XML 58 R32.htm IDEA: XBRL DOCUMENT
v3.22.4

Note 24 - Defined Benefit Plan | 12 Months Ended
--- | ---
Dec. 31, 2022
Notes to Financial Statements |
Defined Benefit Plan [Text Block] | 24. Defined Benefit Plan: As part of the Merger, the Company assumed sponsorship of Weingarten’s noncontributory qualified cash balance retirement plan (“the Benefit Plan”). At the date of the Merger, the Benefit Plan was frozen and as a result no new benefits will be offered to employees who were not already part of the Benefit Plan on the Merger date. The Benefit Plan was terminated as of December 31, 2021. In connection with the termination, the Benefit Plan maintains a separate account for each participant. Annual additions to each participant’s account includes an interest credit of 4.5% as the service credit was suspended upon the freeze. The participant data used in determining the liabilities and costs for the Benefit Plan was determined as of December 31, 2022. The following table summarizes the measurement changes in the Benefit Plan’s projected benefit obligation, plan assets and funded status, as well as the components of net periodic benefit costs, including key assumptions, from January 1, 2022 through December 31, 2022 (in thousands):
|  | 2022 |  |  |  | 2021* |
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of period |  | $ | 36,995 |  |  | $ | 73,081 |
Interest cost |  |  | 1,052 |  |  |  | 762 |
Settlement payments |  |  | - |  |  |  | (29,107 | )
Actuarial gain |  |  | (9,781 | ) |  |  | (6,831 | )
Benefit payments |  |  | (2,101 | ) |  |  | (910 | )
Benefit obligation at end of period |  | $ | 26,165 |  |  | $ | 36,995 |
Change in Plan Assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of period |  | $ | 43,653 |  |  | $ | 74,025 |
Actual return on plan assets |  |  | (966 | ) |  |  | 642 |
Settlement payments |  |  | - |  |  |  | (30,104 | )
Benefit payments |  |  | (2,101 | ) |  |  | (910 | )
Fair value of plan assets at end of period |  | $ | 40,586 |  |  | $ | 43,653 |
Funded status at end of period (included in Accounts and notes receivable) |  | $ | 14,421 |  |  | $ | 6,658 |
Accumulated benefit obligation |  | $ | 26,165 |  |  | $ | 36,995 |
Net gain recognized in Accumulated other comprehensive income |  | $ | 10,581 |  |  | $ | 2,216 |
* For the year ended December 31, 2021, the measurement changes are from the date of Merger. The components of net periodic benefit income/(cost), included in Other income, net in the Company’s Consolidated Statements of Income for the years ended December 31, 2022 and 2021 are as follows (in thousands):
|  | 2022 |  |  | 2021 |
Interest cost |  | $ | (1,052 | ) |  | $ | (750 | )
Expected return on plan assets |  |  | 413 |  |  |  | 2,125 |
Amortization of net gain |  |  | 37 |  |  |  | - |
Settlement gain |  |  | - |  |  |  | 2,216 |
Total |  | $ | (602 | ) |  | $ | 3,591 |
The weighted-average assumptions used to determine the benefit obligation as of December 31, 2022 and 2021 are as follows:
|  | 2022 |  |  | 2021 |
Discount rate |  |  | 4.88 | % |  |  | 2.43 | %
Salary scale increases |  |  | N/A |  |  |  | N/A |
Interest credit rate for cash balance plan |  |  | 4.50 | % |  |  | 4.50 | %
The selection of the discount rate is made after comparison to yields based on cash investments. The long-term rate of return is a composite rate for the Benefit Plan. It is derived as the sum of the percentages invested in each principal asset class included in the portfolio multiplied by their respective expected rates of return. The Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the Benefit Plan portfolio. This analysis resulted in the selection of 1.00% as the long-term rate of return assumption for the year ended December 31, 2022. No contributions are anticipated to be made to the Benefit Plan during 2023. The expected benefit payments for the next 10 years for the Benefit Plan is as follows (in millions):
|  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 - 2032 |
Benefit payments |  | $ | 6.4 |  |  | $ | 2.0 |  |  | $ | 1.9 |  |  | $ | 1.9 |  |  | $ | 1.8 |  |  | $ | 8.2 |
Since termination of the Benefit Plan as of December 31, 2021, the Benefit Plan’s investment policy has changed to address the short-term capital needs for liquidation of the plan assets, as well as consider the market volatility risks by investing in and holding liquid assets, such as cash and short-term investments on hand, in order to satisfy the projected benefit obligation. The fair value of plan assets was determined based on publicly quoted market prices for identical assets, which are all classified as Level 1 observable inputs. The fair value and allocation of the plan assets as of December 31, 2022 and 2021 were as follows (in thousands):
|  | 2022 |  |  | 2021 |
|  | Fair Value |  |  | Asset Allocation |  |  | Fair Value |  |  | Asset Allocation |
Cash and short-term investments |  | $ | 40,586 |  |  |  | 100.0 | % |  | $ | 26,246 |  |  |  | 60.1 | %
Large company funds |  |  | - |  |  |  | - |  |  |  | 7,130 |  |  |  | 16.3 | %
Mid company funds |  |  | - |  |  |  | - |  |  |  | 662 |  |  |  | 1.5 | %
Small company funds |  |  | - |  |  |  | - |  |  |  | 1,958 |  |  |  | 4.5 | %
International funds |  |  | - |  |  |  | - |  |  |  | 1,972 |  |  |  | 4.5 | %
Fixed income funds |  |  | - |  |  |  | - |  |  |  | 4,260 |  |  |  | 9.8 | %
Growth funds |  |  | - |  |  |  | - |  |  |  | 1,425 |  |  |  | 3.3 | %
Total |  | $ | 40,586 |  |  |  | 100.0 | % |  | $ | 43,653 |  |  |  | 100.0 | %

X
- Definition The entire disclosure for defined benefit plan. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 912 -SubTopic 715 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6472162&loc=d3e58407-109430 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2235042 + Details
Name: | us-gaap_DefinedBenefitPlanTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration