Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Plans

Schedule of projected benefit obligation

	2021		2020
Projected benefit obligation:
Balance, beginning of the year	$	3,089	$	2,637
Service cost		127		116
Interest cost		58		76
Actuarial (gain) loss		(126)		422
Benefits paid to participants		(41)		(162)
Balance, end of year	$	3,107	$	3,089

Schedule of funded status of the plan

At December 31, 2021 and 2020, the funded status of the plan was as follows (amounts in thousands):

	2021		2020
Excess of benefit obligation over the value of plan assets	$	(3,107)	$	(3,089)
Unrecognized net actuarial loss		772		957
Unrecognized prior service cost		13		20
Accrued benefit cost	$	(2,322)	$	(2,112)

Schedule of amounts recognized in the consolidated balance sheets

At December 31, 2021 and 2020, the amounts recognized in the accompanying Consolidated Balance Sheets were classified as follows (amounts in thousands):

	2021		2020
Accrued benefit cost	$	(3,107)	$	(3,089)
Accumulated other comprehensive loss		785		977
Net amount recognized	$	(2,322)	$	(2,112)

Schedule of benefits expected to be paid in each of the next five years and thereafter

The benefits expected to be paid in each of the next five years and thereafter are as follows (amounts in thousands):

	December 31, 2021
2022	$	214
2023		182
2024		129
2025		139
2026		135
2027 through 2031		957
	$	1,756

Schedule of weighted-average rates used

At December 31, 2021 and 2020, the following weighted-average rates were used:

	2021		2020
Discount rate on the benefit obligation	2.46	%	2.00	%
Rate of employee compensation increase(a)	2.50	%	1.75 % - 2.50	%

(a) Rate of employee compensation increase is 1.75% per year through 2021, and 2.50% per year thereafter.

Schedule of pension expenses

Pension expense for the years ended December 31, 2021 and 2020, consists of the following (amounts in thousands):

	2021		2020
Service cost	$	127	$	116
Interest cost		58		76
Expected return on plan assets		—		—
Recognized actuarial loss (gain)		—		—
Amortization of prior service cost		7		8
Net loss amortization		58		40
	$	250	$	240

Schedule of further information about the Plan

Further information about the Plan is presented in the table below (amounts in thousands):

									Expiration
									Date of
		Pension Protection	Funding Improvement	WAPA’s					Collective
		Act Zone Status	Plan/Rehabilitation Plan	Contribution				Surcharge	Bargaining
Pension Fund	EIN	2020	Status	2021		2020		Imposed	Agreements
TNGIPP (Plan No. 001)	52-1082662	Red	Implemented	$	144	$	141	No	May 31, 2022