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POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Change in benefit obligation, plan assets and funded status

Changes in our benefit obligation, plan assets and funded status for the years ended December 31 were as follows:

(in thousands)						Postretirement benefit plan						Pension plan(1)
Change in benefit obligation:
Benefit obligation, December 31, 2021						$	57,781					$	3,060
Interest cost						1,069						52
Net actuarial gain						(13,839)						(414)
Benefits paid from plan assets and company funds						(5,302)						(324)
Benefit obligation, December 31, 2022						39,709						2,374
Interest cost						1,874						111
Net actuarial (gain) loss						(785)						128
Benefits paid from plan assets and company funds						(4,823)						(324)
Benefit obligation, December 31, 2023						$	35,975					$	2,289
Change in plan assets:
Fair value of plan assets, December 31, 2021						$	144,800					$	—
Loss on plan assets						(22,116)						—
Benefits paid						(3,632)						—
Fair value of plan assets, December 31, 2022						119,052						—
Return on plan assets						15,241						—
Benefits paid						(3,379)						—
Fair value of plan assets, December 31, 2023						$	130,914					$	—
Funded status, December 31, 2022						$	79,343					$	(2,374)
Funded status, December 31, 2023						$	94,939					$	(2,289)

(1) The accumulated benefit obligation equals the projected benefit obligation.

Amounts recognized in consolidated balance sheets

The funded status of our plans was recognized on the consolidated balance sheets as of December 31 as follows:

						Postretirement benefit plan												Pension plan
(in thousands)						2023						2022						2023						2022
Other non-current assets						$	94,939					$	79,343					$	—					$	—
Accrued liabilities						—						—						324						324
Other non-current liabilities						—						—						1,965						2,050

Amounts included in other comprehensive loss that have not been recognized as components of postretirement benefit income

Amounts included in accumulated other comprehensive loss as of December 31 that have not been recognized as components of postretirement benefit income were as follows:

(in thousands)						2023						2022
Unrecognized net actuarial loss						$	(29,019)					$	(39,871)
Unrecognized prior service credit						7,071						8,493
Tax effect						2,124						4,506
Amount recognized in accumulated other comprehensive loss, net of tax						$	(19,824)					$	(26,872)

Components of net periodic benefit income

Postretirement benefit income for the years ended December 31 consisted of the following components:

(in thousands)						2023						2022						2021
Interest cost						$	1,985					$	1,121					$	968
Expected return on plan assets						(7,320)						(7,462)						(7,498)
Amortization of prior service credit						(1,421)						(1,421)						(1,421)
Amortization of net actuarial losses						2,273						900						1,629
Net periodic benefit income						$	(4,483)					$	(6,862)					$	(6,322)

Actuarial assumptions used in measuring benefit obligation and net periodic benefit income

In measuring the benefit obligations as of December 31, the following discount rate assumptions were used:

						Postretirement benefit plan												Pension plan
						2023						2022						2023						2022
Discount rate						4.89		%				5.09		%				4.80		%				5.00		%

In measuring net periodic benefit income for the years ended December 31, the following assumptions were used:

						Postretirement benefit plan																		Pension plan
						2023						2022						2021						2023						2022						2021
Discount rate						5.09		%				2.61		%				2.16		%				5.00		%				2.26		%				1.74		%
Expected return on plan assets						6.25		%				5.25		%				5.50		%				—						—						—

Health care cost trend rate assumptions

In measuring the benefit obligation as of December 31 for our postretirement benefit plan, the following assumptions for health care cost trend rates were used. These rates are utilized to determine our periodic benefit income for the following year.

						2023												2022												2021
						Participants under age 65						Participants age 65 and older						Participants under age 65						Participants age 65 and older						Participants under age 65						Participants age 65 and older
Health care cost trend rate assumed for next year						6.6		%				7.3		%				6.6		%				7.3		%				6.9		%				7.6		%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)						4.5		%				4.5		%				4.5		%				4.5		%				4.5		%				4.5		%
Year that the rate reaches the ultimate trend rate						2030						2030						2030						2030						2030						2030

Allocation of plan assets by asset category

The allocation of plan assets by asset category as of December 31 was as follows:

						Postretirement benefit plan
						2023						2022
U.S. corporate debt securities						54		%				55		%
International equity securities						20		%				20		%
U.S. large capitalization equity securities						18		%				17		%
Mortgage-backed securities						5		%				5		%
U.S. small and mid-capitalization equity securities						3		%				3		%
Total						100		%				100		%

Our postretirement benefit plan has assets that are intended to meet long-term obligations. In order to meet these obligations, we employ a total return investment approach that considers cash flow needs and balances long-term projected returns against expected asset risk, as measured using projected standard deviations. Risk tolerance is established through consideration of projected plan liabilities, the plan's funded status, projected liquidity needs and our financial condition.

The target asset allocation percentages for our postretirement benefit plan are based on our liability and asset projections. The targeted allocation of plan assets is 59% fixed income securities, 20% international equity securities, 18% large capitalization equity securities and 3% small and mid-capitalization equity securities.

Information regarding fair value measurements of plan assets was as follows as of December 31, 2023:

						Fair value measurements using
						Quoted prices in active markets for identical assets						Significant other observable inputs						Significant unobservable inputs						Investments measured at net asset value						Fair value as of December 31, 2023
(in thousands)						(Level 1)						(Level 2)						(Level 3)
U.S. corporate debt securities						$	—					$	71,225					$	—					$	—					$	71,225
International equity securities						—						26,441						—						—						26,441
U.S. large capitalization equity securities						—						23,143						—						—						23,143
Mortgage-backed securities						—						6,540						—						—						6,540
U.S. small and mid-capitalization equity securities						—						3,565						—						—						3,565
Plan assets						$	—					$	130,914					$	—					$	—					$	130,914

Information regarding fair value measurements of plan assets was as follows as of December 31, 2022:

						Fair value measurements using
						Quoted prices in active markets for identical assets						Significant other observable inputs						Significant unobservable inputs						Investments measured at net asset value						Fair value as of December 31, 2022
(in thousands)						(Level 1)						(Level 2)						(Level 3)
U.S. corporate debt securities						$	—					$	65,700					$	—					$	—					$	65,700
International equity securities						—						23,835						—						—						23,835
U.S. large capitalization equity securities						—						20,496						—						—						20,496
Mortgage-backed securities						—						5,959						—						—						5,959
U.S. small and mid-capitalization equity securities						—						3,062						—						—						3,062
Plan assets						$	—					$	119,052					$	—					$	—					$	119,052

Expected benefit payments

The following benefit payments are expected to be paid during the years indicated:

(in thousands)						Postretirement benefit plan						Pension plan
2024						$	4,711					$	320
2025						4,356						300
2026						3,907						280
2027						3,560						260
2028						3,277						250
2029 - 2033						13,049						910

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Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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