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Pension | 12 Months Ended
--- | ---
Dec. 31, 2023
Retirement Benefits [Abstract] |
Pension | PENSION: The benefits for the Defined Contribution Restoration Plan were frozen effective July 1, 2018. Employees hired after this date are not eligible for this benefit plan. In addition, current participants receive no further compensation credits after that date, with the last award being 2017. Annual interest credits will continue to be made in accordance with the terms of the plan. The current portion of the pension obligation is included in Other Accrued Liabilities and the noncurrent portion is included in Other Liabilities in the Consolidated Balance Sheets. The reconciliation of changes in the benefit obligation, plan assets and funded status of the pension benefits is as follows:
| December 31,
| 2023 |  | 2022
Change in Benefit Obligation: |  |  |
Benefit Obligation at Beginning of Period | $ | 32,223 |  |  | $ | 42,990 |
Interest Cost | 1,675 |  |  | 1,035 |
Actuarial Loss (Gain) | 1,442 |  |  | (10,006) |
Benefits and Other Payments | (1,799) |  |  | (1,796) |
Benefit Obligation at End of Period | $ | 33,541 |  |  | $ | 32,223 |
Change in Plan Assets: |  |  |
Fair Value of Plan Assets at Beginning of Period | $ | — |  |  | $ | — |
Company Contributions | 1,799 |  |  | 1,796 |
Benefits and Other Payments | (1,799) |  |  | (1,796) |
Fair Value of Plan Assets at End of Period | $ | — |  |  | $ | — |
Funded Status: |  |  |
Current Liabilities | $ | (1,886) |  |  | $ | (1,878) |
Noncurrent Liabilities | (31,655) |  |  | (30,345) |
Net Obligation Recognized | $ | (33,541) |  |  | $ | (32,223) |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: |  |  |
Net Actuarial Loss | $ | 9,153 |  |  | $ | 7,884 |
Prior Service Cost | 842 |  |  | 1,063 |
Total | 9,995 |  |  | 8,947 |
Less: Tax Benefit | 2,694 |  |  | 2,434 |
Net Amount Recognized | $ | 7,301 |  |  | $ | 6,513 |
The components of the net periodic benefit cost are as follows:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Components of Net Periodic Benefit Cost: |  |  |  |  |
Interest Cost | 1,675 |  |  | 1,035 |  |  | 855 |
Amortization of Prior Service Cost | 222 |  |  | 221 |  |  | 222 |
Recognized Net Actuarial Loss | 173 |  |  | 510 |  |  | 513 |
Net Periodic Benefit Cost | $ | 2,070 |  |  | $ | 1,766 |  |  | $ | 1,590 |
CNX utilizes a corridor approach to amortize actuarial gains and losses that have been accumulated under the pension plan. Cumulative gains and losses that are in excess of 10% of the greater of either the projected benefit obligation (PBO) or the market-related value of plan assets are amortized over the expected remaining future lifetime of all plan participants for the pension plan. The following table provides information related to the pension plan with an accumulated benefit obligation in excess of plan assets:
| As of December 31,
| 2023 |  | 2022
Projected Benefit Obligation | $ | 33,541 |  |  | $ | 32,223 |
Accumulated Benefit Obligation | $ | 33,541 |  |  | $ | 32,223 |
Fair Value of Plan Assets | $ | — |  |  | $ | — |
Assumptions: The weighted-average assumptions used to determine benefit obligations are as follows:
| As of December 31,
| 2023 |  | 2022
Discount Rate | 5.15 | % |  | 5.43 | %
Rate of Compensation Increase | — | % |  | — | %
Interest Credited Rate | 4.74 | % |  | 4.43 | %
The discount rates are determined using a Company-specific yield curve model (above-mean) developed with the assistance of an external actuary. The Company-specific yield curve models (above-mean) use a subset of the expanded bond universe to determine the Company-specific discount rate. Bonds used in the yield curve are rated AA by Moody's or Standard & Poor's as of the measurement date. The yield curve models parallel the plans' projected cash flows, and the underlying cash flows of the bonds included in the models exceed the cash flows needed to satisfy the Company plans. The increase in discount rate during 2022 compared to the prior year caused a significant actuarial gain during the year ended December 31, 2022. The weighted-average assumptions used to determine net periodic benefit cost are as follows:
| For the Years ended December 31,
| 2023 |  | 2022 |  | 2021
Discount Rate | 5.43 | % |  | 2.84 | % |  | 2.47 | %
Rate of Compensation Increase | — | % |  | — | % |  | — | %
Interest Credited Rate | 4.81 | % |  | 4.07 | % |  | 2.71 | %
Cash Flows: The following benefit payments, which reflect expected future service, are expected to be paid:
|  | Pension
Year ended December 31, |  | Benefits
2024 |  | $ | 1,886 |
2025 |  | $ | 1,983 |
2026 |  | $ | 2,053 |
2027 |  | $ | 2,143 |
2028 |  | $ | 2,236 |
Year 2029-2033 |  | $ | 13,057 |

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