XML 33 R15.htm IDEA: XBRL DOCUMENT v3.22.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company provides certain full-time employees with pension benefits under defined contribution plans. The Company's expense for its defined contribution plans amounted to $17.2 million, $14.6 million and $8.1 million for the years ended December 31, 2022, 2021 and 2020, respectively. The expense for the Company's defined contribution plans increased in both 2021 and 2022 as the employer discretionary contribution increased consistent with the improved operating results.

The Company also has a postretirement health care benefit plan covering substantially all of its full-time employees hired prior to January 1, 2003. These plans are generally contributory and include a cap on the Company's share of the related costs. The measurement date for this plan is December 31.

Obligation and Funded Status

Following are the details of the obligation and funded status of the postretirement health care benefit plan:
(in thousands)
Change in benefit obligation20222021
Benefit obligation at beginning of year$23,942 $25,324 
Service cost248 302 
Interest cost586 546 
Actuarial (gains) losses(6,180)(1,252)
Participant contributions314 271 
Benefits paid(1,477)(1,249)
Benefit obligation at end of year$17,433 $23,942 
(in thousands)
Change in plan assets20222021
Fair value of plan assets at beginning of year$— $— 
Company contributions1,163 978 
Participant contributions314 271 
Benefits paid(1,477)(1,249)
Fair value of plan assets at end of year$— $— 
Under funded status of plans at end of year$(17,433)$(23,942)

Amounts recognized in the Consolidated Balance Sheets at December 31, 2022 and 2021 consist of:
(in thousands)20222021
Accrued expenses and other current liabilities$1,276 $1,359 
Other long-term liabilities16,157 22,583 
Net amount recognized$17,433 $23,942 

Following are the details of the amounts recognized in Accumulated other comprehensive income before taxes at December 31, 2022:
(in thousands)Unamortized Actuarial Net GainsUnamortized Prior Service Costs
Balance at beginning of year$(5,498)$4,098 
Amounts arising during the period(6,180)— 
Amounts recognized as a component of net periodic benefit cost— 911 
Balance at end of year$(11,678)$5,009 
The benefits expected to be paid for the postretirement health care benefit plan over the next ten years are as follows:
(in thousands)Postretirement Benefits
2023$1,276 
20241,285 
20251,299 
20261,308 
20271,300 
2028-20326,371 

Following are components of the net periodic benefit cost for each year:
December 31,
(in thousands)202220212020
Service cost$248 $302 $221 
Interest cost586 546 719 
Expected return on plan assets(911)(911)(911)
Recognized net actuarial loss— 169 79 
Net periodic benefit (gain) cost$(77)$106 $108 
 
Following are weighted-average assumptions of the postretirement health care benefit plan for each year:
202220212020
Used to Determine Benefit Obligations at Measurement Date
Discount rate4.9 %2.6 %2.2 %
Used to Determine Net Periodic Benefit Cost for Years ended December 31
Discount rate2.6 %2.2 %3.0 %
Expected long-term return on plan assets— — — 
Rate of compensation increases— — — 

Assumed Health Care Cost Trend Rates at Beginning of Year
20222021
Health care cost trend rate assumed for next year3.0 %3.0 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (a)
N/AN/A
Year that the rate reaches the ultimate trend rate (a)
N/AN/A
(a)In 2017, the Company's remaining uncapped participants were converted to a Medicare Exchange Health Reimbursement Arrangement, which put a 2% cap on the Company's share of the related costs.