v3.24.3
Pension Plans And Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2024
Pension Plans And Other Postretirement Benefits [Abstract]  
Pension Plans And Other Postretirement Benefits Note 10 – Pension Plans and Other Postretirement Benefits  

The Company maintains a qualified defined benefit pension plan (the “Pension Plan”), a nonqualified pension plan, and other postretirement benefit plans for certain of its employees.

The following tables provide the components of net periodic benefit cost for the Company’s pension and other postretirement benefit plans:

Pension Benefits

Three Months Ended

Nine Months Ended

September 30,

September 30,

2024

2023

2024

2023

Service cost

$

358

$

400

$

1,072

$

1,201

Interest cost

3,908

4,309

11,724

12,926

Expected return on plan assets

(4,696)

(5,673)

(14,088)

(17,018)

Amortization of prior service cost

82

171

244

513

Amortization of actuarial loss

751

810

2,253

2,428

Net periodic benefit cost

$

403

$

17

$

1,205

$

50

Other

Postretirement Benefits

Three Months Ended

Nine Months Ended

September 30,

September 30,

2024

2023

2024

2023

Service cost

$

363

$

337

$

1,089

$

1,011

Interest cost

1,113

1,119

3,337

3,357

Expected return on plan assets

(1,105)

(1,093)

(3,315)

(3,279)

Amortization of actuarial gain

(267)

(329)

(801)

(988)

Net periodic benefit cost

$

104

$

34

$

310

$

101

The net periodic benefit cost is based on estimated values and an extensive use of assumptions about the discount rate, expected return on plan assets, the rate of future compensation increases received by the Company’s employees, mortality, turnover, and medical costs. The Company presents the components of net periodic benefit cost other than service cost in the condensed consolidated statements of operations and comprehensive income on the line item “Other, net”.

The Company made a cash contribution of $9,394 to the Pension Plan during the third quarter of 2024, which completed the Company’s expected cash contributions for the year.