XML 65 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
The funded status and amounts recognized on the 2024 and 2023 consolidated balance sheets for the RAP and Postretirement Plan were as follows:
 RAPPostretirement
Plan		RAPPostretirement
Plan
($ in thousands)2024202420232023
Change in fair value of plan assets
Fair value of plan assets at beginning of year$453,457 $— $407,405 $— 
Actual return on plan assets43,676 — 60,565 — 
Employer contributions— 183 — 171 
Gross benefits paid(18,163)(183)(14,513)(171)
Fair value of plan assets at end of year(a)
$478,970 $— $453,457 $— 
Change in benefit obligation
Net benefit obligation at beginning of year$211,353 $1,425 $208,315 $1,530 
Service cost3,027 — 3,189 — 
Interest cost
11,173 73 10,887 78 
Actuarial loss (gain)5,975 729 3,475 (12)
Gross benefits paid(18,163)(183)(14,513)(171)
Net benefit obligation at end of year(a)
$213,365 $2,043 $211,353 $1,425 
Funded (unfunded) status$265,605 $(2,043)$242,104 $(1,425)
Noncurrent assets$265,605 $— $242,104 $— 
Current liabilities— (212)— (158)
Noncurrent liabilities— (1,832)— (1,267)
Asset (liability) recognized on the consolidated balance sheets$265,605 $(2,043)$242,104 $(1,425)
(a) The fair value of the plan assets represented 224% and 215% of the net benefit obligation of the pension plan at December 31, 2024 and 2023, respectively.
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]
Amounts recognized in accumulated other comprehensive (income) loss, net of tax, were as follows:
RAPPostretirement
Plan		RAPPostretirement
Plan
($ in thousands)2024202420232023
Prior service cost$(723)$(252)$(884)$(308)
Net actuarial loss (gain)24,758 267 27,089 (301)
Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss$24,035 $15 $26,204 $(609)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Other changes in plan assets and benefit obligations recognized in OCI, net of tax were as follows:
RAPPostretirement
Plan		RAPPostretirement
Plan
($ in thousands)2024202420232023
Net actuarial gain (loss)$3,102 $(729)$24,228 $12 
Amortization of prior service cost(215)(75)(250)(75)
Amortization of actuarial loss (gain)— (28)— (29)
Income tax (expense) benefit(718)208 (6,327)23 
Total recognized in OCI$2,169 $(624)$17,650 $(68)
Schedule of Net Benefit Costs [Table Text Block]
The components of net periodic pension cost for the RAP were as follows:
($ in thousands)202420232022
Service cost$3,027 $3,189 $3,670 
Interest cost11,173 10,887 7,152 
Expected return on plan assets(34,599)(32,862)(26,903)
Amortization of prior service cost(215)(250)(250)
Amortization of actuarial loss — — 658 
Total net periodic pension (income)$(20,614)$(19,037)$(15,673)
Net period benefit cost for postretirement plan
The components of net periodic benefit cost for the Postretirement Plan were as follows:
($ in thousands)202420232022
Interest cost$73 $78 $53 
Amortization of prior service cost(75)(75)(75)
Amortization of actuarial (gain)(28)(29)— 
Total net periodic benefit (income)$(31)$(26)$(22)
Defined Benefit Plan, Assumptions [Table Text Block]
RAPPostretirement
 Plan		RAPPostretirement
Plan
2024202420232023
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 rate3.81 %N/A3.77 %N/A
Weighted average assumptions used to determine net periodic benefit costs
Discount rate
5.40 %5.40 %5.40 %5.40 %
Rate of increase in compensation levels2.50 %N/A2.50 %N/A
Expected long-term rate of return on plan assets
7.40 %N/A7.30 %N/A
Schedule of Allocation of Plan Assets [Table Text Block] The asset allocation for the RAP as of the December 31, 2024 and 2023 measurement dates, respectively, by asset category were as follows:
Asset Category20242023
Equity securities55 %54 %
Fixed-income securities35 %34 %
Group annuity contracts8 %10 %
Other2 %2 %
Total100 %100 %
Defined Benefit Plan, Plan Assets, Category [Table Text Block]
Based on these inputs, the following tables summarize the fair value of the RAP’s investments:
  Fair Value Measurements Using
($ in thousands)December 31, 2024Level 1Level 2Level 3
RAP investments
Money market account$7,892 $7,892 $— $— 
Common /collective trust funds183,059 183,059 — — 
Mutual funds247,602 247,602 — — 
Group annuity contract40,416 — — 40,416 
Total RAP investments$478,970 $438,554 $— $40,416 
 Fair Value Measurements Using
($ 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 contract43,687 — — 43,687 
Total RAP investments$453,457 $409,771 $— $43,687 
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 Investments20242023
Fair value of group annuity contract at beginning of period$43,687 $40,939 
Return on plan assets(731)5,313 
Benefits paid(2,539)(2,565)
Fair value of group annuity contract at end of period$40,416 $43,687 
Schedule of Expected Benefit Payments [Table Text Block]
The projected benefit payments were calculated using the same assumptions as those used to calculate the benefit obligations listed above. The projected benefit payments for the RAP and Postretirement Plan at December 31, 2024, reflecting expected future services, were as follows:
($ in thousands)RAPPostretirement Plan
Estimated future benefit payments
2025$22,579 $217 
202621,689 213 
202720,165 208 
202820,135 203 
202920,179 196 
2030-203484,031 856