Pension and Employee Benefit Plans

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Pension and Employee Benefit Plans

11. Pension and Employee Benefit Plans

The Company sponsors a non-contributory defined benefit pension plan for certain union employees. The plan is funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974.

The Company presents the components of net periodic benefit cost within “Other expense, net” on the Condensed Consolidated Statements of Income.

Retirement plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the pension plan expense consisted of the following:

	Three months ended March 31,
(in thousands)	2024			2023
Interest cost	$	304		$	318
Expected return on plan assets		(304	)		(285	)
Amortization of net actuarial loss		57			74
Net periodic benefit cost	$	57		$	107

The Company made no contributions to its defined benefit plan during the three months ended March 31, 2024 and 2023. For the remainder of 2024, the Company expects to make contributions of $0.6 million to fund the pension plan. The unfunded liability of the plan of $4.2 million and $4.1 million as of March 31, 2024 and December 31, 2023, respectively, is included in “Other liabilities” on the Condensed Consolidated Balance Sheets.