Retirement Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Retirement Plans

NOTE 15 - RETIREMENT PLANS

We have an unfunded salary continuation plan covering certain directors, officers, and other key members of management. Subject to certain vesting requirements, the plan provides for a benefit based on final average compensation, which becomes payable on the employee’s death or upon attaining age 65, if retired. The plan was closed to new participants effective February 3, 2011.

The following table summarizes the changes in plan assets and plan benefit obligations.

Year Ended December 31,	2022			2021
(Dollars in thousands)
Change in benefit obligation
Beginning benefit obligation	$	31,120		$	32,640
Interest cost		872			823
Actuarial loss (gain)		(7,392	)		(928	)
Benefit payments		(1,445	)		(1,415	)
Ending benefit obligation	$	23,155		$	31,120

The actuarial gain in 2022 and 2021 calendar years was due to an increase in the year-over-year discount rate.

Year Ended December 31,	2022			2021
(Dollars in thousands)
Change in plan assets
Fair value of plan assets at beginning of year	$	—		$	—
Employer contribution		1,445			1,415
Benefit payments		(1,445	)		(1,415	)
Fair value of plan assets at end of year	$	—		$	—
Funded status	$	(23,155	)	$	(31,120	)
Amounts recognized in the consolidated    balance sheets consist of:
Accrued expenses	$	(1,393	)	$	(1,432	)
Other noncurrent liabilities		(21,762	)		(29,688	)
Net amount recognized	$	(23,155	)	$	(31,120	)
Amounts recognized in accumulated other    comprehensive loss consist of:
Net actuarial loss	$	1,721		$	9,446
Prior service cost		—			(1	)
Net amount recognized, before tax effect	$	1,721		$	9,445
Weighted average assumptions used to    determine benefit obligations:
Discount rate		5.4	%		2.9	%
Rate of compensation increase		3.0	%		3.0	%

Components of net periodic pension cost are described in the following table:

Year Ended December 31,	2022			2021
(Dollars in thousands)
Components of net periodic pension cost:
Interest cost	$	872		$	823
Amortization of actuarial loss		332			386
Net periodic pension cost	$	1,204		$	1,209
Weighted average assumptions used to determine net    periodic pension cost:
Discount rate		2.9	%		2.6	%
Rate of compensation increase		3.0	%		3.0	%

Benefit payments during the next ten years, which reflect applicable future service, are as follows:

Year Ended December 31,	Amount
(Dollars in thousands)
2023	$	1,431
2024		1,481
2025		1,693
2026		1,759
2027		1,716
Years 2028 to 2032		8,964

The following is an estimate of the components of net periodic pension cost in 2023:

Estimated Year Ended December 31,	2023
(Dollars in thousands)
Interest cost	$	1,217
Amortization of actuarial loss		—
Estimated 2023 net periodic pension cost	$	1,217

Other Retirement Plans

We also contribute to employee retirement savings plans in the U.S. and Mexico that cover substantially all of our employees in those countries. The employer contribution totaled $1.7 million and $1.4 million for the years ended December 31, 2022 and 2021, respectively.