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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Summary of Changes in Plan Assets and Plan Benefit Obligations

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

 

Summary of Defined Benefit Plans

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

%

Summary of Components of Net Periodic Pension Cost

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

%

Summary of Expected Benefit Payments

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

 

Periodic Pension Cost, Next Fiscal Year

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