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Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Key Weighted Average Assumptions Used in Determining Benefit Plan Costs and Obligations

The following table includes the key assumptions used in determining the Company’s benefit plan costs and obligations:

		2024				2023				2022
Used to Determine Plan costs for years ended December 31:
Discount Rate			5.00	%			5.25	%			2.85	%
Rate of Compensation Increase			3.00	%			3.00	%			3.00	%
Expected Long-term rate of return on plan assets			7.50	%			7.50	%			7.50	%

Used to Determine Benefit Obligations at December 31:
Discount Rate			5.60	%			5.00	%			5.25	%
Rate of Compensation Increase			3.00	%			3.00	%			3.00	%

Components of Retirement Plan Costs

The following table provides the components of the Company’s Retirement plan costs (000’s):

		Pension Plan												PBOP Plan												SERP
		2024				2023				2022				2024				2023				2022				2024				2023				2022
Service Cost		$	1,990			$	2,091			$	3,165			$	1,988			$	1,493			$	2,890			$	216			$	250			$	273
Interest Cost			7,546				7,480				5,486				3,269				2,899				3,194				723				754				472
Expected Return on Plan Assets			(10,597	)			(10,689	)			(10,883	)			(3,877	)			(3,408	)			(3,415	)			—				—				—
Prior Service Cost Amortization			323				356				356				—				794				1,092				10				55				55
Actuarial Loss Amortization			1,446				—				5,507				(874	)			(1,464	)			1,020				—				—				794
Sub-total			708				(762	)			3,631				506				314				4,781				949				1,059				1,594
Amounts Capitalized or Deferred			227				1,598				(1,085	)			191				555				(2,388	)			(295	)			(327	)			(472	)
NPBC Recognized		$	935			$	836			$	2,546			$	697			$	869			$	2,393			$	654			$	732			$	1,122

Plans' Assets, Projected Benefit Obligations (PBO), and Funded Status

The following table represents information on the plans’ assets, projected benefit obligations (PBO), and funded status (000’s):

		Pension Plan								PBOP Plan								SERP
Change in Plan Assets:		2024				2023				2024				2023				2024				2023
Plan Assets at Beginning of Year		$	137,893			$	126,098			$	51,892			$	44,770			$	—			$	—
Actual Return on Plan Assets			15,146				16,822				6,224				6,865				—				—
Employer Contributions			3,758				3,850				2,552				2,790				679				665
Participant Contributions			—				—				260				234				—				—
Benefits Paid			(7,823	)			(8,877	)			(2,526	)			(2,767	)			(679	)			(665	)
Plan Assets at End of Year		$	148,974			$	137,893			$	58,402			$	51,892			$	-			$	-
Change in PBO:
PBO at Beginning of Year		$	154,567			$	146,953			$	66,691			$	56,510			$	14,854			$	14,810
Service Cost			1,990				2,091				1,988				1,493				216				250
Interest Cost			7,546				7,480				3,269				2,899				723				754
Participant Contributions			—				—				260				234				—				—
Benefits Paid			(7,823	)			(8,877	)			(2,526	)			(2,767	)			(679	)			(665	)
Actuarial (Gain) or Loss			(7,724	)			6,920				2,525				8,322				(2,367	)			(295	)
PBO at End of Year		$	148,556			$	154,567			$	72,207			$	66,691			$	12,747			$	14,854
Funded Status: Assets vs PBO		$	418			$	(16,674	)		$	(13,805	)		$	(14,799	)		$	(12,747	)		$	(14,854	)

Employer Contributions, Participant Contributions and Benefit Payments

The following table represents employer contributions, participant contributions and benefit payments (000’s).

		Pension Plan												PBOP Plan												SERP
		2024				2023				2022				2024				2023				2022				2024				2023				2022
Employer Contributions		$	3,758			$	3,850			$	3,800			$	2,552			$	2,790			$	12,153			$	679			$	665			$	637
Participant Contributions		$	—			$	—			$	—			$	260			$	234			$	279			$	—			$	—			$	—
Benefit Payments		$	7,823			$	8,877			$	9,724			$	2,526			$	(2,767	)		$	3,503			$	679			$	665			$	637

Estimated Future Benefit Payments

The following table represents estimated future benefit payments (000’s).

Estimated Future Benefit Payments
		Pension				PBOP				SERP
2025		$	8,701			$	3,532			$	678
2026			9,214				3,896				677
2027			10,259				4,128				676
2028			10,388				4,235				1,168
2029			10,759				4,619				1,160
2030-2034			57,528				23,650				5,620

Pension Plans

Schedule of Allocation of Plan Assets

The actual investment allocations are shown in the following tables.

Pension Plan		Target Allocation				Actual Allocation at December 31,
		2025				2024				2023				2022
Equity Funds			54	%			53	%			57	%			53	%
Debt Funds			42	%			41	%			36	%			38	%
Real Estate Fund			4	%			5	%			6	%			7	%
Other(1)			—				1	%			1	%			2	%
Total							100	%			100	%			100	%

Represents investments being held in cash equivalents as of December 31, 2024, December 31, 2023 and December 31, 2022 pending payment of benefits.

Assets measured at fair value on a recurring basis for the Pension Plan as of December 31, 2024 and 2023 are as follows (000’s):

		Fair Value Measurements at Reporting Date Using
Description		Balance as of December 31,				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
2024
Pension Plan Assets:
Mutual Funds:
Equity Funds		$	78,407			$	78,407			$	—			$	—
Fixed Income Funds			61,741				61,741				—				—
Total Mutual Funds			140,148				140,148				—				—
Cash Equivalents			1,504				1,504
Total Assets in the Fair Value Hierarchy		$	141,652			$	141,652			$	—			$	—
Real Estate Fund–Measured at Net Asset Value			7,322
Total Assets		$	148,974
2023
Pension Plan Assets:
Mutual Funds:
Equity Funds		$	78,522			$	78,522			$	—			$	—
Fixed Income Funds			49,359				49,359				—				—
Total Mutual Funds			127,881				127,881				—				—
Cash Equivalents			2,266				2,266
Total Assets in the Fair Value Hierarchy		$	130,147			$	130,147			$	—			$	—
Real Estate Fund–Measured at Net Asset Value			7,746
Total Assets		$	137,893

Retirement Benefits

Schedule of Allocation of Plan Assets

The actual investment allocations are shown in the following tables.

PBOP Plan		Target Allocation				Actual Allocation at December 31,
		2025				2024				2023				2022
Equity Funds			55	%			56	%			56	%			55	%
Debt Funds			45	%			44	%			44	%			45	%
Total							100	%			100	%			100	%

Assets measured at fair value on a recurring basis for the PBOP Plan as of December 31, 2024 and 2023 are as follows (000’s):

		Fair Value Measurements at Reporting Date Using
Description		Balance as of December 31,				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
2024
PBOP Plan Assets:
Mutual Funds:
Fixed Income Funds		$	25,908			$	25,908			$	—			$	—
Equity Funds			32,494				32,494				—				—
Total Assets		$	58,402			$	58,402			$	—			$	—
2023
PBOP Plan Assets:
Mutual Funds:
Fixed Income Funds		$	23,025			$	23,025			$	—			$	—
Equity Funds			28,867				28,867				—				—
Total Assets		$	51,892			$	51,892			$	—			$	—

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