Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Components of benefit expense

The components of the expense consisted of the following:

	For the years ended December 31,
(in thousands)	2023		2022		2021
Interest cost	$	23,579	$	17,332	$	16,465
Expected return on plan assets, net of expenses	(25,221)		(24,900)		(23,235)
Amortization of actuarial loss and prior service cost	18		4,034		6,210
Total for defined benefit plans	(1,624)		(3,534)		(560)
SERPs	974		921		903
Defined contribution plan	15,998		15,257		14,394
Net periodic benefit cost	$	15,348	$	12,644	$	14,737

Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:

	For the years ended December 31,
(in thousands)	2023		2022		2021
Actuarial gain/(loss)	$	3,091	$	(12,703)	$	27,318
Amortization of actuarial loss and prior service cost	18		4,034		6,210
Total	$	3,109	$	(8,669)	$	33,528

Schedule of assumptions used

Assumptions used in determining the annual retirement plans expense were as follows:

	2023		2022		2021
Discount rate	5.47	%	2.95	%	2.64	%
Long-term rate of return on plan assets	5.50	%	5.50	%	5.50	%

Assumptions used to determine the defined benefit pension plan benefit obligation were as follows:

	2023		2022		2021
Weighted average discount rate	5.18	%	5.47	%	2.95	%

Schedule of employee benefit plan assets and obligations

The following table presents information about our employee benefit plan assets and obligations:

	Defined Benefit Plan				SERPs
	For the years ended December 31,
(in thousands)	2023		2022		2023		2022
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	450,022	$	603,309	$	13,393	$	18,023
Interest cost	23,579		17,332		708		509
Benefits paid	(33,750)		(33,521)		(1,161)		(1,541)
Actuarial (gains)/losses	9,142		(137,098)		497		(3,598)
Projected benefit obligation at end of year	448,993		450,022		13,437		13,393
Plan assets:
Fair value at beginning of year	383,725		517,148		—		—
Actual return on plan assets	37,454		(124,901)		—		—
Company contributions	—		24,999		1,161		1,541
Benefits paid	(33,750)		(33,521)		(1,161)		(1,541)
Fair value at end of year	387,429		383,725		—		—
Funded status	$	(61,564)	$	(66,297)	$	(13,437)	$	(13,393)
Amounts recognized in Consolidated Balance Sheets:
Current liabilities	$	—	$	—	$	(1,350)	$	(1,411)
Noncurrent liabilities	(61,564)		(66,297)		(12,087)		(11,982)
Total	$	(61,564)	$	(66,297)	$	(13,437)	$	(13,393)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	95,793	$	98,884	$	3,838	$	3,467
Prior service cost	334		352		—		—

Schedule of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets

Information for plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows:

	Defined Benefit Plan				SERPs
	As of December 31,
(in thousands)	2023		2022		2023		2022
Accumulated benefit obligation	$	448,993	$	450,022	$	13,437	$	13,393
Projected benefit obligation	448,993		450,022		13,437		13,393
Fair value of plan assets	387,429		383,725		—		—

Schedule of allocation of pension plan assets by asset category

Information related to our pension plan asset allocations by asset category were as follows:

	Target allocation		Percentage of plan assets as of December 31,
	2024		2023		2022
US equity securities	13	%	13	%	13	%
Non-US equity securities	27	%	31	%	31	%
Fixed-income securities	55	%	55	%	55	%
Other	5	%	1	%	1	%
Total	100	%	100	%	100	%

Plan assets measured using the fair value hierarchy

The following table presents our plan assets as of December 31, 2023 and 2022:

	As of December 31,
(in thousands)	2023		2022
Equity securities
Common/collective trust funds	$	172,635	$	170,867
Fixed income
Common/collective trust funds	212,012		210,226
Cash equivalents	2,782		2,632
Fair value of plan assets	$	387,429	$	383,725