Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of restricted stock unit and restricted stock activity |
The following table summarizes restricted stock unit (RSU) activity for the years ended December 31, 2023, 2022 and 2021: | | | | | | | | | | | | | | | | | | | | | | | | | Number of
RSUs
(in thousands) | | Weighted-Average
Grant Date Fair
Value per Share | | Weighted-Average
Remaining
Contractual Term
(years) | | Aggregate
Intrinsic
Value
(in millions) | Unissued as of December 31, 2020 | 1,212.1 | | | $ | 69.47 | | | | | | | Granted | 358.0 | | | $ | 91.21 | | | | | | | Vested and issued | (434.5) | | | $ | 74.69 | | | | | | | Forfeited | (44.8) | | | $ | 87.43 | | | | | | Unissued as of December 31, 2021 | 1,090.8 | | | $ | 77.19 | | | | | | | Granted | 258.8 | | | $ | 122.54 | | | | | | | Vested and issued | (388.4) | | | $ | 74.34 | | | | | | | Forfeited | (47.5) | | | $ | 110.92 | | | | | | Unissued as of December 31, 2022 | 913.7 | | | $ | 85.43 | | | | | | | Granted | 249.7 | | | $ | 133.03 | | | | | | | Vested and issued | (207.8) | | | $ | 95.24 | | | | | | | Forfeited | (40.4) | | | $ | 117.54 | | | | | | Unissued as of December 31, 2023 | 915.2 | | | $ | 93.35 | | | 0.7 | | $ | 150.9 | | Vested and unissued as of December 31, 2023 | 424.9 | | | $ | 64.96 | | | | | |
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| Schedule of performance shares award outstanding activity |
The following table summarizes performance stock unit (PSU) activity for the years ended December 31, 2023, 2022 and 2021: | | | | | | | | | | | | | Number of
PSUs
(in thousands) | | Weighted Average
Grant Date Fair
Value per Share | Outstanding as of December 31, 2020 | 853.6 | | | $ | 76.14 | | | Granted | 313.1 | | | $ | 91.01 | | | Vested and issued | (287.0) | | | $ | 65.35 | | | Forfeited | (22.4) | | | $ | 91.20 | | Outstanding as of December 31, 2021 | 857.3 | | | $ | 84.79 | | | Granted | 156.6 | | | $ | 124.29 | | | Vested and issued | (233.4) | | | $ | 76.24 | | | Forfeited | (24.3) | | | $ | 109.62 | | Outstanding as of December 31, 2022 | 756.2 | | | $ | 95.19 | | | Granted | 199.5 | | | $ | 138.03 | | | Vested and issued | (227.1) | | | $ | 100.06 | | | Forfeited | (40.9) | | | $ | 123.30 | | Outstanding and Exercisable as of December 31, 2023 | 687.7 | | | $ | 101.48 | |
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| Schedule of accumulated benefit obligation and reconciliations of the changes of defined benefit pension plan |
The following table presents the ABO and reconciliations of the changes in the PBO, the Plan assets and the accounting funded status of our defined benefit pension plan for the years ended December 31: | | | | | | | | | | | | | | Defined Benefit
Pension Plan | | | 2023 | | 2022 | | Accumulated benefit obligation | $ | 166.1 | | | $ | 172.3 | | | Change in projected benefit obligation: | | | | | Projected benefit obligation at beginning of year | $ | 172.3 | | | $ | 215.1 | | | Interest cost | 8.5 | | | 5.7 | | | Actuarial loss (gain) | 2.5 | | | (32.6) | | | Benefits paid | (17.2) | | | (15.9) | | | Projected benefit obligation at end of year | $ | 166.1 | | | $ | 172.3 | | | Change in plan assets: | | | | | Fair value of plan assets at beginning of year | $ | 178.2 | | | $ | 221.8 | | | Actual return on plan assets | 12.2 | | | (26.3) | | | Estimated expenses | (2.0) | | | (1.4) | | | Benefits paid | (17.2) | | | (15.9) | | | Fair value of plan assets at end of year | $ | 171.2 | | | $ | 178.2 | | | Over funded status | $ | 5.1 | | | $ | 5.9 | | | Amounts recognized in the statement of financial position consist of: | | | | | Noncurrent assets | $ | 5.1 | | | $ | 5.9 | | | Net amount recognized | $ | 5.1 | | | $ | 5.9 | | | Weighted average assumptions used to determine benefit obligations: | | | | | Discount rate | 4.94 | % | | 5.13 | % | | Rate of compensation increase | N/A | | N/A |
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| Schedule of net periodic benefit costs |
The components of the net periodic benefit income for the years ended December 31 are summarized below: | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | 2021 | | Components of net periodic benefit income: | | | | | | | Interest cost | $ | 8.5 | | | $ | 5.7 | | | $ | 4.7 | | | Expected return on plan assets | (7.5) | | | (7.0) | | | (6.0) | | | | | | | | | | | | | | | Net periodic benefit loss (income) | $ | 1.0 | | | $ | (1.3) | | | $ | (1.3) | | | Weighted average assumptions used to determine net periodic benefit income: | | | | | | | Discount rate | 4.94 | % | | 5.13 | % | | 2.77 | % | | Expected return on plan assets | 5.40 | % | | 5.40 | % | | 4.10 | % | | Rate of compensation increase | N/A | | N/A | | N/A |
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| Schedule of target asset allocation and actual asset allocation for defined benefit pension plans |
The following table summarizes our target asset allocation as of December 31, 2023 and the actual asset allocation as of December 31, 2023 and 2022 for our Plan: | | | | | | | | | | | | | | | | | | | December 31, 2023 | | December 31, 2023 | | December 31, 2022 | | Target
Asset
Allocation | | Actual
Asset
Allocation | | Actual
Asset
Allocation | | Debt securities | 100 | % | | 100 | % | | 100 | % | | | | | | | | | | | | | | Total | 100 | % | | 100 | % | | 100 | % |
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| Schedule of changes in the fair value of the Plan's investment |
The Plan assets are measured at fair value. The following table summarizes, by level, within the fair value hierarchy, the investments of the Plan at fair value as of December 31, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | December 31, 2023 | | Quoted
Prices in
Active
Markets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Money market accounts and U.S. government securities | $ | 49.5 | | | $ | 49.5 | | | $ | — | | | $ | — | | | | | | | | | | | Fixed income securities | 121.7 | | | — | | | 121.7 | | | — | | | | | | | | | | | | | | | | | | | Total assets | $ | 171.2 | | | $ | 49.5 | | | $ | 121.7 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | December 31, 2022 | | Quoted
Prices in
Active
Markets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Money market accounts | $ | 23.6 | | | $ | 23.6 | | | $ | — | | | $ | — | | | | | | | | | | | Mutual funds | 154.6 | | | — | | | 154.6 | | | — | | | | | | | | | | | | | | | | | | | Total assets | $ | 178.2 | | | $ | 23.6 | | | $ | 154.6 | | | $ | — | |
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| Schedule of estimated future benefit payments |
Estimated future benefit payments for the next ten years under the Plan follow: | | | | | | | 2024 | $ | 15.7 | | | 2025 | $ | 15.4 | | | 2026 | $ | 15.6 | | | 2027 | $ | 15.5 | | | 2028 | $ | 14.6 | | | 2029 through 2033 | $ | 61.7 | |
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| Schedule of individually significant multiemployer pension plans |
Republic’s participation in individually significant multiemployer pension plans for the year ended December 31, 2023 is outlined in the table below. Only with respect to multiemployer pension plans, we considered contributions in excess of $3.5 million in any period disclosed to be individually significant. The most recent PPA zone status available in 2023 and 2022 is for the plans’ year ended September 30, or December 31, 2022 and 2021, respectively. The status is based on information that Republic received from the plans and is certified by the plans’ actuary. Among other factors, plans in the critical red zone are generally less than 65% funded, plans in the endangered yellow zone are less than 80% funded and plans in the safe green zone are at least 80% funded. Plans in the critical and declining zone are classified as critical and projected to be insolvent in the current year or any of the 14 following plan years. The last column lists the expiration dates of the CBAs to which the plans are subject. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Protection
Act Zone Status | | Funding
Improvement
or Rehabilitation
Plan Status
Pending / | | Republic
Contributions to Plan | | Surcharge | | Expiration Dates | | Legal Plan Name | EIN | | 2023 | | 2022 | | Implemented | | 2023 | | 2022 | | 2021 | | Imposed | | of CBAs | Western Conference of
Teamsters Pension Plan | 91-6145047 | | Safe | | Safe | | No | | $ | 69.5 | | | $ | 61.2 | | | $ | 52.2 | | | No | | Various dates through 6/30/2028 | Local No. 731 I.B. of
T., Pension Fund | 36-6513567 | | Safe | | Safe | | No | | 8.5 | | | 8.1 | | | 8.7 | | | No | | Various dates through 9/30/2028 | New England Teamsters &
Trucking Industry Pension | 04-6372430 | | Critical & Declining | | Critical & Declining | | No | | 5.1 | | | 3.3 | | | 2.1 | | | No | | 6/30/2025 | Individually significant
plans | | | | | | | | | 83.1 | | | 72.6 | | | 63.0 | | | | | | | All other plans | N/A | | N/A | | N/A | | N/A | | 16.0 | | | 13.5 | | | 13.4 | | | N/A | | | | Total | | | | | | | | | $ | 99.1 | | | $ | 86.1 | | | $ | 76.4 | | | | | |
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