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Pension Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Schedule of net funded status |
| For the Years Ended December 31,
| 2023 |  | 2022
| (in thousands)
Change in benefit obligation: |  |  |
Projected benefit obligation at beginning of year | $ | 65,161 |  |  | $ | 75,760 |
Service cost | 3,706 |  |  | 4,652 |
Interest cost | 3,200 |  |  | 2,314 |
Actuarial (gain) loss | 84 |  |  | (15,567) |
Benefits paid | (4,883) |  |  | (1,998) |
Projected benefit obligation at end of year | 67,268 |  |  | 65,161 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | 36,414 |  |  | 35,941 |
Actual return on plan assets | 4,161 |  |  | (3,529) |
Employer contribution | 10,000 |  |  | 6,000 |
Benefits paid | (4,883) |  |  | (1,998) |
Fair value of plan assets at end of year | 45,692 |  |  | 36,414 |
Funded status at end of year | $ | (21,576) |  |  | $ | (28,747) |
Schedule of accumulated benefit obligation in excess of plan assets | Accumulated Benefit Obligation in Excess of Plan Assets for the Pension Plans
| As of December 31,
| 2023 |  | 2022
| (in thousands)
Projected benefit obligation | $ | 67,268 |  |  | $ | 65,161 |
Accumulated benefit obligation | $ | 55,557 |  |  | $ | 55,712 |
Less: fair value of plan assets | (45,692) |  |  | (36,414) |
Underfunded accumulated benefit obligation | $ | 9,865 |  |  | $ | 19,298 |
Schedule of pension liability adjustments recognized in other comprehensive income (loss) | The pension liability adjustments recognized in other comprehensive income during 2023, 2022, and 2021, were as follows:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands)
Net actuarial gain (loss) | $ | 1,737 |  |  | $ | 10,327 |  |  | $ | (612) |
Amortization of prior service cost | — |  |  | — |  |  | 13 |
Amortization of net actuarial loss | 68 |  |  | 931 |  |  | 1,240 |
Settlements | — |  |  | — |  |  | 312 |
Total pension liability adjustment, pre-tax | 1,805 |  |  | 11,258 |  |  | 953 |
Tax expense | (390) |  |  | (2,431) |  |  | (204) |
Total pension liability adjustment, net | $ | 1,415 |  |  | $ | 8,827 |  |  | $ | 749 |
Components of net periodic benefit cost for the pension plans | Components of Net Periodic Benefit Cost for the Pension Plans
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands)
Components of net periodic benefit cost: |  |  |  |  |
Service cost | $ | 3,706 |  |  | $ | 4,652 |  |  | $ | 4,455 |
Interest cost | 3,200 |  |  | 2,314 |  | 2,089 |
Expected return on plan assets that reduces periodic pension benefit cost | (2,340) |  |  | (1,711) |  |  | (1,474) |
Amortization of prior service cost | — |  |  | — |  |  | 13 |
Amortization of net actuarial loss | 68 |  |  | 931 |  |  | 1,240 |
Net periodic benefit cost | 4,634 |  |  | 6,186 |  |  | 6,323 |
Settlements | — |  |  | — |  |  | 312 |
Total net benefit cost | $ | 4,634 |  |  | $ | 6,186 |  |  | $ | 6,635 |
Schedule of weighted-average pension plan assumptions | The weighted-average assumptions used to measure the Company’s projected benefit obligation are as follows:
| As of December 31,
| 2023 |  | 2022
Projected benefit obligation: |  |  |
Discount rate | 5.0% |  | 5.2%
Rate of compensation increase | 3.5% |  | 3.5%
The weighted-average assumptions used to measure the Company’s net periodic benefit cost are as follows:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Net periodic benefit cost: |  |  |  |  |
Discount rate | 5.2% |  | 3.1% |  | 2.9%
Expected return on plan assets (1) | 6.3% |  | 3.6% |  | 4.4%
Rate of compensation increase | 3.5% |  | 4.8% |  | 4.4%
____________________________________________ (1)There is no assumed expected return on plan assets for the Nonqualified Pension Plan because there are no plan assets in the Nonqualified Pension Plan.
Schedule of weighted-average asset allocation of the Qualified Pension Plan | The weighted-average asset allocation of the Qualified Pension Plan is as follows:
|  | Target |  | As of December 31,
Asset Category |  | 2024 |  | 2023 |  | 2022
Equity securities |  | 49.0 | % |  | 43.0 | % |  | 47.1 | %
Fixed income securities |  | 26.0 | % |  | 25.5 | % |  | 21.0 | %
Other securities |  | 25.0 | % |  | 31.5 | % |  | 31.9 | %
Total |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Schedule of fair values of the Qualified Pension Plan assets | The fair values of the Company’s Qualified Pension Plan assets as of December 31, 2023, and 2022, utilizing the fair value hierarchy discussed in Note 8 – Fair Value Measurements are as follows:
|  |  |  |  | Fair Value Measurements Using:
| Actual Asset Allocation (1) |  | Total |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs
|  |  | (in thousands)
As of December 31, 2023 |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Domestic (2) | 20.3 | % |  | $ | 9,280 |  |  | $ | 6,097 |  |  | $ | 3,183 |  |  | $ | — |
International (3) | 22.7 | % |  | 10,349 |  |  | 10,349 |  |  | — |  |  | — |
Total equity securities | 43.0 | % |  | 19,629 |  |  | 16,446 |  |  | 3,183 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |  |
Core fixed income (4) | 25.5 | % |  | 11,646 |  |  | 11,646 |  |  | — |  |  | — |
Floating rate corporate loans (5) | — | % |  | — |  |  | — |  |  | — |  |  | — |
Total fixed income securities | 25.5 | % |  | 11,646 |  |  | 11,646 |  |  | — |  |  | — |
Other securities: |  |  |  |  |  |  |  |  |
Real estate (6) | 4.6 | % |  | 2,116 |  |  | — |  |  | — |  |  | 2,116 |
Collective investment trusts (7) | 13.6 | % |  | 6,206 |  |  | — |  |  | 6,206 |  |  | — |
Hedge fund (8) | 13.3 | % |  | 6,095 |  |  | 1,498 |  |  | — |  |  | 4,597 |
Total other securities | 31.5 | % |  | 14,417 |  |  | 1,498 |  |  | 6,206 |  |  | 6,713 |
Total investments | 100.0 | % |  | $ | 45,692 |  |  | $ | 29,590 |  |  | $ | 9,389 |  |  | $ | 6,713 |
As of December 31, 2022 |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Domestic (2) | 20.7 | % |  | $ | 7,533 |  |  | $ | 5,012 |  |  | $ | 2,521 |  |  | $ | — |
International (3) | 26.4 | % |  | 9,594 |  |  | 9,594 |  |  | — |  |  | — |
Total equity securities | 47.1 | % |  | 17,127 |  |  | 14,606 |  |  | 2,521 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |  |
Core fixed income (4) | 14.3 | % |  | 5,220 |  |  | 5,220 |  |  | — |  |  | — |
Floating rate corporate loans (5) | 6.7 | % |  | 2,450 |  |  | 2,450 |  |  | — |  |  | — |
Total fixed income securities | 21.0 | % |  | 7,670 |  |  | 7,670 |  |  | — |  |  | — |
Other securities: |  |  |  |  |  |  |  |  |
Real estate (6) | 6.8 | % |  | 2,476 |  |  | — |  |  | — |  |  | 2,476 |
Collective investment trusts (7) | 1.9 | % |  | 687 |  |  | — |  |  | 687 |  |  | — |
Hedge fund (8) | 23.2 | % |  | 8,454 |  |  | 4,133 |  |  | — |  |  | 4,321 |
Total other securities | 31.9 | % |  | 11,617 |  |  | 4,133 |  |  | 687 |  |  | 6,797 |
Total investments | 100.0 | % |  | $ | 36,414 |  |  | $ | 26,409 |  |  | $ | 3,208 |  |  | $ | 6,797 |
____________________________________________ (1)Percentages may not calculate due to rounding. (2)Level 1 equity securities consist of United States large and small capitalization companies, which are actively traded securities that can be sold on demand. Level 2 equity securities are investments in a collective investment fund that is valued at net asset value based on the value of the underlying investments and total units outstanding on a daily basis. The objective of these funds is to approximate the S&P 500 by investing in one or more collective investment funds. (3)International equity securities consist of a well-diversified portfolio of holdings of mostly large issuers organized in developed countries with liquid markets, commingled with investments in equity securities of issuers located in emerging markets that are believed to have strong sustainable financial productivity at attractive valuations. (4)The objective of core fixed income funds is to achieve value added from sector or issue selection by constructing a portfolio to approximate the investment results of the Barclay’s Capital Aggregate Bond Index with a modest amount of variability in duration around the index. (5)Investments consist of floating rate bank loans. The interest rates on these loans are typically reset on a periodic basis to account for changes in the level of interest rates. (6)The investment objective of direct real estate is to provide current income with the potential for long-term capital appreciation. Ownership in real estate entails a long-term time horizon, periodic valuations, and potentially low liquidity. (7)Collective investment trusts invest in short-term investments and are valued at the net asset value of the collective investment trust. The net asset value, as provided by the trustee, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities. (8)The hedge fund portfolio includes investments in actively traded global mutual funds that focus on alternative investments and a hedge fund of funds that invests both long and short using a variety of investment strategies.
Schedule of changes in Level 3 plan assets | The following is a summary of the changes in Level 3 plan assets (in thousands):
Balance at January 1, 2022 | $ | 6,195 |
Purchases | 400 |
Realized gain on assets | 259 |
Unrealized loss on assets | (57) |
Disposition | — |
Balance at December 31, 2022 | $ | 6,797 |
Purchases | — |
Realized gain on assets | 364 |
Unrealized loss on assets | (448) |
Disposition | — |
Balance at December 31, 2023 | $ | 6,713 |
Schedule of expected benefit payments | Expected benefit payments over the next 10 years are as follows:
For the Years Ending December 31, |  | Amount
|  | (in thousands)
2024 |  | $ | 6,865 |
2025 |  | $ | 4,455 |
2026 |  | $ | 7,064 |
2027 |  | $ | 5,026 |
2028 |  | $ | 5,281 |
2029 through 2033 |  | $ | 25,587 |

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