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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Change in Benefit Obligation
The funded status and amounts recognized on the 2022 and 2021 consolidated balance sheets, as measured on December 31, 2022 and 2021, respectively, for the RAP and Postretirement Plan were as follows:
 RAPPostretirement
Plan
RAPPostretirement
Plan
($ in Thousands)2022202220212021
Change in Fair Value of Plan Assets
Fair value of plan assets at beginning of year$497,796 $— $478,849 $— 
Actual return on plan assets(74,140)— 41,576 — 
Employer contributions— 193 — 201 
Gross benefits paid(16,252)(193)(22,629)(201)
Fair value of plan assets at end of year(a)
$407,405 $— $497,796 $— 
Change in Benefit Obligation
Net benefit obligation at beginning of year$261,321 $1,975 $280,017 $2,243 
Service cost3,670 — 7,779 — 
Interest cost
7,152 53 6,570 52 
Plan amendments— — (1,494)— 
Actuarial (gain) loss(47,577)(305)(8,921)(119)
Gross benefits paid(16,252)(193)(22,629)(201)
Net benefit obligation at end of year(a)
$208,315 $1,530 $261,321 $1,975 
Funded (unfunded) status$199,089 $(1,530)$236,475 $(1,975)
Noncurrent assets$199,089 $— $236,475 $— 
Current liabilities— (164)— (177)
Noncurrent liabilities— (1,366)— (1,798)
Asset (liability) recognized on the consolidated balance sheets$199,089 $(1,530)$236,475 $(1,975)
(a) The fair value of the plan assets represented 196% and 190% of the net benefit obligation of the pension plan at December 31, 2022 and 2021, respectively.
AOCI Components Amounts recognized in accumulated other comprehensive (income) loss, net of tax, as of December 31, 2022 and 2021 were as follows:
RAPPostretirement
Plan
RAPPostretirement
Plan
($ in Thousands)2022202220212021
Prior service cost$(1,064)$(362)$(1,253)$(419)
Net actuarial loss (gain)44,919 (316)5,605 (89)
Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss$43,855 $(678)$4,352 $(508)
Changes in OCI Other changes in plan assets and benefit obligations recognized in OCI, net of tax, in 2022 and 2021 were as follows:
RAPPostretirement
Plan
RAPPostretirement
Plan
($ in Thousands)2022202220212021
Net actuarial gain (loss)$(53,466)$305 $25,257 $119 
Amortization of prior service cost(250)(75)(73)(75)
Amortization of actuarial loss658 — 4,594 — 
Prior service cost— — 1,494 — 
Income tax benefit (expense)13,553 (58)(7,791)(11)
Total recognized in OCI$(39,504)$171 $23,480 $33 
Net period benefit cost for the pension plans The components of net periodic pension cost for the RAP for 2022, 2021, and 2020 were as follows:
($ in Thousands)202220212020
Service cost$3,670 $7,779 $8,244 
Interest cost7,152 6,570 8,185 
Expected return on plan assets(26,903)(25,675)(25,595)
Amortization of prior service cost(250)(73)(73)
Amortization of actuarial loss 658 4,594 3,897 
Recognized settlement loss — 434 — 
Total net periodic pension (income)$(15,673)$(6,370)$(5,342)
Net period benefit cost for postretirement plan The components of net periodic benefit cost for the Postretirement Plan for 2022, 2021, and 2020 were as follows:
($ in Thousands)202220212020
Interest cost$53 $52 $78 
Amortization of prior service cost(75)(75)(75)
Total net periodic benefit cost (income)$(22)$(24)$
Weighted Average Benefit Assumptions
RAPPostretirement
 Plan
RAPPostretirement
Plan
2022202220212021
Weighted average assumptions used to determine benefit obligations
Discount rate5.40 %5.40 %2.80 %2.80 %
Rate of increase in compensation levels2.50 %N/A2.50 %N/A
Interest crediting rate3.46 %N/A3.07 %N/A
Weighted average assumptions used to determine net periodic benefit costs
Discount rate
2.80 %2.80 %2.40 %2.40 %
Rate of increase in compensation levels2.50 %N/A2.00 %N/A
Expected long-term rate of return on plan assets
6.00 %N/A6.00 %N/A
Plan Asset Allocation Percentages The asset allocation for the RAP as of the December 31, 2022 and 2021 measurement dates, respectively, by asset category were as follows:
Asset Category20222021
Equity securities53 %55 %
Fixed-income securities35 %34 %
Group annuity contracts10 %10 %
Other%%
Total100 %100 %
Schedule Of Pension Plan Investments [Table Text Block] Based on these inputs, the following table summarizes the fair value of the RAP’s investments as of December 31, 2022 and 2021:
  Fair Value Measurements Using
($ in Thousands)December 31, 2022Level 1Level 2Level 3
RAP Investments
Money market account$6,628 $6,628 $— $— 
Common /collective trust funds155,654 155,654 — — 
Mutual funds204,184 204,184 — — 
Group annuity contracts40,939 — — 40,939 
Total RAP investments$407,405 $366,466 $— $40,939 
 Fair Value Measurements Using
($ in Thousands)December 31, 2021Level 1Level 2Level 3
RAP Investments
Money market account$5,446 $5,446 $— $— 
Common /collective trust funds185,791 185,791 — — 
Mutual funds257,345 257,345 — — 
Group annuity contracts49,213 — — 49,213 
Total RAP investments$497,796 $448,582 $— $49,213 
Schedule of Changes in Fair Value of Plan Assets The following presents a summary of the changes in the fair value of the RAP's Level 3 asset during the periods indicated.
Fair Value Reconciliation of Level 3 RAP Investments20222021
Fair value of group annuity contract at beginning of period$49,213 $50,866 
Return on plan assets(5,671)921 
Transfers from money market funds and equity securities— 66 
Benefits paid(2,604)(2,640)
Fair value of group annuity contract at end of period$40,939 $49,213 
Expected Benefit Payments The projected benefit payments were calculated using the same assumptions as those used to calculate the benefit obligations listed above. The projected benefit payments for the RAP and Postretirement Plan at December 31, 2022, reflecting expected future services, were as follows:
($ in Thousands)RAPPostretirement Plan
Estimated future benefit payments
2023$19,000 $169 
202419,436 164 
202521,315 159 
202620,032 154 
202718,924 148 
2028-203281,944 638