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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2024
Employee Benefit Plans  
Schedule of pension information

Arrow SERP

 

(thousands)

    

2024

    

2023

 

Accumulated benefit obligation

$

74,530

$

77,737

Changes in projected benefit obligation:

 

  

 

  

Projected benefit obligation at beginning of year

 

88,084

 

84,148

Service cost

 

3,193

 

3,250

Interest cost

 

4,081

 

4,082

Actuarial (gain) loss

 

(6,602)

 

1,328

Benefits paid

 

(5,724)

 

(4,724)

Projected benefit obligation at end of year

 

83,032

 

88,084

Funded status

$

(83,032)

$

(88,084)

Amounts recognized in the company's consolidated balance sheets:

 

  

 

  

Current liabilities

$

(6,168)

$

(6,186)

Noncurrent liabilities

 

(76,864)

 

(81,898)

Net liability at end of year

$

(83,032)

$

(88,084)

Components of net periodic pension cost:

 

  

 

  

Service cost

$

3,193

$

3,250

Interest cost

 

4,081

 

4,082

Amortization of prior service cost

337

336

Amortization of net loss

 

(164)

 

(668)

Net periodic pension cost

$

7,447

$

7,000

Weighted-average assumptions used to determine benefit obligation:

 

  

 

  

Discount rate

 

5.50

%  

 

4.80

%

Rate of compensation increase

 

5.00

%  

 

5.00

%

Expected return on plan assets

 

N/A

 

N/A

Weighted-average assumptions used to determine net periodic pension cost:

 

  

 

  

Discount rate

 

4.80

%  

 

5.00

%

Rate of compensation increase

 

5.00

%  

 

5.00

%

Expected return on plan assets

 

N/A

 

N/A

Schedule of expected benefit payments

(thousands)

    

Arrow SERP

2025

$

6,168

2026

 

6,318

2027

 

6,183

2028

 

6,201

2029

 

6,792

2030 - 2034

 

36,382

Schedule of other comprehensive income items

(thousands)

    

2024

2023

2022

Actuarial (loss) gains, net of tax

$

5,027

$

(1,011)

$

19,548

Reclassification of actuarial loss (gain), net of tax (a)

 

(125)

(508)

590

Prior service (costs), net of tax

(2,304)

Reclassification of prior service costs, net of tax

256

256