Pension and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations

The following tables set forth the plan changes in benefit obligations, plan assets and funded status on the measurement dates:

	December 31,
(table only in thousands)	2021			2020			2019
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	38,272		$	35,985		$	32,998
Interest cost		775			1,034			1,303
Actuarial (gain) loss		(1,936	)		3,323			3,704
Benefits paid		(2,076	)		(2,070	)		(2,020	)
Projected benefit obligation at end of year		35,035			38,272			35,985
Change in plan assets:
Fair value of plan assets at beginning of year		28,545			27,099			24,197
Actual return on plan assets		3,005			1,629			4,431
Employer contribution		—			1,887			491
Benefits paid		(2,076	)		(2,070	)		(2,020	)
Fair value of plan assets at end of year		29,474			28,545			27,099
Funded status at end of year	$	(5,561	)	$	(9,727	)	$	(8,886	)
Weighted-average assumptions used to determine benefit obligations for the year ended December 31:
Discount rate		2.55	%		2.10	%		2.95	%

The funded status as of December 31, 2021, 2020 and 2019, was $5.6 million, $9.7 million and $8.8 million, respectively and is recognized in our Consolidated Balance Sheets within other long-term liabilities.

Schedule of Net Periodic Benefit Cost For Pension Benefits Included in the Accompanying Consolidated Statements of Operations

The details of net periodic benefit cost for pension benefits included in the accompanying Consolidated Statements of Income are as follows:

	December 31,
(table only in thousands)	2021			2020			2019
Interest cost	$	775		$	1,034		$	1,303
Expected return on plan assets		(1,510	)		(1,594	)		(1,254	)
Amortization of net loss		411			266			263
Net periodic benefit (income) cost	$	(324	)	$	(294	)	$	312

Schedule 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:

	December 31,
(table only in thousands)	2021			2020			2019
Net (gain) loss	$	(3,432	)	$	3,287		$	527
Amortization of net actuarial loss		(411	)		(266	)		(263	)
Total recognized in other comprehensive income (loss)	$	(3,843	)	$	3,021		$	264
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(4,167	)	$	2,727		$	576

Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit costs

	December 31,
	2021	2020	2019
Discount Rate	2.10%	2.95%	4.05%
Expected return on assets	5.50%	6.00%	5.35%

Details of Defined Benefit Pension Plan Asset Allocation by Asset Category

Our defined benefit pension plan asset allocation by asset category is as follows:

	Target Allocation	Percentage of Plan Assets
	2021	2021	2020
Asset Category:
Cash and cash equivalents	0%	1%	6%
Equity securities	70%	77%	66%
Debt securities	30%	22%	27%
Total	100%	100%	100%

Disclosure of Fair Value Measurements of Pension Plan Assets

The levels assigned to the defined benefit plan assets as of December 31, 2021, are summarized in the tables below:

(table only in thousands)	Level 1		Level 2		Level 3		Total
Pension assets, at fair value:
Cash and cash equivalents	$	208	$	—	$	—	$	208
Equity securities		22,687		—		—		22,687
Debt securities		6,579		—		—		6,579
Total assets	$	29,474	$	—	$	—	$	29,474

The levels assigned to the defined benefit plan assets as of December 31, 2020, are summarized in the tables below:

(table only in thousands)	Level 1		Level 2		Level 3		Total
Pension assets, at fair value:
Cash and cash equivalents	$	1,984	$	—	$	—	$	1,984
Equity securities		18,987		—		—		18,987
Debt securities		7,574		—		—		7,574
Total assets	$	28,545	$	—	$	—	$	28,545

Summary of Pension Fund General Information

The Company’s participation in these plans for the year ended December 31, 2021, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2021 is for the plan’s year-end at December 31, 2020. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject.