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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Components of Benefit Expense
The components of the expense consisted of the following:
 For the years ended December 31,
(in thousands)202420232022
Interest cost$22,444 $23,579 $17,332 
Expected return on plan assets, net of expenses(24,072)(25,221)(24,900)
Amortization of actuarial loss and prior service cost18 18 4,034 
Total for defined benefit plans(1,610)(1,624)(3,534)
SERPs936 974 921 
Defined contribution plan16,290 15,998 15,257 
Net periodic benefit cost$15,616 $15,348 $12,644 
Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
 For the years ended December 31,
(in thousands)202420232022
Actuarial gain/(loss)$(5)$3,091 $(12,703)
Amortization of actuarial loss and prior service cost18 18 4,034 
Total$13 $3,109 $(8,669)
Schedule of Assumptions Used
Assumptions used in determining the annual retirement plans expense were as follows:
202420232022
Discount rate5.18 %5.47 %2.95 %
Long-term rate of return on plan assets5.50 %5.50 %5.50 %
Assumptions used to determine the defined benefit pension plan benefit obligation were as follows:
202420232022
Weighted average discount rate5.67 %5.18 %5.47 %
Schedule of Employee Benefit Plan Assets and Obligations The following table presents information about our employee benefit plan assets and obligations:
 Defined Benefit PlanSERPs
 For the years ended December 31,
(in thousands)2024202320242023
Change in projected benefit obligation:
Projected benefit obligation at beginning of year$448,993 $450,022 $13,437 $13,393 
Interest cost22,444 23,579 662 708 
Benefits paid(37,828)(33,750)(1,131)(1,161)
Actuarial (gains)/losses(18,488)9,142 (230)497 
Projected benefit obligation at end of year415,121 448,993 12,738 13,437 
Plan assets:
Fair value at beginning of year387,429 383,725 — — 
Actual return on plan assets5,579 37,454 — — 
Company contributions— — 1,131 1,161 
Benefits paid(37,828)(33,750)(1,131)(1,161)
Fair value at end of year355,180 387,429 — — 
Funded status$(59,941)$(61,564)$(12,738)$(13,437)
Amounts recognized in Consolidated Balance Sheets:
Current liabilities$— $— $(1,468)$(1,350)
Noncurrent liabilities(59,941)(61,564)(11,270)(12,087)
Total$(59,941)$(61,564)$(12,738)$(13,437)
Amounts recognized in accumulated other comprehensive loss consist of:
  Net actuarial loss$95,798 $95,793 $3,468 $3,838 
  Prior service cost316 334 — — 
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 PlanSERPs
 As of December 31,
(in thousands)2024202320242023
Accumulated benefit obligation$415,121 $448,993 $12,738 $13,437 
Projected benefit obligation415,121 448,993 12,738 13,437 
Fair value of plan assets355,180 387,429 — — 
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,
 202520242023
US equity securities13 %13 %13 %
Non-US equity securities27 %32 %31 %
Fixed-income securities55 %54 %55 %
Other%%%
Total100 %100 %100 %
Plan Assets Measured Using the Fair Value Hierarchy
The following table presents our plan assets as of December 31, 2024 and 2023:
As of December 31,
(in thousands)20242023
Equity securities
Common/collective trust funds$159,893 $172,635 
Fixed income
Common/collective trust funds192,571 212,012 
Receivables for investment sold2,716 2,782 
Fair value of plan assets$355,180 $387,429