Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

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 $17.7 million, $17.2 million and $14.6 million for the years ended December 31, 2023, 2022, and 2021, respectively.

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 obligation	2023		2022
Benefit obligation at beginning of year	$	17,433	$	23,942
Service cost	151		248
Interest cost	830		586
Actuarial (gains) losses	(66)		(6,180)
Participant contributions	257		314
Benefits paid	(1,339)		(1,477)
Benefit obligation at end of year	$	17,266	$	17,433

(in thousands)
Change in plan assets	2023		2022
Fair value of plan assets at beginning of year	$	—	$	—
Company contributions	1,082		1,163
Participant contributions	257		314
Benefits paid	(1,339)		(1,477)
Fair value of plan assets at end of year	$	—	$	—
Under funded status of plans at end of year	$	(17,266)	$	(17,433)

Amounts recognized in the Consolidated Balance Sheets at December 31, 2023 and 2022 consist of:

(in thousands)	2023		2022
Accrued expenses and other current liabilities	$	1,242	$	1,276
Other long-term liabilities	16,024		16,157
Net amount recognized	$	17,266	$	17,433

Following are the details of the amounts recognized in Accumulated other comprehensive income before taxes at December 31, 2023:

(in thousands)	Unamortized Actuarial Net Gains		Unamortized Prior Service Costs
Balance at beginning of year	$	(11,678)	$	5,009
Amounts arising during the period	(66)		—
Amounts recognized as a component of net periodic benefit cost	—		1,234
Balance at end of year	$	(11,744)	$	6,243

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
2024	$	1,242
2025	1,271
2026	1,281
2027	1,278
2028	1,276
2029-2033	6,213

The components of the net periodic benefit cost for each year are as follows:

	December 31,
(in thousands)	2023		2022		2021
Service cost	$	151	$	248	$	302
Interest cost	830		586		546
Expected return on plan assets	(911)		(911)		(911)
Recognized net actuarial (gain) loss	(323)		—		169
Net periodic benefit (gain) cost	$	(253)	$	(77)	$	106

The weighted-average assumptions of the postretirement health care benefit plan for each year are as follows:

	2023		2022		2021
Used to Determine Benefit Obligations at Measurement Date
Discount rate	4.7	%	4.9	%	2.6	%
Used to Determine Net Periodic Benefit Cost for Years ended December 31
Discount rate	4.9	%	2.6	%	2.2	%
Expected long-term return on plan assets	—		—		—
Rate of compensation increases	—		—		—

Assumed Health Care Cost Trend Rates at Beginning of Year
	2023		2022
Health care cost trend rate assumed for next year	3.0	%	3.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (a)	N/A		N/A
Year that the rate reaches the ultimate trend rate (a)	N/A		N/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.