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Pension Plans (Tables)

12 Months Ended

Dec. 31, 2021

Defined Benefit Plan Disclosure [Line Items]

Funded Status and Accrued Pension Cost

The following table sets forth the funded status of the retirement plan at December 31 (amounts in thousands):

​	​	​	​	​	​	​
​		2021			2020
CHANGE IN BENEFIT OBLIGATION:	​	​		​	​
Benefit obligation at beginning of year	​	$	86,748	​	$	82,518
Interest cost	​		1,715	​		1,969
Actuarial (gain) loss	​		(4,547)	​		8,568
Benefits paid	​		(7,236)	​		(6,307)
Benefit obligation at end of year	​		76,680	​		86,748
CHANGE IN PLAN ASSETS:	​			​
Fair value of plan assets at beginning of year	​		71,221	​		66,000
Actual return on plan assets	​		8,202	​		9,801
Employer contributions	​	​	299	​	​	1,727
Benefits paid	​		(7,236)	​		(6,307)
Fair value of plan assets at end of year	​		72,486	​		71,221
Funded status and accrued pension cost	​	$	(4,194)	​	$	(15,527)

Assumptions Used to Determine Benefit Obligations

The assumptions used to determine the benefit obligation at December 31 are as follows:

​	​	​	​	​	​	​	​
​		2021		2020		2019
Discount rate		2.42	%	1.95	%	2.85	%
Rate of compensation increase		N/A		N/A		N/A	​

​

The weighted-average assumptions used to determine the net periodic pension expense for years ended December 31 are as follows:

​	​	​	​	​	​	​	​
​		2021		2020		2019
Discount rate		2.13	%	2.40	%	3.51	%
Rate of compensation increase		N/A		N/A		N/A	​
Expected long-term rate of return on plan assets		6.00	%	6.50	%	6.50	%

​

Allocation of Defined Benefit Pension Plans Assets

The allocation of the defined benefit pension plan’s assets at December 31 is as follows (amounts in thousands):

​	​	​	​	​	​	​
Asset Class		2021			2020
Cash	​	$	935	​	$	2,457
Mutual funds	​		71,551	​		68,764
Total	​	$	72,486	​	$	71,221

Pension Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Net Periodic Pension and Postretirement Benefit (Income) Expense

Net periodic pension (income) expense reflected in other gains and (losses), net in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands):

​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Interest cost	​	$	1,715	​	$	1,969	​	$	2,713
Expected return on plan assets	​		(4,253)	​		(4,101)	​		(3,849)
Amortization of net actuarial loss	​		689	​		1,004	​		970
Net settlement loss	​	​	1,379	​	​	1,740	​	​	1,904
Total net periodic pension (income) expense	​	$	(470)	​	$	612	​	$	1,738

​

Expected Future Benefit Payments

The Company does not expect to be required to contribute to its defined benefit pension plan in 2022. Based on the Company’s assumptions discussed above, the Company expects to make the following estimated future benefit payments under the plan during the years ending December 31 (amounts in thousands):

​	​	​	​
2022		$	7,460
2023	​		4,771
2024	​		4,709
2025	​		6,535
2026	​		5,452
2027 - 2031	​		26,985

​

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