XML 65 R51.htm IDEA: XBRL DOCUMENT v3.24.0.1
Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Summary of Liability under Executive Benefit Plans The liability under these two deferral plans was as follows:
(in thousands)December 31, 2023December 31, 2022
Current liabilities$7,805 $8,147 
Noncurrent liabilities82,458 74,976 
Total liability - Supplemental Savings Incentive Plan and Director Deferral Plan$90,263 $83,123 
The liability under this plan was as follows:
(in thousands)December 31, 2023December 31, 2022
Current liabilities$219 $173 
Noncurrent liabilities10,633 7,249 
Total liability - Long-Term Retention Plan$10,852 $7,422 
The liability under this plan was as follows:
(in thousands)December 31, 2023December 31, 2022
Current liabilities$3,591 $3,730 
Noncurrent liabilities35,663 35,959 
Total liability - Officer Retention Plan$39,254 $39,689 
The liability under this plan was as follows:
(in thousands)December 31, 2023December 31, 2022
Current liabilities$9,104 $7,738 
Noncurrent liabilities14,029 9,673 
Total liability - Long-Term Performance Plan$23,133 $17,411 
Summary of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
 Fiscal Year
(in thousands)202320222021
Service cost$— $— $— 
Interest cost5,982 8,978 8,479 
Expected return on plan assets(4,608)(6,320)(11,799)
Recognized net actuarial loss1,946 3,588 4,090 
Net periodic pension cost - Primary Plan3,320 6,246 770 
Settlement expense112,796 — — 
Total pension expense - Primary Plan$116,116 $6,246 $770 
Net Periodic Pension Cost

 Fiscal Year
(in thousands)202320222021
Service cost$3,996 $6,586 $7,529 
Interest cost2,079 1,664 1,367 
Expected return on plan assets(2,438)(1,823)(1,201)
Recognized net actuarial loss— 402 864 
Amortization of prior service costs16 — 3 
Net periodic pension cost - Bargaining Plan$3,653 $6,829 $8,562 
Net Periodic Postretirement Benefit Cost

 Fiscal Year
(in thousands)202320222021
Service cost$1,085 $1,458 $1,516 
Interest cost2,761 1,923 1,772 
Recognized net actuarial loss— 444 682 
Net periodic postretirement benefit cost$3,846 $3,825 $3,970 
Summary of Changes in Projected Benefit Obligation
The following tables set forth pertinent information for the Bargaining Plan:

 Fiscal Year
(in thousands)20232022
Beginning balance - Bargaining Plan projected benefit obligation$39,177 $50,427 
Service cost3,996 6,586 
Interest cost2,079 1,664 
Plan amendments5 154 
Actuarial loss (gain)1,652 (19,012)
Benefits paid(786)(642)
Ending balance - Bargaining Plan projected benefit obligation$46,123 $39,177 
Summary of Change in Plan Assets
Change in Plan Assets

 Fiscal Year
(in thousands)20232022
Beginning balance - Bargaining Plan assets at fair value$38,635 $36,944 
Actual return on plan assets5,495 (9,314)
Employer contributions4,300 12,000 
Benefits and expenses paid(1,109)(995)
Ending balance - Bargaining Plan assets at fair value$47,321 $38,635 
Summary of Funded Status
Funded Status

(in thousands)December 31, 2023December 31, 2022
Projected benefit obligation$(46,123)$(39,177)
Plan assets at fair value47,321 38,635 
Net funded status - Bargaining Plan$1,198 $(542)
Summary of Amounts Recognized in the Consolidated Balance Sheet
Amounts Recognized in the Consolidated Balance Sheets

(in thousands)December 31, 2023December 31, 2022
Liabilities:
Current liabilities$— $— 
Noncurrent liabilities— (542)
Total liability - Bargaining Plan$— $(542)
Assets:
 Noncurrent assets $1,198 $— 
Total asset - Bargaining Plan$1,198 $— 
Summary of Significant Assumptions
Significant Assumptions

 Fiscal Year
 202320222021
Projected benefit obligation at the measurement date:
Discount rate - Bargaining Plan5.16 %5.34 %3.31 %
Weighted average rate of compensation increaseN/AN/AN/A
Net periodic pension cost for the fiscal year:
Discount rate - Bargaining Plan5.34 %3.31 %3.12 %
Weighted average expected long-term rate of return of plan assets - Bargaining Plan(1)
7.00 %5.50 %5.75 %
Weighted average rate of compensation increaseN/AN/AN/A

(1)The weighted average expected long-term rate of return assumption for the Bargaining Plan assets, which was used to compute net periodic pension cost, is based upon target asset allocation and is determined using forward-looking performance and duration assumptions set at the beginning of each fiscal year.
Summary of Anticipated Future Pension and Postretirement Benefit Payments
Cash Flows

The anticipated future pension benefit payments as of December 31, 2023 were as follows:

(in thousands)Anticipated Future Payment
2024$1,059 
20251,248 
20261,471 
20271,710 
20281,941 
2029 - 203313,335 
Cash Flows

The anticipated future postretirement benefit payments reflecting expected future service as of December 31, 2023 were as follows:

(in thousands)Anticipated Future Payment
2024$3,214 
20253,530 
20263,954 
20274,427 
20284,738 
2029 - 203324,857 
Summary of Target Asset Allocation, Actual Asset Allocation, and Weighted Average Expected Long-Term Rate of Return and Summary of Pension Plan Assets
The Company’s actual asset allocation at December 31, 2023 and December 31, 2022 and target asset allocation for 2024 by asset category for the Bargaining Plan were as follows:

Percentage of Bargaining Plan
Assets at Fiscal Year-End		Target Asset
Allocation
202320222024
U.S. debt securities55 %56 %40 %
U.S. equity securities33 %32 %46 %
International debt securities1 %2 %— %
International equity securities10 %10 %12 %
Cash and cash equivalents1 %— %2 %
Total100 %100 %100 %
The following table summarizes the Company’s pension plan assets, which are classified as Level 1 and Level 2 for fair value measurement. As of December 31, 2023, the below values include Bargaining Plan assets only, as there were no remaining Primary Plan assets after the termination of the plan. As of December 31, 2022, the below values include both Bargaining Plan and Primary Plan assets. The Company does not have any Level 3 pension plan assets. See Note 15 for additional information.

(in thousands)December 31, 2023December 31, 2022
Pension plan assets - fixed income$26,543 $232,578 
Pension plan assets - equity securities20,550 16,194 
Pension plan assets - cash and cash equivalents228 13,170 
Total pension plan assets$47,321 $261,942 
Summary of Reconciliation of Activity in Postretirement Benefit Plan
The following tables set forth pertinent information for the Company’s postretirement benefit plan:

Reconciliation of Activity

 Fiscal Year
(in thousands)20232022
Benefit obligation at beginning of year$55,299 $65,156 
Service cost1,085 1,458 
Interest cost2,761 1,923 
Plan participants’ contributions767 657 
Actuarial loss (gain)7,986 (10,138)
Benefits paid(4,070)(3,757)
Benefit obligation at end of year$63,828 $55,299 

The decrease in the discount rate for the postretirement benefit plan, as compared to the previous year, was the primary driver of the actuarial loss in 2023. The increase in the discount rate for the postretirement benefit plan, as compared to the previous year, was the primary driver of the actuarial gain in 2022. The actuarial loss (gain), net of tax, was recorded in accumulated other comprehensive loss in the consolidated balance sheets.
Summary of Reconciliation of Plan Assets Fair Value in Postretirement Benefit Plan
Reconciliation of Plan Assets Fair Value

 Fiscal Year
(in thousands)20232022
Fair value of plan assets at beginning of year$— $— 
Employer contributions3,303 3,100 
Plan participants’ contributions767 657 
Benefits paid(4,070)(3,757)
Fair value of plan assets at end of year$— $— 
Summary of Funded Status in Postretirement Benefit Plan
Funded Status

(in thousands)December 31, 2023December 31, 2022
Current liabilities$(3,214)$(3,177)
Noncurrent liabilities(60,614)(52,122)
Total liability - postretirement benefits$(63,828)$(55,299)
Summary of Significant Assumptions
Significant Assumptions

 Fiscal Year
 202320222021
Benefit obligation at the measurement date:
Weighted average healthcare cost trend rate - Pre-Medicare7.88 %6.58 %6.04 %
Weighted average healthcare cost trend rate - Post-Medicare8.65 %6.89 %6.29 %
Benefit obligation discount rate5.02 %5.19 %2.98 %
Net periodic postretirement benefit cost discount rate for fiscal year5.19 %2.98 %2.70 %
Postretirement benefit expense - Pre-Medicare:
Weighted average healthcare cost trend rate6.58 %6.04 %6.26 %
Trend rate graded down to ultimate rate4.50 %4.50 %4.50 %
Ultimate rate year203220292029
Postretirement benefit expense - Post-Medicare:
Weighted average healthcare cost trend rate6.89 %6.29 %6.54 %
Trend rate graded down to ultimate rate4.50 %4.50 %4.50 %
Ultimate rate year203220292029
Summary of Reconciliation of Amounts in Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost
A reconciliation of the gross amounts in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost associated with the plans discussed above is as follows:

(in thousands)December 31,
2022		Actuarial Gain (Loss)Reclassification
Adjustments		December 31,
2023
Pension Plans:
Actuarial loss$(117,560)$3,036 $1,946 $(112,578)
Prior service costs(158)(5)16 (147)
Pension plan settlement— — 112,796 112,796 
Postretirement Medical:
Actuarial gain (loss)770 (7,986)— (7,216)
Total within accumulated other comprehensive loss$(116,948)$(4,955)$114,758 $(7,145)
Summary of Multiemployer Plans
The Company’s participation in the Teamsters Plan is outlined in the table below. A red zone represents less than 80% funding and requires a financial improvement plan (“FIP”) or rehabilitation plan (“RP”).

 Fiscal Year
(in thousands)202320222021
Pension Protection Act Zone StatusRedRedRed
FIP or RP pending or implementedYesYesYes
Surcharge imposedYesYesYes
Contribution$999 $959 $933