 

 

2024

 

 

2023

 

 

 

(000s)

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

98,415

 

 

$

96,627

 

Actual return (loss) on plan assets

 

 

1,865

 

 

 

8,779

 

Benefits paid

 

 

(6,289

)

 

 

(6,417

)

Administrative expenses

 

 

(576

)

 

 

(574

)

Fair value of plan assets at end of year

 

$

93,415

 

 

$

98,415

 

Change in benefit obligation:

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

85,625

 

 

$

87,277

 

Service cost

 

 

616

 

 

 

803

 

Interest cost

 

 

3,874

 

 

 

4,118

 

Benefits paid

 

 

(6,289

)

 

 

(6,417

)

Actuarial (gain) loss

 

 

(5,404

)

 

 

(156

)

Benefit obligation at end of year

 

$

78,422

 

 

$

85,625

 

Amounts recognized in the Consolidated Balance Sheet:

 

 

 

 

 

 

Other noncurrent assets

 

$

14,993

 

 

$

12,790

 

Total amounts recognized at end of year

 

$

14,993

 

 

$

12,790

 

Components of Net Periodic Pension Cost (Benefit)

 

 

2024

 

 

2023

 

 

2022

 

 

 

(000s)

 

Components of net periodic cost (benefit)

 

 

 

 

 

 

 

 

 

Service cost

 

$

616

 

 

$

803

 

 

$

607

 

Interest cost

 

 

3,874

 

 

 

4,118

 

 

 

2,836

 

Expected return on plan assets

 

 

(4,277

)

 

 

(4,195

)

 

 

(4,335

)

Net periodic cost

 

$

213

 

 

$

726

 

 

$

(892

)

Measurement Dates

 

 

2024

 

2023

Measurement Dates

 

 

 

 

Benefit obligations

 

12/31/2024

 

12/31/2023

Fair value of plan assets

 

12/31/2024

 

12/31/2023

Weighted-average Assumptions for Net Periodic Benefit Cost

 

 

2024

 

 

2023

 

Weighted average assumptions as of December 31

 

 

 

 

 

 

Discount rate

 

 

5.36

%

 

 

4.71

%

Rate of compensation increase

 

 

4.00

%

 

 

4.00

%

Weighted Average Assumptions

 

 

2024

 

 

2023

 

 

2022

 

Weighted-average assumptions for net periodic benefit
   cost calculations

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.71

%

 

 

4.91

%

 

 

2.52

%

Expected long-term rate of return on plan assets

 

 

4.50

%

 

 

4.50

%

 

 

3.50

%

Rate of compensation increase

 

 

4.00

%

 

 

4.00

%

 

 

4.00

%

Market Values of Our Pension Plan Assets

The market values of our pension plan assets at December 31, 2024 and 2023, reported using net asset value as a practical expedient, by asset category are as follows (in thousands):

 

 

 

2024

 

 

2023

 

Equities:

 

 

 

 

 

 

U.S. Large Cap

 

$

5,131

 

 

$

5,423

 

U.S. Mid Cap

 

 

1,351

 

 

 

1,480

 

U.S. Small Cap

 

 

1,259

 

 

 

1,491

 

International Developed

 

 

3,746

 

 

 

3,943

 

Emerging Markets

 

 

2,291

 

 

 

2,540

 

Fixed income:

 

 

 

 

 

 

Core Fixed Income

 

 

28,175

 

 

 

17,492

 

Long Duration Fixed Income

 

 

50,674

 

 

 

65,289

 

Cash/Currency:

 

 

 

 

 

 

Cash Equivalents

 

 

788

 

 

 

757

 

Total market value

 

$

93,415

 

 

$

98,415

 

Estimated Future Benefit There will be benefit payments under this plan beyond 2034.

Estimated Future Benefit Payments (000s)

 

 

 

2025

 

$

6,675

 

2026

 

 

6,664

 

2027

 

 

6,635

 

2028

 

 

6,575

 

2029

 

 

6,492

 

2030-2034

 

 

30,648

 

Total

 

$

63,689

 

Plan Assets

 

 

2024

 

 

2023

 

Plan Assets

 

 

 

 

 

 

Asset Category

 

 

 

 

 

 

Equity securities

 

 

15

%

 

 

15

%

Fixed income securities

 

 

84

%

 

 

84

%

Other

 

 

1

%

 

 

1

%

Total

 

 

100

%

 

 

100

%

Asset Allocation Policy and Ranges Established in accordance with Overall Risk and Return Objectives of Portfolio The following asset allocation policy and ranges have been established in accordance with the overall risk and return objectives of the portfolio:

 

 

 

As of 12/31/2024

 

 

Permitted
Range

Total Equity

 

 

15

%

 

10-30%

Total Fixed Income

 

 

84

%

 

70-90%

Other

 

 

1

%

 

0-10%