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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022 by asset category:
Target
Pension Plan Assets2023% of Total2022% of TotalAllocation
Hedge portfolio:80 %
Fixed maturity securities - corporate bonds166,063 62.9 18,102 7.9 
Redeemable preferred stock— — 2,946 1.3 
Pooled separate accounts
Liquid assets separate account fund4,475 1.7 — — 
Core plus bond separate account fund— — 16,768 7.3 
Cash and cash equivalents785 0.3 5,356 2.3 
Return seeking portfolio:20 %
Equity Securities53,981 20.5 134,663 58.6 
Pooled separate account
U.S. property separate account fund25,407 9.6 28,468 12.4 
United Life annuity13,195 5.0 12,567 5.5 
Arbitrage fund— — 10,831 4.7 
Total plan assets$263,906 100.0 %$229,701 100.0 %100.0 %
Summary of 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, 2023 and 2022:
 Fair Value Measurements
DescriptionDecember 31, 2023Level 1Level 2Level 3
Fixed maturity securities - corporate bonds$166,063 $— $166,063 $— 
Equity securities53,981 53,981 — — 
Pooled separate accounts
Liquid assets separate account fund4,475 — 4,475 — 
U.S. property separate account fund25,407 — 25,407 
Money market funds772 772 — — 
Total assets measured at fair value$250,698 $54,753 $195,945 $— 
Fair Value Measurements
DescriptionDecember 31, 2022Level 1Level 2Level 3
Fixed maturity securities - corporate bonds$18,102 $— $18,102 $— 
Redeemable preferred stock2,946 2,946 — — 
Equity securities134,663 134,663 — — 
Pooled separate accounts
Core plus bond separate account fund16,768 — 16,768 — 
U.S. property separate account fund28,468 — — 28,468 
Arbitrage fund10,831 — 10,831 — 
Money market funds5,348 5,348 — — 
Total assets measured at fair value$217,126 $142,957 $45,701 $28,468 
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, 2023$28,468 
Unrealized gains(3,061)
Balance at December 31, 2023$25,407 

U.S. property separate account fund
Balance at January 1, 2022$27,328 
Unrealized gains1,140 
Balance at December 31, 2022$28,468 
Summary 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 31,2023202220232022
Discount rate4.93 %5.15 %N/AN/A
Interest crediting rate4.00 3.50 N/AN/A
Rate of compensation increase4.00 3.00 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 1,202320222021202320222021
Discount rate5.15 %2.84 %2.58 %N/A0.48 %2.58 %
Expected long-term rate of return on plan assets6.70 6.70 6.70 N/AN/AN/A
Rate of compensation increase3.00 3.00 2.75 N/AN/AN/A
Summary of Health Care Cost Trend Rates
 Health Care BenefitsDental Claims
Years Ended December 31,2023202220232022
Health care cost trend rates assumed for next yearN/AN/AN/AN/A
Rate to which the health care trend rate is assumed to decline (ultimate trend rate)N/AN/AN/AN/A
Year that the rate reaches the ultimate trend rateN/AN/AN/AN/A
Summary 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 31,2023202220232022
Reconciliation of benefit obligation
Benefit obligation at beginning of year$201,676 $276,587 $— $960 
Service cost3,817 4,481 — — 
Interest cost10,106 7,730 — 2 
Actuarial loss (gain)3,112 (79,303)— (122)
Adjustment for plan amendment— — — 
Special event plan closure— — — — 
Benefit payments(8,831)(7,819)— (840)
Benefit obligation at end of year (1)
$209,880 $201,676 $— $— 
Reconciliation of fair value of plan assets
Fair value of plan assets at beginning of year$229,701 $283,940 $— $— 
Actual return on plan assets43,036 (50,420)— 
Employer contributions— 4,000 — 840 
Benefit payments(8,831)(7,819)— (840)
Fair value of plan assets at end of year$263,906 $229,701 $— $— 
Funded status at end of year$54,026 $28,025 $— $— 
(1)For the pension plan, the benefit obligation is the projected benefit obligation. For the post-retirement benefit plan, the benefit obligation is the accumulated post-retirement benefit obligation.
Summary of Amounts Recognized in AOCI
The following table displays the effect that the unrecognized prior service cost and unrecognized actuarial loss of our plans had on accumulated other comprehensive income ("AOCI"), as reported in the accompanying Consolidated Balance Sheets:
Pension BenefitsPost-retirement Benefits
Years Ended December 312023202220232022
Amounts recognized in AOCI
Unrecognized prior service cost$(20,119)$(26,066)$— $— 
Unrecognized actuarial (gain) loss(146)24,961 — — 
Total amounts recognized in AOCI$(20,265)$(1,105)$— $— 
Summary of 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 31,202320222021202320222021
Net periodic benefit cost
Service cost$3,817 $4,481 $12,082 $— $— $148 
Interest cost10,106 7,730 6,911 — 2 72 
Expected return on plan assets(15,025)(18,891)(16,807)— — — 
Amortization of prior service cost(3,280)(3,280)(3,237)— (15,085)(14,490)
Effect of partial curtailment(2,666)— (26)(20,177)
Amortization of net loss207 777 3,995 — 2,824 2,607 
Net periodic benefit cost$(6,841)$(9,183)$2,944 $— $(12,285)$(31,840)
Summary of Expected Benefit Payments
The following table summarizes the expected benefits to be paid from our plans over the next 10 years:
202420252026202720282029-3033
Pension benefits$17,570 $13,950 $14,310 $14,880 $15,100 $80,050