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POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2022
$39,709 $2,374 
Interest cost1,874 111 
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 
Interest cost1,639 103 
Net actuarial (gain) loss(3,072)52 
Benefits paid from plan assets and company funds(3,932)(324)
Benefit obligation, December 31, 2024
$30,610 $2,120 
Change in plan assets:
Fair value of plan assets, December 31, 2022
$119,052 $— 
Return on plan assets15,241 — 
Benefits paid(3,379)— 
Fair value of plan assets, December 31, 2023
130,914 — 
Return on plan assets9,729 — 
Benefits paid(2,509)— 
Fair value of plan assets, December 31, 2024
$138,134 $— 
Funded status, December 31, 2023
$94,939 $(2,289)
Funded status, December 31, 2024
$107,524 $(2,120)

(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 planPension plan
(in thousands)2024202320242023
Other non-current assets$107,524 $94,939 $— $— 
Accrued liabilities— 324 324 
Other non-current liabilities— — 1,796 1,965 
Amounts included in other comprehensive loss that have not been recognized as components of postretirement benefit income
Amounts included in accumulated other comprehensive loss that have not been recognized as components of postretirement benefit income were as follows as of December 31:
(in thousands)20242023
Unrecognized net actuarial loss$(23,332)$(29,019)
Unrecognized prior service credit5,650 7,071 
Tax effect1,116 2,124 
Amount recognized in accumulated other comprehensive loss, net of tax
$(16,566)$(19,824)
Components of net periodic benefit income Postretirement benefit income is included in other income, net on the consolidated statements of income and consisted of the following components for the years ended December 31:
(in thousands)202420232022
Interest cost$1,742 $1,985 $1,121 
Expected return on plan assets(8,395)(7,320)(7,462)
Amortization of prior service credit(1,421)(1,421)(1,421)
Amortization of net actuarial losses1,334 2,273 900 
Net periodic benefit income$(6,740)$(4,483)$(6,862)
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 planPension plan
2024202320242023
Discount rate5.48 %4.89 %5.35 %4.80 %

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

Postretirement benefit planPension plan
202420232022202420232022
Discount rate4.89 %5.09 %2.61 %4.80 %5.00 %2.26 %
Expected return on plan assets6.50 %6.25 %5.25 %— — — 
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.

202420232022
Participants under age 65Participants age 65 and olderParticipants under age 65Participants age 65 and olderParticipants under age 65Participants age 65 and older
Health care cost trend rate assumed for next year
6.0 %6.5 %6.6 %7.3 %6.6 %7.3 %
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
203020302030203020302030
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
20242023
U.S. corporate debt securities55 %54 %
International equity securities20 %20 %
U.S. large capitalization equity securities17 %18 %
Mortgage-backed securities5 %5 %
U.S. small and mid-capitalization equity securities3 %3 %
Total100 %100 %

Our postretirement benefit plan is designed with assets intended to meet long-term obligations. To achieve this, we utilize a total return investment strategy that takes into account cash flow needs while balancing long-term projected returns against expected asset risks, which are measured using projected standard deviations. Our risk tolerance is determined by considering projected plan liabilities, the plan's funded status, projected liquidity needs, and our overall financial condition.

The target asset allocation percentages for our postretirement benefit plan are derived from our liability and asset projections. The targeted allocation of plan assets is 60% fixed income securities, 20% international equity securities, 17% 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, 2024:
Fair value measurements using
Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputsInvestments measured at net asset value
Fair value as of
December 31, 2024
(in thousands)(Level 1) (Level 2)(Level 3)
U.S. corporate debt securities$— $76,628 $— $— $76,628 
International equity securities— 27,356 — — 27,356 
U.S. large capitalization equity securities
— 23,754 — — 23,754 
Mortgage-backed securities— 6,939 — — 6,939 
U.S. small and mid-capitalization equity securities
— 3,457 — — 3,457 
Plan assets$— $138,134 $— $— $138,134 

    
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 assetsSignificant other observable inputsSignificant unobservable inputsInvestments 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 
Expected benefit payments
The following benefit payments are expected to be paid during the years indicated:
(in thousands)Postretirement benefit planPension plan
2025$4,084 $320 
20263,752 300 
20273,463 280 
20283,203 260 
20292,951 240 
2030 - 203411,904 860