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Pensions (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Components of Net Periodic Pension Cost (Benefit) | The following table details the Other components of net periodic pension benefit for the Company's pension plans:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Interest cost | $ | 19,295 |  |  | $ | 21,386 |  |  | $ | 14,017 |
Expected return on assets | (12,971) |  |  | (13,752) |  |  | (13,534) |
Settlement gain | — |  |  | (407) |  |  | (1,492) |
Remeasurement gain | (31,130) |  |  | (9,946) |  |  | (43,603) |
Net periodic pension benefit | $ | (24,806) |  |  | $ | (2,719) |  |  | $ | (44,612) |
Schedule of Defined Benefit Pension Cost Assumptions | The following table sets forth the weighted-average assumptions used for determining the Company's net periodic pension cost benefit:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Pension benefit obligations discount rate | 4.95 | % |  | 5.14 | % |  | 2.77 | %
Interest cost discount rate | 4.90 | % |  | 5.10 | % |  | 2.37 | %
Expected return on plan assets, net of administrative expenses | 4.08 | % |  | 4.04 | % |  | 3.18 | %
Interest crediting rate | 3.51 | % |  | 3.02 | % |  | 3.02 | %
Rate of compensation expense increase | N/A |  | N/A |  | N/A
The following table sets forth the weighted-average assumptions used for determining the Company's pension benefit obligations:
| Years Ended December 31,
| 2024 |  | 2023
Pension benefit obligations discount rate | 5.52 | % |  | 4.95 | %
Interest crediting rate | 3.76 | % |  | 3.51 | %
Rate of compensation increase | N/A |  | N/A
Schedule of Benefit Obligations and Plan Assets Rollforward | The following table summarizes the benefit obligations, plan assets, and funded status associated with the Company's pension and benefit plan:
(in thousands) | 2024 |  | 2023
Change in Benefit Obligations |  |  |
Balance as of January 1 | $ | 408,950 |  |  | $ | 444,899 |
Interest cost | 19,295 |  |  | 21,386 |
Actuarial (gain) loss, net | (28,103) |  |  | 501 |
Benefits paid | (33,306) |  |  | (57,836) |
Balance as of December 31 | $ | 366,836 |  |  | $ | 408,950 |
Change in Plan Assets |  |  |
Balance as of January 1 | $ | 339,046 |  |  | $ | 371,498 |
Plan contributions | 6,545 |  |  | 778 |
Actual return on plan assets, net of administrative expenses | 15,998 |  |  | 24,605 |
Benefits paid | (33,306) |  |  | (57,835) |
Balance as of December 31 | $ | 328,283 |  |  | $ | 339,046 |
Funded Status as of December 31 (plan assets less benefit obligations) | $ | (38,553) |  |  | $ | (69,904) |
Schedule of Cash Contributions made by the Company | The following table sets forth cash contributions made by the Company to its qualified and non-qualified plans during the years ended December 31, 2024, 2023 and 2022:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Qualified plans | $ | 6,000 |  |  | $ | — |  |  | $ | 22,500 |
Non-qualified plans | 515 |  |  | 778 |  |  | 742 |
Schedule of Amounts Associated with Pension Plans | The following table sets forth the amounts associated with pension plans recognized within Pension obligations, net on the Company's consolidated balance sheets:
(in thousands) | December 31, 2024 |  | December 31, 2023
Current liabilities | $ | (539) |  |  | $ | (516) |
Long-term liabilities | (38,014) |  | (69,388)
Total pension liability as of December 31 | $ | (38,553) |  |  | $ | (69,904) |
Schedule of Accumulated Pension Obligations greater than Plan Assets | The following table sets forth the amounts associated with the Company's pension plans that have accumulated pension obligations greater than plan assets (underfunded):
(in thousands) | December 31, 2024 |  | December 31, 2023
Accumulated benefit obligations | $ | 320,242 |  |  | $ | 408,950 |
Projected benefit obligations | 320,242 |  |  | 408,950 |
Plan assets | 280,325 |  |  | 339,046 |
Schedule of Expected Future Pension Benefit Payments | The following table sets forth the Company's expected future pension benefit payments:
(in thousands) | Expected Future Pension Benefit Payments
2025 | $ | 41,217
2026 | 37,762
2027 | 36,220
2028 | 35,129
2029 | 33,433
2030 to 2034 | 148,846
Schedule of Allocation of Plan Assets | The following tables set forth the fair values of the Company's pension plan assets by asset category:
| December 31, 2024
(in thousands) | Total |  | Level 1 (Quoted Market Prices in Active Markets) |  | Level 2 (Significant Observable Input) |  | Level 3 (Unobservable Inputs)
Cash and cash equivalents | $ | 8,833 |  |  | $ | 8,833 |  |  | $ | — |  |  | $ | — |
Equity funds | 77,614 |  |  | 77,614 |  |  | — |  |  | — |
U.S. treasuries and agencies | 18,044 |  |  | — |  |  | 18,044 |  |  | — |
Corporate bond funds | 138,680 |  |  | 138,680 |  |  | — |  |  | — |
Total | $ | 243,171 |  |  | $ | 225,127 |  |  | $ | 18,044 |  |  | $ | — |
Hedge funds-investments measured at net asset value (“NAV”) as a practical expedient | 85,112 |  |  |  |  |  |  |
Total plan assets | $ | 328,283 |  |  |  |  |  |  |
| December 31, 2023
| Total |  | Level 1 (Quoted Market Prices in Active Markets) |  | Level 2 (Significant Observable Input) |  | Level 3 (Unobservable Inputs)
Cash and cash equivalents | $ | 3,475 |  |  | $ | 3,475 |  |  | $ | — |  |  | $ | — |
Equity funds | 32,540 |  |  | 32,540 |  |  | — |  |  | — |
U.S. treasuries and agencies | 31,229 |  |  | — |  |  | 31,229 |  |  | — |
Corporate bond funds | 189,697 |  |  | 189,697 |  |  | — |  |  | — |
Total | $ | 256,941 |  |  | $ | 225,712 |  |  | $ | 31,229 |  |  | $ | — |
Hedge funds-investments measured at NAV as a practical expedient | 82,105 |  |  |  |  |  |  |
Total plan assets | $ | 339,046 |  |  |  |  |  |  |
The following table sets forth the weighted asset allocation percentages for the pension plans by asset category:
| December 31,
| 2024 |  | 2023
Cash and cash equivalents | 2.7 | % |  | 1.0 | %
U.S. treasuries and agencies, corporate bond funds, and other fixed income | 47.7 | % |  | 65.2 | %
Equity funds | 23.6 | % |  | 9.6 | %
Hedge funds | 25.9 | % |  | 24.2 | %
Total | 100.0 | % |  | 100.0 | %

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