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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Combined Activity in Corporations Defined Benefit Pension Plans
We use a December 31 measurement date for our defined benefit plans. Combined activity in our defined benefit pension plans was as follows:
202220212020
Change in plan assets:
Fair value of plan assets at beginning of year$197,747 $182,088 $174,173 
Actual return on plan assets(26,108)24,908 16,599 
Employer contributions1,114 1,236 1,201 
Benefits paid(10,930)(10,485)(9,885)
Fair value of plan assets at end of year161,823 197,747 182,088 
Change in benefit obligation:
Benefit obligation at beginning of year185,925 197,593 186,641 
Interest cost4,017 3,341 5,010 
Actuarial (gain) loss(35,068)(4,524)15,827 
Benefits paid(10,930)(10,485)(9,885)
Benefit obligation at end of year143,944 185,925 197,593 
Funded status of the plan at end of year and accrued benefit (liability) recognized
$17,879 $11,822 $(15,505)
Accumulated benefit obligation at end of year$143,944 $185,925 $197,593 
Disaggregated Information Related to Corporations Defined Benefit Pension Plans
Certain disaggregated information related to our defined benefit pension plans as of year-end was as follows:
Retirement PlanRestoration Plan
2022202120222021
Projected benefit obligation$131,648 $170,389 $12,296 $15,536 
Accumulated benefit obligation131,648 170,389 12,296 15,536 
Fair value of plan assets161,823 197,747 — — 
Funded status of the plan at end of year and accrued benefit (liability) recognized
30,175 27,358 (12,296)(15,536)
Net Periodic Benefit Cost (Benefit)
The components of the combined net periodic cost (benefit) for our defined benefit pension plans are presented in the table below.
202220212020
Expected return on plan assets, net of expenses$(13,966)$(12,839)$(12,289)
Interest cost on projected benefit obligation4,017 3,341 5,010 
Net amortization and deferral2,964 6,116 5,319 
Net periodic expense (benefit)$(6,985)$(3,382)$(1,960)
Defined Benefit Pension Plans Recognized as Component of Other Comprehensive Income
Amounts related to our defined benefit pension plans recognized as a component of other comprehensive income were as follows:
202220212020
Net actuarial gain (loss)$(2,041)$22,709 $(6,199)
Deferred tax (expense) benefit429 (4,769)1,302 
Other comprehensive income (loss), net of tax$(1,612)$17,940 $(4,897)
Defined Benefit Pension Plans Not Recognized as Component of Combined Net Period Benefit Cost
Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the combined net periodic benefit cost of our defined benefit pension plans are presented in the following table.
20222021
Net actuarial loss$(43,675)$(41,634)
Deferred tax benefit9,172 8,743 
Amounts included in accumulated other comprehensive income/loss, net of tax(34,503)(32,891)
Weighted-Average Assumptions Used to Determine Benefit Obligations
The weighted-average assumptions used to determine the benefit obligations as of the end of the years indicated and the net periodic benefit cost for the years indicated are presented in the table below. Because the plans were frozen, increases in compensation are not considered after 2001.
202220212020
Benefit obligations:
Discount rate5.14 %2.79 %2.43 %
Net periodic benefit cost:
Discount rate2.79 %2.43 %3.20 %
Expected return on plan assets7.25 7.25 7.25 
Fair Value of Plan Assets
The major categories of assets in our Retirement Plan as of year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 “Fair Value Measurements and Disclosures,” utilized to measure fair value (see Note 17 - Fair Value Measurements). Our Restoration Plan is unfunded.
20222021
Level 1:
Mutual funds$154,391 $195,452 
Cash and cash equivalents7,432 2,295 
Total fair value of plan assets$161,823 $197,747 
Expected Future Benefit Payments Related to Defined Benefit Plans
As of December 31, 2022, expected future benefit payments related to our defined benefit plans were as follows:
2023$11,864 
202412,128 
202512,059 
202611,995 
202711,848 
2028 through 203255,245 
$115,139 
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
A combined summary of activity in our active stock plans is presented in the table. Performance stock units outstanding are presented assuming attainment of the maximum payout rate as set forth by the performance criteria. The target award level for performance stock units granted in 2022, 2021 and 2020 was 35,015, 30,723 and 48,409, respectively. As of December 31, 2022, there were 505,456 shares remaining available for grant for future awards.
Director Deferred
Stock Units
Outstanding
Non-Vested Stock
Awards/Stock Units
Outstanding
Performance Stock Units OutstandingStock Options
Outstanding
Number of UnitsWeighted-
Average
Fair Value
at Grant
Number
of Shares/Units
Weighted-
Average
Fair Value
at Grant
Number of UnitsWeighted-
Average
Fair Value
at Grant
Number
of Shares
Weighted-
Average
Exercise
Price
January 1, 202055,370 $74.76 440,647 $90.22 177,288 $83.48 1,980,866 $64.60 
Granted10,428 73.84 151,038 66.79 72,618 57.89 — — 
Exercised/vested(12,938)71.09 (117,990)76.07 (41,755)69.70 (235,880)53.23 
Forfeited/expired— — (3,336)91.07 (6,894)81.33 (5,427)75.74 
December 31, 202052,860 75.47 470,359 86.24 201,257 77.18 1,739,559 66.11 
Granted5,940 117.90 95,258 130.36 46,086 121.46 — — 
Exercised/vested(2,499)92.03 (88,250)98.90 (35,131)92.27 (861,878)63.14 
Forfeited/expired— — (28,030)87.08 (9,752)75.70 — — 
December 31, 202156,301 79.21 449,337 93.05 202,460 84.71 877,681 69.02 
Granted5,382 133.67 119,176 142.56 52,527 133.40 — — 
Exercised/vested(16,022)74.89 (97,154)94.81 (25,180)87.18 (261,454)63.72 
Forfeited/expired— — (6,040)93.28 (16,058)87.18 — — 
December 31, 202245,661 87.15 465,319 105.36 213,749 96.20 616,227 71.27 
Options Outstanding and Exercisable
Other information regarding options outstanding and exercisable as of December 31, 2022 is as follows:
Options OutstandingOptions Exercisable
Range of
Exercise Prices
Number
of Shares
Weighted-
Average
Exercise Price
Weighted-
Average
Remaining
Contractual Life
in Years
Number
of Shares
Weighted-
Average
Exercise
Price
$65.01 to$70.00 277,131 $65.11 2.82277,131 $65.11 
70.01 to75.00 117,686 71.39 0.83117,686 71.39 
75.01 to80.00 221,410 78.92 1.83221,410 78.92 
Total616,227 71.27 2.08616,227 71.27 
Total intrinsic value$38,470 $38,470 
Shares Issued in Connection With Stock Compensation Awards
Shares issued in connection with stock compensation awards are issued from available treasury shares. If no treasury shares are available, new shares are issued from available authorized shares. Shares issued in connection with stock compensation awards along with other related information were as follows:
202220212020
New shares issued from available authorized shares118,389 — — 
Shares issued from available treasury stock281,421 987,758 408,563 
Total399,810 987,758 408,563 
Proceeds from stock option exercises$16,659 $54,417 $12,557 
Intrinsic value of stock options exercised19,616 43,904 5,365 
Fair value of stock awards/units vested19,308 15,751 12,773 
Stock-Based Compensation Expense
Stock-based compensation expense and the related income tax benefit is presented in the following table. The service period for performance stock units granted each year begins on January 1 of the following year.
202220212020
Non-vested stock awards/stock units$13,162 $9,977 $10,240 
Deferred stock-units720 700 770 
Performance stock units4,440 2,076 2,908 
Total$18,322 $12,753 $13,918 
Income tax benefit$2,969 $1,713 $2,142 
Unrecognized Stock-Based Compensation Expense
Unrecognized stock-based compensation expense and the weighted-average period over which the expense is expected to be recognized at December 31, 2022 is presented in the table below. Unrecognized stock-based compensation expense related to performance stock units is presented assuming attainment of the maximum payout rate as set forth by the performance criteria.
Unrecognized ExpenseWeighted-Average Number of Years for Expense Recognition
Non-vested stock awards/stock units$21,770 2.15
Performance stock units11,078 1.80
Total$32,848