Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Pension Plan Income

Pension plan income includes the following components:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Service cost for benefits earned	$	8,641	$	7,191	$	17,292	$	14,382
Interest cost on benefit obligation	13,163		12,548		26,308		25,096
Expected return on plan assets	(20,198)		(17,217)		(40,396)		(34,435)
Prior service cost amortization	397		361		786		723
Net actuarial gain amortization	(1,734)		(3,832)		(3,485)		(7,665)
Settlement gain (1)	(1,030)		—		(1,279)		—
Pension plan income (2)	$	(761)	$	(949)	$	(774)	$	(1,899)

(1)Settlement accounting was required due to lump sum payments made under the SERP to three former officers in 2024.

(2)Pension plan income represents total plan income before reimbursements between Indemnity and the Exchange and its subsidiaries. The components of pension plan income other than the service cost components are included in the line item "Other income" in the Statements of Operations, net of reimbursements between Indemnity and the Exchange and its subsidiaries.