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Benefit Plans (Tables)
3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Components of Company Plan Benefit Expense

The following table summarizes key information related to the Company’s pension plans and retirement agreements (in thousands):

 

 

 

Three Months Ended
March 31,
2024

 

 

Year Ended
December 31,
2023

 

Change in Projected Benefit Obligation

 

 

 

 

 

 

Projected benefit obligation, beginning of period

 

$

27,790

 

 

$

26,207

 

Service cost

 

 

163

 

 

 

745

 

Interest cost

 

 

341

 

 

 

1,345

 

Actuarial gain

 

 

 

 

 

421

 

Benefits paid

 

 

(249

)

 

 

(928

)

Projected benefit obligation, end of period

 

$

28,045

 

 

$

27,790

 

Change in Plan Assets

 

 

 

 

 

 

Plan assets at fair value, beginning of period

 

$

 

 

$

 

Company contributions

 

 

249

 

 

 

928

 

Benefits paid

 

 

(249

)

 

 

(928

)

Plan assets at fair value, end of period

 

$

 

 

$

 

Unfunded Status of the Plan

 

$

28,045

 

 

$

27,790

 

Components of Net Periodic Benefit Cost

 

 

Three Months Ended

 

 

 

 

March 31, 2024

 

 

March 31, 2023

 

 

Components of Net Periodic Benefit Cost

 

 

 

 

 

 

 

Service cost

 

$

163

 

 

$

186

 

 

Interest cost

 

 

341

 

 

 

336

 

 

Net loss

 

 

15

 

 

 

-

 

 

Net periodic benefit cost

 

$

519

 

 

$

522