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Retirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Defined Benefit Plans Disclosures | The following table sets forth the change in plan assets, change in projected benefit obligation, rate assumptions and components of net periodic benefit cost as of December 31 with respect to the plan. The measurement dates of the assets and liabilities of the plan were December 31 of the respective years presented.
Reconciliation of Funded Status |
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  | 2022 |
Change in projected benefit obligation |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 17,271 |  |  | $ | 22,564 |  |
Service cost |  | 2 |  |  | 4 |  |
Interest cost |  | 848 |  |  | 604 |  |
Liability actuarial (gain) loss |  | (35) |  |  | (4,761) |  |
Benefits paid |  | (1,139) |  |  | (1,140) |  |
Benefit obligation at end of year |  | $ | 16,947 |  |  | $ | 17,271 |  |
Change in fair value of plan assets |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 18,269 |  |  | $ | 23,671 |  |
Return on plan assets |  | 1,645 |  |  | (4,262) |  |
Employer contributions |  | — |  |  | — |  |
Benefits paid |  | (1,139) |  |  | (1,140) |  |
Fair value of plan assets at end of year |  | 18,775 |  |  | 18,269 |  |
Funded status |  | $ | 1,828 |  |  | $ | 998 |  |
Schedule of Allocation of Plan Assets | The pension plans' weighted-average asset allocation as a percentage of plan assets at December 31 is as follows:
Asset Allocation as a Percentage of the Plan
|  |  |  | Year Ended December 31,
|  |  |  |  | 2023 | 2022
Equity securities |  |  |  |  | 10% | 36%
Debt securities |  |  |  |  | 88% | 62%
Short-term investments |  |  |  |  | 2% | 2%
Other |  |  |  |  | —% | —%
Total |  |  |  |  | 100% | 100%
Fair Value, Assets Measured on Recurring Basis | The following table presents the hierarchy levels for our postretirement benefit plan investments as of December 31 as described in Note 1 to the Consolidated Financial Statements:
(in thousands) | December 31, 2023 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |
| Mid Cap |  | $ | 148 |  |  |  | $ | 148 |  |  |  | $ | — |  |  |  | $ | — |
| Large Cap |  | 106 |  |  |  | 106 |  |  |  | — |  |  |  | — |
| International |  | 221 |  |  |  | 221 |  |  |  | — |  |  |  | — |
Common/Collective Trusts: |  |  |  |  |  |  |  |  |  |  |
| Wells Fargo Liability Driven Solution CIT I |  | 11,997 |  |  |  | — |  |  |  | 11,997 |  |  |  | — |
| Wells Fargo Liability Driven Solution CIT II |  | 4,501 |  |  |  | — |  |  |  | 4,501 |  |  |  | — |
| Wells Fargo BlackRock International Equity |  | 142 |  |  |  | — |  |  |  | 142 |  |  |  | — |
| Wells Fargo/Causeway International Value |  | 134 |  |  |  | — |  |  |  | 134 |  |  |  | — |
| Wells Fargo BlackRock Large Cap Growth Index Fund |  | 214 |  |  |  | — |  |  |  | 214 |  |  |  | — |
| Wells Fargo BlackRock Large Cap Value Index Fund |  | 214 |  |  |  | — |  |  |  | 214 |  |  |  | — |
| Wells Fargo Multi-Manager Small Cap |  | 229 |  |  |  | — |  |  |  | 229 |  |  |  | — |
| Wells Fargo BlackRock Russell 2000 Index Fund |  | 76 |  |  |  | — |  |  |  | 76 |  |  |  | — |
| Wells Fargo BlackRock S&P Mid Cap Index Fund |  | 99 |  |  |  | — |  |  |  | 99 |  |  |  | — |
| Wells Fargo/MFS Value CIT F |  | 106 |  |  |  | — |  |  |  | 106 |  |  |  | — |
| Wells Fargo/T. Rowe Price Large-Cap Growth Managed CIT |  | 106 |  |  |  | — |  |  |  | 106 |  |  |  | — |
| Wells Fargo/T. Rowe Price Equity Income Managed CIT |  | 106 |  |  |  | — |  |  |  | 106 |  |  |  | — |
Cash & Short-term Investments |  | 376 |  |  |  | 376 |  |  |  | — |  |  |  | — |
| Total |  | $ | 18,775 |  |  |  | $ | 851 |  |  |  | $ | 17,924 |  |  |  | $ | — |
(in thousands) | December 31, 2022 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |
| Mid Cap |  | $ | 512 |  |  |  | $ | 512 |  |  |  | $ | — |  |  |  | $ | — |
| International |  | 743 |  |  |  | 743 |  |  |  | — |  |  |  | — |
Common/Collective Trusts: |  |  |  |  |  |  |  |  |  |  |
| Wells Fargo Liability Driven Solution CIT I |  | 7,815 |  |  |  | — |  |  |  | 7,815 |  |  |  | — |
| Wells Fargo Liability Driven Solution CIT II |  | 3,550 |  |  |  |  |  |  | 3,550 |  |  |  |
| Wells Fargo BlackRock International Equity |  | 488 |  |  |  | — |  |  |  | 488 |  |  |  | — |
| Wells Fargo/Causeway International Value |  | 464 |  |  |  | — |  |  |  | 464 |  |  |  | — |
| Wells Fargo BlackRock Large Cap Growth Index Fund |  | 724 |  |  |  | — |  |  |  | 724 |  |  |  | — |
| Wells Fargo BlackRock Large Cap Value Index Fund |  | 744 |  |  |  | — |  |  |  | 744 |  |  |  | — |
| Wells Fargo Multi-Manager Small Cap |  | 785 |  |  |  | — |  |  |  | 785 |  |  |  | — |
| Wells Fargo BlackRock Russell 2000 Index Fund |  | 261 |  |  |  | — |  |  |  | 261 |  |  |  | — |
| Wells Fargo BlackRock S&P Mid Cap Index Fund |  | 320 |  |  |  | — |  |  |  | 320 |  |  |  | — |
| Wells Fargo/MFS Value CIT F |  | 359 |  |  |  | — |  |  |  | 359 |  |  |  | — |
| Wells Fargo/T. Rowe Price Large-Cap Growth Managed CIT |  | 359 |  |  |  | — |  |  |  | 359 |  |  |  | — |
| Wells Fargo/T. Rowe Price Equity Income Managed CIT |  | 356 |  |  |  | — |  |  |  | 356 |  |  |  | — |
| Wells Fargo Voya Large Cap Growth CIT F |  | 357 |  |  |  | — |  |  |  | 357 |  |  |  | — |
Cash & Short-term Investments |  | 432 |  |  |  | 432 |  |  |  | — |  |  |  | — |
| Total |  | $ | 18,269 |  |  |  | $ | 1,687 |  |  |  | $ | 16,582 |  |  |  | $ | — |
Schedule of Changes in Projected Benefit Obligations | The change in the Projected Benefit Obligation (PBO) as of December 31, 2023 and 2022, is shown below:
Reconciliation of Benefit Obligation
|  | Year Ended December 31,
(in thousands) |  | 2023 |  | 2022
Benefit obligation at January 1, |  | $ | 9,552 |  |  | $ | 11,326 |
Service cost |  | 204 |  |  | 284 |
Interest cost |  | 470 |  |  | 278 |
Liability actuarial loss (gain) |  | 386 |  |  | (2,023) |
Benefits paid |  | (349) |  |  | (313) |
Benefit obligation at December 31, |  | $ | 10,263 |  |  | $ | 9,552 |
Pension Plan |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Assumptions Used | In determining the projected benefit obligation and the net pension cost, we used the following significant weighted-average assumptions:
Rates to Determine Benefit Obligation
|  |  | Year Ended December 31,
|  |  | 2023 | 2022
Discount rate |  |  | 4.90% | 5.10%
Composite rate of compensation increase |  |  | N/A | N/A
Rates to Determine Net Periodic Benefit Cost
|  |  | Year Ended December 31,
|  |  | 2023 | 2022
Discount rate |  |  | 5.10% | 2.75%
Long-term rate of return on plan assets |  |  | 6.00% | 6.00%
Composite rate of compensation increase |  |  | N/A | N/A
Schedule of Net Periodic Benefit Cost | The following table presents the components of net periodic benefit cost (gains are denoted with parentheses and losses are not):
Components of Net Periodic Benefit Cost
|  | Year Ended December 31,
(in thousands) |  | 2023 |  | 2022
Service cost |  | $ | 2 |  |  | $ | 4 |
Interest cost |  | 848 |  |  | 604 |
Expected return on plan assets |  | (1,058) |  |  | (1,384) |
Amortization of net loss |  | 1,031 |  |  | 182 |
Net periodic benefit cost |  | $ | 823 |  |  | $ | (594) |
Schedule of Expected Benefit Payments | The following table illustrates the estimated pension benefit payments that are projected to be paid:
Projected Future Benefit Payments
(in thousands) |  | Employees’ Retirement Plan |  |
2024 |  |  |  |  | $ | 1,264 |  |  |  |
2025 |  |  |  |  | 1,282 |  |  |  |
2026 |  |  |  |  | 1,282 |  |  |  |
2027 |  |  |  |  | 1,279 |  |  |  |
2028 |  |  |  |  | 1,262 |  |  |  |
Years 2029 through 2033 |  |  |  |  | 6,021 |  |  |  |
Supplemental Employee Retirement Plan |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Assumptions Used | In determining the projected benefit obligation and the net pension cost, we used the following significant weighted-average assumptions: Assumptions used to determine benefit obligations at December 31:
Rates to Determine Benefit Obligation
|  | 2023 | 2022 |
Discount rate |  | 4.80% | 5.05% |
Composite rate of compensation increase |  | 3.00% | 3.00% |
Assumptions used to determine net periodic benefit cost for the years ended December 31:
Rates to Determine Net Periodic Benefit Cost
|  | 2023 | 2022 |
Discount rate |  | 5.05% | 2.50% |
Composite rate of compensation increase |  | 3.00% | 3.00% |
Long-term rate of return on plan assets |  | N/A | N/A |
Schedule of Net Periodic Benefit Cost | The components of net periodic pension expense were as follows:
Components of Net Periodic Benefit Cost
|  | Year Ended December 31,
(in thousands) |  | 2023 |  | 2022
Service cost |  | $ | 204 |  |  | $ | 284 |
Interest cost |  | 470 |  |  | 278 |
Amortization of prior service cost |  | 381 |  |  | 420 |
Amortization of net (gain)/loss |  | (2) |  |  | 440 |
Net periodic benefit cost |  | $ | 1,053 |  |  | $ | 1,422 |
Schedule of Expected Benefit Payments | Future estimated benefits expected to be paid from the plan over the next ten years as follows:
Projected Future Benefit Payments
(in thousands) | SERP |  |  |  |
2024 | $ | 557 |  |  |  |  |
2025 | 656 |  |  |  |  |
2026 | 888 |  |  |  |  |
2027 | 890 |  |  |  |  |
2028 | 892 |  |  |  |  |
Years 2029 through 2033 | 4,448 |  |  |  |  |

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