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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Change in Benefit Obligation, Plan Assets and Funded Status

The following table summarizes information about our SERP.

(In thousands)			2023						2022
Change in benefit obligation:
Benefit obligation at beginning of the year			$	6,806					$	8,756
Interest cost			361						241
Actuarial (gains) losses			303						(1,832)
Benefits paid			(380)						(359)
Benefit obligation at end of year			7,090						6,806
Change in plan assets:
Employer contribution			380						359
Benefits paid			(380)						(359)
Fair value of plan assets at end of year			—						—
Funded status of the plan – (underfunded)			$	(7,090)					$	(6,806)
Accumulated benefit obligations			$	7,090					$	6,806

Schedule of Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets consist of:

(In thousands)			2023						2022
Current liabilities			$	(496)					$	(464)
Noncurrent liabilities			(6,594)						(6,342)
			$	(7,090)					$	(6,806)

Schedule of Net Pension Costs

Net pension cost included the following components:

(In thousands)			2023						2022						2021
Interest cost on projected benefit obligation			$	361					$	241					$	213
Amortization of actuarial loss			—						218						257
Net pension costs			$	361					$	459					$	470

Schedule of Assumptions

We use a measurement date of December 31 for our SERP plan. Assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:

			2023						2022						2021
Discount rate			5.43		%				2.80		%				2.41		%
Rate of compensation increase			n/a						n/a						n/a

Assumptions used to determine benefit obligations at December 31 for the SERP are as follows:

			2023						2022
Discount rate			5.14		%				5.43		%
Rate of compensation increase			n/a						n/a

Schedule of Expected Future Benefit Payments

The following schedule outlines the expected benefit payments related to the SERP in future years. These expected benefits were estimated based on the same actuarial assumptions used to determine benefit obligations at December 31, 2023.

(In thousands)			2024						2025						2026						2027						2028						2029-2033
Benefit Payments			$	496					$	539					$	592					$	610					$	592					$	2,729

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Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets.

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