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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Summary of Actual and Target Asset Allocation of Plan Assets
The following is a summary of the pension plan's actual and target asset allocations at December 31, 2021 and 2020 by asset category:
Target
Pension Plan Assets2021% of Total2020% of TotalAllocation
Fixed maturity securities - corporate bonds$21,683 7.6 %$21,718 8.7 %0 %-15 %
Redeemable preferred stock4,633 1.6 3,534 1.4 0 %-10 %
Equity securities178,766 63.1 149,413 60.0 50 %-70 %
Pooled separate accounts
Core plus bond separate account fund23,916 8.4 26,266 10.6 0 %-40 %
U.S. property separate account fund27,328 9.6 22,269 9.0 0 %-25 %
Arbitrage fund10,588 3.7 9,873 4.0 0 %-10 %
United Life annuity11,968 4.2 11,398 4.6 0 %-10 %
Cash and cash equivalents5,058 1.8 4,264 1.7 0 %-10 %
Total plan assets$283,940 100.0 %$248,735 100.0 %
Categories of Pension Plan Assets at Fair Value on Recurring Basis
The following tables present the categorization of the pension plan's assets measured at fair value on a recurring basis at December 31, 2021 and 2020:
 Fair Value Measurements
DescriptionDecember 31, 2021Level 1Level 2Level 3
Fixed maturity securities - corporate bonds$21,683 $— $21,683 $— 
Redeemable preferred stock4,633 4,633 — — 
Equity securities178,766 178,766 — — 
Pooled separate accounts
Core plus bond separate account fund23,916 — 23,916 — 
U.S. property separate account fund27,328 — — 27,328 
Arbitrage fund10,588 — 10,588 — 
Money market funds5,053 5,053 — — 
Total assets measured at fair value$271,967 $188,452 $56,187 $27,328 
Fair Value Measurements
DescriptionDecember 31, 2020Level 1Level 2Level 3
Fixed maturity securities - corporate bonds$21,718 $— $21,718 $— 
Redeemable preferred stock3,534 3,534 — — 
Equity securities149,413 149,413 — — 
Pooled separate accounts
Core plus bond separate account fund26,266 — 26,266 — 
U.S. property separate account fund22,269 — — 22,269 
Arbitrage fund9,873 — 9,873 — 
Money market funds4,260 4,260 — — 
Total assets measured at fair value$237,333 $157,207 $57,857 $22,269 
Summary of Changes in Fair Value of Pension Plan Securities
The following tables provide a summary of the changes in fair value of the pension plan's Level 3 securities:
U.S. property separate account fund
Balance at January 1, 2021$22,269 
Unrealized gains5,059 
Balance at December 31, 2021$27,328 

U.S. property separate account fund
Balance at January 1, 2020$22,114 
Unrealized gains155 
Balance at December 31, 2020$22,269 
Schedule of Actuarial Assumptions Used
The following actuarial assumptions were used to determine the reported plan benefit obligations at December 31:
Weighted-average assumptions as ofPension BenefitsPost-retirement Benefits
December 31,2021202020212020
Discount rate2.84 %2.58 %0.48 %2.58 %
Rate of compensation increase3.00 2.75 N/AN/A
The following actuarial assumptions were used at January 1 to determine our reported net periodic benefit costs for the year ended December 31:
Weighted-average assumptions as ofPension BenefitsPost-retirement Benefits
January 1,202120202019202120202019
Discount rate2.58 %3.32 %4.18 %2.58 %3.32 %4.18 %
Expected long-term rate of return on plan assets6.70 6.70 6.70 N/AN/AN/A
Rate of compensation increase2.75 3.00 3.00 N/AN/AN/A
Schedule of Health Care Cost Trend Rates
 Health Care BenefitsDental Claims
Years Ended December 31,2021202020212020
Health care cost trend rates assumed for next yearN/A7.00 %3.00 %3.00 %
Rate to which the health care trend rate is assumed to decline (ultimate trend rate)N/A4.50 %N/AN/A
Year that the rate reaches the ultimate trend rateN/A2031N/AN/A
Schedule of Reconciliation of Benefit Obligations, Plan Assets, and Funded Status
The following table provides a reconciliation of benefit obligations, plan assets and funded status of our plans:
Pension BenefitsPost-retirement Benefits
Years Ended December 31,2021202020212020
Reconciliation of benefit obligation
Benefit obligation at beginning of year$271,744 $252,374 $31,666 $31,001 
Service cost12,082 10,829 148 1,728 
Interest cost6,911 8,266 72 1,014 
Actuarial loss (gain)(6,593)38,920 (1,101)(1,084)
Adjustment for plan amendment(408)(32,175)— — 
Special event plan closure— — (28,889)— 
Benefit payments(7,149)(6,470)(936)(993)
Benefit obligation at end of year (1)
$276,587 $271,744 $960 $31,666 
Reconciliation of fair value of plan assets
Fair value of plan assets at beginning of year$248,735 $199,466 $— $— 
Actual return on plan assets37,354 45,739 — — 
Employer contributions5,000 10,000 936 993 
Benefit payments(7,149)(6,470)(936)(993)
Fair value of plan assets at end of year$283,940 $248,735 $— $— 
Funded status at end of year$7,353 $(23,009)$(960)$(31,666)
(1)For the pension plan, the benefit obligation is the projected benefit obligation. For the post-retirement benefit plan, the benefit obligation is the accumulated post-retirement benefit obligation.
Schedule of Amounts Recognized in AOCI
The following table displays the effect that the unrecognized prior service cost and unrecognized actuarial loss of our plans had on accumulated other comprehensive income ("AOCI"), as reported in the accompanying Consolidated Balance Sheets:
Pension BenefitsPost-retirement Benefits
Years Ended December 312021202020212020
Amounts recognized in AOCI
Unrecognized prior service cost$(29,346)$(32,175)$(15,085)$(20,863)
Unrecognized actuarial (gain) loss35,730 66,864 2,920 6,627 
Total amounts recognized in AOCI$6,384 $34,689 $(12,165)$(14,236)
Components of Net Periodic Benefit Cost
The components of the net periodic benefit cost for our pension and post-retirement benefit plans are as follows:
Pension PlanPost-retirement Benefit Plan
Years Ended December 31,202120202019202120202019
Net periodic benefit cost
Service cost$12,082 $10,829 $7,989 $148 $1,728 $1,823 
Interest cost6,911 8,266 8,320 72 1,014 1,274 
Expected return on plan assets(16,807)(13,539)(10,784)— — — 
Amortization of prior service cost(3,237)— — (14,490)(8,084)(8,684)
Special event plan closure— — — (20,177)— — 
Amortization of net loss3,995 3,914 3,603 2,607 375 894 
Net periodic benefit cost$2,944 $9,470 $9,128 $(31,840)$(4,967)$(4,693)
Summary of Expected Benefit Payments
The following table summarizes the expected benefits to be paid from our plans over the next 10 years:
202220232024202520262027 - 2031
Pension benefits$8,650 $9,430 $10,330 $11,320 $12,000 $72,220 
Post-retirement benefits$960 $— $— $— $— $—