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POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Change in benefit obligation, plan assets and funded status Changes in our benefit obligation, plan assets and funded status for the years ended December 31 were as follows:
(in thousands)Postretirement benefit plan
Pension plan(1)
Change in benefit obligation:
Benefit obligation, December 31, 2020
$68,164 $3,343 
Interest cost929 39 
Net actuarial (gain) loss(5,721)2 
Benefits paid from plan assets and company funds(5,591)(324)
Benefit obligation, December 31, 2021
57,781 3,060 
Interest cost1,069 52 
Net actuarial gain(13,839)(414)
Benefits paid from plan assets and company funds(5,302)(324)
Benefit obligation, December 31, 2022
$39,709 $2,374 
Change in plan assets:
Fair value of plan assets, December 31, 2020
$139,372 $— 
Return on plan assets10,159 — 
Benefits paid(4,731)— 
Fair value of plan assets, December 31, 2021
144,800 — 
Loss on plan assets(22,116)— 
Benefits paid(3,632)— 
Fair value of plan assets, December 31, 2022
$119,052 $— 
Funded status, December 31, 2021
$87,019 $(3,060)
Funded status, December 31, 2022
$79,343 $(2,374)

(1) The accumulated benefit obligation equals the projected benefit obligation.
Amounts recognized in consolidated balance sheets
The funded status of our plans was recognized on the consolidated balance sheets as of December 31 as follows:
Postretirement benefit planPension plan
(in thousands)2022202120222021
Other non-current assets$79,343 $87,019 $— $— 
Accrued liabilities— — 324 324 
Other non-current liabilities— — 2,050 2,736 
Amounts included in other comprehensive loss that have not been recognized as components of postretirement benefit income
Amounts included in accumulated other comprehensive loss as of December 31 that have not been recognized as components of postretirement benefit income were as follows:
(in thousands)20222021
Unrecognized prior service credit$8,493 $9,914 
Unrecognized net actuarial loss(39,871)(25,445)
Tax effect4,506 100 
Amount recognized in accumulated other comprehensive loss, net of tax
$(26,872)$(15,431)
Components of net periodic benefit income Postretirement benefit income for the years ended December 31 consisted of the following components:
(in thousands)202220212020
Interest cost$1,121 $968 $1,911 
Expected return on plan assets(7,462)(7,498)(7,619)
Amortization of prior service credit(1,421)(1,421)(1,421)
Amortization of net actuarial losses900 1,629 2,301 
Net periodic benefit income$(6,862)$(6,322)$(4,828)
Actuarial assumptions used in measuring benefit obligation and net periodic benefit income In measuring the benefit obligations as of December 31, the following discount rate assumptions were used:
Postretirement benefit planPension plan
2022202120222021
Discount rate5.09 %2.61 %5.00 %2.26 %

In measuring net periodic benefit income for the years ended December 31, the following assumptions were used:

Postretirement benefit planPension plan
202220212020202220212020
Discount rate2.61 %2.16 %3.03 %2.26 %1.74 %2.76 %
Expected return on plan assets5.25 %5.50 %6.00 %— — — 
Health care cost trend rate assumptions
In measuring the benefit obligation as of December 31 for our postretirement benefit plan, the following assumptions for health care cost trend rates were used. These rates are utilized to determine our periodic benefit income for the following year.

202220212020
Participants under age 65Participants age 65 and olderParticipants under age 65Participants age 65 and olderParticipants under age 65Participants age 65 and older
Health care cost trend rate assumed for next year
6.6 %7.3 %6.9 %7.6 %7.2 %8.0 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.5 %4.5 %4.5 %4.5 %4.5 %4.5 %
Year that the rate reaches the ultimate trend rate
203020302030203020302030
Allocation of plan assets by asset category The allocation of plan assets by asset category as of December 31 was as follows:
Postretirement benefit plan
20222021
U.S. corporate debt securities55 %19 %
International equity securities20 %20 %
U.S. large capitalization equity securities17 %17 %
Mortgage-backed securities5 %41 %
U.S. small and mid-capitalization equity securities3 %3 %
Total100 %100 %

Our postretirement benefit plan has assets that are intended to meet long-term obligations. In order to meet these obligations, we employ a total return investment approach that considers cash flow needs and balances long-term projected returns against expected asset risk, as measured using projected standard deviations. Risk tolerance is established through consideration of projected plan liabilities, the plan's funded status, projected liquidity needs and our financial condition.

The target asset allocation percentages for our postretirement benefit plan are based on our liability and asset projections. The targeted allocation of plan assets is 60% fixed income securities, 20% international equity securities, 17% large capitalization equity securities and 3% small and mid-capitalization equity securities.

Information regarding fair value measurements of plan assets was as follows as of December 31, 2022:
Fair value measurements using
Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputsInvestments measured at net asset value
Fair value as of
December 31, 2022
(in thousands)(Level 1) (Level 2)(Level 3)
U.S. corporate debt securities$— $65,700 $— $— $65,700 
International equity securities— 23,835 — — 23,835 
U.S. large capitalization equity securities
— 20,496 — — 20,496 
Mortgage-backed securities— 5,959 — — 5,959 
U.S. small and mid-capitalization equity securities
— 3,062 — — 3,062 
Plan assets$— $119,052 $— $— $119,052 
    
Information regarding fair value measurements of plan assets was as follows as of December 31, 2021:
Fair value measurements using
Quoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputsInvestments measured at net asset value
Fair value as of
December 31, 2021
(in thousands)(Level 1) (Level 2)(Level 3)
Mortgage-backed securities$(94)$58,893 $— $— $58,799 
International equity securities285 28,708 — — 28,993 
U.S. corporate debt securities22 27,836 — — 27,858 
U.S. large capitalization equity securities
(15)25,410 — — 25,395 
U.S. small and mid-capitalization equity securities
26 3,729 — — 3,755 
Plan assets$224 $144,576 $— $— $144,800 
Expected benefit payments
The following benefit payments are expected to be paid during the years indicated:
(in thousands)Postretirement benefit planPension plan
2023$5,187 $320 
20244,779 300 
20254,324 290 
20263,904 270 
20273,592 250 
2028 - 203214,462 980