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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Total Expense for All Retirement Plans
Total expense for all retirement plans for the years ended December 31 was (in thousands):
202220212020
401(k) plan$3,580 $3,196 $2,403 
Multiemployer and other defined benefit and pension plans79 78 70 
Postretirement healthcare plan342 411 351 
Total retirement plan expense$4,001 $3,685 $2,824 
Amounts Recognized in the Consolidated Financial Statements
Amounts recognized in the consolidated financial statements consisted of (in thousands):
20222021
Accrued postretirement benefit liability:
Current portion$353 $358 
Long term portion3,876 5,844 
Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs(74)(1,942)
Net amount recognized$4,155 $4,260 
Other Postretirement Benefits  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Changes in the Accumulated Postretirement Benefit Obligation
The following table presents the changes in the accumulated postretirement benefit obligation related to the Company’s unfunded postretirement healthcare benefits at December 31 (in thousands):
20222021
Projected benefit obligation at January 1$6,202 $6,443 
Interest cost127 125 
Plan amendments— 162 
Actuarial gain(1,784)(200)
Benefits paid, net of contributions(316)(328)
Projected benefit obligation at December 314,229 6,202 
Fair value of plan assets— — 
Under funded status(4,229)(6,202)
Unamortized prior service cost352 412 
Unrecognized actuarial (gain) loss(278)1,530 
Net amount recognized$(4,155)$(4,260)
Schedule of Net Periodic Pension and Other Post-Retirement Benefit Costs
Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands):
202220212020
Service cost$— $— $10 
Interest cost127 125 172 
Amortization of unrecognized prior service cost60 44 44 
Loss amortization (2)
24 113 64 
Net periodic benefit cost$211 $282 $290 
Assumptions used to calculate the benefit obligation:
Discount rate4.8 %2.4 %2.0 %
Annual rate of increase in the per capita cost of:
Medical costs before age 65 (1)
7.8 %7.0 %7.0 %
Medical costs after age 65 (1)
4.5 %4.5 %4.5 %
Prescription drug costs (1)
7.8 %7.0 %7.0 %
(1) For 2022, it was assumed that these rates would gradually decline to 4.0% by 2075. For 2021 and 2020, it was assumed that these rates would gradually decline to 3.8% by 2075.
(2) Actuarial losses are amortized utilizing the corridor approach. Differences between actual experience and the actuarial assumptions are reflected in (gain)/loss. If the total net (gain) or loss exceeds 10 percent of the greater of the accumulated postretirement benefit obligation or plan assets, this excess must be amortized over the average remaining service period of the active plan participants. If most of the plan participants are inactive, the amortization period is the expected future lifetime of inactive plan participants.
Expected Benefit Payments from the Plan
Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands):
20232024202520262027Years 2028 - 2032
Expected benefit payments$353 $357 $369 $359 $355 $1,649