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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Postemployment Benefits [Abstract]  
Summary of Change in Projected Benefit Obligation

The SERP is summarized as follows:

 

 

 

Year ended December 31,

 

 

 

2022

 

 

2023

 

Change in Projected Benefit Obligation

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

10,187,817

 

 

$

7,958,072

 

Interest cost

 

 

250,240

 

 

 

379,126

 

Actuarial (gain) loss

 

 

(1,990,024

)

 

 

205,087

 

Benefits paid

 

 

(489,961

)

 

 

(535,450

)

Benefit obligation at end of year

 

$

7,958,072

 

 

$

8,006,835

 

Summary of Change in Plan Assets

Change in Plan Assets

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

 

 

$

 

Employer contribution

 

 

489,961

 

 

 

535,450

 

Benefits paid

 

 

(489,961

)

 

 

(535,450

)

Fair value of plan assets at end of year

 

$

 

 

$

 

 

 

 

 

 

 

 

Funded status

 

$

(7,958,072

)

 

$

(8,006,835

)

Unrecognized net actuarial loss

 

 

(669,250

)

 

 

(464,163

)

Cumulative employer contributions in excess of the net periodic pension cost

 

$

(8,627,322

)

 

$

(8,470,998

)

Summary of Amounts Recognized in Statement of Financial Position

Amounts Recognized in the Statement of Financial Position

 

 

 

 

 

 

Current liabilities

 

$

(562,238

)

 

$

(606,578

)

Noncurrent liabilities

 

 

(7,395,834

)

 

 

(7,400,257

)

Net amount recognized

 

$

(7,958,072

)

 

$

(8,006,835

)

Summary of Amounts Recognized in Accumulated Other Comprehensive Income

Amounts Recognized in Accumulated Other Comprehensive Income

 

 

 

 

 

 

Net actuarial (gain) loss

 

$

(669,250

)

 

$

(464,163

)

Total (before tax effects)

 

$

(669,250

)

 

$

(464,163

)

Summary of Information for Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets

Information for Pension Plans about Benefit Obligation and Plan Assets

 

 

 

 

 

 

Projected benefit obligation

 

$

7,958,072

 

 

$

8,006,835

 

Accumulated benefit obligation

 

$

7,958,072

 

 

$

8,006,835

 

Summary of Weighted-Average Assumptions for Disclosure

Weighted-Average Assumptions for Disclosure

 

 

 

 

 

 

Discount rate

 

 

4.90

%

 

 

4.70

%

Mortality table

 

Pri-2012 WC

 

 

Pri-2012 WC

 

Mortality improvement scale

 

MP-2021

 

 

MP-2021

 

Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income

Net Periodic Benefit Cost

 

 

 

 

 

 

Interest cost

 

$

250,240

 

 

$

379,126

 

Recognized net actuarial (gain) loss

 

 

98,082

 

 

 

 

Net periodic benefit cost

 

$

348,322

 

 

$

379,126

 

Summary of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

 

 

 

 

 

 

Net actuarial (gain) loss

 

$

(1,990,024

)

 

$

205,087

 

Recognized net actuarial (gain) loss

 

 

(98,082

)

 

 

 

Total recognized in other comprehensive income (before tax effects)

 

$

(2,088,106

)

 

$

205,087

 

 

 

 

 

 

 

Total recognized in net cost and other comprehensive income (before tax effects)

 

$

(1,739,784

)

 

$

584,213

 

Summary of Amounts Expected to be Recognized in Net Periodic Cost in Coming Year

Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year

 

 

 

 

 

 

(Gain) loss recognition

 

$

 

 

$

 

Prior service cost recognition

 

$

 

 

$

 

Net initial obligation (asset) recognition

 

$

 

 

$

 

Summary of Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine Net Periodic Benefit Cost

 

 

 

 

 

 

Discount rate

 

 

2.50

%

 

 

4.90

%

Corridor

 

 

10.00

%

 

 

10.00

%

Average future working lifetime

 

4.99

 

 

 

4.52

 

Mortality table

 

Pri-2012 WC

 

 

Pri-2012 WC

 

Mortality improvement scale

 

MP-2021

 

 

MP-2021

 

Summary of Estimated Future Benefit Payments

Estimated Future Benefit Payments

 

 

 

 

 

2024

 

 

 

$

606,578

 

2025

 

 

 

$

628,455

 

2026

 

 

 

$

628,088

 

2027

 

 

 

$

619,658

 

2028

 

 

 

$

619,012

 

2029-2033

 

 

 

$

2,982,667

 

Summary of Estimated Contributions

Contributions

 

 

 

 

 

Estimated contributions for 2024

 

 

 

$

606,578