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Pension Plan | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Pension Plan | 11) PENSION PLAN We maintain contributory and non-contributory retirement plans for eligible employees. Our contributions to the contributory plan amounted to $82.1 million, $73.9 million and $72.0 million in 2024, 2023 and 2022, respectively. The non-contributory plan is a defined benefit pension plan which covers employees of one of our subsidiaries. The benefits are based on years of service and the employee’s highest compensation for any five years of employment. Our funding policy is to contribute annually at least the minimum amount that should be funded in accordance with the provisions of ERISA. For defined benefit pension plans, the benefit obligation is the “projected benefit obligation”, the actuarial present value, as of December 31 measurement date, of all benefits attributed by the pension benefit formula to employee service rendered to that date. The amount of benefit to be paid depends on a number of future events incorporated into the pension benefit formula, including estimates of the average life of employees/survivors and average years of service rendered. It is measured based on assumptions concerning future interest rates and future compensation levels. The following table shows the reconciliation of the defined benefit pension plan as of December 31, 2024 and 2023:
|  | 2024 |  |  | 2023 |
|  | (000s) |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 98,415 |  |  | $ | 96,627 |
Actual return (loss) on plan assets |  |  | 1,865 |  |  |  | 8,779 |
Benefits paid |  |  | (6,289 | ) |  |  | (6,417 | )
Administrative expenses |  |  | (576 | ) |  |  | (574 | )
Fair value of plan assets at end of year |  | $ | 93,415 |  |  | $ | 98,415 |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 85,625 |  |  | $ | 87,277 |
Service cost |  |  | 616 |  |  |  | 803 |
Interest cost |  |  | 3,874 |  |  |  | 4,118 |
Benefits paid |  |  | (6,289 | ) |  |  | (6,417 | )
Actuarial (gain) loss |  |  | (5,404 | ) |  |  | (156 | )
Benefit obligation at end of year |  | $ | 78,422 |  |  | $ | 85,625 |
Amounts recognized in the Consolidated Balance Sheet: |  |  |  |  |  |
Other noncurrent assets |  | $ | 14,993 |  |  | $ | 12,790 |
Total amounts recognized at end of year |  | $ | 14,993 |  |  | $ | 12,790 |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (000s) |
Components of net periodic cost (benefit) |  |  |  |  |  |  |  |  |
Service cost |  | $ | 616 |  |  | $ | 803 |  |  | $ | 607 |
Interest cost |  |  | 3,874 |  |  |  | 4,118 |  |  |  | 2,836 |
Expected return on plan assets |  |  | (4,277 | ) |  |  | (4,195 | ) |  |  | (4,335 | )
Net periodic cost |  | $ | 213 |  |  | $ | 726 |  |  | $ | (892 | )
|  | 2024 |  | 2023
Measurement Dates |  |  |  |
Benefit obligations |  | 12/31/2024 |  | 12/31/2023
Fair value of plan assets |  | 12/31/2024 |  | 12/31/2023
|  | 2024 |  |  | 2023 |
Weighted average assumptions as of December 31 |  |  |  |  |  |
Discount rate |  |  | 5.36 | % |  |  | 4.71 | %
Rate of compensation increase |  |  | 4.00 | % |  |  | 4.00 | %
|  | 2024 |  |  | 2023 |  |  | 2022 |
Weighted-average assumptions for net periodic benefit cost calculations |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.71 | % |  |  | 4.91 | % |  |  | 2.52 | %
Expected long-term rate of return on plan assets |  |  | 4.50 | % |  |  | 4.50 | % |  |  | 3.50 | %
Rate of compensation increase |  |  | 4.00 | % |  |  | 4.00 | % |  |  | 4.00 | %
The “accumulated benefit obligation” for our pension plan represents the actuarial present value of benefits based on employee service and compensation as of a certain date and does not include an assumption about future compensation levels. The accumulated benefit obligation for our plan was $78.4 million and $85.6 million as of December 31, 2024 and 2023, respectively. The fair value of plan assets exceeded the accumulated benefit obligation by $15.0 million and $12.8 million as of December 31, 2024 and 2023, respectively. We estimate that there will be no net loss or prior service cost amortized from accumulated other comprehensive income during 2025. The market values of our pension plan assets at December 31, 2024 and 2023, reported using net asset value as a practical expedient, by asset category are as follows (in thousands):
|  | 2024 |  |  | 2023 |
Equities: |  |  |  |  |  |
U.S. Large Cap |  | $ | 5,131 |  |  | $ | 5,423 |
U.S. Mid Cap |  |  | 1,351 |  |  |  | 1,480 |
U.S. Small Cap |  |  | 1,259 |  |  |  | 1,491 |
International Developed |  |  | 3,746 |  |  |  | 3,943 |
Emerging Markets |  |  | 2,291 |  |  |  | 2,540 |
Fixed income: |  |  |  |  |  |
Core Fixed Income |  |  | 28,175 |  |  |  | 17,492 |
Long Duration Fixed Income |  |  | 50,674 |  |  |  | 65,289 |
Cash/Currency: |  |  |  |  |  |
Cash Equivalents |  |  | 788 |  |  |  | 757 |
Total market value |  | $ | 93,415 |  |  | $ | 98,415 |
To develop the expected long-term rate of return on plan assets assumption, we considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. The following table shows expected benefit payments for the years 2025 through 2034 for our defined pension plan. There will be benefit payments under this plan beyond 2034.
Estimated Future Benefit Payments (000s) |  |  |
2025 |  | $ | 6,675 |
2026 |  |  | 6,664 |
2027 |  |  | 6,635 |
2028 |  |  | 6,575 |
2029 |  |  | 6,492 |
2030-2034 |  |  | 30,648 |
Total |  | $ | 63,689 |
|  | 2024 |  |  | 2023 |
Plan Assets |  |  |  |  |  |
Asset Category |  |  |  |  |  |
Equity securities |  |  | 15 | % |  |  | 15 | %
Fixed income securities |  |  | 84 | % |  |  | 84 | %
Other |  |  | 1 | % |  |  | 1 | %
Total |  |  | 100 | % |  |  | 100 | %
Investment Policy, Guidelines and Objectives have been established for the defined benefit pension plan. The investment policy is in keeping with the fiduciary requirements under existing federal laws and managed in accordance with the Prudent Investor Rule. Total portfolio risk is regularly evaluated and compared to that of the plan’s policy target allocation and judged on a relative basis over a market cycle. The following asset allocation policy and ranges have been established in accordance with the overall risk and return objectives of the portfolio:
|  | As of 12/31/2024 |  |  | Permitted Range
Total Equity |  |  | 15 | % |  | 10-30%
Total Fixed Income |  |  | 84 | % |  | 70-90%
Other |  |  | 1 | % |  | 0-10%
In accordance with the investment policy, the portfolio will invest in high quality, large and small capitalization companies traded on national exchanges, and investment grade securities. The investment managers will not write or buy options for speculative purposes; securities may not be margined or sold short. The manager may employ futures or options for the purpose of hedging exposure, and will not purchase unregistered sectors, private placements, partnerships or commodities.

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