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Pension Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of net funded status
For the Years Ended December 31,
20232022
(in thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year$65,161 $75,760 
Service cost3,706 4,652 
Interest cost3,200 2,314 
Actuarial (gain) loss84 (15,567)
Benefits paid(4,883)(1,998)
Projected benefit obligation at end of year67,268 65,161 
Change in plan assets:
Fair value of plan assets at beginning of year36,414 35,941 
Actual return on plan assets4,161 (3,529)
Employer contribution10,000 6,000 
Benefits paid(4,883)(1,998)
Fair value of plan assets at end of year45,692 36,414 
Funded status at end of year$(21,576)$(28,747)
Schedule of accumulated benefit obligation in excess of plan assets
Accumulated Benefit Obligation in Excess of Plan Assets for the Pension Plans
As of December 31,
20232022
(in thousands)
Projected benefit obligation$67,268 $65,161 
Accumulated benefit obligation$55,557 $55,712 
Less: fair value of plan assets(45,692)(36,414)
Underfunded accumulated benefit obligation$9,865 $19,298 
Schedule of pension liability adjustments recognized in other comprehensive income (loss)
The pension liability adjustments recognized in other comprehensive income during 2023, 2022, and 2021, were as follows:
For the Years Ended December 31,
202320222021
(in thousands)
Net actuarial gain (loss)$1,737 $10,327 $(612)
Amortization of prior service cost— — 13 
Amortization of net actuarial loss68 931 1,240 
Settlements— — 312 
Total pension liability adjustment, pre-tax1,805 11,258 953 
Tax expense(390)(2,431)(204)
Total pension liability adjustment, net$1,415 $8,827 $749 
Components of net periodic benefit cost for the pension plans
Components of Net Periodic Benefit Cost for the Pension Plans
For the Years Ended December 31,
202320222021
(in thousands)
Components of net periodic benefit cost:
Service cost$3,706 $4,652 $4,455 
Interest cost3,200 2,3142,089 
Expected return on plan assets that reduces periodic pension benefit cost(2,340)(1,711)(1,474)
Amortization of prior service cost— — 13 
Amortization of net actuarial loss68 931 1,240 
Net periodic benefit cost4,634 6,186 6,323 
Settlements— — 312 
Total net benefit cost$4,634 $6,186 $6,635 
Schedule of weighted-average pension plan assumptions
The weighted-average assumptions used to measure the Company’s projected benefit obligation are as follows:
As of December 31,
20232022
Projected benefit obligation:
Discount rate5.0%5.2%
Rate of compensation increase3.5%3.5%
The weighted-average assumptions used to measure the Company’s net periodic benefit cost are as follows:
For the Years Ended December 31,
202320222021
Net periodic benefit cost:
Discount rate5.2%3.1%2.9%
Expected return on plan assets (1)
6.3%3.6%4.4%
Rate of compensation increase3.5%4.8%4.4%
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(1)There is no assumed expected return on plan assets for the Nonqualified Pension Plan because there are no plan assets in the Nonqualified Pension Plan.
Schedule of weighted-average asset allocation of the Qualified Pension Plan
The weighted-average asset allocation of the Qualified Pension Plan is as follows:
TargetAs of December 31,
Asset Category202420232022
Equity securities49.0 %43.0 %47.1 %
Fixed income securities26.0 %25.5 %21.0 %
Other securities25.0 %31.5 %31.9 %
Total100.0 %100.0 %100.0 %
Schedule of fair values of the Qualified Pension Plan assets
The fair values of the Company’s Qualified Pension Plan assets as of December 31, 2023, and 2022, utilizing the fair value hierarchy discussed in Note 8 – Fair Value Measurements are as follows:
Fair Value Measurements Using:
Actual Asset Allocation (1)
TotalLevel 1 InputsLevel 2 InputsLevel 3 Inputs
(in thousands)
As of December 31, 2023
Equity securities:
Domestic (2)
20.3 %$9,280 $6,097 $3,183 $— 
International (3)
22.7 %10,349 10,349 — — 
Total equity securities43.0 %19,629 16,446 3,183 — 
Fixed income securities:
Core fixed income (4)
25.5 %11,646 11,646 — — 
Floating rate corporate loans (5)
— %— — — — 
Total fixed income securities25.5 %11,646 11,646 — — 
Other securities:
Real estate (6)
4.6 %2,116 — — 2,116 
Collective investment trusts (7)
13.6 %6,206 — 6,206 — 
Hedge fund (8)
13.3 %6,095 1,498 — 4,597 
Total other securities31.5 %14,417 1,498 6,206 6,713 
Total investments100.0 %$45,692 $29,590 $9,389 $6,713 
As of December 31, 2022
Equity securities:
Domestic (2)
20.7 %$7,533 $5,012 $2,521 $— 
International (3)
26.4 %9,594 9,594 — — 
Total equity securities47.1 %17,127 14,606 2,521 — 
Fixed income securities:
Core fixed income (4)
14.3 %5,220 5,220 — — 
Floating rate corporate loans (5)
6.7 %2,450 2,450 — — 
Total fixed income securities21.0 %7,670 7,670 — — 
Other securities:
Real estate (6)
6.8 %2,476 — — 2,476 
Collective investment trusts (7)
1.9 %687 — 687 — 
Hedge fund (8)
23.2 %8,454 4,133 — 4,321 
Total other securities31.9 %11,617 4,133 687 6,797 
Total investments100.0 %$36,414 $26,409 $3,208 $6,797 
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(1)Percentages may not calculate due to rounding.
(2)Level 1 equity securities consist of United States large and small capitalization companies, which are actively traded securities that can be sold on demand. Level 2 equity securities are investments in a collective investment fund that is valued at net asset value based on the value of the underlying investments and total units outstanding on a daily basis. The objective of these funds is to approximate the S&P 500 by investing in one or more collective investment funds.
(3)International equity securities consist of a well-diversified portfolio of holdings of mostly large issuers organized in developed countries with liquid markets, commingled with investments in equity securities of issuers located in emerging markets that are believed to have strong sustainable financial productivity at attractive valuations.
(4)The objective of core fixed income funds is to achieve value added from sector or issue selection by constructing a portfolio to approximate the investment results of the Barclay’s Capital Aggregate Bond Index with a modest amount of variability in duration around the index.
(5)Investments consist of floating rate bank loans. The interest rates on these loans are typically reset on a periodic basis to account for changes in the level of interest rates.
(6)The investment objective of direct real estate is to provide current income with the potential for long-term capital appreciation. Ownership in real estate entails a long-term time horizon, periodic valuations, and potentially low liquidity.
(7)Collective investment trusts invest in short-term investments and are valued at the net asset value of the collective investment trust. The net asset value, as provided by the trustee, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities.
(8)The hedge fund portfolio includes investments in actively traded global mutual funds that focus on alternative investments and a hedge fund of funds that invests both long and short using a variety of investment strategies.
Schedule of changes in Level 3 plan assets
The following is a summary of the changes in Level 3 plan assets (in thousands):
Balance at January 1, 2022$6,195 
Purchases400 
Realized gain on assets259 
Unrealized loss on assets(57)
Disposition— 
Balance at December 31, 2022$6,797 
Purchases— 
Realized gain on assets364 
Unrealized loss on assets(448)
Disposition— 
Balance at December 31, 2023$6,713 
Schedule of expected benefit payments Expected benefit payments over the next 10 years are as follows:
For the Years Ending December 31,Amount
(in thousands)
2024$6,865 
2025$4,455 
2026$7,064 
2027$5,026 
2028$5,281 
2029 through 2033$25,587