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Postretirement Benefits (Tables) | 12 Months Ended
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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) |  |  |
|  | 2024 |  | 2023 |  | 2022 |
Service cost for benefits earned |  | $ | 34,554 |  |  | $ | 28,763 |  |  | $ | 50,242 |  |
Interest cost on benefit obligation |  | 52,688 |  |  | 50,193 |  |  | 39,764 |  |
Expected return on plan assets |  | (80,793) |  |  | (68,869) |  |  | (54,557) |  |
Prior service cost amortization |  | 1,611 |  |  | 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:
|  | 2024 |  | 2023 |
Employee pension plan: |  |  |  |  |
Discount rate |  | 5.87 | % |  | 5.34 | % |
Expected return on assets |  | 7.00 |  |  | 6.50 |  |
Rate of compensation increase – age-graded |  | 5.01 |  |  | 3.25 |  |
SERP: |  |  |  |  |
Discount rate |  | 5.65 | % |  | 5.11 | % |
Rate of compensation increase |  | 7.00 |  |  | 5.00 |  |
The following table describes the weighted-average assumptions used to measure net periodic benefit costs for the years ended December 31:
|  | 2024 |  | 2023 |  | 2022 |
Employee pension plan: |  |  |  |  |  |  |
Discount rate |  | 5.34 | % |  | 5.67 | % |  | 3.16 | % |
Expected return on assets |  | 7.00 |  |  | 6.50 |  |  | 5.50 |  |
Rate of compensation increase – age-graded |  | 4.31 |  |  | 3.30 |  |  | 3.21 |  |
SERP: |  |  |  |  |  |  |
Discount rate (1) |  | 5.12 | % |  | 5.46 | % |  | 3.11 | % |
Rate of compensation increase |  | 5.00 |  |  | 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) |  |  |  |  |
|  | 2024 |  | 2023 |  |  |
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) |  |  |  |  |
|  | 2024 |  | 2023 |  |  |
Projected benefit obligation, beginning of year |  | $ | 993,554 |  |  | $ | 883,814 |  |  |  |
Service cost for benefits earned |  | 34,554 |  |  | 28,763 |  |  |  |
Interest cost on benefit obligation |  | 52,688 |  |  | 50,193 |  |  |  |
Plan amendments |  | 1,146 |  |  | 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) |  |  |
|  | 2024 |  | 2023 |
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) |  |  |
|  | 2024 |  | 2023 |
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) |  |  |  |  |
|  | 2024 |  | 2023 |  |  |
Fair value of plan assets, beginning of year |  | $ | 996,879 |  |  | $ | 829,866 |  |  |  |
Actual return on plan assets |  | 8,034 |  |  | 105,631 |  |  |  |
Employer contributions |  | 37,061 |  |  | 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) |  |  |  |  |
|  | 2024 |  | 2023 |  |  |
Net actuarial loss (gain) |  | $ | 26,752 |  |  | $ | (25,954) |  |  |  |
Prior service cost |  | 11,050 |  |  | 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) |  |  |  |  |
|  | 2024 |  | 2023 |  | 2022 |
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: |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Equity securities: |  |  |  |  |  |  |  |  |
U.S. equity securities |  | 21 | % |  | 27 | % |  | 21 | % | (2) | 26 | % |
Non-U.S. equity securities |  | 14 |  |  | 18 |  |  | 14 |  | (3) | 19 |  |
Total equity securities |  | 35 |  |  | 45 |  |  | 35 |  |  | 45 |  |
Debt securities |  | 64 |  |  | 54 |  |  | 63 |  | (4) | 54 |  |
Other |  | 1 |  |  | 1 |  |  | 2 |  | (5) | 1 |  |
Total |  | 100 | % |  | 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 securities |  | 142,401 |  |  | 98,115 |  |  | 0 |  |  | 0 |  |  | 44,286 |
Total equity securities |  | 357,343 |  |  | 302,703 |  |  | 0 |  |  | 0 |  |  | 54,640 |
Debt securities |  | 628,961 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 628,961 |
Other |  | 15,745 |  |  | 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) |  | Total |  | Level 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 securities |  | 183,007 |  |  | 127,143 |  |  | 0 |  |  | 0 |  |  | 55,864 |
Total equity securities |  | 444,407 |  |  | 372,122 |  |  | 0 |  |  | 0 |  |  | 72,285 |
Debt securities |  | 540,762 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 540,762 |
Other |  | 11,710 |  |  | 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 |
2026 |  | 43,639 |
2027 |  | 46,965 |
2028 |  | 50,853 |
2029 |  | 54,430 |
2030 - 2034 |  | 324,250 |

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