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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
RETIREMENT PLANS |
Schedule of weighted-average rates assumed in the actuarial calculations for the pension plan and other postretirement benefit plans | ​
The weighted-average rates assumed in the actuarial calculations for the pension and other postretirement benefit plans are as follows as of December 31, 2024, 2023 and 2022: | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 | ​
Discount Rate – Pension Benefit Obligation |  | 5.7 | % | 4.3 | % | 5.4 | %
Discount Rate – Pension Benefit Cost | ​ | 5.2 | % | 5.4 | % | 2.9 | %
Discount Rate – Postretirement Benefit Obligation | ​ | 5.6 | % | 5.2 | % | 5.4 | %
Discount Rate – Postretirement Benefit Cost | ​ | 5.2 | % | 5.2 | % | 2.8 | %
Expected long-term return on plan assets |  | 5.3 | % | 5.3 | % | 5.2 | %
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 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 | ​ | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pension Benefits | ​ | Postretirement Benefits | ​ | Pension Benefits | ​ | Postretirement Benefits
Projected benefit obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of year: | ​ | $ | 64,149 | ​ | $ | 3,625 | ​ | $ | 66,175 | ​ | $ | 3,624
Service cost | ​ |  | 80 | ​ |  | 76 | ​ |  | 90 | ​ |  | 65
Interest cost | ​ |  | 3,190 | ​ | ​ | 195 | ​ |  | 3,323 | ​ | ​ | 182
Benefits and settlements paid | ​ |  | (4,896) | ​ | ​ | (426) | ​ |  | (6,899) | ​ | ​ | (309)
Actuarial (gain) loss | ​ |  | (2,157) | ​ |  | 61 | ​ |  | 1,460 | ​ |  | 63
Balance at end of year | ​ | $ | 60,366 | ​ | $ | 3,531 | ​ | $ | 64,149 | ​ | $ | 3,625
Plan net assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of year: | ​ | $ | 71,504 | ​ | $ | — | ​ | $ | 71,552 | ​ | $ | —
Actual return on plan assets | ​ | ​ | 2,870 | ​ |  | — | ​ | ​ | 7,142 | ​ |  | —
Company contributions | ​ |  | 391 | ​ |  | 426 | ​ |  | 207 | ​ |  | 309
Benefits and settlements paid | ​ |  | (4,896) | ​ |  | (426) | ​ |  | (7,397) | ​ |  | (309)
Balance at end of year | ​ | $ | 69,869 | ​ | $ | — | ​ | $ | 71,504 | ​ | $ | —
Over/ (Under) funded status of plan | ​ | $ | 9,503 | ​ | $ | (3,531) | ​ | $ | 7,355 | ​ | $ | (3,625)
Schedule of funded status of the Company's pension and other retirement benefit plans | The funded status of the Company’s pension and other retirement benefit plans is below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Viya Pension Benefit | ​ | Alaska Pension Benefit | ​ | Viya Postretirement Benefits | ​ | Alaska Postretirement Benefits
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation | ​ | $ | 49,889 | ​ | $ | 10,477 | ​ | $ | 3,262 | ​ | $ | 269
Plan Net Assets | ​ | ​ | 60,250 | ​ | ​ | 9,619 | ​ | ​ | — | ​ | ​ | —
Over/ (Under) funded status of plan | ​ | $ | 10,361 | ​ | $ | (858) | ​ | $ | (3,262) | ​ | $ | (269)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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)
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, 2024 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset Category |  | Total |  | Level 1 |  | Level 2 |
Cash, cash equivalents, money markets and other | ​ | $ | 1,922 | ​ | $ | 1,922 | ​ | $ | — | ​
Common stock | ​ | ​ | 12,445 | ​ | ​ | 12,445 | ​ | ​ | — | ​
Mutual funds - fixed income | ​ | ​ | 10,904 | ​ | ​ | 10,904 | ​ | ​ | — | ​
Mutual funds - equities | ​ | ​ | 8,245 | ​ | ​ | 8,245 | ​ | ​ | — | ​
Fixed income securities | ​ | ​ | 31,421 | ​ | ​ | — | ​ | ​ | 31,421 | ​
Other | ​ | ​ | 4,932 | ​ | ​ | 4,932 | ​ | ​ | — | ​
Total | ​ | $ | 69,869 | ​ | $ | 38,448 | ​ | $ | 31,421 | ​
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
Schedule of weighted-average asset allocations, by asset category | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 | ​
Cash, cash equivalents, money markets and other |  | 3 | % | 4 | %
Common stock | ​ | 18 | ​ | 18 | ​
Mutual funds - fixed income | ​ | 16 | ​ | 12 | ​
Mutual funds - equities | ​ | 12 | ​ | 13 | ​
Fixed income securities | ​ | 45 | ​ | 47 | ​
Other | ​ | 6 | ​ | 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,
​ | ​ | 2024 |  | 2023
​ | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued and current liabilities | ​ | $ | — | ​ | $ | 344 | ​ | $ | — | ​ | $ | 310
Other Liabilities | ​ | ​ | 858 | ​ | ​ | 3,189 | ​ | ​ | 1,712 | ​ | ​ | 3,318
Other Assets | ​ |  | 10,363 | ​ |  | — | ​ |  | 9,070 | ​ |  | —
Accumulated other comprehensive income, net of tax | ​ | ​ | 10,348 | ​ | ​ | 1,300 | ​ | ​ | 8,592 | ​ | ​ | 1,415
Schedule of amounts recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income consist of (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, | ​
​ |  | 2024 |  | 2023 | ​
​ | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net actuarial gain | ​ | $ | 10,729 | ​ | $ | 1,438 | ​ | $ | 8,842 | ​ | $ | 1,614 | ​
Accumulated other comprehensive income, pre-tax | ​ | ​ | 10,729 | ​ | ​ | 1,438 | ​ | ​ | 8,842 | ​ | ​ | 1,614 | ​
Accumulated other comprehensive income, net of tax | ​ |  | 10,348 | ​ |  | 1,300 | ​ |  | 8,592 | ​ |  | 1,415 | ​
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, 2024, 2023 and 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 | ​ | 2022 | ​
​ | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits | ​
Operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ | $ | 80 | ​ | $ | 76 | ​ | $ | 90 | ​ | $ | 65 | ​ | $ | 151 | ​ | $ | 124 | ​
Non-operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest cost | ​ |  | 3,190 | ​ |  | 195 | ​ |  | 3,323 | ​ |  | 182 | ​ |  | 2,373 | ​ |  | 139 | ​
Expected return on plan assets | ​ |  | (2,982) | ​ |  | — | ​ |  | (2,936) | ​ |  | — | ​ |  | (3,814) | ​ |  | — | ​
Amortization of actuarial (gain) loss | ​ |  | (156) | ​ |  | (54) | ​ |  | (43) | ​ |  | (113) | ​ |  | — | ​ |  | — | ​
Settlement | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,725 | ​ |  | — | ​
Net periodic pension cost | ​ | $ | 132 | ​ | $ | 217 | ​ | $ | 434 | ​ | $ | 134 | ​ | $ | 435 | ​ | $ | 263 | ​
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
2025 | ​ | $ | 4,978 | ​ | $ | 344
2026 | ​ |  | 5,292 | ​ | ​ | 286
2027 | ​ |  | 5,091 | ​ | ​ | 313
2028 | ​ |  | 4,830 | ​ | ​ | 300
2029 | ​ |  | 5,069 | ​ | ​ | 329
2029-2033 | ​ |  | 22,549 | ​ | ​ | 1,467
Total | ​ | $ | 47,809 | ​ | $ | 3,039
Schedule of Multi-employer pension plan | ​
​ | ​
Plan name | Alaska Electrical Pension Plan
Number of employees covered | 426
Pension Protection Act zone status at the plan's year-end: | ​
December 31, 2024 | Green
December 31, 2023 | 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, 2024 | $ 6.5 million
December 31, 2023 | $ 6.2 million
December 31, 2022 | $ 6.6 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. | October 31, 2027
Inside Agreement Alaska Electrical Construction between | ​
Local Union 1547 IBEW and Alaska Chapter National | ​
Electrical Contractors Association Inc. | April 30, 2026

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