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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost Not yet Recognized
Net periodic pension benefit consists of the following components for the years ended December 31,:
Pension Benefits
202320222021
Interest cost on benefit obligation$1,486 $1,104 $441 
Expected return on plan assets(1,218)(1,659)(697)
Amortization of actuarial (gain)
(67)— — 
Net periodic benefit (income) loss
$201 $(555)$(256)
Settlement (gain)
(501)(198)— 
Total periodic benefit income$(300)$(753)$(256)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligation recognized in Other comprehensive income (loss) consist of the following components for the years ended December 31,:
Pension Benefits
202320222021
Current year actuarial (gain)$(405)$(4,088)$(722)
Amortization of actuarial gain67 — — 
Total recognized in other comprehensive (income)(338)(4,088)(722)
Total recognized in net periodic benefit (income) and other comprehensive (income)$(638)$(4,841)$(978)
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
The following table summarizes the change in benefit obligation and fair values of plan assets for the years ended December 31,:
Pension Benefits
20232022
2021 (1)
Change in benefit obligation:
Benefit obligation, beginning balance $28,044 $40,005 $41,206 
Interest cost1,486 1,104 441 
Actuarial (gain) loss535 (10,930)(1,091)
Benefits paid(3,604)(2,135)(551)
Benefit obligation, ending balance26,461 28,044 40,005 
Change in plan assets:
Fair value of plan assets, beginning balance19,235 26,355 26,578 
Actual gain (loss) on plan assets
2,659 (4,985)328 
Employer contributions4,106 — — 
Benefits paid(3,604)(2,135)(551)
Fair value of plan assets, ending balance22,396 19,235 26,355 
Unfunded status$4,065 $8,809 $13,650 
(1) Benefit obligation assumed in connection with the acquisition of MDC. Beginning balance is as of July 31, 2021.
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the Consolidated Balance Sheets at December 31, consist of the following:
Pension Benefits
20232022
Non-current liability$4,065 $8,809 
Net amount recognized$4,065 $8,809 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in Accumulated other comprehensive loss before income taxes consists of the following components for the years ended December 31,:
Pension Benefits
202320222021
Accumulated net actuarial gains$5,148 $4,810 $722 
Amount recognized$5,148 $4,810 $722 
Schedule of Changes in Fair Value of Plan Assets The fair value of the receivables, money market fund - short term investments, and mutual funds were approximately $0.1 million, $0.8 million, and $21.5 million, respectively, as of December 31, 2023 and approximately $0.1 million, $0.8 million, and $18.4 million, respectively, as of December 31, 2022.
See Note 18 of the Notes included herein for additional information regarding the fair value hierarchy.
Schedule of Allocation of Plan Assets
The pension plan’s weighted average asset allocation for the years ended December 31, 2023 and 2022 were as follows:
Target AllocationActual Allocation
202320232022
Asset Category:
Equity securities65.0 %69.6 %67.4 %
Debt securities30.0 %26.6 %28.4 %
Cash/cash equivalents and Short-term investments5.0 %3.8 %4.2 %
Total100.0 %100.0 %100.0 %
Schedule of Expected Benefit Payments
The estimated benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the amount of $1.9 million in 2024, $1.8 million in 2025, $1.8 million in 2026, $1.8 million in 2027, $1.8 million in 2028, and $9.5 million thereafter.