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Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Cost of Pension Plans
Pension plan cost includes the following components for the years ended December 31:
(in thousands)
202220212020
Service cost for benefits earned$50,242 $53,041 $43,492 
Interest cost on benefit obligation39,764 36,824 37,578 
Expected return on plan assets(54,557)(50,275)(49,411)
Prior service cost amortization1,443 1,428 1,343 
Net actuarial loss amortization7,320 16,106 12,125 
Pension plan cost (1)
$44,212 $57,124 $45,127 

(1)     Pension plan costs represent the total cost before reimbursements to Indemnity from the Exchange and its subsidiaries. The components of pension plan costs other than the service cost components are included in the line item "Other income (expense)" in the Statements of Operations after reimbursements from the Exchange and its subsidiaries.
Schedule of Actuarial Assumptions Used to Measure the Year-End Obligations and Net Periodic Benefit Costs for the Subsequent Year
The following table describes the assumptions at December 31 used to measure the year-end obligations and the net periodic benefit costs for the subsequent year:
2022202120202019
Employee pension plan:
Discount rate5.67 %3.16 %2.96 %3.59 %
Expected return on assets5.50 5.50 6.00 6.00 
Rate of compensation increase (1)
3.21 3.21 3.21 3.21 
SERP: 
Discount rate – pre-retirement/post-retirement (2)
5.46 3.11 2.86 
3.59/3.09
Rate of compensation increase5.00 5.00 5.00 5.00 

(1)    The rate of compensation increase for the employee plan is age-graded.  An equivalent single compensation increase rate of 3.21% in 2022, 2021 and 2020 would produce similar results.
(2)    In 2020, the SERP discount rate methodology was revised to utilize SERP specific cash outflows independent of the employee pension plan discount rate, eliminating a difference between pre-retirement and post-retirement rates.
Schedule of Funded Status of Pension Plans and Amounts Recognized in the Statements of Financial Position The following table sets forth the funded status of the pension plans and the amounts recognized in the Statements of Financial Position at December 31:
(in thousands)
20222021
Funded status at end of year$(53,948)$(132,411)
Pension liabilities – due within one year (1)
$(2,724)$(2,028)
Pension liabilities – due after one year(51,224)(130,383)
Net amount recognized$(53,948)$(132,411)

(1)    The current portion of pension liabilities is included in accounts payable and accrued liabilities.
Schedule of Reconciliation of Beginning and Ending Balances of the Projected Benefit Obligation, as well as the Accumulated Benefit Obligation The following table sets forth a reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation at December 31:
(in thousands)
20222021
Projected benefit obligation, beginning of year$1,272,654 $1,246,159 
Service cost for benefits earned50,242 53,041 
Interest cost on benefit obligation39,764 36,824 
Plan amendments1,620 4,059 
Actuarial gain(448,330)(38,400)
Benefits paid(32,136)(29,029)
Projected benefit obligation, end of year$883,814 $1,272,654 
Accumulated benefit obligation, end of year$762,180 $1,037,820 
Schedule of Defined Benefit Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
Both the defined benefit pension plan and SERP had projected benefit obligations in excess of plan assets at December 31:
(in thousands)
20222021
Projected benefit obligation$883,814 $1,272,654 
Plan assets829,866 1,140,243 
Schedule of Defined Benefit Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
The SERP had accumulated benefit obligations in excess of plan assets at December 31:
(in thousands)
20222021
Accumulated benefit obligation$21,577 $29,190 
Plan assets— — 
Schedule of Reconciliation of Beginning and Ending Balances of the Fair Value of Plan Assets
The following table sets forth a reconciliation of beginning and ending balances of the fair value of plan assets at December 31:
(in thousands)
20222021
Fair value of plan assets, beginning of year$1,140,243 $1,081,061 
Actual return on plan assets(304,005)86,966 
Employer contributions25,764 1,245 
Benefits paid(32,136)(29,029)
Fair value of plan assets, end of year$829,866 $1,140,243 
Schedule of Amounts Included in Accumulated Other Comprehensive (Income) Loss that were Not Yet Recognized as Components of Net Benefit Costs
Net actuarial (gain) loss and prior service cost included in accumulated other comprehensive (income) loss that were not yet recognized as components of net benefit costs were as follows at December 31:
(in thousands)
20222021
Net actuarial (gain) loss$(69,564)$27,524 
Prior service cost12,378 12,201 
Net amount not yet recognized$(57,186)$39,725 
Schedule of Amounts Recognized in Other Comprehensive Income for Pension Plans
Amounts recognized in other comprehensive income for pension plans were as follows for the years ended December 31:
(in thousands)
20222021
Net actuarial gain arising during the year$(89,768)$(75,091)
Amortization of net actuarial loss(7,320)(16,106)
Amortization of prior service cost(1,443)(1,428)
Plan amendments (1)
1,620 4,059 
Total recognized in other comprehensive income$(96,911)$(88,566)
(1)    Plan amendments relate to new SERP participants.
Schedule of Target and Actual Asset Allocations for the Portfolio
The target and actual asset allocations for the portfolio are as follows for the years ended December 31:
Target asset
allocation		Target asset
allocation		Actual asset
allocation		Actual asset
allocation
Asset allocation:2022202120222021
Equity securities:
U.S. equity securities27 %(1)27 %27 %27 %
Non-U.S. equity securities18 (2)18 19 18 
Total equity securities45 45 46 45 
Debt securities54 (3)54 53 54 
Other1 (4)1 1 1 
Total100 %100 %100 %100 %

(1)    U.S. equity securities – 100% seek to achieve excess returns relative to the Russell 3000 Index.
(2)    Non-U.S. equity securities – 11% are allocated to international small cap investments, while another 20% are allocated to international emerging market investments.  The remaining 69% of the Non-U.S. equity securities are allocated to investments seeking to achieve excess returns relative to an international market index.
(3)    Debt securities – 58% are allocated to long U.S. Treasury Strips, 42% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better.
(4)    Institutional money market fund.
Schedule of Fair Value Measurements of Pension Plan Assets by Major Category and Level of Input
The following tables present fair value measurements for the pension plan assets by major category and level of input as of:
December 31, 2022
(in thousands)Total Level 1
Fair Value		Level 2
Fair Value		Level 3
Fair Value		Net Asset
Value (NAV)
Equity securities:
U.S. equity securities$219,410 $204,838 $0 $0 $14,572 
Non-U.S. equity securities160,009 110,799 0 0 49,210 
Total equity securities379,419 315,637 0 0 63,782 
Debt securities439,004 0 0 0 439,004 
Other11,443 11,443 0 0 0 
Total$829,866 $327,080 $0 $0 $502,786 


December 31, 2021
(in thousands)TotalLevel 1
Fair Value		Level 2
Fair Value		Level 3
Fair Value
Net Asset
Value (NAV) (1)
Equity securities:
U.S. equity securities$305,440 $0 $0 $0 $305,440 
Non-U.S. equity securities200,949 139,688 0 0 61,261 
Total equity securities506,389 139,688 0 0 366,701 
Debt securities620,337 0 0 0 620,337 
Other13,517 13,517 0 0 0 
Total$1,140,243 $153,205 $0 $0 $987,038 
(1) Amounts were reclassified from Level 2 fair value to NAV to conform to current period presentation.
Schedule of Benefits Expected to be Paid Over the Next 10 Years from Pension Plans
The following table sets forth amounts of benefits expected to be paid over the next 10 years from our pension plans as of:

(in thousands)
Year ending
December 31,		Expected future
benefit payments
2023$33,827 
202436,175 
202539,205 
202641,731 
202744,904 
2028 - 2032276,456