Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Schedule of Pension Plan Cost (Income)

Pension plan cost (income) includes the following components for the three months ended March 31:

(in thousands)	2025		2024
Service cost for benefits earned	$	8,862	$	8,651
Interest cost on benefit obligation	14,675		13,145
Expected return on plan assets	(20,069)		(20,198)
Prior service cost amortization	422		389
Net actuarial gain amortization	(654)		(1,751)
Settlement gain (1)	(477)		(249)
Pension plan cost (income) (2)	$	2,759	$	(13)

(1)Settlement accounting was required due to lump sum payments made under the SERP to former officers in 2025 and 2024.

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