Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Funded Status (in thousands):


	Pension Plans				Post-retirement Healthcare Plans
	2023		2022		2023		2022
Accumulated benefit obligation	$	521,959	$	648,242	$	1,957	$	2,672
Change in benefit obligation
Obligation as of January 1	$	648,242	$	839,267	$	2,672	$	3,142
Service cost	—		—		53		76
Interest cost	34,526		24,173		132		59
Special termination benefits	—		—		—		—
Plan amendment	—		—		—		—
Plan transfers	2,276		2,386		—		—
Benefits paid	(39,643)		(37,998)		(306)		(308)
Settlements	(139,605)		—		—		—
Actuarial (gain) loss	16,163		(179,586)		(594)		(297)
Obligation as of December 31	$	521,959	$	648,242	$	1,957	$	2,672
Change in plan assets
Fair value as of January 1	$	627,032	$	850,195	$	—	$	—
Actual (loss) gain on plan assets	72,006		(188,855)		—		—
Plan transfers	2,276		2,386		—		—
Return of excess premiums	—		—		—		—
Employer contributions	1,310		1,304		306		308
Benefits paid	(39,643)		(37,998)		(306)		(308)
Settlement payments	$	(139,605)	$	—	$	—	$	—
Fair value as of December 31	$	523,376	$	627,032	$	—	$	—
Funded status	0		0		0		0
Overfunded plans, net asset	$	20,526	$	13,194	$	—	$	—
Underfunded plans
Current liabilities	$	(1,380)	$	(1,343)	$	(319)	$	(401)
Non-current liabilities	$	(17,731)	$	(33,063)	$	(1,638)	$	(2,271)

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, 2023, 2022 and 2021, are as follows (in thousands):


	Pension Plans						Post-Retirement Healthcare Plan
	2023		2022		2021		2023		2022		2021
Service cost	$	—	$	—	$	—	$	53	$	76	95
Interest cost	34,526		24,173		22,387		132		59		42
Expected return on plan assets	(40,767)		(46,954)		(47,502)		—		—		—
Settlements	24,145		—		—		—		—		—
Amortization of prior service cost	—		—		—		—		—		—
Amortization of net loss	18,981		2,630		7,058		—		45		186
Net periodic benefit cost (income)	$	36,885	$	(20,151)	$	(18,057)	$	185	$	180	$	323

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
	2023		2022		2023		2022
Unrecognized prior service cost	$	—	$	—	$	—	$	—
Unrecognized net actuarial loss	86,066		144,268		(518)		76
Accumulated other comprehensive loss	$	86,066	$	144,268	$	(518)	$	76

Schedule of Assumptions Used

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


	Pension Plans
	2023	2022	2021
Discount rate - crewmembers	5.25%	5.50%	2.90%
Discount rate - non-crewmembers	5.15%	5.50%	3.00%
Expected return on plan assets - crewmembers	6.40%	6.75%	5.65%
Expected return on plan assets - non-crewmembers	6.40%	6.65%	5.65%

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	2023		2022
Cash	1	%	3	%
Equity securities	28	%	27	%
Fixed income securities	71	%	70	%

	100	%	100	%

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


As of December 31, 2023	Fair Value Measurement Using				Total
	Level 1		Level 2
Plan assets

Common trust funds	$	—	$	2,908	$	2,908

Mutual funds	—		34,569		34,569
Fixed income investments	—		373,235		373,235
Benefit Plan Assets	$	—	$	410,712	$	410,712

Investments measured at net asset value ("NAV")					112,664
Total benefit plan assets					$	523,376


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

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
2024	$	33,392	$	319
2025	35,704		337
2026	37,266		347
2027	38,868		348
2028	40,026		279
Years 2029 to 2033	199,310		691

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, 2023
Common trust	$	112,664	(2) (3)	30 days	$	—

Total investments measured at NAV	$	112,664			$	—

As of December 31, 2022
Hedge Funds & Private Equity	$	3	(1)	90 days	$	—

Total investments measured at NAV	$	3			$	—