XML 53 R35.htm IDEA: XBRL DOCUMENT v3.22.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Obligation and Funded Status of Pension and Postretirement Plans
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)
Schedule of Amounts Recognized in the Consolidated Balance Sheets
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 $23,942 
Schedule of Pre-tax Amounts Recognized in Accumulated Other Comprehensive Loss
Following are the details of the amounts recognized in Accumulated other comprehensive income before taxes at December 31, 2022:
(in thousands)Unamortized Actuarial Net GainsUnamortized Prior Service Costs
Balance at beginning of year$(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 
Schedule of Benefits Expected to be Paid for Company's Defined Benefit Plans
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 
Schedule of Components of Net Periodic Benefit Costs
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 
Schedule of Weighted Average Assumptions of Pension and Postretirement Benefits
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— — — 
Schedule of Assumed Health Care Cost Trend Rate at Beginning of Year
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.