XML 64 R39.htm IDEA: XBRL DOCUMENT v3.25.0.1

Pensions (Tables)

12 Months Ended

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		%

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Subparagraph (a)(b)(c)
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-3

+ Details

Name:	us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (d)(5)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfCostsOfRetirementPlansTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (f)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration