RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

RETIREMENT PLANS

Schedule of weighted-average rates assumed in the actuarial calculations for the pension plan and other postretirement benefit plans

	2023		2022		2021
Discount Rate – Pension Benefit Obligation	4.3	%	5.4	%	2.9	%
Discount Rate – Pension Benefit Cost	5.4	%	2.9	%	2.6	%
Discount Rate – Postretirement Benefit Obligation	5.2	%	5.4	%	2.8	%
Discount Rate – Postretirement Benefit Cost	5.2	%	2.8	%	2.5	%
Expected long-term return on plan assets	5.3	%	5.2	%	5.3	%

Schedule of changes during the year in the projected benefit obligations and in the fair value of plan assets

Changes during the year in the projected benefit obligations and in the fair value of plan assets are as follows for 2023 and 2022 (in thousands):

	2023				2022
	Pension Benefits		Postretirement Benefits		Pension Benefits		Postretirement Benefits
Projected benefit obligations:
Balance at beginning of year:	$	66,175	$	3,624	$	100,624	$	5,343
Service cost		90		65		151		124
Interest cost		3,323		182		2,373		139
Benefits and settlements paid		(6,899)		(309)		(18,490)		(396)
Actuarial (gain) loss		1,460		63		(16,758)		(1,586)
Settlement		-		—		(1,725)		-
Balance at end of year	$	64,149	$	3,625	$	66,175	$	3,624
Plan net assets:
Balance at beginning of year:	$	71,552	$	—	$	103,718	$	—
Actual return on plan assets		7,142		—		(13,188)		—
Company contributions		207		309		—		396
Benefits and settlements paid		(7,397)		(309)		(18,978)		(396)
Balance at end of year	$	71,504	$	—	$	71,552	$	—
Over/ (Under) funded status of plan	$	7,355	$	(3,625)	$	5,377	$	(3,624)

Schedule of funded status of the Company's pension and other retirement benefit plans

	2023
	Viya Pension Benefit		Alaska Pension Benefit		Viya Postretirement Benefits		Alaska Postretirement Benefits
Projected benefit obligation	$	53,075	$	11,074	$	3,341	$	284
Plan Net Assets		62,142		9,362		—		—
Over/ (Under) funded status of plan	$	9,067	$	(1,712)	$	(3,341)	$	(284)

	2022
	GTT Pension Benefit		Viya Pension Benefit		Alaska Pension Benefit		Viya Postretirement Benefits		Alaska Postretirement Benefits
Projected benefit obligation	$	2,038	$	52,832	$	11,305	$	3,337	$	287
Plan Net Assets		2,038		60,132		9,382		—		—
Over/ (Under) funded status of plan	$	—	$	7,300	$	(1,923)	$	(3,337)	$	(287)

Schedule of fair values for the pension plan's net assets, by asset category

The fair values for the pension plan’s net assets, by asset category, at December 31, 2023 are as follows (in thousands):

Asset Category	Total		Level 1		Level 2
Cash, cash equivalents, money markets and other	$	2,642	$	2,642	$	—
Common stock		12,680		12,680		—
Mutual funds - fixed income		8,836		8,836		—
Mutual funds - equities		9,527		9,527		—
Fixed income securities		33,728		—		33,728
Other		4,091		4,091		—
Total	$	71,504	$	37,776	$	33,728

The fair values for the pension plan’s net assets, by asset category, at December 31, 2022 are as follows (in thousands):

Asset Category	Total		Level 1		Level 2
Cash, cash equivalents, money markets and other	$	7,572	$	7,572	$	—
Common stock		17,974		17,974		—
Mutual funds - fixed income		10,732		10,732		—
Mutual funds - equities		5,228		5,228		—
Fixed income securities		22,913		—		22,913
Other		7,133		7,133		—
Total	$	71,552	$	48,639	$	22,913

Schedule of weighted-average asset allocations, by asset category

	2023		2022
Cash, cash equivalents, money markets and other	4	%	11	%
Common stock	18		25
Mutual funds - fixed income	12		15
Mutual funds - equities	13		7
Fixed income securities	47		32
Other	6		10
Total	100	%	100	%

Schedule of amounts recognized on the Company's consolidated balance sheets

Amounts recognized on the Company’s consolidated balance sheets consist of (in thousands):

	As of December 31,
	2023				2022
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Accrued and current liabilities	$	—	$	310	$	—	$	294
Other Liabilities		1,712		3,318		1,923		3,068
Other Assets		9,070		—		7,303		—
Accumulated other comprehensive income, net of tax		8,592		1,415		6,191		1,589

Schedule of amounts recognized in accumulated other comprehensive income

	As of December 31,
	2023				2022
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Accrued and current liabilities	$	—	$	310	$	—	$	294
Other Liabilities		1,712		3,318		1,923		3,068
Other Assets		9,070		—		7,303		—
Accumulated other comprehensive income, net of tax		8,592		1,415		6,191		1,589

Schedule of components of the plan's net periodic pension cost

Components of the plan’s net periodic pension cost are as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):

	2023				2022				2021
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	90	$	65	$	151	$	124	$	229	$	143
Non-operating expense
Interest cost		3,323		182		2,373		139		2,043		127
Expected return on plan assets		(2,936)		—		(3,814)		—		(3,366)		—
Amortization of actuarial (gain) loss		(43)		(113)		—		—		—		—
Settlement		—		—		1,725		—		34		—
Net periodic pension cost	$	434	$	134	$	435	$	263	$	(1,060)	$	270

Schedule of estimated benefits

The following estimated benefits, which reflect expected future service, as appropriate, are expected to be paid over the next 10 years as indicated below (in thousands):

	Pension		Postretirement
Fiscal Year	Benefits		Benefits
2024	$	5,365	$	317
2025		4,899		333
2026		4,969		238
2027		5,026		265
2028		4,775		265
2029-2033		23,351		1,483
Total	$	48,385	$	2,901

Schedule of Multi-employer pension plan

Plan name	Alaska Electrical Pension Plan
Number of employees covered	541
Pension Protection Act zone status at the plan's year-end:
December 31, 2022	Green
December 31, 2021	Green
Plan subject to funding improvement plan	No
Plan subject to rehabilitation plan	No
Employer subject to contribution surcharge	No
Company contributions to the plan for the year ended:
December 31, 2023	$ 6.2 million
December 31, 2022	$ 6.6 million
December 31, 2021	$ 3.1 million
Name and expiration date of collective bargaining agreements requiring contributions to the plan:
Collective Bargaining Agreement Between Alaska
Communications Systems and Local Union 1547 IBEW	June 30, 2025
Outside Agreement Alaska Electrical Construction between
Local Union 1547 IBEW and Alaska Chapter National
Electrical Contractors Association Inc.	June 30, 2026
Inside Agreement Alaska Electrical Construction between
Local Union 1547 IBEW and Alaska Chapter National
Electrical Contractors Association Inc.	April 30, 2026