Employee Benefits

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

In September 2023, we announced to employees that we would be changing our paid time off ("PTO") policy to a discretionary time off policy as of the end of 2023. As a result, the company will no longer maintain an accrued liability on the balance sheet for PTO.

Net Periodic Benefit Cost

The components of the net periodic benefit cost for our pension benefit plan are as follows:

	Pension Plan
Three Months Ended March 31,	2024		2023
Net periodic benefit cost
Service cost	$	822	$	954
Interest cost	2,478		2,526
Expected return on plan assets	(3,635)		(3,756)
Amortization of prior service credit	(724)		(820)
Amortization of net loss	—		52
Net periodic benefit cost	$	(1,059)	$	(1,044)

A portion of the service cost component of net periodic pension benefit costs is capitalized and amortized as part of deferred acquisition costs and is included in the line "Amortization of deferred policy acquisition costs" in the Consolidated Statements of Income and Comprehensive Income. The portion not related to the compensation and other components of net periodic pension benefit costs is included in the income statement line titled "other underwriting expenses."

Employer Contributions

We previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 that we are not required to make a contribution to the pension plan for 2024.