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Retirement Benefit Plans (Tables)

12 Months Ended

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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