XML 56 R38.htm IDEA: XBRL DOCUMENT v3.25.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Assumptions Used
Weighted average assumptions used to determine benefit obligations

The rates below vary by plan and related work group.
 20242023
Discount rates
5.62% to 5.71%
5.14% to 5.16%
Rate of compensation increases
2.01% to 2.34%
2.01% to 2.34%

Weighted average assumptions used to determine net periodic benefit cost

The rates below vary by plan and related work group.
 202420232022
Discount rates
5.14% to 5.21%
5.41% to 5.42%
2.82% to 2.90%
Expected return on plan assets
5.00% to 7.10%
5.00% to 6.50%
3.00% to 5.25%
Rate of compensation increases
2.01% to 2.34%
2.01% to 2.35%
2.02% to 2.38%
Schedule of Allocation of Plan Assets
The target and actual asset allocation of the funds in Alaska's qualified defined-benefit plans, by asset category, are as follows: 
Salaried Plan
All Other Plans
 Target20242023Target20242023
Asset category:  
Domestic equity securities
0%
— %7 %
6%-44%
34 %36 %
Non-U.S. equity securities
0%
— %3 %
0%-22%
13 %15 %
Fixed income securities
100%
100 %90 %
35%-85%
50 %45 %
Real estate
0%
— %— %
0%-10%
3 %4 %
Plan assets100 %100 %100 %100 %

The target and actual asset allocation of the funds in Hawaiian's qualified defined-benefit plan, by asset category, are as follows:
 Target2024
Asset category:
Equity securities
60 %52 %
Fixed income securities35 %44 %
Real estate5 %4 %
Plan assets100 %100 %
Plan assets by fund category:
(in millions)
20242023Fair Value Hierarchy
Fund type:  
Equity securities
$944 $895 2
Credit bond index fund1,293 1,061 2
Plan assets in common commingled trusts$2,237 $1,956 
Real estate64 60 (a)
Cash equivalents6 7 1
Total plan assets$2,307 $2,023 
(a) In accordance with Subtopic 820-10, certain investments that are measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
The following table sets forth the status of the qualified defined-benefit pension plans:
(in millions)
20242023
Projected benefit obligation (PBO)  
Beginning of year$2,183 $2,079 
Acquisition impact
333 — 
Service cost28 29 
Interest cost113 108 
Actuarial (gain)/loss(86)83 
Benefits paid(109)(116)
End of year$2,462 $2,183 
Plan assets at fair value  
Beginning of year$2,023 $1,894 
Acquisition impact
290 — 
Actual return on plan assets72 245 
Employer contributions31 — 
Benefits paid(109)(116)
End of year$2,307 $2,023 
Unfunded status$(155)$(160)
Percent funded94 %93 %
Schedule of Amounts Recognized in Balance Sheet
The amounts recognized in the consolidated balance sheets: 
(in millions)
20242023
Accrued benefit liability-long term$(235)$(245)
Plan assets-long term (within Other noncurrent assets)80 85 
Total liability recognized$(155)$(160)
 
The amounts not yet reflected in net periodic benefit cost and included in AOCL:
(in millions)
20242023
Prior service cost (credit)$7 $6 
Net loss323 367 
Amount recognized in AOCL (pretax)$330 $373 
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets
Defined benefit plans with projected benefit obligations and accumulated benefit obligations exceeding fair value of plan assets are as follows:
(in millions)
20242023
Projected benefit obligation$1,716 $1,403 
Accumulated benefit obligation1,654 1,327 
Fair value of plan assets1,480 1,158 
Schedule of Net Benefit Costs
Net pension expense for the qualified defined-benefit plans included the following components: 
(in millions)
202420232022
Service cost$28 $29 $45 
Interest cost113 108 65 
Expected return on assets(134)(114)(128)
Amortization of prior service credit— — (1)
Recognized actuarial loss19 23 8 
Net pension expense (benefit)$26 $46 $(11)
Schedule of Expected Benefit Payments
Future benefits expected to be paid over the next ten years under the qualified defined-benefit pension plans from the assets of those plans: 
(in millions)
Total
2025$161 
2026170 
2027185 
2028195 
2029195 
2030-20341,015