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v3.24.1

Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Defined Benefit Plans | The status of the defined benefit pension plans at year-end was as follows:
|  | Year Ended December 31,
In thousands |  | 2023 |  | 2022
Change in benefit obligation |  |  |  |
Benefit obligation at beginning of year |  | $ | 143,521 |  |  | $ | 186,041 |
Interest cost |  | 7,088 |  |  | 5,040 |
Actuarial gain (loss) |  | 1,465 |  |  | (37,014) |
Benefits paid |  | (10,647) |  |  | (10,546) |
Benefit obligation at end of year |  | $ | 141,427 |  |  | $ | 143,521 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 103,891 |  |  | $ | 131,741 |
Actual return on plan assets |  | 7,128 |  |  | (20,358) |
Contributions |  | 3,324 |  |  | 3,053 |
Benefits paid |  | (10,647) |  |  | (10,545) |
Fair value of plan assets at end of year |  | $ | 103,696 |  |  | $ | 103,891 |
Funded status at end of year |  | $ | (37,731) |  |  | $ | (39,630) |
Recognized in Balance Sheet | The following amounts have been recognized in the Consolidated Balance Sheets as of December 31:
In thousands |  | 2023 |  | 2022
Current pension liabilities |  | $ | 8,561 |  |  | $ | 1,858 |
Long term pension liabilities - Qualified plans |  | 10,540 |  |  | 18,674 |
Long term pension liabilities - Nonqualified plan |  | 18,630 |  |  | 19,098 |
Total pension liabilities |  | $ | 37,731 |  |  | $ | 39,630 |
Recognized in Accumulated Other Comprehensive Loss | The following amounts have been recognized in accumulated other comprehensive loss, net of tax, as of December 31:
In thousands |  | 2023 |  | 2022
Net loss |  | $ | 42,456 |  |  | $ | 44,120 |
Accumulated Benefit of Obligation in Excess of Plan Asset | The following information is presented for pension plans with an accumulated benefit obligation in excess of plan assets:
In thousands |  | 2023 |  | 2022
Projected benefit obligation |  | $ | 141,427 |  |  | $ | 143,521 |
Accumulated benefit obligation |  | $ | 141,427 |  |  | $ | 143,521 |
Fair value of plan assets |  | $ | 103,696 |  |  | $ | 103,891 |
Net Period of Net Periodic Cost | The following table presents the components of net periodic benefit cost and other amounts recognized in other comprehensive income in the Consolidated Statements of Comprehensive Income for both plans:
|  | Year Ended December 31,
In thousands |  | 2023 |  | 2022
Net Periodic Benefit Cost |  |  |  |
Interest cost |  | $ | 7,088 |  |  | $ | 5,040 |
Expected return on plan assets |  | (6,216) |  |  | (5,872) |
Recognized actuarial loss |  | 2,521 |  |  | 2,876 |
Net periodic benefit cost |  | 3,393 |  |  | 2,044 |
Amounts Recognized in Other Comprehensive Income |  |  |  |
Adjustment to pension liabilities |  | (1,723) |  |  | (10,274) |
Net cost recognized in net periodic benefit cost and other comprehensive income |  | $ | 1,670 |  |  | $ | (8,230) |
Weighted-Average Assumptions Used for Measurement of Defined Pension Plans | The weighted-average assumptions used for measurement of the defined pension plans were as follows:
Weighted-average assumptions used to determine net periodic benefit cost | Year Ended December 31,
2023 |  | 2022
Discount rate |  |  |
Qualified Plan I | 5.13 | % |  | 2.75 | %
Qualified Plan II | 5.18 | % |  | 2.92 | %
Restoration Plan | 5.12 | % |  | 2.73 | %
Expected return on plan assets |  |  |
Qualified Plan I | 5.95 | % |  | 4.25 | %
Qualified Plan II | 7.05 | % |  | 5.75 | %
Restoration Plan | n/a |  | n/a
Weighted-average assumptions used to determine benefit obligations | December 31,
2023 |  | 2022
Discount rate |  |  |
Qualified Plan I | 5.64 | % |  | 5.13 | %
Qualified Plan II | 4.99 | % |  | 5.18 | %
Restoration Plan | 4.92 | % |  | 5.12 | %
Plan Assets | The funded pension plan assets as of December 31, 2023 and 2022, by asset category, were as follows:
In thousands |  | 2023 |  | % |  | 2022 |  | %
Equity securities |  | $ | 20,635 |  |  | 20 | % |  | $ | 50,090 |  |  | 48 | %
Debt securities |  | 76,036 |  |  | 73 | % |  | 49,846 |  |  | 48 | %
Other |  | 7,025 |  |  | 7 | % |  | 3,955 |  |  | 4 | %
Total plan assets |  | $ | 103,696 |  |  | 100 | % |  | $ | 103,891 |  |  | 100 | %
The following tables present the fair value measurements of the assets in our funded pension plan:
In thousands |  | December 31, 2023 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Equity securities |  | $ | 20,635 |  |  | $ | 20,635 |  |  | $ | — |  |  | $ | — |
Debt securities |  | 76,036 |  |  | 66,847 |  |  | 9,189 |  |  | — |
Total investments, excluding investments valued at NAV |  | 96,671 |  |  | 87,482 |  |  | 9,189 |  |  | — |
Investments valued at NAV(1) |  | 7,025 |  |  | — |  |  | — |  |  | — |
Total plan assets |  | $ | 103,696 |  |  | $ | 87,482 |  |  | $ | 9,189 |  |  | $ | — |
In thousands |  | December 31, 2022 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Equity securities |  | $ | 50,090 |  |  | $ | 50,090 |  |  | $ | — |  |  | $ | — |
Debt securities |  | $ | 49,846 |  |  | 35,575 |  |  | 14,271 |  |  | — |
Total investments, excluding investments valued at NAV |  | 99,936 |  |  | 85,665 |  |  | 14,271 |  |  | — |
Investments valued at NAV(1) |  | $ | 3,955 |  |  | — |  |  | — |  |  | — |
Total plan assets |  | $ | 103,891 |  |  | $ | 85,665 |  |  | $ | 14,271 |  |  | $ | — |
(1)Investment valued at net asset value ("NAV") are comprised of cash, cash equivalents, and short-term investments used to provide liquidity for the payment of benefits and other purposes. The commingled funds are valued at NAV based on the market value of the underlying investments, which are primarily government issued securities.
Acceptable Level of Volatility | The policy establishes the following investment mix, which is intended to subject the principal to an acceptable level of volatility while still meeting the desired return objectives:
Qualified Pension Plan I | Target | Acceptable Range | Benchmark Index
Equities | —% | 0% - 20% |
U.S. Large Cap | —% | 0% - 10% | Russell 1000 TR
U.S. Mid Cap | —% | 0% - 5% | Russell Mid Cap Index TR
U.S. Small Cap | —% | 0% - 5% | Russell 2000 TR
International Equity |  |  |
Developed | —% | 0% - 5% | MSCI EAFE Net TR USD Index
Emerging Markets | —% | 0% - 5% | MSCI Emerging Net Total Return
Fixed Income | 95% | 0% - 100% |
Investment Grade | 95% | 0% - 100% | BBG BARC US Aggregate Bond Index
Cash Equivalent | 5% | 0%-100% | ICE BofA US 3-Month Treasury Bill Index TR
Qualified Pension Plan II | Target | Acceptable Range | Benchmark Index
Equities | 77% | 62% - 87% |
U.S. Large Cap | 28% | 18% - 38% | Russell 1000 TR
U.S. Mid Cap | 18% | 13% - 23% | Russell Mid Cap Index TR
U.S. Small Cap | 9% | 4% - 14% | Russell 2000 TR
International Equity |  |  |
Developed | 16% | 11% - 21% | MSCI EAFE Net TR USD Index
Emerging Markets | 6% | 0% - 9% | MSCI Emerging Net Total Return
Fixed Income | 21% | 11% - 31% |
Investment Grade | 21% | 11% - 31% | BBG BARC US Aggregate Bond Index
Cash Equivalent | 2% | 0%-40% | ICE BofA US 3-Month Treasury Bill Index TR
Expected Future Benefit Payments | The expected future benefit payments for both pension plans over the next ten years as of December 31, 2023, are as follows:
In thousands |  |
2024 |  | $ | 89,460 |
2025 |  | 4,017 |
2026 |  | 4,111 |
2027 |  | 4,217 |
2028 |  | 4,327 |
2029 - 2033 |  | 22,809 |
Total |  | $ | 128,941 |

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