Pension and Other Postretirement Benefits (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
Ìý
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| Schedule of Net Funded Status |
The following table sets forth the Pension Plan’s changes in benefit obligation, changes in fair value of assets, and funded status as of December 31, 2023 and 2022 using a measurement date of December 31 (in thousands):
|
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| Ìý |
December 31, 2023 |
|
December 31, 2022 |
| Change in projected benefits obligation: |
|
|
|
Projected benefit obligation at beginning of year |
$ |
8,177Ìý |
|
|
$ |
11,324Ìý |
|
Service cost |
1,537Ìý |
|
|
2,870Ìý |
|
Interest cost |
423Ìý |
|
|
336Ìý |
|
| Actuarial gain (loss) |
658Ìý |
|
|
(6,111) |
|
Benefits paid |
(242) |
|
|
(242) |
|
ÌýProjected benefit obligation at end of year |
$ |
10,553Ìý |
|
|
$ |
8,177Ìý |
|
|
|
|
|
| Change in Pension Plan assets: |
|
|
|
| Fair value of Pension Plan assets at beginning of year |
$ |
11,650Ìý |
|
|
$ |
10,713Ìý |
|
| Actual return on Pension Plan assets |
725Ìý |
|
|
(947) |
|
Contributions by employer |
2,068Ìý |
|
|
2,126Ìý |
|
Benefits paid |
(242) |
|
|
(242) |
|
| Fair value of Pension Plan assets at end of year |
14,201Ìý |
|
|
11,650Ìý |
|
| Funded status at end of year |
$ |
3,648Ìý |
|
|
$ |
3,473Ìý |
|
|
| Schedule of Defined Benefit Plans Disclosures |
Amounts recognized in the balance sheets as of December 31, 2023 and 2022 consist of (in thousands):
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|
|
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|
|
|
|
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|
| Ìý |
December 31, 2023 |
|
December 31, 2022 |
| Assets |
$ |
3,648Ìý |
|
|
$ |
3,473Ìý |
|
| Liabilities |
—Ìý |
|
|
—Ìý |
|
| Ìý |
$ |
3,648Ìý |
|
|
$ |
3,473Ìý |
|
|
| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Amounts recognized in accumulated other comprehensive income on the Consolidated Balance Sheets consist of the following as of December 31, 2023 and 2022 (in thousands):
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|
|
|
|
|
| Ìý |
December 31, 2023 |
|
December 31, 2022 |
| Net actuarial gain |
$ |
2,319Ìý |
|
|
$ |
3,189Ìý |
|
| Amounts recognized in accumulated other comprehensive income, before taxes |
2,319Ìý |
|
|
3,189Ìý |
|
| Income tax expense |
(488) |
|
|
(673) |
|
| Amounts recognized in accumulated other comprehensive income, after taxes |
$ |
1,831Ìý |
|
|
$ |
2,516Ìý |
|
|
| Schedule of Net Benefit Costs |
Net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021 include the following components (in thousands):
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|
Years Ended December 31, |
| Ìý |
2023 |
|
2022 |
|
2021 |
| Components of net periodic benefit cost: |
|
|
|
|
|
| Service cost |
$ |
1,537Ìý |
|
|
$ |
2,870Ìý |
|
|
$ |
3,225Ìý |
|
| Interest cost |
423Ìý |
|
|
336Ìý |
|
|
264Ìý |
|
| Expected return on Pension Plan assets |
(807) |
|
|
(741) |
|
|
(521) |
|
| Recognized actuarial (gain) loss |
(130) |
|
|
41Ìý |
|
|
144Ìý |
|
| Net periodic benefit cost |
$ |
1,023Ìý |
|
|
$ |
2,506Ìý |
|
|
$ |
3,112Ìý |
|
|
| Schedule of Other Changes in Plan Assets and Benefit Obligations |
Other changes in Pension Plan assets and benefit obligations recognized in other comprehensive (income) loss for the years ended December 31, 2023, 2022 and 2021 (in thousands):
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|
Years Ended December 31, |
| Ìý |
2023 |
|
2022 |
|
2021 |
| Net actuarial (gain) loss |
$ |
739Ìý |
|
|
$ |
(4,422) |
|
|
$ |
(1,990) |
|
| Recognized actuarial gain (loss) |
130Ìý |
|
|
(41) |
|
|
(144) |
|
|
|
|
|
|
|
| Total recognized in other comprehensive (income)Ìýloss, before taxes |
$ |
869Ìý |
|
|
$ |
(4,463) |
|
|
$ |
(2,134) |
|
| Total recognized in net benefit cost andÌýother comprehensive (income) loss, before taxes |
$ |
1,892Ìý |
|
|
$ |
(1,958) |
|
|
$ |
978Ìý |
|
|
| Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets |
The following table summarizes the projected benefit obligation in excess of Pension Plan assets and Pension Plan assets in excess of accumulated benefit obligation as of December 31, 2023 and 2022 (in thousands):
|
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|
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| Ìý |
December 31, 2023 |
|
December 31, 2022 |
| Projected benefit obligation in excess of Pension Plan assets: |
|
|
|
Projected benefit obligation |
$ |
10,553Ìý |
|
|
$ |
8,177Ìý |
|
| Fair value of Pension Plan assets |
$ |
14,201Ìý |
|
|
$ |
11,650Ìý |
|
| Plan assets in excess of accumulated benefit obligation: |
|
|
|
Accumulated benefit obligation |
$ |
6,417Ìý |
|
|
$ |
5,277Ìý |
|
| Fair value of Pension Plan assets |
$ |
14,201Ìý |
|
|
$ |
11,650Ìý |
|
|
| Schedule of Assumptions Used |
The following are weighted-average assumptions used to determine benefit obligations and costs as of December 31, 2023, 2022 and 2021:
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Years Ended December 31, |
| Ìý |
2023 |
|
2022 |
|
2021 |
| Weighted average assumptions used to determine benefit obligations as of December 31: |
|
|
|
|
|
Discount rate |
5.00Ìý |
% |
|
5.25Ìý |
% |
|
3.00Ìý |
% |
Rate of compensation increase |
7.29Ìý |
% |
|
7.29Ìý |
% |
|
7.29Ìý |
% |
|
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|
|
|
|
| Weighted average assumptions used to determine benefit costs for the years ended December 31: |
|
|
|
|
|
Discount rate |
5.25Ìý |
% |
|
3.00Ìý |
% |
|
2.75Ìý |
% |
| Expected return on Pension Plan assets |
7.00Ìý |
% |
|
7.00Ìý |
% |
|
7.00Ìý |
% |
Rate of compensation increase |
7.29Ìý |
% |
|
7.29Ìý |
% |
|
7.29Ìý |
% |
|
| Schedule of Plan Assets by Major Asset Category |
The fair values of the Pension Plan assets by major asset category as of December 31, 2023 and 2022, are as follows (in thousands):
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| Ìý |
Total |
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1) |
|
Significant Other
Observable Inputs
(Level 2) |
|
Significant
Unobservable
Inputs
(Level 3) |
As of December 31, 2023: |
|
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|
|
|
|
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| Cash and cash equivalents — money markets |
$ |
1,179Ìý |
|
|
$ |
1,179Ìý |
|
|
$ |
—Ìý |
|
|
$ |
—Ìý |
|
| Equities |
8,182Ìý |
|
|
8,182Ìý |
|
|
—Ìý |
|
|
—Ìý |
|
| Equity funds |
401Ìý |
|
|
401Ìý |
|
|
—Ìý |
|
|
—Ìý |
|
| Fixed income funds |
1,000Ìý |
|
|
1,000Ìý |
|
|
—Ìý |
|
|
—Ìý |
|
|
|
|
|
|
|
|
|
| Taxable bonds |
3,439Ìý |
|
|
3,439Ìý |
|
|
—Ìý |
|
|
—Ìý |
|
| Total |
$ |
14,201Ìý |
|
|
$ |
14,201Ìý |
|
|
$ |
—Ìý |
|
|
$ |
—Ìý |
|
|
|
|
|
|
|
|
|
As of December 31, 2022: |
|
|
|
|
|
|
|
| Cash and cash equivalents — money markets |
$ |
2,571Ìý |
|
|
$ |
2,571Ìý |
|
|
$ |
—Ìý |
|
|
$ |
—Ìý |
|
| Equities |
392Ìý |
|
|
392Ìý |
|
|
—Ìý |
|
|
—Ìý |
|
| Equity funds |
2,884Ìý |
|
|
2,884Ìý |
|
|
—Ìý |
|
|
—Ìý |
|
| Fixed income funds |
598Ìý |
|
|
598Ìý |
|
|
—Ìý |
|
|
—Ìý |
|
|
|
|
|
|
|
|
|
| Taxable bonds |
5,205Ìý |
|
|
5,205Ìý |
|
|
—Ìý |
|
|
—Ìý |
|
| Total |
$ |
11,650Ìý |
|
|
$ |
11,650Ìý |
|
|
$ |
—Ìý |
|
|
$ |
—Ìý |
|
|
| Schedule of Expected Benefit Payments |
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the following ten-year period (in thousands):
Ìý
|
|
|
|
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|
| Year ending December 31, |
|
Amount |
| 2024 |
|
$ |
261Ìý |
|
| 2025 |
|
257Ìý |
|
| 2026 |
|
257Ìý |
|
| 2027 |
|
263Ìý |
|
| 2028 |
|
329Ìý |
|
| 2029 to 2033 |
|
2,059Ìý |
|
|