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RETIREMENT PLANS (Tables)
12 Months Ended
Dec. 31, 2022
RETIREMENT PLANS  
Schedule of weighted-average rates assumed in the actuarial calculations for the pension plan and other postretirement benefit plans

    

2022

    

2021

    

2020

Discount Rate – Pension Benefit Obligation

 

5.4

%  

2.9

%  

2.6

%

Discount Rate – Pension Benefit Cost

2.9

%

2.6

%

3.5

%

Discount Rate – Postretirement Benefit Obligation

5.4

%  

2.8

%  

2.5

%

Discount Rate – Postretirement Benefit Cost

2.8

%

2.5

%

3.5

%

Expected long-term return on plan assets

 

5.2

%  

5.3

%  

5.1

%

Schedule of changes during the year in the projected benefit obligations and in the fair value of plan assets

    

2022

2021

Pension Benefits

Postretirement Benefits

Pension Benefits

Postretirement Benefits

Projected benefit obligations:

Balance at beginning of year:

$

100,624

$

5,343

$

88,772

$

5,510

Alaska acquisition

15,399

392

Service cost

 

151

 

124

 

229

 

143

Interest cost

 

2,373

139

 

2,043

127

Benefits and settlements paid

 

(18,490)

(396)

 

(4,488)

(390)

Actuarial (gain) loss

 

(16,758)

 

(1,586)

 

(1,297)

 

(439)

Settlement

 

(1,725)

 

-

 

(34)

 

Balance at end of year

$

66,175

$

3,624

$

100,624

$

5,343

Plan net assets:

Balance at beginning of year:

$

103,718

$

$

89,352

$

Alaska acquisition

12,147

Actual return on plan assets

(13,188)

 

7,246

 

Company contributions

 

 

396

 

 

390

Benefits and settlements paid

 

(18,978)

 

(396)

 

(5,027)

 

(390)

Balance at end of year

$

71,552

$

$

103,718

$

Over/ (Under) funded status of plan

$

5,377

$

(3,624)

$

3,094

$

(5,343)

Schedule of funded status of the Company's pension and other retirement benefit plans

    

2022

GTT Pension Benefit

Viya Pension Benefit

Alaska Pension Benefit

Viya Postretirement Benefits

Alaska Postretirement Benefits

Projected benefit obligation

$

2,038

$

52,832

$

11,305

$

3,337

$

287

Plan Net Assets

2,038

60,132

9,382

Over/ (Under) funded status of plan

$

$

7,300

$

(1,923)

$

(3,337)

$

(287)

2021

GTT Pension Benefit

Viya Pension Benefit

Alaska Pension Benefit

Viya Postretirement Benefits

Alaska Postretirement Benefits

Projected benefit obligation

$

15,663

$

70,173

$

14,788

$

4,961

$

382

Plan Net Assets

15,663

75,952

12,103

Over/ (Under) funded status of plan

$

$

5,779

$

(2,685)

$

(4,961)

$

(382)

Schedule of fair values for the pension plan's net assets, by asset category

The fair values for the pension plan’s net assets, by asset category, at December 31, 2022 are as follows (in thousands):

Asset Category

    

Total

    

Level 1

    

Level 2

 

Cash, cash equivalents, money markets and other

$

7,572

$

7,572

$

Common stock

17,974

17,974

Mutual funds - fixed income

10,732

10,732

Mutual funds - equities

5,228

5,228

Fixed income securities

22,913

22,913

Other

7,133

7,133

Total

$

71,552

$

48,639

$

22,913

The fair values for the pension plan’s net assets, by asset category, at December 31, 2021 are as follows (in thousands):

Asset Category

    

Total

    

Level 1

    

Level 2

Cash, cash equivalents, money markets and other

$

17,908

$

17,908

$

Common stock

28,041

28,041

Mutual funds - fixed income

9,599

9,599

Mutual funds - equities

9,299

9,299

Fixed income securities

32,332

32,332

Other

6,539

6,539

Total

$

103,718

$

71,386

$

32,332

Schedule of weighted-average asset allocations, by asset category

    

2022

    

2021

Cash, cash equivalents, money markets and other

 

11

%  

17

%

Common stock

25

28

Mutual funds - fixed income

15

9

Mutual funds - equities

7

9

Fixed income securities

32

31

Other

10

6

Total

 

100

%  

100

%

Schedule of amounts recognized on the Company's consolidated balance sheets

Amounts recognized on the Company’s consolidated balance sheets consist of (in thousands):

As of December 31, 

2022

    

2021

Pension benefits

Postretirement benefits

Pension benefits

Postretirement benefits

Accrued and current liabilities

$

$

294

$

$

370

Other Liabilities

1,923

3,068

2,687

4,616

Other Assets

 

7,303

 

 

5,780

 

Accumulated other comprehensive income, net of tax

6,191

1,589

4,419

27

Schedule of amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income consist of (in thousands):

As of December 31, 

    

2022

    

2021

Pension benefits

Postretirement benefits

Pension benefits

Postretirement benefits

Unrecognized net actuarial gain

$

6,268

$

1,614

$

3,547

$

28

Accumulated other comprehensive income, pre-tax

6,268

1,614

3,547

28

Accumulated other comprehensive income, net of tax

 

6,191

 

1,589

 

4,419

 

27

Schedule of components of the plan's net periodic pension cost

Components of the plan’s net periodic pension cost are as follows for the years ended December 31, 2022, 2021 and 2020 (in thousands):

    

2022

    

2021

2020

Pension benefits

Postretirement benefits

Pension benefits

Postretirement benefits

Pension benefits

Postretirement benefits

Operating expense

Service cost

$

151

$

124

$

229

$

143

$

439

$

139

Non-operating expense

Interest cost

 

2,373

 

139

 

2,043

 

127

 

2,585

 

163

Expected return on plan assets

 

(3,814)

 

 

(3,366)

 

 

(3,060)

 

Amortization of actuarial (gain) loss

 

 

 

 

 

 

(11)

Settlement

 

1,725

 

 

34

 

 

89

 

Net periodic pension cost

$

435

$

263

$

(1,060)

$

270

$

53

$

291

Schedule of estimated benefits

The following estimated benefits, which reflect expected future service, as appropriate, are expected to be paid over the next 10 years as indicated below (in thousands):

    

Pension

Postretirement

Fiscal Year

Benefits

 

Benefits

2023

$

6,898

$

302

2024

 

5,379

322

2025

 

4,816

341

2026

 

4,922

253

2027

 

5,099

279

2027-2031

 

23,805

1,465

Total

$

50,919

$

2,962

Schedule of Multi-employer pension plan

Plan name

Alaska Electrical Pension Plan

Number of employees covered

505

Pension Protection Act zone status at the plan's year-end:

December 31, 2022

Green

December 31, 2021

Green

Plan subject to funding improvement plan

No

Plan subject to rehabilitation plan

No

Employer subject to contribution surcharge

No

Company contributions to the plan for the year ended:

December 31, 2022

$ 6.6 million

December 31, 2021

$ 3.1 million

Name and expiration date of collective bargaining agreements requiring contributions to the plan:

Collective Bargaining Agreement Between Alaska

Communications Systems and Local Union 1547 IBEW

December 31, 2023

Outside Agreement Alaska Electrical Construction between

Local Union 1547 IBEW and Alaska Chapter National

Electrical Contractors Association Inc.

June 30, 2022

Inside Agreement Alaska Electrical Construction between

Local Union 1547 IBEW and Alaska Chapter National

Electrical Contractors Association Inc.

October 31, 2022