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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Components of net periodic benefit cost The following tables 11.1, 11.2, and 11.3 provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2024, 2023, and 2022 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheets as of December 31, 2024 and 2023.
Components of net periodic benefit cost
Table
11.1
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202412/31/202312/31/202212/31/202412/31/202312/31/2022
Company Service Cost$— $— $7,153 $1,668 $1,497 $1,307 
Interest Cost12,988 13,787 12,461 1,501 1,633 694 
Expected Return on Plan Assets
(14,576)(13,517)(18,064)(9,974)(8,235)(10,502)
Amortization of:      
Net Transition Obligation (Asset)
— — — — — — 
Prior Service Cost (Credit)
345 345 (163)1,813 1,861 489 
Net Actuarial Losses (Gains)
2,091 2,185 5,726 (1,523)(150)(3,103)
Cost of Settlements and Curtailments198 9,749 13,801 — — — 
Net Periodic Benefit Cost (Benefit)
$1,046 $12,549 $20,914 $(6,515)$(3,394)$(11,115)
Development of funded status
Development of funded status
Table
11.2
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202412/31/202312/31/202412/31/2023
Actuarial Value of Benefit Obligations
Measurement Date12/31/202412/31/202312/31/202412/31/2023
Accumulated Benefit Obligation$242,253 $261,330 $23,383 $30,238 
Funded Status/Asset (Liability) on the Consolidated Balance Sheet
Benefit Obligation$(242,253)$(261,330)$(23,383)$(30,238)
Plan Assets at Fair Value240,216 235,612 156,604 134,371 
Funded Status - Overfunded/AssetN/AN/A$133,221 $104,133 
Funded Status - Underfunded/Liability(2,037)(25,718)N/AN/A
Accumulated other comprehensive (income) loss
Table
11.3
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202412/31/202312/31/202412/31/2023
Net Actuarial Losses (Gains)
$78,240 $79,309 $(45,384)$(30,804)
Prior Service Cost (Credit)
2,555 2,900 2,923 11,041 
Net Transition Obligation (Asset)
— — — — 
Total at Year End$80,795 $82,209 $(42,461)$(19,763)
Change in projected benefit obligation
Table 11.4 shows the changes in the projected benefit obligation for the years ended December 31, 2024 and 2023.
Change in projected benefit / accumulated benefit
Table
11.4
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202412/31/202312/31/202412/31/2023
Benefit Obligation at Beginning of Year$261,330 $274,975 $30,238 $29,580 
Company Service Cost— — 1,668 1,497 
Interest Cost12,988 13,787 1,501 1,633 
Plan Participants' Contributions— — 240 311 
Net Actuarial Losses (Gains)
(8,637)16,995 (379)1,294 
Benefit Payments from Fund(13,985)(13,549)(3,296)(3,439)
Benefit and Settlement Payments Paid Directly by Company
(313)(384)— — 
Plan Amendments— — (6,305)(346)
Settlement Payments from Fund (1)
(9,130)(30,494)— — 
Other Adjustment— — (284)(292)
Benefit Obligation at End of Year$242,253 $261,330 $23,383 $30,238 
(1)Represents lump sum payments from our pension plan to eligible participants, who were former employees with vested benefits.
Changes in fair value of plan assets and other comprehensive income (loss)
Tables 11.5 and 11.6 shows the changes in the fair value of the net assets available for plan benefits and changes in other comprehensive income (loss) for the years ended December 31, 2024 and 2023.
Change in plan assets
Table
11.5
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202412/31/202312/31/202412/31/2023
Fair Value of Plan Assets at Beginning of Year$235,612 $250,674 $134,371 $111,154 
Actual Return on Plan Assets
4,719 28,981 25,699 26,703 
Company Contributions23,313 384 — — 
Plan Participants' Contributions— — 240 311 
Benefit Payments from Fund(13,985)(13,549)(3,296)(3,439)
Benefit and Settlement Payments Paid Directly by Company
(313)(384)— — 
Settlement Payments from Fund(9,130)(30,494)— — 
Other Adjustment— — (410)(358)
Fair Value of Plan Assets at End of Year$240,216 $235,612 $156,604 $134,371 
Change in accumulated other comprehensive income (loss) ("AOCI")
Table
11.6
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)
12/31/202412/31/202312/31/202412/31/2023
AOCI in Prior Year$82,209 $92,956 $(19,763)$(532)
Increase (Decrease) in AOCI
    
Recognized during year - Prior Service (Cost) Credit
(345)(345)(1,813)(1,861)
Recognized during year - Net Actuarial (Losses) Gains
(2,290)(11,933)1,523 150 
Occurring during year - Prior Service Cost— — (6,305)(346)
Occurring during year - Net Actuarial Losses (Gains)
1,221 1,531 (16,103)(17,174)
AOCI in Current Year$80,795 $82,209 $(42,461)$(19,763)
Actuarial assumptions
The projected benefit obligations, net periodic benefit costs and accumulated benefit obligation for the plans were determined using the following weighted average assumptions.
Actuarial assumptions
Table11.7
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
 12/31/202412/31/202312/31/202412/31/2023
Weighted-Average Assumptions Used to Determine
Benefit Obligations at year end
1. Discount Rate5.70 %5.20 %5.65 %5.20 %
2. Rate of Compensation IncreaseN/AN/AN/AN/A
3. Cash balance interest crediting rate4.78 %4.03 %N/AN/A
Weighted-Average Assumptions Used to Determine    
Net Periodic Benefit Cost for Year    
1. Discount Rate
5.20 %5.50 %5.20 %5.60 %
2. Expected Long-term Return on Plan Assets6.00 %6.00 %7.50 %7.50 %
3. Rate of Compensation IncreaseN/AN/AN/AN/A
Assumed Health Care Cost Trend Rates at year end    
1. Health Care Cost Trend Rate Assumed for Next YearN/AN/AN/A6.75 %
2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate)N/AN/AN/A5.00 %
3. Year That the Rate Reaches the Ultimate Trend RateN/AN/AN/A2031
Year-end asset allocations of the plans
The year-end asset allocations of the plans are shown in table 11.8 below.
Plan assets
Table11.8
  Pension PlanOther Postretirement Benefits
 12/31/202412/31/202312/31/202412/31/2023
Equity Securities21 %21 %100 %100 %
Debt Securities79 %79 %— %— %
Total100 %100 %100 %100 %
Schedule of investment allocation strategies
The equity investments use combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies:
StrategyObjectiveInvestment types
Return seeking growthFunded ratio improvement over the long term●Global quality growth
●Global low volatility
Return seeking bridgeDownside protection in the event of a declining equity market●Enduring asset
●Durable company
Minimum and maximum allocation ranges for fixed income securities and equity securities
The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these objectives the minimum and maximum allocation ranges for fixed income securities and equity securities are:
 MinimumMaximum
Equities (long only)70 %100 %
Real estate0 %15 %
Commodities0 %10 %
Fixed income/Cash0 %10 %
Schedule of expected future benefit payments
Expected future benefit payments from the plans are shown in Table 11.11 below.
Expected future benefit payments
Table
11.11
 Pension and Supplemental Executive Retirement PlansOther Postretirement Benefits
(In thousands)12/31/202412/31/2024
Current + 121,5972,730
Current + 221,8942,547
Current + 322,3382,394
Current + 421,4432,411
Current + 520,9482,339
Current + 6 - 1094,95211,226
Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Schedule of fair value of plan assets
The pension plan assets and related accrued investment income at fair value, by hierarchy level, as of December 31, 2024 and 2023, are shown in tables 11.9a and 11.9b below. There were no securities valued using Level 3 inputs.
Pension plan assets at fair value as of December 31, 2024
Table11.9a
(In thousands)
Level 1Level 2Total
Domestic mutual funds$3,479 $— $3,479 
U.S. government securities22,355 — 22,355 
Corporate debt securities
Corporate debt securities and other— 135,739 135,739 
Non-government foreign debt securities— 20,665 20,665 
Municipal bonds— 11,607 11,607 
Pooled equity accounts— 46,371 46,371 
Total Assets at fair value$25,834 $214,382 $240,216 
Pension plan assets at fair value as of December 31, 2023
Table11.9b
(In thousands)
Level 1Level 2Total
Domestic mutual funds$2,836 $— $2,836 
U.S. government securities10,301 — 10,301 
Corporate debt Securities
Corporate debt securities and other— 145,908 145,908 
Non-government foreign debt securities— 21,843 21,843 
Municipal bonds— 9,220 9,220 
Pooled equity accounts— 45,504 45,504 
Total Assets at fair value$13,137 $222,475 $235,612 
Other Postretirement Benefit Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Schedule of fair value of plan assets
Tables 11.10a and 11.10b set forth the other postretirement benefits plan assets at fair value as of December 31, 2024 and 2023. All are Level 1 assets.
Other postretirement benefits plan assets at fair value as of December 31, 2024
Table11.10a
(In thousands)
Level 1
Domestic mutual funds
$130,586 
International mutual funds
26,018 
Total Assets at fair value$156,604 
Other postretirement benefits plan assets at fair value as of December 31, 2023
Table11.10b
(In thousands)
Level 1
Domestic mutual funds
$109,575 
International mutual funds
24,796 
Total Assets at fair value$134,371