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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
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):
202320222021
401(k) plan$3,804 $3,580 $3,196 
Multiemployer and other defined benefit and pension plans92 79 78 
Postretirement healthcare plan251 342 411 
Total retirement plan expense$4,147 $4,001 $3,685 
Amounts Recognized in the Consolidated Financial Statements
Amounts recognized in the consolidated financial statements consisted of (in thousands):
20232022
Accrued postretirement benefit liability:
Current portion$357 $353 
Long term portion3,851 3,876 
Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs(73)(74)
Net amount recognized$4,135 $4,155 
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):
20232022
Projected benefit obligation at January 1$4,229 $6,202 
Interest cost194 127 
Actuarial loss (gain)59 (1,784)
Benefits paid, net of contributions(274)(316)
Projected benefit obligation at December 314,208 4,229 
Fair value of plan assets— — 
Under funded status(4,208)(4,229)
Unamortized prior service cost292 352 
Unrecognized actuarial (gain)(219)(278)
Net amount recognized$(4,135)$(4,155)
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):
202320222021
Interest cost$194 $127 $125 
Amortization of unrecognized prior service cost60 60 44 
Loss amortization (2)
— 24 113 
Net periodic benefit cost$254 $211 $282 
Assumptions used to calculate the benefit obligation:
Discount rate4.7 %4.8 %2.4 %
Annual rate of increase in the per capita cost of:
Medical costs before age 65 (1)
7.8 %7.8 %7.0 %
Medical costs after age 65 (1)
4.6 %4.5 %4.5 %
Prescription drug costs (1)
7.8 %7.8 %7.0 %
(1) For 2023 and 2022, it was assumed that these rates would gradually decline to 4.0% by 2075. For 2021, 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):
20242025202620272028Years 2029 - 2033
Expected benefit payments$357 $370 $362 $361 $356 $1,646