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Employee Pension Plans | 3 Months Ended
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Mar. 31, 2023
Retirement Benefits [Abstract] |
Employee Pension Plans | Employee Pension Plans The Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans. The following table sets forth a summary of the net periodic benefit cost for the three months ended March 31, 2023 and 2022:
| Three Months Ended March 31, |  |
(in thousands) | 2023 | 2022 |  |  |
Interest cost | $ | 969 |  | $ | 646 |  |  |  |
Service cost | 255 |  | 240 |  |  |  |
Expected return on plan assets | (978) |  | (973) |  |  |  |
Recognized net actuarial losses | 413 |  | 639 |  |  |  |
Net periodic benefit cost | $ | 659 |  | $ | 552 |  |  |  |
Due to availability of our prefunded pension balance related to the defined benefit pension plan, the Company was not required to make any cash payments during the three months ended March 31, 2023. The Company expects to contribute $1.3 million in cash by the end of 2023. Due to the election of certain options provided under the American Rescue Plan Act of 2021, enacted on March 11, 2021, the Company was not required to, and did not contribute, amounts to the defined benefit pension plan during the three months ended March 31, 2022

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