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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
RETIREMENT PLANS |
Schedule of weighted-average rates assumed in the actuarial calculations for the pension plan and other postretirement benefit plans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 | ​
Discount Rate – Pension Benefit Obligation |  | 4.3 | % | 5.4 | % | 2.9 | %
Discount Rate – Pension Benefit Cost | ​ | 5.4 | % | 2.9 | % | 2.6 | %
Discount Rate – Postretirement Benefit Obligation | ​ | 5.2 | % | 5.4 | % | 2.8 | %
Discount Rate – Postretirement Benefit Cost | ​ | 5.2 | % | 2.8 | % | 2.5 | %
Expected long-term return on plan assets |  | 5.3 | % | 5.2 | % | 5.3 | %
Schedule of changes during the year in the projected benefit obligations and in the fair value of plan assets | Changes during the year in the projected benefit obligations and in the fair value of plan assets are as follows for 2023 and 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pension Benefits | ​ | Postretirement Benefits | ​ | Pension Benefits | ​ | Postretirement Benefits
Projected benefit obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of year: | ​ | $ | 66,175 | ​ | $ | 3,624 | ​ | $ | 100,624 | ​ | $ | 5,343
Service cost | ​ |  | 90 | ​ |  | 65 | ​ |  | 151 | ​ |  | 124
Interest cost | ​ |  | 3,323 | ​ | ​ | 182 | ​ |  | 2,373 | ​ | ​ | 139
Benefits and settlements paid | ​ |  | (6,899) | ​ | ​ | (309) | ​ |  | (18,490) | ​ | ​ | (396)
Actuarial (gain) loss | ​ |  | 1,460 | ​ |  | 63 | ​ |  | (16,758) | ​ |  | (1,586)
Settlement | ​ |  | - | ​ |  | — | ​ |  | (1,725) | ​ |  | -
Balance at end of year | ​ | $ | 64,149 | ​ | $ | 3,625 | ​ | $ | 66,175 | ​ | $ | 3,624
Plan net assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of year: | ​ | $ | 71,552 | ​ | $ | — | ​ | $ | 103,718 | ​ | $ | —
Actual return on plan assets | ​ | ​ | 7,142 | ​ |  | — | ​ | ​ | (13,188) | ​ |  | —
Company contributions | ​ |  | 207 | ​ |  | 309 | ​ |  | — | ​ |  | 396
Benefits and settlements paid | ​ |  | (7,397) | ​ |  | (309) | ​ |  | (18,978) | ​ |  | (396)
Balance at end of year | ​ | $ | 71,504 | ​ | $ | — | ​ | $ | 71,552 | ​ | $ | —
Over/ (Under) funded status of plan | ​ | $ | 7,355 | ​ | $ | (3,625) | ​ | $ | 5,377 | ​ | $ | (3,624)
Schedule of funded status of the Company's pension and other retirement benefit plans |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Viya Pension Benefit | ​ | Alaska Pension Benefit | ​ | Viya Postretirement Benefits | ​ | Alaska Postretirement Benefits
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation | ​ | $ | 53,075 | ​ | $ | 11,074 | ​ | $ | 3,341 | ​ | $ | 284
Plan Net Assets | ​ | ​ | 62,142 | ​ | ​ | 9,362 | ​ | ​ | — | ​ | ​ | —
Over/ (Under) funded status of plan | ​ | $ | 9,067 | ​ | $ | (1,712) | ​ | $ | (3,341) | ​ | $ | (284)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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)
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, 2023 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset Category |  | Total |  | Level 1 |  | Level 2 |
Cash, cash equivalents, money markets and other | ​ | $ | 2,642 | ​ | $ | 2,642 | ​ | $ | — | ​
Common stock | ​ | ​ | 12,680 | ​ | ​ | 12,680 | ​ | ​ | — | ​
Mutual funds - fixed income | ​ | ​ | 8,836 | ​ | ​ | 8,836 | ​ | ​ | — | ​
Mutual funds - equities | ​ | ​ | 9,527 | ​ | ​ | 9,527 | ​ | ​ | — | ​
Fixed income securities | ​ | ​ | 33,728 | ​ | ​ | — | ​ | ​ | 33,728 | ​
Other | ​ | ​ | 4,091 | ​ | ​ | 4,091 | ​ | ​ | — | ​
Total | ​ | $ | 71,504 | ​ | $ | 37,776 | ​ | $ | 33,728 | ​
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
Schedule of weighted-average asset allocations, by asset category | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 | ​
Cash, cash equivalents, money markets and other |  | 4 | % | 11 | %
Common stock | ​ | 18 | ​ | 25 | ​
Mutual funds - fixed income | ​ | 12 | ​ | 15 | ​
Mutual funds - equities | ​ | 13 | ​ | 7 | ​
Fixed income securities | ​ | 47 | ​ | 32 | ​
Other | ​ | 6 | ​ | 10 | ​
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,
​ | ​ | 2023 |  | 2022
​ | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued and current liabilities | ​ | $ | — | ​ | $ | 310 | ​ | $ | — | ​ | $ | 294
Other Liabilities | ​ | ​ | 1,712 | ​ | ​ | 3,318 | ​ | ​ | 1,923 | ​ | ​ | 3,068
Other Assets | ​ |  | 9,070 | ​ |  | — | ​ |  | 7,303 | ​ |  | —
Accumulated other comprehensive income, net of tax | ​ | ​ | 8,592 | ​ | ​ | 1,415 | ​ | ​ | 6,191 | ​ | ​ | 1,589
Schedule of amounts recognized in accumulated other comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | 2023 |  | 2022
​ | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued and current liabilities | ​ | $ | — | ​ | $ | 310 | ​ | $ | — | ​ | $ | 294
Other Liabilities | ​ | ​ | 1,712 | ​ | ​ | 3,318 | ​ | ​ | 1,923 | ​ | ​ | 3,068
Other Assets | ​ |  | 9,070 | ​ |  | — | ​ |  | 7,303 | ​ |  | —
Accumulated other comprehensive income, net of tax | ​ | ​ | 8,592 | ​ | ​ | 1,415 | ​ | ​ | 6,191 | ​ | ​ | 1,589
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, 2023, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 | ​ | 2021 | ​
​ | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits | ​
Operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ | $ | 90 | ​ | $ | 65 | ​ | $ | 151 | ​ | $ | 124 | ​ | $ | 229 | ​ | $ | 143 | ​
Non-operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest cost | ​ |  | 3,323 | ​ |  | 182 | ​ |  | 2,373 | ​ |  | 139 | ​ |  | 2,043 | ​ |  | 127 | ​
Expected return on plan assets | ​ |  | (2,936) | ​ |  | — | ​ |  | (3,814) | ​ |  | — | ​ |  | (3,366) | ​ |  | — | ​
Amortization of actuarial (gain) loss | ​ |  | (43) | ​ |  | (113) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Settlement | ​ |  | — | ​ |  | — | ​ |  | 1,725 | ​ |  | — | ​ |  | 34 | ​ |  | — | ​
Net periodic pension cost | ​ | $ | 434 | ​ | $ | 134 | ​ | $ | 435 | ​ | $ | 263 | ​ | $ | (1,060) | ​ | $ | 270 | ​
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
2024 | ​ | $ | 5,365 | ​ | $ | 317
2025 | ​ |  | 4,899 | ​ | ​ | 333
2026 | ​ |  | 4,969 | ​ | ​ | 238
2027 | ​ |  | 5,026 | ​ | ​ | 265
2028 | ​ |  | 4,775 | ​ | ​ | 265
2029-2033 | ​ |  | 23,351 | ​ | ​ | 1,483
Total | ​ | $ | 48,385 | ​ | $ | 2,901
Schedule of Multi-employer pension plan | ​
​ | ​
Plan name | Alaska Electrical Pension Plan
Number of employees covered | 541
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, 2023 | $ 6.2 million
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 | June 30, 2025
Outside Agreement Alaska Electrical Construction between | ​
Local Union 1547 IBEW and Alaska Chapter National | ​
Electrical Contractors Association Inc. | June 30, 2026
Inside Agreement Alaska Electrical Construction between | ​
Local Union 1547 IBEW and Alaska Chapter National | ​
Electrical Contractors Association Inc. | April 30, 2026

X
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