Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Funded Status (in thousands):


	Pension Plans				Post-retirement Healthcare Plans
	2022		2021		2022		2021
Accumulated benefit obligation	$	648,242	$	839,267	$	2,672	$	3,142
Change in benefit obligation
Obligation as of January 1	$	839,267	$	873,826	$	3,142	$	3,484
Service cost	—		—		76		95
Interest cost	24,173		22,387		59		42
Special termination benefits	—		—		—		—
Plan amendment	—		—		—		—
Plan transfers	2,386		3,125		—		—
Benefits paid	(37,998)		(36,109)		(308)		(250)
Curtailments and settlement	—		—		—		—
Actuarial gain	(179,586)		(23,962)		(297)		(229)
Obligation as of December 31	$	648,242	$	839,267	$	2,672	$	3,142
Change in plan assets
Fair value as of January 1	$	850,195	$	843,895	$	—	$	—
Actual (loss) gain on plan assets	(188,855)		37,626		—		—
Plan transfers	2,386		3,125		—		—
Return of excess premiums	—		—		—		—
Employer contributions	1,304		1,658		308		250
Benefits paid	(37,998)		(36,109)		(308)		(250)
Settlement payments	$	—	$	—	$	—	$	—
Fair value as of December 31	$	627,032	$	850,195	$	—	$	—
Funded status	0		0		0		0
Overfunded plans, net asset	$	13,194	$	30,867	$	—	$	—
Underfunded plans
Current liabilities	$	(1,343)	$	(1,345)	$	(401)	$	(399)
Non-current liabilities	$	(33,063)	$	(18,594)	$	(2,271)	$	(2,743)

Schedule of Net Benefit Costs

ABX’s net periodic benefit costs for its defined benefit pension plans and post-retirement healthcare plans for the years ended December 31, 2022, 2021 and 2020, are as follows (in thousands):


	Pension Plans						Post-Retirement Healthcare Plan
	2022		2021		2020		2022		2021		2020
Service cost	$	—	$	—	$	—	$	76	$	95	139
Interest cost	24,173		22,387		27,880		59		42		91
Expected return on plan assets	(46,954)		(47,502)		(44,673)		—		—		—
Curtailments and settlements	—		—		(424)		—		—		(17)
Amortization of prior service cost	—		—		—		—		—		—
Amortization of net loss	2,630		7,058		3,763		45		186		124
Net periodic benefit cost (income)	$	(20,151)	$	(18,057)	$	(13,454)	$	180	$	323	$	337

Schedule of Unrecognized Net Periodic Benefit Expense

The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit expense at December 31 are as follows (in thousands):


	Pension Plans				Post-Retirement Healthcare Plans
	2022		2021		2022		2021
Unrecognized prior service cost	$	—	$	—	$	—	$	—
Unrecognized net actuarial loss	144,268		90,675		76		418
Accumulated other comprehensive loss	$	144,268	$	90,675	$	76	$	418

Schedule of Assumptions Used

Assumptions used in determining the funded status of ABX’s pension plans at December 31 were as follows:


	Pension Plans
	2022	2021	2020
Discount rate - crewmembers	5.50%	2.90%	2.55%
Discount rate - non-crewmembers	5.50%	3.00%	2.75%
Expected return on plan assets - crewmembers	6.75%	5.65%	5.75%
Expected return on plan assets - non-crewmembers	6.65%	5.65%	5.75%

Schedule of Allocation of Plan Assets

The weighted-average asset allocations by asset category are as shown below:


	Composition of Plan Assets as of December 31
Asset category	2022		2021
Cash	3	%	3	%
Equity securities	27	%	28	%
Fixed income securities	70	%	69	%

	100	%	100	%

The pension plan assets measured at fair value on a recurring basis were as follows (in thousands):


As of December 31, 2022	Fair Value Measurement Using				Total
	Level 1		Level 2
Plan assets

Common trust funds	$	—	$	19,114	$	19,114

Mutual funds	—		166,143		166,143
Fixed income investments	—		441,772		441,772
Benefit Plan Assets	$	—	$	627,029	$	627,029

Investments measured at net asset value ("NAV")					3
Total benefit plan assets					$	627,032


As of December 31, 2021	Fair Value Measurement Using				Total
	Level 1		Level 2
Plan assets

Common trust funds	$	—	$	29,451	$	29,451

Mutual funds	—		236,647		236,647
Fixed income investments	—		584,094		584,094
Benefit Plan Assets	$	—	$	850,192	$	850,192

Investments measured at net asset value ("NAV")					3
Total benefit plan assets					$	850,195

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the respective plans as follows (in thousands):


	Pension Benefits		Post-retirement Healthcare Benefits
2023	$	41,571	$	401
2024	43,877		482
2025	46,329		507
2026	48,101		471
2027	49,650		404
Years 2028 to 2032	253,065		1,022

Schedule of Level Three Defined Benefit Plan Assets Roll Forward

The following table presents investments measured at fair value based on NAV per share as a practical expedient:


	Fair Value		Redemption Frequency	Redemption Notice Period	Unfunded Commitments
As of December 31, 2022
Hedge Funds & Private Equity	$	3	(1) (2)	90 days	$	—
Real Estate	—		(3)	90 days	—
Total investments measured at NAV	$	3			$	—

As of December 31, 2021
Hedge Funds & Private Equity	$	3	(1) (2)	90 days	$	—
Real Estate	—		(3)	90 days	—
Total investments measured at NAV	$	3			$	—