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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Change in Benefit Obligation
The funded status and amounts recognized on the 2023 and 2022 consolidated balance sheets, as measured on December 31, 2023 and 2022, respectively, for the RAP and Postretirement Plan were as follows:
 RAPPostretirement
Plan
RAPPostretirement
Plan
($ in thousands)2023202320222022
Change in fair value of plan assets
Fair value of plan assets at beginning of year$407,405 $— $497,796 $— 
Actual return on plan assets60,565 — (74,140)— 
Employer contributions— 171 — 193 
Gross benefits paid(14,513)(171)(16,252)(193)
Fair value of plan assets at end of year(a)
$453,457 $— $407,405 $— 
Change in benefit obligation
Net benefit obligation at beginning of year$208,315 $1,530 $261,321 $1,975 
Service cost3,189 — 3,670 — 
Interest cost
10,887 78 7,152 53 
Actuarial (gain) loss3,475 (12)(47,577)(305)
Gross benefits paid(14,513)(171)(16,252)(193)
Net benefit obligation at end of year(a)
$211,353 $1,425 $208,315 $1,530 
Funded (unfunded) status$242,104 $(1,425)$199,089 $(1,530)
Noncurrent assets$242,104 $— $199,089 $— 
Current liabilities— (158)— (164)
Noncurrent liabilities— (1,267)— (1,366)
Asset (liability) recognized on the consolidated balance sheets$242,104 $(1,425)$199,089 $(1,530)
(a) The fair value of the plan assets represented 215% and 196% of the net benefit obligation of the pension plan at December 31, 2023 and 2022, respectively.
AOCI Components
Amounts recognized in accumulated other comprehensive (income) loss, net of tax, as of December 31, 2023 and 2022 were as follows:
RAPPostretirement
Plan
RAPPostretirement
Plan
($ in thousands)2023202320222022
Prior service cost$(884)$(308)$(1,064)$(362)
Net actuarial loss (gain)27,089 (301)44,919 (316)
Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss$26,204 $(609)$43,855 $(678)
Changes in OCI
Other changes in plan assets and benefit obligations recognized in OCI, net of tax, in 2023 and 2022 were as follows:
RAPPostretirement
Plan
RAPPostretirement
Plan
($ in thousands)2023202320222022
Net actuarial gain (loss)$24,228 $12 $(53,466)$305 
Amortization of prior service cost(250)(75)(250)(75)
Amortization of actuarial loss (gain)— (29)658 — 
Income tax benefit (expense)(6,327)23 13,553 (58)
Total recognized in OCI$17,650 $(68)$(39,504)$171 
Net period benefit cost for the pension plans
The components of net periodic pension cost for the RAP for 2023, 2022, and 2021 were as follows:
($ in thousands)202320222021
Service cost$3,189 $3,670 $7,779 
Interest cost10,887 7,152 6,570 
Expected return on plan assets(32,862)(26,903)(25,675)
Amortization of prior service cost(250)(250)(73)
Amortization of actuarial loss — 658 4,594 
Recognized settlement loss — — 434 
Total net periodic pension (income)$(19,037)$(15,673)$(6,370)
Net period benefit cost for postretirement plan
The components of net periodic benefit cost for the Postretirement Plan for 2023, 2022, and 2021 were as follows:
($ in thousands)202320222021
Interest cost$78 $53 $52 
Amortization of prior service cost(75)(75)(75)
Amortization of actuarial (gain)(29)— — 
Total net periodic benefit (income)$(26)$(22)$(24)
Weighted Average Benefit Assumptions
RAPPostretirement
 Plan
RAPPostretirement
Plan
2023202320222022
Weighted average assumptions used to determine benefit obligations
Discount rate5.40 %5.40 %5.40 %5.40 %
Rate of increase in compensation levels2.50 %N/A2.50 %N/A
Interest crediting rate3.77 %N/A3.46 %N/A
Weighted average assumptions used to determine net periodic benefit costs
Discount rate
5.40 %5.40 %2.80 %2.80 %
Rate of increase in compensation levels2.50 %N/A2.50 %N/A
Expected long-term rate of return on plan assets
7.30 %N/A6.00 %N/A
Plan Asset Allocation Percentages The asset allocation for the RAP as of the December 31, 2023 and 2022 measurement dates, respectively, by asset category were as follows:
Asset Category20232022
Equity securities54 %53 %
Fixed-income securities34 %35 %
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, 2023 and 2022:
  Fair Value Measurements Using
($ in thousands)December 31, 2023Level 1Level 2Level 3
RAP investments
Money market account$10,040 $10,040 $— $— 
Common /collective trust funds164,891 164,891 — — 
Mutual funds234,840 234,840 — — 
Group annuity contracts43,687 — — 43,687 
Total RAP investments$453,457 $409,771 $— $43,687 
 Fair Value Measurements Using
($ 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 
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 Investments20232022
Fair value of group annuity contract at beginning of period$40,939 $49,213 
Return on plan assets5,313 (5,671)
Benefits paid(2,565)(2,604)
Fair value of group annuity contract at end of period$43,687 $40,939 
Expected Benefit Payments
The projected benefit payments were calculated using the same assumptions as those used to calculate the benefit obligations listed above. The projected benefit payments for the RAP and Postretirement Plan at December 31, 2023, reflecting expected future services, were as follows:
($ in thousands)RAPPostretirement Plan
Estimated future benefit payments
2024$20,198 $163 
202522,320 158 
202621,163 152 
202719,804 146 
202819,842 140 
2029-203383,328 595