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Retirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The following tables set forth changes in the plans’ benefit obligations (projected benefit obligation for pension benefits and accumulated benefit obligation for postretirement benefits) and changes in the plans’ assets and the funded status of the pension plans and other postretirement benefit plan at December 31:

Schedule of Defined Benefit Plan Disclosures
Employees'
Pension
Plan
Select
Executive
Retirement
Plan
Postretirement
Benefit
Plans
Defined Benefit Plan Funded Status
December 31, 2023
Fair Value of Plan Assets$59,199 $— $— 
Benefit Obligation42,914 6,904 6,221 
Funded Status of Plan$16,285 $(6,904)$(6,221)
December 31, 2022
Fair Value of Plan Assets$54,300 $— $— 
Benefit Obligation39,528 6,070 6,482 
Funded Status of Plan$14,772 $(6,070)$(6,482)
Change in Benefit Obligation
Benefit Obligation, at January 1, 2023
$39,528 $6,070 $6,482 
Service Cost 1
1,593 570 56 
Interest Cost 2
2,099 336 332 
Plan Participants' Contributions— — 459 
Amendments / Curtailments / Special Termination526 — — 
Actuarial Gain (Loss)2,125 357 (397)
Benefits Paid(2,957)(429)(711)
Benefit Obligation, at December 31, 2023
$42,914 $6,904 $6,221 
Benefit Obligation, at January 1, 2022
$45,659 $6,455 $7,994 
Service Cost 1
1,877 835 90 
Interest Cost 2
1,439 225 248 
Plan Participants' Contributions— — 427 
Actuarial Loss(4,555)(983)(1,571)
Benefits Paid(4,892)(462)(706)
Benefit Obligation, at December 31, 2022
$39,528 $6,070 $6,482 
Change in Fair Value of Plan Assets
Fair Value of Plan Assets, at January 1, 2023
$54,300 $— $— 
Actual Return on Plan Assets7,856 — — 
Employer Contributions— 429 252 
Plan Participants' Contributions— — 459 
Benefits Paid(2,957)(429)(711)
Fair Value of Plan Assets, at December 31, 2023
$59,199 $— $— 
Fair Value of Plan Assets, at January 1, 2022
$68,925 $— $— 
Actual Return on Plan Assets(9,733)— — 
Employees'
Pension
Plan
Select
Executive
Retirement
Plan
Postretirement
Benefit
Plans
Employer Contributions— 462 279 
Plan Participants' Contributions— — 427 
Benefits Paid(4,892)(462)(706)
Fair Value of Plan Assets, at December 31, 2022
$54,300 $— $— 
Accumulated Benefit Obligation at December 31, 2023
$42,900 $6,904 $6,221 
Amounts Recognized in the Consolidated Balance Sheets
December 31, 2023
Prepaid Pension Asset$16,285 $— $— 
Accrued Benefit Liability— (6,904)(6,221)
Net Benefit (Expense) Recognized$16,285 $(6,904)$(6,221)
December 31, 2022
Prepaid Pension Asset$14,772 $— $— 
Accrued Benefit Liability— (6,070)(6,482)
Net Benefit (Expense) Recognized$14,772 $(6,070)$(6,482)
Amounts Recognized in Other Comprehensive Income (Loss)
For the Year Ended December 31, 2023
Net Unamortized (Gain) Loss Arising During the Period$(2,315)$358 $(397)
Prior Service Cost526 — — 
Amortization of Net (Loss) Gain(118)(73)353 
Amortization of Prior Service Cost(62)(39)(104)
  Total Other Comprehensive (Loss) Income for Pension and
     Other Postretirement Benefit Plans
$(1,969)$246 $(148)
For the Year Ended December 31, 2022
Net Unamortized Loss (Gain) Arising During the Period$9,492 $(983)$(1,571)
Amortization of Net (Loss) Gain— (212)156 
Amortization of Prior Service Cost(78)(44)(106)
Settlement Cost(577)— — 
Total Other Comprehensive Income (Loss) for Pension and
     Other Postretirement Benefit Plans
$8,837 $(1,239)$(1,521)
For the Year Ended December 31, 2021
Net Unamortized (Gain) Loss Arising During the Period$(7,826)$332 $(1,239)
Amortization of Net (Loss) Gain— (178)87 
Amortization of Prior Service Cost(78)(48)(106)
Total Other Comprehensive (Loss) Income for Pension and
     Other Postretirement Benefit Plans
$(7,904)$106 $(1,258)
Accumulated Other Comprehensive Income
December 31, 2023
Net Actuarial Loss (Gain)$4,141 $1,739 $(2,641)
Prior Service Cost840 330 262 
Total Accumulated Other Comprehensive Income (Loss), Before Tax$4,981 $2,069 $(2,379)
December 31, 2022
Net Actuarial Loss (Gain)$6,574 $1,453 $(2,597)
Prior Service Cost376 370 366 
Total Accumulated Other Comprehensive Income (Loss), Before Tax$6,950 $1,823 $(2,231)
Employees'
Pension
Plan
Select
Executive
Retirement
Plan
Postretirement
Benefit
Plans
Net Periodic Benefit Cost
For the Year Ended December 31, 2023
Service Cost 1
$1,593 $570 $56 
Interest Cost 2
2,099 336 332 
Expected Return on Plan Assets 2
(3,416)— — 
Amortization of Prior Service Cost 2
62 39 104 
Amortization of Net Loss (Gain) 2
118 73 (353)
Net Periodic Benefit Cost$456 $1,018 $139 
For the Year Ended December 31, 2022
Service Cost 1
$1,877 $835 $90 
Interest Cost 2
1,439 225 248 
Expected Return on Plan Assets 2
(4,314)— — 
Amortization of Prior Service Cost 2
77 44 106 
Amortization of Net Loss 2
— 212 (156)
Settlement Cost 2
577 — — 
Net Periodic Benefit (Income) Cost$(344)$1,316 $288 
For the Year Ended December 31, 2021
Service Cost 1
$1,934 $582 $109 
Interest Cost 2
1,365 191 249 
Expected Return on Plan Assets 2
(3,780)— — 
Amortization of Prior Service Cost 2
78 48 106 
Amortization of Net Loss (Gain) 2
— 178 (87)
Net Periodic Benefit (Income) Cost$(403)$999 $377 
Weighted-Average Assumptions Used in
  Calculating Benefit Obligation
December 31, 2023
Discount Rate5.52 %5.53 %5.51 %
Rate of Compensation Increase4.00 %4.00 %4.00 %
Interest Rate Credit for Determining
  Projected Cash Balance Account
4.66 %4.66 %
Interest Rates segments to Annuitize Cash
      Balance Account (Segment 1, Segment 2 and Segment 3,
      respectively)
5.50%, 5.76% and 5.83%
5.50%, 5.76% and 5.83%
Interest Rates to Convert Annuities to Actuarially
      Equivalent Lump Sum Amounts (Segment 1, Segment 2 and
      Segment 3, respectively)
5.50%,5.76% and 5.83%
5.50%, 5.76% and 5.83%
December 31, 2022
Discount Rate5.59 %5.61 %5.62 %
Rate of Compensation Increase3.50 %3.50 %3.50 %
Interest Rate Credit for Determining
  Projected Cash Balance Account
3.99 %3.99 %
Employees'
Pension
Plan
Select
Executive
Retirement
Plan
Postretirement
Benefit
Plans
Weighted-Average Assumptions Used in
  Calculating Net Periodic Benefit Cost
December 31, 2023
Discount Rate5.59 %5.61 %5.62 %
Expected Long-Term Return on Plan Assets6.50 %
Rate of Compensation Increase3.50 %3.50 %3.50 %
Interest Rate Credit for Determining
      Projected Cash Balance Account
3.99 %3.99 %
Interest Rates to Annuitize Cash
    Balance Account (Segment 1, Segment 2, and Segment 3,
    respectively)
5.50%, 5.76% and 5.83%
5.50%, 5.76% and 5.83%
Interest Rates to Convert Annuities to Actuarially
    Equivalent Lump Sum Amounts (Segment 1, Segment 2 and
    Segment 3, respectively)
5.50%, 5.76% and 5.83%
5.50%, 5.76% and 5.83%
December 31, 2022
Discount Rate3.30 %5.61 %3.32 %
Expected Long-Term Return on Plan Assets6.50 %
Rate of Compensation Increase3.50 %3.50 %3.50 %
Interest Rate Credit for Determining
      Projected Cash Balance Account
3.00 %3.99 %
Interest Rates to Annuitize Cash
    Balance Account (Segment 1, Segment 2, and Segment 3,
    respectively)
5.09%, 5.60% and 5.41%
5.09%, 5.60% and 5.41%
Interest Rates to Convert Annuities to Actuarially
    Equivalent Lump Sum Amounts (Segment 1, Segment 2 and
    Segment 3, respectively)
5.09%, 5.60% and 5.41%
5.09%, 5.60% and 5.41%
December 31, 2021
Discount Rate3.14 %3.19 %3.17 %
Expected Long-Term Return on Plan Assets6.50 %
Rate of Compensation Increase3.50 %3.50 %3.50 %
Interest Rate Credit for Determining
      Projected Cash Balance Account
3.00 %3.00 %
Interest Rates to Annuitize Cash
    Balance Account (Segment 1, Segment 2, and Segment 3,
    respectively)
1.02%, 2.72% and 3.08%
1.02%, 2.72% and 3.08%
Interest Rates to Convert Annuities to Actuarially
    Equivalent Lump Sum Amounts (Segment 1, Segment 2 and
    Segment 3, respectively)
1.02%, 2.72% and 3.08%
1.02%, 2.72% and 3.08%
Footnotes:
1.Included in Salaries and Employee Benefits on the Consolidated Statements of Income
2.Included in Other Operating Expense on the Consolidated Statements of Income
Schedule of Defined Benefit Plan Disclosures
Information about Defined Benefit Plan Assets - Employees' Pension Plan
Fair Value Measurements Using:
Asset CategoryQuoted Prices
in Active Markets
for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
TotalPercent of TotalTarget Allocation MinimumTarget Allocation Maximum
December 31, 2023
Cash$— $— $— $— — %— %15.0 %
Interest-Bearing Money Market Fund1,257 — — 1,257 2.1 %— %15.0 %
Arrow Common Stock5,443 — — 5,443 9.2 %— %10.0 %
North Country Funds - Equity 2
20,012 — — 20,012 33.8 %
Other Mutual Funds - Equity19,883 — — 19,883 33.6 %
Total Equity Funds39,895 — — 39,895 67.4 %55.0 %85.0 %
Other Mutual Funds - Fixed Income12,012 — — 12,012 20.3 %
Total Fixed Income Funds12,012 — — 12,012 20.3 %10.0 %30.0 %
Alternative ETF592 — — 592 1.0 %— %20.0 %
  Total$59,199 $— $— $59,199 100.0 %
December 31, 2022
Cash$— $— $— $— — %— %15.0 %
Interest-Bearing Money Market Fund1,291 — — 1,291 2.4 %— %15.0 %
Arrow Common Stock1
6,411 — — 6,411 11.8 %— %10.0 %
North Country Funds - Equity 2
20,714 — — 20,714 38.2 %
Other Mutual Funds - Equity15,059 — — 15,059 27.7 %
Total Equity Funds35,773 — — 35,773 65.9 %55.0 %85.0 %
North Country Funds - Fixed income 2
— — — — — %
Other Mutual Funds - Fixed Income6,094 — — 6,094 11.2 %
Total Fixed Income Funds6,094 — — 6,094 11.2 %10.0 %30.0 %
Alternative ETF4,731 — — 4,731 8.7 %— %20.0 %
Total$54,300 $— $— $54,300 100.0 %

Footnotes:
1 Payment for the acquisition of Common Stock was under 10% of the total fair value of the employee's pension plan assets
at the time of acquisition.
2 The North Country Funds - Equity and the North Country Funds - Fixed Income are publicly traded mutual funds advised
by Arrow's subsidiary, North Country Investment Advisers, Inc. North Country Funds - Fixed Income was liquidated and
dissolved in 2022.
Schedule of Defined Benefit Plan Disclosures
Employees'
Pension
Plan
Select
Executive
Retirement
Plan
Postretirement
Benefit
Plans
Expected Future Benefit Payments
2024$3,739 $701 $613 
20253,468 682 622 
20263,262 653 643 
20273,330 654 664 
20283,336 623 636 
2029 - 203316,545 2,713 2,727 
Estimated Contributions During 2024
$— $701 $613 
Assumed Health Care Cost Trend Rates
December 31, 2023
Health Care Cost Trend
  Rate Assumed for Next Year
7.75 %
Rate to which the Cost Trend
  Rate is Assumed to Decline
  (the Ultimate Trend Rate)
4.04 %
Year that the Rate Reaches
   the Ultimate Trend Rate
2075
December 31, 2022
Health Care Cost Trend
  Rate Assumed for Next Year
7.75 %
Rate to which the Cost Trend
  Rate is Assumed to Decline
  (the Ultimate Trend Rate)
4.04 %
Year that the Rate Reaches
   the Ultimate Trend Rate
2075