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 the years ended December 31, 2024, 2023, and 2022.


	Pension Benefits									Other Post-Retirement Benefits
($ in thousands)	2024			2023			2022			2024			2023			2022
Net periodic (benefit) cost
Service cost	$	7,707		$	7,916		$	11,438		$	31		$	34		$	59
Interest cost		24,047			23,854			14,639			578			622			375
Expected return on plan assets		(47,626	)		(44,710	)		(46,615	)		—			—			—
Amortization of net (gain) loss/prior service cost		5,687			7,643			2,830			(799	)		(843	)		(650	)
Net periodic benefit		(10,185	)		(5,297	)		(17,708	)		(190	)		(187	)		(216	)
Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes
Net (loss) gain recognized during the year		(5,687	)		(7,643	)		(2,830	)		799			843			650
Net actuarial loss (gain)		(26,038	)		13,449			29,952			(2,371	)		92			(5,906	)
Total recognized in other comprehensive income		(31,725	)		5,806			27,122			(1,572	)		935			(5,256	)
Total recognized in net periodic benefit cost and other comprehensive income	$	(41,910	)	$	509		$	9,414		$	(1,762	)	$	748		$	(5,472	)
Discount rate for benefit obligations		5.62	%		4.83	%		5.00	%		5.56	%		4.81	%		4.98	%
Discount rate for net periodic benefit cost		4.83	%		5.00	%		2.77	%		4.81	%		4.98	%		2.32	%
Expected long-term return on plan assets		6.50	%		6.50	%		5.50	%	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 65

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, 2024
Fair Value Measurements by Asset Category / Fund	Level 1		Level 2		Level 3		Total
($ in thousands)
Cash and equivalents	$	6,357	$	—	$	—	$	6,357
Total cash and cash equivalents		6,357		—		—		6,357
Fixed income securities		26,476		37,726		—		64,202
Exchange Traded Fund (ETF)-Fixed income		4,133				—		4,133
Total fixed income		30,609		37,726		—		68,335
Domestic and foreign stock		48,279		—		—		48,279
Mutual funds-equity		38,812		—		—		38,812
Total equity		87,091		—		—		87,091
Total assets at fair value		124,057		37,726		—		161,783
Common trust funds (fixed income)		—		—		—		514,562
Common trust fund (real assets)		—		—		—		58,475
Total	$	124,057	$	37,726	$	—	$	734,820


	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
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