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Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Pension Plan (Income) Cost
Pension plan (income) cost includes the following components for the years ended December 31:
(in thousands)
202420232022
Service cost for benefits earned$34,554 $28,763 $50,242 
Interest cost on benefit obligation52,688 50,193 39,764 
Expected return on plan assets(80,793)(68,869)(54,557)
Prior service cost amortization1,611 1,446 1,443 
Net actuarial (gain) loss amortization(6,859)(15,331)7,320 
Settlement gain (1)
(1,338)— — 
Pension plan (income) cost (2)
$(137)$(3,798)$44,212 

(1)    Settlement accounting was required due to lump sum payments made under the SERP to former officers in 2024.
(2)     Pension plan (income) cost represents total plan (income) cost before reimbursements between Indemnity and the Exchange and its insurance subsidiaries. The components of pension plan (income) cost other than the service cost components are included in the line item "Other income" in the Consolidated Statements of Operations, net of reimbursements between Indemnity and the Exchange and its insurance subsidiaries.
Schedule of Weighted-Average Actuarial Assumptions Used to Measure Benefit Obligations and Net Periodic Benefit Costs
The following table describes the weighted-average assumptions used to measure benefit obligations at December 31:
20242023
Employee pension plan:
Discount rate5.87 %5.34 %
Expected return on assets7.00 6.50 
Rate of compensation increase – age-graded5.01 3.25 
SERP:
Discount rate5.65 %5.11 %
Rate of compensation increase7.00 5.00 
The following table describes the weighted-average assumptions used to measure net periodic benefit costs for the years ended December 31:
202420232022
Employee pension plan:
Discount rate5.34 %5.67 %3.16 %
Expected return on assets7.00 6.50 5.50 
Rate of compensation increase – age-graded4.31 3.30 3.21 
SERP:
Discount rate (1)
5.12 %5.46 %3.11 %
Rate of compensation increase5.00 5.00 5.00 
(1)    Settlement accounting was required due to lump sum payments made under the SERP in 2024. The discount rates in effect at the January 1, June 1, and September 1 measurement dates were 5.11%, 5.53%, and 5.12%, respectively.
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 Consolidated Statements of Financial Position at December 31:
(in thousands)
20242023
Funded status at end of year$(11,718)$3,325 
Pension asset$21,311 $34,320 
Pension liabilities – due within one year (1)
(4,959)(4,735)
Pension liabilities – due after one year(28,070)(26,260)
Net amount recognized$(11,718)$3,325 

(1)    The current portion of pension liabilities for the unfunded plan 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)
20242023
Projected benefit obligation, beginning of year$993,554 $883,814 
Service cost for benefits earned34,554 28,763 
Interest cost on benefit obligation52,688 50,193 
Plan amendments1,146 583 
Actuarial (gain) loss
(28,250)65,041 
Benefits paid(35,924)(34,840)
Settlements
(4,001)— 
Projected benefit obligation, end of year$1,013,767 $993,554 
Accumulated benefit obligation, end of year$860,855 $847,143 
Schedule of Defined Benefit Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
The SERP had a projected benefit obligation in excess of plan assets at December 31:
(in thousands)
20242023
Projected benefit obligation$33,029 $30,995 
Plan assets— — 
Schedule of Defined Benefit Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
The SERP had an accumulated benefit obligation in excess of plan assets at December 31:
(in thousands)
20242023
Accumulated benefit obligation$22,761 $22,698 
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)
20242023
Fair value of plan assets, beginning of year$996,879 $829,866 
Actual return on plan assets8,034 105,631 
Employer contributions37,061 96,222 
Benefits paid(35,924)(34,840)
Settlements
(4,001)— 
Fair value of plan assets, end of year$1,002,049 $996,879 
Schedule of Amounts Included in Accumulated Other Comprehensive Income that were Not Yet Recognized as Components of Net Benefit Costs
Net actuarial loss (gain) and prior service cost included in accumulated other comprehensive loss (income) that were not yet recognized as components of net benefit costs were as follows at December 31:
(in thousands)
20242023
Net actuarial loss (gain)$26,752 $(25,954)
Prior service cost11,050 11,515 
Net amount not yet recognized$37,802 $(14,439)
Schedule of Amounts Recognized in Other Comprehensive Loss (Income) for Pension Plans
Amounts recognized in other comprehensive loss (income) for pension plans were as follows for the years ended December 31:
(in thousands)
202420232022
Net actuarial loss (gain) arising during the year
$44,509 $28,279 $(89,768)
Amortization of net actuarial gain (loss)6,859 15,331 (7,320)
Amortization of prior service cost(1,611)(1,446)(1,443)
Plan amendments (1)
1,146 583 1,620 
Settlement gain
1,338 — — 
Total recognized in other comprehensive loss (income)$52,241 $42,747 $(96,911)
(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 (1)
Target asset
allocation		Actual asset
allocation		Actual asset
allocation
Asset allocation:2024202320242023
Equity securities:
U.S. equity securities21 %27 %21 %(2)26 %
Non-U.S. equity securities14 18 14 (3)19 
Total equity securities35 45 35 45 
Debt securities64 54 63 (4)54 
Other1 1 2 (5)1 
Total100 %100 %100 %100 %

(1)    Changes to the target asset allocation in 2024 were made to reduce investment risk by shifting portfolio assets from equity securities to debt securities.
(2)    U.S. equity securities – 100% seek to achieve excess returns relative to the Russell 3000 Index.
(3)    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.
(4)    Debt securities – 59% are allocated to long U.S. Treasury Strips, 41% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better.
(5)    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, 2024
(in thousands)Total Level 1
Fair Value		Level 2
Fair Value		Level 3
Fair Value
Net Asset
Value (NAV) (1)
Equity securities:
U.S. equity securities$214,942 $204,588 $0 $0 $10,354 
Non-U.S. equity securities142,401 98,115 0 0 44,286 
Total equity securities357,343 302,703 0 0 54,640 
Debt securities628,961 0 0 0 628,961 
Other15,745 15,745 0 0 0 
Total$1,002,049 $318,448 $0 $0 $683,601 
(1)    The increase in assets carried at NAV at December 31, 2024, compared to 2023, are due to the changes in the target allocation in 2024.

December 31, 2023
(in thousands)TotalLevel 1
Fair Value		Level 2
Fair Value		Level 3
Fair Value		Net Asset
Value (NAV)
Equity securities:
U.S. equity securities$261,400 $244,979 $0 $0 $16,421 
Non-U.S. equity securities183,007 127,143 0 0 55,864 
Total equity securities444,407 372,122 0 0 72,285 
Debt securities540,762 0 0 0 540,762 
Other11,710 11,710 0 0 0 
Total$996,879 $383,832 $0 $0 $613,047 
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
2025$43,777 
202643,639 
202746,965 
202850,853 
202954,430 
2030 - 2034324,250