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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

The following tables summarize the fair values of the Rabbi Trust investment assets to fund CWC’s SERP by major categories as of December 31, 2023 and 2022:


			Fair Value Measurements at December 31, 2023
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Money market funds	$	71	71	—	—
Mutual funds	2,053		2,053	—	—
Fixed income	709		709	—	—
Total	$	2,833	2,833	—	—


			Fair Value Measurements at December 31, 2022
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Money market funds	$	49	49	—	—
Mutual funds	2,032		2,032	—	—
Fixed income	728		728	—	—
Total	$	2,809	2,809	—	—

Plan assets as of December 31 were as follows:


	Pension Benefits					Other Postretirement Benefits
	2023			2022		2023			2022
Fair value of assets at end of year:
Debt securities	$	101,498		90,914		$	5,596		5,330
	36		%	36	%	26		%	30	%
Equity securities	174,155			147,864		14,424			11,711
	61		%	59	%	68		%	65	%
Cash and equivalents	9,851			13,182		1,187			911
	3		%	5	%	6		%	5	%
Total	$	285,504		251,960		$	21,207		17,952

The following tables summarize the fair values of plan assets by major categories as of December 31, 2023 and 2022:


			Fair Value Measurements at December 31, 2023
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	11,038	11,038	—	—
Equity securities (a)	188,579		188,579	—	—
Fixed Income (b)	107,094		39,048	68,046	—
Total	$	306,711	238,665	68,046	—

___________________________________

(a)Actively managed portfolio of equity securities with the goal to exceed the benchmark performance.

(b)Actively managed portfolio of fixed income securities with the goal to exceed the benchmark performance


			Fair Value Measurements at December 31, 2022
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	14,093	14,093	—	—
Equity securities	159,575		159,575	—	—
Fixed Income	96,244		30,863	65,381	—
Total	$	269,912	204,531	65,381	—

Schedule of Assumptions Used

Net periodic cost for the defined benefit plans and other postretirement benefits was calculated using the following assumptions:


	Pension Benefits			Other Postretirement Benefits
	2023	2022	2021	2023	2022	2021
	%	%	%	%	%	%
Discount rate	4.95 - 5.24	2.65 - 2.82	2.29 - 2.48	4.96 - 5.21	2.61 - 2.76	2.18 - 2.41
Expected return on plan assets	6.00, 6.75	6.50, 6.75	6.50, 6.75	4.20, 6.00	4.20, 6.00	4.20, 6.50
Rate of compensation increase	4.50, 5.00	4.00, 4.50	4.00	N/A	N/A	N/A

Benefit obligations for the defined benefit plans and other postretirement benefits were calculated using the following weighted-average assumptions as of December 31:


	Pension Benefits		Other Postretirement Benefits
	2023	2022	2023	2022
	%	%	%	%
Discount rate	4.99 - 5.03	4.95 - 5.24	4.95 - 5.01	4.96 - 5.21
Rate of compensation increase	4.50, 5.00	4.50 - 5.00	N/A	N/A

Schedule of Net Benefit Costs

Net periodic costs for the defined benefit plans and other postretirement benefits for the years ended December 31 was as follows:


	Pension Benefits				Other Postretirement Benefits
	2023		2022	2021	2023		2022	2021
Components of net periodic benefit cost
Service cost	$	7,569	9,359	9,730	$	638	1,032	1,115
Interest cost	14,234		10,708	9,415	1,268		883	806
Expected return on assets	(15,440)		(18,841)	(18,019)	(860)		(1,047)	(970)

Amortization of prior service cost	15		17	41	—		—	—
Amortization of actuarial loss (gain)	2,210		4,620	6,901	(350)		(115)	257
Recognition of significant event	—		(1,595)	—	—		—	—
Net periodic benefit cost	$	8,588	4,268	8,068	$	696	753	1,208

Schedule of Net Funded Status

The projected benefit obligations and the funded status of the defined benefit pension and other postretirement plans as of December 31 were as follows:


	Pension Benefits			Other Postretirement Benefits
	2023		2022	2023		2022
Change in benefit obligation
Benefit obligation at beginning of year	$	289,123	383,838	$	25,830	34,412
Service cost	7,569		9,359	638		1,032
Interest cost	14,234		10,708	1,268		883


Actuarial loss/(gain)	5,794		(94,793)	(2,645)		(9,360)
Implicit rate subsidy	—		—	(237)		(236)
Plan participants contributions	—		—	179		207
Administrative expenses paid	(137)		(136)	—		—
Benefits paid and settlements	(18,749)		(19,853)	(769)		(1,108)
Benefit obligation at end of year	$	297,834	289,123	$	24,264	25,830
Change in plan assets
Fair value of assets at beginning of year	$	251,960	310,176	$	17,952	21,767
Actual return on plan assets	41,285		(49,939)	3,136		(3,606)

Employer contributions	11,145		11,712	920		626
Plan participants contributions	—		—	179		207
Administrative expenses paid	(137)		(136)	(67)		(65)
Benefits paid and settlements	(18,749)		(19,853)	(913)		(977)
Fair value of plan assets at end of year	285,504		251,960	21,207		17,952
Funded status at end of year	$	(12,330)	(37,163)	$	(3,057)	(7,878)

Schedule of Amounts Recognized in Balance Sheet

The amounts recognized on the balance sheet as of December 31 were as follows:


	Pension Benefits			Other Postretirement Benefits
	2023		2022	2023		2022
Noncurrent assets	$	30,671	16,005	$	3,123	679
Current liabilities	(2,365)		(2,089)	(113)		(139)
Noncurrent liabilities	(40,636)		(51,079)	(6,067)		(8,418)
	$	(12,330)	(37,163)	$	(3,057)	(7,878)

Schedule of Accumulated and Projected Benefit Obligations

The following table provides selected information about plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets as of December 31:


	2023		2022
Pension Benefits:
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	43,001	217,358
Fair value of plan assets	—		169,077
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	39,652		35,813
Fair value of plan assets	—		—
Other Postretirement Benefits:
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	15,580		16,411
Fair value of plan assets	9,401		7,853

Schedule of Expected Benefit Payments

Benefits expected to be paid in the next five years and in the aggregate for the five years thereafter are:


	Pension Plans		Other Postretirement Benefit Plans
2024	$	16,727	$	1,461
2025	17,455		1,549
2026	22,753		1,619
2027	18,977		1,691
2028	19,121		1,647
2029 - 2033	104,931		8,580