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Pensions and Other Postretirement Plans (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plan Disclosure [Line Items]

Schedule of Amounts Recognized in Balance Sheet

The amounts recognized in the Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows:


	Pension Plans				SERP
	As of December 31				As of December 31
(in thousands)	2023		2022		2023		2022
Noncurrent asset	$	2,113,638	$	1,658,046	$	—	$	—

Current liability	—		—		(6,652)		(6,570)
Noncurrent liability	—		—		(83,224)		(83,448)
Recognized Asset (Liability)	$	2,113,638	$	1,658,046	$	(89,876)	$	(90,018)

Schedule of Estimated Benefit Payments

At December 31, 2023, future estimated benefit payments, excluding charges for early retirement programs, are as follows:


(in thousands)	Pension Plans		SERP
2024	$	60,736	$	6,819
2025	62,656		7,135
2026	63,912		7,345
2027	63,905		7,392
2028	63,496		7,392
2029–2033	305,155		35,751

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net periodic cost for the defined benefit plans:


	Pension Plans				SERP
	As of December 31				As of December 31
(in thousands)	2023		2022		2023		2022
Unrecognized actuarial gain	$	(865,994)	$	(524,709)	$	(1,602)	$	(2,511)
Unrecognized prior service (credit) cost	(11,233)		1,676		—		—

Gross Amount	(877,227)		(523,033)		(1,602)		(2,511)
Deferred tax liability (asset)	236,107		145,430		(2)		230
Net Amount	$	(641,120)	$	(377,603)	$	(1,604)	$	(2,281)

Defined Benefit Plans [Member] | Benefit Obligation [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used

Key assumptions utilized for determining the benefit obligation are as follows:


	Pension Plans		SERP
	As of December 31		As of December 31
	2023	2022	2023	2022
Discount rate	5.2%	5.5%	5.1%	5.5%
Rate of compensation increase – age graded	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%
Cash balance interest crediting rate	4.28% with phase in to 5.20% in 2025	4.28% with phase in to 5.50% in 2025	—	—

Defined Benefit Plans [Member] | Periodic Cost [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used

The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key assumptions utilized to determine periodic cost:


	Pension Plans			SERP
	Year Ended December 31			Year Ended December 31
	2023	2022	2021	2023	2022	2021
Discount rate	5.5%	2.9%	2.5%	5.5%	2.9%	2.5%
Expected return on plan assets	6.25%	6.25%	6.25%	—	—	—
Rate of compensation increase – age graded	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%
Cash balance interest crediting rate	4.28% with phase in to 5.50% in 2025	1.41% with phase in to 2.90% in 2024	1.41% with phase in to 2.50% in 2023	—	—	—

Pension Plans [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Obligation, Asset and Funding Information

The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans:


	Pension Plans
	As of December 31
(in thousands)	2023		2022
Change in Benefit Obligation
Benefit obligation at beginning of year	$	870,298	$	1,088,309
Service cost	33,787		32,567
Interest cost	46,211		30,504
Amendments	(11,263)		—
Actuarial loss (gain)	25,585		(219,466)

Benefits paid	(82,455)		(65,240)
Special termination benefits	9,886		3,624


Benefit Obligation at End of Year	$	892,049	$	870,298
Change in Plan Assets
Fair value of assets at beginning of year	$	2,528,344	$	3,394,823
Actual return on plan assets	559,798		(801,239)
Benefits paid	(82,455)		(65,240)

Fair Value of Assets at End of Year	$	3,005,687	$	2,528,344
Funded Status	$	2,113,638	$	1,658,046

Schedule of Net (Benefit) Costs

The total (benefit) cost arising from the Company’s defined benefit pension plans consists of the following components:


	Pension Plans
	Year Ended December 31
(in thousands)	2023		2022		2021
Service cost	$	33,787	$	32,567	$	22,991
Interest cost	46,211		30,504		26,917
Expected return on assets	(153,125)		(167,485)		(137,878)

Amortization of prior service cost	1,646		2,835		2,846
Recognized actuarial gain	(39,803)		(68,656)		(7,906)
Net Periodic Benefit for the Year	(111,284)		(170,235)		(93,030)


Special separation benefit expense	9,886		3,624		1,132


Total Benefit for the Year	$	(101,398)	$	(166,611)	$	(91,898)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial (gain) loss	$	(381,088)	$	749,258	$	(511,373)
Current year prior service (credit) cost	(11,263)		—		2
Amortization of prior service cost	(1,646)		(2,835)		(2,846)
Recognized net actuarial gain	39,803		68,656		7,906

Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	(354,194)	$	815,079	$	(506,311)
Total Recognized in Total Benefit and Other Comprehensive Income (Before Tax Effects)	$	(455,592)	$	648,468	$	(598,209)

Allocation of the Assets of the Company's Pension Plans

The assets of the Company’s pension plans were allocated as follows:


	As of December 31
	2023		2022
U.S. equities	59	%	59	%
Private investment funds	17	%	16	%
International equities	14	%	11	%
U.S. fixed income	7	%	7	%
U.S. stock index fund	3	%	7	%
	100	%	100	%

Fair Value, Assets Measured on Recurring Basis

The Company’s pension plan assets measured at fair value on a recurring basis were as follows:


	As of December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	2,230	$	—	$	—	$	2,230
Equity securities
U.S. equities (1)	1,793,705		—		—		1,793,705
International equities (2)	414,285		—		—		414,285






Total Investments	$	2,210,220	$	—	$	—	$	2,210,220
Short-term investment funds measured at NAV (3)							197,712
Private investment funds measured at NAV (4)							509,647
U.S. stock index fund measured at NAV (5)							84,767
Receivables, net							3,341
Total							$	3,005,687


	As of December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	1,980	$	—	$	—	$	1,980
Equity securities
U.S. equities (1)	1,507,609		—		—		1,507,609
International equities (2)	270,872		—		—		270,872





Total Investments	$	1,780,461	$	—	$	—	$	1,780,461
Short-term investment funds measured at NAV (3)							170,062
Private investment funds measured at NAV (4)							406,600
U.S. stock index fund measured at NAV (5)							168,532
Receivables, net							2,689
Total							$	2,528,344

____________


(1)			U.S. equities. These investments are held in common and preferred stock of U.S. corporations and American Depositary Receipts (ADRs) traded on U.S. exchanges. Common and preferred shares and ADRs are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy.
(2)			International equities. These investments are held in common and preferred stock issued by non-U.S. corporations. Common and preferred shares are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy.
(3)			Short-term investment funds. These investments include commingled funds that are primarily held in U.S. Treasury securities. The funds are valued using the net asset value (NAV) provided by the administrator of the funds and reviewed by the Company.
(4)			Private investment funds. This category includes a commingled fund and a private investment fund. The commingled fund invests in a diversified mix of publicly traded securities (U.S. and international stocks) and private companies. The private investment fund invests in non-public companies. The funds are valued using the NAV provided by the administrator of the funds and reviewed by the Company. The NAV is based on the value of the underlying assets owned by the fund, minus liabilities and divided by the number of units outstanding.

(5)			U.S. stock index fund. This fund consists of investments held in common stock, plus an uninvested cash portion comprising less than 1% of fund value, that together are designed to track the performance of the S&P 500 Index. The fund is valued using the NAV provided by the administrator of the fund and reviewed by the Company. The NAV is based on the value of the underlying assets owned by the fund, minus liabilities and divided by the number of units outstanding.

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

The following table sets forth a summary of the Plan’s investments with a reported NAV:


(in thousands)	Fair Value		Unfunded Commitment		Redemption Frequency	Other Redemption Restriction	Redemption Notice Period
Short-term investment funds
2023	$	197,712	$	—	Immediate	None	None
2022	$	170,062	$	—	Immediate	None	None
Private investment funds
2023	$	509,647	$	16,515	(1)	(1)	90 days
2022	$	406,600	$	20,673	(1)	(1)	90 days
U.S. stock index fund
2023	$	84,767	$	—	Immediate	None	1 day
2022	$	168,532	$	—	Immediate	None	1 day

____________


(1)			Five percent of the NAV of the investment in the commingled fund may be redeemed annually starting at the 12-month anniversary of the investment, subject to certain limitations. Additionally, the investment in the commingled fund may be redeemed in part, or in full, at the 60-month anniversary of the investment, or at any subsequent 36-month anniversary date following the initial 60-month anniversary. The investment in the private investment fund is generally not redeemable until the dissolution of the fund.

Supplemental Executive Retirement Plan (SERP) [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Obligation, Asset and Funding Information


	SERP
	As of December 31
(in thousands)	2023		2022
Change in Benefit Obligation
Benefit obligation at beginning of year	$	90,018	$	112,706
Service cost	593		911
Interest cost	4,659		3,289

Actuarial loss (gain)	909		(20,956)
Benefits paid	(6,303)		(5,932)


Benefit Obligation at End of Year	$	89,876	$	90,018





Funded Status	$	(89,876)	$	(90,018)

Schedule of Net (Benefit) Costs


	SERP
	Year Ended December 31
(in thousands)	2023		2022		2021
Service cost	$	593	$	911	$	1,022
Interest cost	4,659		3,289		2,943



Amortization of prior service cost	—		36		331
Recognized actuarial loss	—		666		5,930



Total Cost for the Year	$	5,252	$	4,902	$	10,226
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial loss (gain)	$	909	$	(20,956)	$	(7,640)

Amortization of prior service cost	—		(36)		(331)
Recognized net actuarial loss	—		(666)		(5,930)


Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	909	$	(21,658)	$	(13,901)
Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects)	$	6,161	$	(16,756)	$	(3,675)