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Annual report pursuant to Section 13 and 15(d)

Pension and Other Postretirement Benefits (Tables)

v3.22.4
Pension and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Net Funded Status
The following table sets forth the Pension Plan鈥檚 changes in benefit obligation, changes in fair value of assets, and funded status as of December 31, 2022 and 2021 using a measurement date of December 31 (in thousands):

December 31, 2022 December 31, 2021
Change in projected benefits obligation:
Projected benefit obligation at beginning of year
$ 11,324听 $ 9,717听
Service cost
2,870听 3,225听
Interest cost
336听 264听
Actuarial loss (6,111) (1,637)
Benefits paid
(242) (245)
听Projected benefit obligation at end of year
$ 8,177听 $ 11,324听
Change in Pension Plan assets:
Fair value of Pension Plan assets at beginning of year $ 10,713听 $ 7,567听
Actual return on Pension Plan assets (947) 874听
Contributions by employer
2,126听 2,517听
Benefits paid
(242) (245)
Fair value of Pension Plan assets at end of year 11,650听 10,713听
Funded (unfunded) status at end of year $ 3,473听 $ (611)
Schedule of Defined Benefit Plans Disclosures
Amounts recognized in the balance sheets as of December 31, 2022 and 2021 consist of (in thousands):

December 31, 2022 December 31, 2021
Assets $ 3,473听 $ 鈥斕�
Liabilities 鈥斕� 611听
$ 3,473听 $ 611听
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets consist of the following as of December 31, 2022 and 2021 (in thousands):
December 31, 2022 December 31, 2021
Net actuarial gain (loss) $ 3,189听 $ (1,275)
Amounts recognized in accumulated other comprehensive income (loss), before taxes 3,189听 (1,275)
Income tax (expense) benefit (673) 268听
Amounts recognized in accumulated other comprehensive income (loss), after taxes $ 2,516听 $ (1,007)
Schedule of Net Benefit Costs Net periodic benefit cost for the years ended December 31, 2022, 2021 and 2020 include the following components (in thousands):
Years Ended December 31,
2022 2021 2020
Components of net periodic benefit cost:
Service cost $ 2,870听 $ 3,225听 $ 1,835听
Interest cost 336听 264听 210听
Expected return on Pension Plan assets (741) (521) (454)
Amortization of net loss 41听 144听 66听
Net periodic benefit cost $ 2,506听 $ 3,112听 $ 1,657听
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, 2022, 2021 and 2020 (in thousands):
Years Ended December 31,
2022 2021 2020
Net actuarial (gain) loss $ (4,422) $ (1,990) $ 1,626听
Recognized actuarial loss (41) (144) (66)
Total recognized in other comprehensive (income)听loss, before taxes $ (4,463) $ (2,134) $ 1,560听
Total recognized in net benefit cost and听other comprehensive (income) loss, before taxes $ (1,958) $ 978听 $ 3,217听
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, 2022 and 2021 (in thousands):

December 31, 2022 December 31, 2021
Projected benefit obligation in excess of Pension Plan assets:
Projected benefit obligation
$ 8,177听 $ 11,324听
Fair value of Pension Plan assets $ 11,650听 $ 10,713听
Plan assets in excess of accumulated benefit obligation:
Accumulated benefit obligation
$ 5,277听 $ 7,009听
Fair value of Pension Plan assets $ 11,650听 $ 10,713听
Schedule of Assumptions Used
The following are weighted-average assumptions used to determine benefit obligations and costs as of December 31, 2022, 2021 and 2020:
Years Ended December 31,
2022 2021 2020
Weighted average assumptions used to determine benefit obligations as of December 31:
Discount rate
5.25听 % 3.00听 % 2.75听 %
Rate of compensation increase
7.29听 % 7.29听 % 7.29听 %
Weighted average assumptions used to determine benefit costs for the years ended December 31:
Discount rate
3.00听 % 2.75听 % 3.25听 %
Expected return on Pension Plan assets 7.00听 % 7.00听 % 7.00听 %
Rate of compensation increase
7.29听 % 7.29听 % 7.29听 %
Schedule of Plan Assets by Major Asset Category
The fair values of the Pension Plan assets by major asset category as of December 31, 2022 and 2021, respectively, are as follows (in thousands):
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, 2022:
Cash and cash equivalents 鈥� money markets $ 2,571听 $ 2,571听 $ 鈥斕� $ 鈥斕�
Equities 392听 392听 鈥斕� 鈥斕�
Equity funds 2,884听 2,884听 鈥斕� 鈥斕�
Fixed income funds 598听 598听 鈥斕� 鈥斕�
Taxable bonds 5,205听 5,205听 鈥斕� 鈥斕�
Total $ 11,650听 $ 11,650听 $ 鈥斕� $ 鈥斕�
As of December 31, 2021:
Cash and cash equivalents 鈥� money markets $ 567听 $ 567听 $ 鈥斕� $ 鈥斕�
Equities 3,490听 3,490听 鈥斕� 鈥斕�
Equity funds 1,342听 1,342听 鈥斕� 鈥斕�
Fixed income funds 596听 596听 鈥斕� 鈥斕�
Taxable bonds 4,718听 4,718听 鈥斕� 鈥斕�
Total $ 10,713听 $ 10,713听 $ 鈥斕� $ 鈥斕�
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):
Year ending December 31, Amount
2023 $ 254听
2024 251听
2025 247听
2026 247听
2027 258听
2028 to 2032 1,873听