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Pension (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | 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 |
Schedule of Defined Benefit Plans Disclosures | 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 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | 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 | $ | — |  |  | $ | — |
Schedule of Assumptions Used | 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 | %
Schedule of Expected Benefit Payments | 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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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (a) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-2 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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