Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Plans

Changes in Benefit Obligations, Components of Benefit Costs, Weighted-Average Assumptions, and Plan Assets

The following tables provide detail of the changes in benefit obligations, components of benefit costs, weighted-average assumptions, and plan assets for the retirement plan as of and for the year ending December 31, 2022 and 2021  (in thousands) using a measurement date of December 31.

	2022			2021
Assumptions (end of period):
Discount rate used in determining benefit obligation		4.93	%		2.52	%
Rate of compensation increase		N/A			N/A
Reconciliation of funded status (end of period):
Accumulated benefit obligation	$	(9,479)		$	(12,400)
Projected benefit obligation	$	(9,479)		$	(12,400)
Fair value of plan assets		9,642			12,226
Funded status	$	163		$	(174)
Net actuarial loss		(3,272)			(3,253)
Accumulated other comprehensive loss		(3,272)			(3,253)
Prepaid pension cost		3,435			3,079
Net amount recognized as of December 31	$	163		$	(174)
Changes in projected benefit obligation:
Benefit obligation as of beginning of period	$	12,400		$	13,252
Interest cost		300			271
Actuarial liability loss		(2,473)			(284)
Benefits paid		(748)			(839)
Benefit obligation as of end of period	$	9,479		$	12,400
Change in plan assets:
Fair value of plan assets as of beginning of period	$	12,226		$	11,393
Actual return on plan assets (net of expenses)		(1,836)			1,672
Employer contributions		—			—
Benefits paid		(748)			(839)
Fair value of plan assets as of end of period	$	9,642		$	12,226
Net periodic pension cost:
Service cost - benefits earned during the period	$	—		$	—
Interest cost on projected benefit obligation		300			271
Expected return on plan assets		(763)			(709)
Recognized actuarial loss		107			173
Net periodic pension cost	$	(356)		$	(265)
Discount rate		4.93	%		2.52	%
Expected return on plan assets		6.50	%		6.50	%
Rate of compensation increase		N/A			N/A

Estimated Future Benefit Payments

Estimated future benefit payments by fiscal year (in thousands):

2023	$	845
2024	$	850
2025	$	835
2026	$	825
2027	$	801
2028-2032	$	3,606

Weighted-Average Asset Allocation for the Defined Benefit Cash Balance Plan

The following table shows the weighted-average asset allocation for the defined benefit cash balance plan held as of December 31, 2022 and 2021.

	December 31
	2022		2021
Asset Category:
Debt securities	27	%	24	%
Equity securities	70	%	72	%
Other	3	%	4	%
Total	100	%	100	%

Schedule of Fair Value, Assets Measured on Recurring Basis

The following table presents, for each of the fair value hierarchy levels, our plan assets that are measured at fair value on a recurring basis at December 31, 2022 and December 31, 2021 (in thousands).

	As of December 31, 2022
	Quoted Prices in Active		Other Observable
	Markets for Identical		Inputs		Unobservable Inputs
	Assets (Level 1)		(Level 2)		(Level 3)		Total
Mutual Funds	$	2,598	$	—	$	—	$	2,598
Equity securities		6,727		—		—		6,727
Total	$	9,325	$	—	$	—	$	9,325

	As of December 31, 2021
	Quoted Prices in Active
	Markets for Identical		Other Observable		Unobservable Inputs
	Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Mutual Funds	$	2,991	$	—	$	—	$	2,991
Equity securities		8,779		—		—		8,779
Total	$	11,770	$	—	$	—	$	11,770