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Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Pension Plan (Income) Cost
Pension plan (income) cost includes the following components for the years ended December 31:
(in thousands)
202320222021
Service cost for benefits earned$28,763 $50,242 $53,041 
Interest cost on benefit obligation50,193 39,764 36,824 
Expected return on plan assets(68,869)(54,557)(50,275)
Prior service cost amortization1,446 1,443 1,428 
Net actuarial (gain) loss amortization(15,331)7,320 16,106 
Pension plan (income) cost (1)
$(3,798)$44,212 $57,124 

(1)     Pension plan (income) cost represents total plan (income) cost before reimbursements between Indemnity and the Exchange and its subsidiaries. The components of pension plan (income) cost other than the service cost components are included in the line item "Other income (expense)" in the Statements of Operations, net of reimbursements between Indemnity and the Exchange and its subsidiaries.
Schedule of Weighted-Average Actuarial Assumptions Used to Measure Benefit Obligations and Net Periodic Benefit Costs
The following table describes the weighted-average assumptions used to measure benefit obligations at December 31:
20232022
Employee pension plan:
Discount rate5.34 %5.67 %
Expected return on assets6.50 5.50 
Rate of compensation increase (1)
3.25 3.21 
SERP:
Discount rate5.11 %5.46 %
Rate of compensation increase5.00 5.00 

(1)    The rate of compensation increase for the employee plan is age-graded.  An equivalent single compensation increase rate of 3.25% in 2023 and 3.21% in 2022 would produce similar results.
The following table describes the weighted-average assumptions used to measure net periodic benefit costs for the years ended December 31:
202320222021
Employee pension plan:
Discount rate5.67 %3.16 %2.96 %
Expected return on assets6.50 5.50 5.50 
Rate of compensation increase (1)
3.30 3.21 3.21 
SERP:
Discount rate5.46 %3.11 %2.86 %
Rate of compensation increase5.00 5.00 5.00 
(1)    The rate of compensation increase for the employee plan is age-graded.  An equivalent single compensation increase rate of 3.30% in 2023 and 3.21% in 2022 and 2021 would produce similar results.
Schedule of Funded Status of Pension Plans and Amounts Recognized in the Statements of Financial Position The following table sets forth the funded status of the pension plans and the amounts recognized in the Statements of Financial Position at December 31:
(in thousands)
20232022
Funded status at end of year$3,325 $(53,948)
Pension asset$34,320 $
Pension liabilities – due within one year (1)
(4,735)(2,724)
Pension liabilities – due after one year(26,260)(51,224)
Net amount recognized$3,325 $(53,948)

(1)    The current portion of pension liabilities for the unfunded plan is included in accounts payable and accrued liabilities.
Schedule of Reconciliation of Beginning and Ending Balances of the Projected Benefit Obligation, as well as the Accumulated Benefit Obligation The following table sets forth a reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation at December 31:
(in thousands)
20232022
Projected benefit obligation, beginning of year$883,814 $1,272,654 
Service cost for benefits earned28,763 50,242 
Interest cost on benefit obligation50,193 39,764 
Plan amendments583 1,620 
Actuarial loss (gain)65,041 (448,330)
Benefits paid(34,840)(32,136)
Projected benefit obligation, end of year$993,554 $883,814 
Accumulated benefit obligation, end of year$847,143 $762,180 
Schedule of Defined Benefit Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
The following table describes plans with projected benefit obligations in excess of plan assets at December 31:
(in thousands)
20232022
Projected benefit obligation$30,995 $883,814 
Plan assets— 829,866 
At December 31, 2023, the SERP had a projected benefit obligation in excess of plan assets. At December 31, 2022, both the defined benefit pension plan and the SERP had projected benefit obligations in excess of plan assets.
Schedule of Defined Benefit Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
The SERP had accumulated benefit obligations in excess of plan assets at December 31:
(in thousands)
20232022
Accumulated benefit obligation$22,698 $21,577 
Plan assets— — 
Schedule of Reconciliation of Beginning and Ending Balances of the Fair Value of Plan Assets
The following table sets forth a reconciliation of beginning and ending balances of the fair value of plan assets at December 31:
(in thousands)
20232022
Fair value of plan assets, beginning of year$829,866 $1,140,243 
Actual return on plan assets105,631 (304,005)
Employer contributions96,222 25,764 
Benefits paid(34,840)(32,136)
Fair value of plan assets, end of year$996,879 $829,866 
Schedule of Amounts Included in Accumulated Other Comprehensive Income that were Not Yet Recognized as Components of Net Benefit Costs
Net actuarial gain and prior service cost included in accumulated other comprehensive income that were not yet recognized as components of net benefit costs were as follows at December 31:
(in thousands)
20232022
Net actuarial gain$(25,954)$(69,564)
Prior service cost11,515 12,378 
Net amount not yet recognized$(14,439)$(57,186)
Schedule of Amounts Recognized in Other Comprehensive Loss (Income) for Pension Plans
Amounts recognized in other comprehensive loss (income) for pension plans were as follows for the years ended December 31:
(in thousands)
202320222021
Net actuarial loss (gain) arising during the year$28,279 $(89,768)$(75,091)
Amortization of net actuarial gain (loss)15,331 (7,320)(16,106)
Amortization of prior service cost(1,446)(1,443)(1,428)
Plan amendments (1)
583 1,620 4,059 
Total recognized in other comprehensive loss (income)$42,747 $(96,911)$(88,566)
(1)    Plan amendments relate to new SERP participants.
Schedule of Target and Actual Asset Allocations for the Portfolio
The target and actual asset allocations for the portfolio are as follows for the years ended December 31:
Target asset
allocation
Target asset
allocation
Actual asset
allocation
Actual asset
allocation
Asset allocation:2023202220232022
Equity securities:
U.S. equity securities27 %27 %26 %(1)27 %
Non-U.S. equity securities18 18 19 (2)19 
Total equity securities45 45 45 46 
Debt securities54 54 54 (3)53 
Other(4)
Total100 %100 %100 %100 %

(1)    U.S. equity securities 100% seek to achieve excess returns relative to the Russell 3000 Index.
(2)    Non-U.S. equity securities 11% are allocated to international small cap investments, while another 19% are allocated to international emerging market investments.  The remaining 70% of the Non-U.S. equity securities are allocated to investments seeking to achieve excess returns relative to an international market index.
(3)    Debt securities 60% are allocated to long U.S. Treasury Strips, 40% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better.
(4)    Institutional money market fund.
Schedule of Fair Value Measurements of Pension Plan Assets by Major Category and Level of Input
The following tables present fair value measurements for the pension plan assets by major category and level of input as of:
December 31, 2023
(in thousands)Total Level 1
Fair Value
Level 2
Fair Value
Level 3
Fair Value
Net Asset
Value (NAV)
Equity securities:
U.S. equity securities$261,400 $244,979 $$$16,421 
Non-U.S. equity securities183,007 127,143 55,864 
Total equity securities444,407 372,122 72,285 
Debt securities540,762 540,762 
Other11,710 11,710 
Total$996,879 $383,832 $$$613,047 


December 31, 2022
(in thousands)TotalLevel 1
Fair Value
Level 2
Fair Value
Level 3
Fair Value
Net Asset
Value (NAV)
Equity securities:
U.S. equity securities$219,410 $204,838 $$$14,572 
Non-U.S. equity securities160,009 110,799 49,210 
Total equity securities379,419 315,637 63,782 
Debt securities439,004 439,004 
Other11,443 11,443 
Total$829,866 $327,080 $$$502,786 
Schedule of Benefits Expected to be Paid Over the Next 10 Years from Pension Plans
The following table sets forth amounts of benefits expected to be paid over the next 10 years from our pension plans as of:

(in thousands)
Year ending
December 31,
Expected future
benefit payments
2024$39,778 
202539,645 
202642,098 
202745,087 
202848,800 
2029 - 2033294,614