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Employee Benefit Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of obligation and funded status
The changes in the benefit obligation, fair value of plan assets and the funded status of the Company’s pension and SERPA plans and the postretirement healthcare plans as of the Company’s measurement dates of December 31, were as follows (in thousands):
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2023202220232022
Change in benefit obligation:
Benefit obligation, beginning of period$1,553,912 $2,174,595 $210,811 $286,301 
Service cost5,174 19,052 3,184 4,642 
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2023202220232022
Interest cost81,911 61,890 11,089 7,617 
Actuarial loss / (gains)
35,608 (561,142)(18,350)(67,903)
Plan participant contributions— — 1,790 2,029 
Plan amendment
— — 12,959 — 
Benefits paid(106,493)(137,645)(14,977)(16,657)
Settlements
(1,835)(2,838)— (5,218)
Benefit obligation, end of period1,568,277 1,553,912 206,506 210,811 
Change in plan assets:
Fair value of plan assets, beginning of period1,809,543 2,486,467 205,803 262,945 
Return on plan assets198,212 (539,800)29,211 (48,257)
Plan participant contributions— — 1,790 2,029 
Benefits paid(105,931)(137,124)(11,637)(10,914)
Fair value of plan assets, end of period1,901,824 1,809,543 225,167 205,803 
Funded status of the plan$333,547 $255,631 $18,661 $(5,008)
Funded status as recognized on the Consolidated balance sheets:
Pension and postretirement assets$343,619 $268,317 $69,489 $51,816 
Accrued liabilities(1,129)(1,331)— (224)
Pension and postretirement liabilities(8,943)(11,355)(50,828)(56,600)
$333,547 $255,631 $18,661 $(5,008)
Amounts included in Accumulated other comprehensive loss, net of tax:
Prior service credits$2,886 $3,461 $8,542 $(1,884)
Actuarial losses (gains)277,825 289,340 (59,631)(39,699)
$280,711 $292,801 $(51,089)$(41,583)
Schedule of amounts recognized in balance sheet
The changes in the benefit obligation, fair value of plan assets and the funded status of the Company’s pension and SERPA plans and the postretirement healthcare plans as of the Company’s measurement dates of December 31, were as follows (in thousands):
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2023202220232022
Change in benefit obligation:
Benefit obligation, beginning of period$1,553,912 $2,174,595 $210,811 $286,301 
Service cost5,174 19,052 3,184 4,642 
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2023202220232022
Interest cost81,911 61,890 11,089 7,617 
Actuarial loss / (gains)
35,608 (561,142)(18,350)(67,903)
Plan participant contributions— — 1,790 2,029 
Plan amendment
— — 12,959 — 
Benefits paid(106,493)(137,645)(14,977)(16,657)
Settlements
(1,835)(2,838)— (5,218)
Benefit obligation, end of period1,568,277 1,553,912 206,506 210,811 
Change in plan assets:
Fair value of plan assets, beginning of period1,809,543 2,486,467 205,803 262,945 
Return on plan assets198,212 (539,800)29,211 (48,257)
Plan participant contributions— — 1,790 2,029 
Benefits paid(105,931)(137,124)(11,637)(10,914)
Fair value of plan assets, end of period1,901,824 1,809,543 225,167 205,803 
Funded status of the plan$333,547 $255,631 $18,661 $(5,008)
Funded status as recognized on the Consolidated balance sheets:
Pension and postretirement assets$343,619 $268,317 $69,489 $51,816 
Accrued liabilities(1,129)(1,331)— (224)
Pension and postretirement liabilities(8,943)(11,355)(50,828)(56,600)
$333,547 $255,631 $18,661 $(5,008)
Amounts included in Accumulated other comprehensive loss, net of tax:
Prior service credits$2,886 $3,461 $8,542 $(1,884)
Actuarial losses (gains)277,825 289,340 (59,631)(39,699)
$280,711 $292,801 $(51,089)$(41,583)
Schedule of PBO in excess of fair value of plan assets
The funded status of the qualified pension plan and the SERPA plans are combined above. The SERPA plans had projected benefit obligations (PBO) and accumulated benefit obligations (ABO) in excess of the fair value of plan assets at December 31, as presented below (in thousands):
20232022
Plans with PBO in excess of fair value of plan assets:
PBO$10,072 $12,686 
Fair value of plan assets$— $— 
Plans with ABO in excess of fair value of plan assets:
ABO$10,035 $12,643 
Fair value of plan assets$— $— 
Schedule of ABO in excess of fair value of plan assets
The funded status of the qualified pension plan and the SERPA plans are combined above. The SERPA plans had projected benefit obligations (PBO) and accumulated benefit obligations (ABO) in excess of the fair value of plan assets at December 31, as presented below (in thousands):
20232022
Plans with PBO in excess of fair value of plan assets:
PBO$10,072 $12,686 
Fair value of plan assets$— $— 
Plans with ABO in excess of fair value of plan assets:
ABO$10,035 $12,643 
Fair value of plan assets$— $— 
Schedule of components of net periodic benefit costs Components of net periodic benefit costs for the Company's defined benefit plans for the years ended December 31, were as follows (in thousands):
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 202320222021202320222021
Service cost$5,174 $19,052 $24,570 $3,184 $4,642 $5,147 
Interest cost81,911 61,890 61,988 11,089 7,617 6,505 
Expected return on plan assets(146,076)(125,904)(131,494)(17,124)(15,237)(13,978)
Amortization of unrecognized:
Prior service credit751 (1,312)(1,247)(665)(2,323)(2,323)
Net loss(722)31,912 67,933 (4,388)488 1,056 
Curtailment (gain) loss— — (10,562)— — — 
Settlement (gain) loss(759)(1,471)722 — (1,244)— 
Net periodic benefit cost$(59,721)$(15,833)$11,910 $(7,904)$(6,057)$(3,593)
Schedule of assumptions used to determine net periodic benefit cost
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost at December 31, were as follows:
Pension and SERPA BenefitsPostretirement Healthcare Benefits
 202320222021202320222021
Assumptions for benefit obligations:
Discount rate5.31 %5.45 %2.89 %5.36 %5.42 %2.72 %
Rate of compensation increase4.00 %4.00 %3.49 %n/an/an/a
Assumptions for net periodic benefit cost:
Discount rate5.45 %2.89 %2.67 %5.42 %2.72 %2.11 %
Expected return on plan assets6.80 %5.60 %6.20 %7.48 %6.77 %6.69 %
Rate of compensation increase4.00 %3.49 %3.34 %n/an/an/a
Schedule of allocation of plan assets The fair values of the Company’s pension plan assets at December 31, 2023 were as follows (in thousands):
BalanceLevel 1Level 2
Cash and cash equivalents$27,730 $— $27,730 
Equity holdings:
U.S. companies346,895 346,844 51 
Foreign companies22,425 22,425 — 
Pooled equity funds124,853 124,853 — 
Other21 21 — 
494,194 494,143 51 
Fixed-income holdings:
U.S. Treasuries110,767 110,766 — 
Federal agencies11,028 — 11,028 
Corporate bonds708,790 — 708,790 
Pooled fixed income funds442,409 55,487 386,922 
Foreign bonds93,034 462 92,572 
Municipal bonds11,486 — 11,486 
1,377,514 166,715 1,210,798 
Plan assets subject to fair value leveling1,899,438 $660,858 $1,238,579 
Plan assets measured at net asset value:
Private equity investments794 
Real estate investments1,592 
2,386 
$1,901,824 
The fair values of the Company’s postretirement healthcare plan assets at December 31, 2023 were as follows (in thousands): 
BalanceLevel 1Level 2
Cash and cash equivalents$2,391 $— $2,391 
Equity holdings:
U.S. companies113,135 113,135 — 
Foreign companies21,034 21,034 — 
Pooled equity funds26,355 26,355 — 
Other5 5 — 
160,529 160,529 — 
Fixed-income holdings:
U.S. Treasuries359 359 — 
Federal agencies36 — 36 
Corporate bonds2,286 — 2,286 
Pooled fixed income funds44,512 43,248 1,264 
Foreign bonds300 2 298 
Municipal bonds37 — 37 
47,530 43,609 3,921 
Plan assets subject to fair value leveling210,450 $204,138 $6,312 
Plan assets measured at net asset value:
Private equity investments $13,773 
Real estate investments944 
$225,167 
The fair values of the Company’s pension plan assets at December 31, 2022 were as follows (in thousands):
BalanceLevel 1Level 2
Cash and cash equivalents$43,062 $— $43,062 
Equity holdings:
U.S. companies537,587 537,548 39 
Foreign companies22,445 22,444 1 
Pooled equity funds241,412 241,412 — 
Other35 35 — 
801,479 801,439 40 
Fixed-income holdings:
U.S. Treasuries94,128 94,128 — 
Federal agencies11,054 — 11,054 
Corporate bonds640,875 — 640,875 
Pooled fixed income funds111,649 49,472 62,177 
Foreign bonds93,112 4 93,108 
Municipal bonds10,375 — 10,375 
961,193 143,604 817,589 
Plan assets subject to fair value leveling1,805,734 $945,043 $860,691 
Plan assets measured at net asset value:
Private equity investments799 
Real estate investments3,010 
3,809 
$1,809,543 
The fair values of the Company’s postretirement healthcare plan assets at December 31, 2022 were as follows (in thousands):
BalanceLevel 1Level 2
Cash and cash equivalents$7,998 $— $7,998 
Equity holdings:
U.S. companies95,014 95,014 — 
Foreign companies20,784 20,784 — 
Pooled equity funds24,181 24,181 — 
Other5 5 — 
139,984 139,984 — 
Fixed-income holdings:
U.S. Treasuries287 287 — 
Federal agencies34 — 34 
Corporate bonds1,938 — 1,938 
Pooled fixed income funds40,043 39,855 188 
Foreign bonds282 — 282 
Municipal bonds31 — 31 
42,615 40,142 2,473 
Plan assets subject to fair value leveling190,597 $180,126 $10,471 
Plan assets measured at net asset value:
Limited partnership interests
$13,502 
Real estate investments1,704 
$205,803 
Schedule of weighted average health care cost trend rate
The weighted-average healthcare cost trend rates used in determining the accumulated postretirement benefit obligation of the healthcare plans were as follows:
20232022
Healthcare cost trend rate for next year7.50 %7.00 %
Rate to which the cost trend rate is assumed to decline (the ultimate rate)5.00 %5.00 %
Year that the rate reaches the ultimate trend rate20322032
Schedule of expected benefit payments for next five years and thereafter
The Company's future expected benefit payments as of December 31, 2023 were as follows (in thousands):
Pension BenefitsSERPA BenefitsPostretirement Healthcare Benefits
2024$115,265 $1,159 $17,179 
2025$114,856 $1,119 $18,050 
2026$116,507 $1,070 $18,830 
2027$116,698 $945 $19,442 
2028$116,234 $854 $19,930 
2029-2033$581,079 $3,594 $100,332