Components of Net Periodic (Benefits) Cost

The following table shows net periodic (benefit) cost included in expense and the changes in the amounts recognized in AOCI during 2023, 2022, and 2021.


	Years Ended December 31,
	2023			2022			2021			2023			2022			2021
($ in thousands)	Pension Benefits									Other Post-Retirement Benefits
Net periodic (benefit) cost
Service cost	$	7,916		$	11,438		$	11,616		$	34		$	59		$	93
Interest cost		23,854			14,639			13,476			622			375			348
Expected return on plan assets		(44,710	)		(46,615	)		(46,654	)		—			—			—
Special termination benefits		—			—			16,052			—			—			4,173
Amortization of net (gain) loss/prior service cost		7,643			2,830			5,284			(843	)		(650	)		(729	)
Net periodic (benefit) cost		(5,297	)		(17,708	)		(226	)		(187	)		(216	)		3,885
Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes
Net (loss) gain recognized during the year		(7,643	)		(2,830	)		(5,284	)		843			650			729
Net actuarial loss (gain)		13,449			29,952			(51,365	)		92			(5,906	)		(1,506	)
Total recognized in other comprehensive income		5,806			27,122			(56,649	)		935			(5,256	)		(777	)
Total recognized in net periodic benefit cost and other comprehensive income	$	509		$	9,414		$	(56,875	)	$	748		$	(5,472	)	$	3,108
Discount rate for benefit obligations		4.83	%		5.00	%		2.77	%		4.81	%		4.98	%		2.32	%
Discount rate for net periodic benefit cost		5.00	%		2.77	%		2.40	%		4.98	%		2.32	%		2.31	%
Expected long-term return on plan assets		6.50	%		5.50	%		5.75	%	n/a			n/a			n/a
Rate of compensation increase	scaled *			scaled *			scaled *			n/a			n/a			n/a

*Graded scale, declining from 7.25% at age 20 to 2.25% at age 60

Fair Values of Pension Plan Assets

For all investments, the plan attempts to use quoted market prices of identical assets on active exchanges, or Level 1 measurements. Where such quoted market prices are not available, the plan will use quoted prices for similar instruments or discounted cash flows to estimate the value, reported as Level 2.


	December 31, 2023
Fair Value Measurements by Asset Category / Fund	Level 1		Level 2		Level 3		Total
($ in thousands)
Cash and equivalents	$	5,268	$	—	$	—	$	5,268
Total cash and cash equivalents		5,268		—		—		5,268
Fixed income securities		25,539		38,750		—		64,289
Mutual fund-fixed income		—		—		—		—
Exchange Traded Fund (ETF)-Fixed income		3,434				—		3,434
Total fixed income		28,973		38,750		—		67,723
Domestic and foreign stock		45,864		—		—		45,864
Mutual funds-equity		95,066		—		—		95,066
Total equity		140,930		—		—		140,930
Total assets at fair value		175,171		38,750		—		213,921
Common trust funds (fixed income)		—		—		—		451,493
Common trust fund (real assets)		—		—		—		57,650
Total	$	175,171	$	38,750	$	—	$	723,064


	December 31, 2022
Fair Value Measurements by Asset Category / Fund	Level 1		Level 2		Level 3		Total
($ in thousands)
Cash and equivalents	$	9,050	$	—	$	—	$	9,050
Total cash and cash equivalents		9,050		—		—		9,050
Fixed income securities		29,577		31,268		—		60,845
Mutual fund-fixed income		344		—		—		344
Exchange Traded Fund (ETF)-Fixed income		5,087		—		—		5,087
Total fixed income		35,008		31,268		—		66,276
Domestic and foreign stock		50,956		—		—		50,956
Mutual funds-equity		105,486		—		—		105,486
Total equity		156,442		—		—		156,442
Total assets at fair value		200,500		31,268		—		231,768
Common trust funds (fixed income)		—		—		—		410,280
Common trust fund (real assets)		—		—		—		58,487
Total	$	200,500	$	31,268	$	—	$	700,535