Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of Pension Plan Cost (Income)

Pension plan cost (income) includes the following components:

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Service cost for benefits earned	$	8,628	$	7,190	$	25,920	$	21,572
Interest cost on benefit obligation	13,195		12,548		39,503		37,644
Expected return on plan assets	(20,199)		(17,217)		(60,595)		(51,652)
Prior service cost amortization	413		362		1,199		1,085
Net actuarial gain amortization	(1,695)		(3,833)		(5,180)		(11,498)
Settlement gain (1)	(59)		—		(1,338)		—
Pension plan cost (income) (2)	$	283	$	(950)	$	(491)	$	(2,849)

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

(2)Pension plan cost (income) represents total plan cost (income) before reimbursements between Indemnity and the Exchange and its subsidiaries. The components of pension plan cost (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.