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Pension and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Schedule of Total Expense for All Retirement Plans | Total expense for all retirement plans for the years ended December 31 was (in thousands):
|  | 2023 |  | 2022 |  | 2021
401(k) plan |  | $ | 3,804 |  |  | $ | 3,580 |  |  | $ | 3,196 |
Multiemployer and other defined benefit and pension plans |  | 92 |  |  | 79 |  |  | 78 |
Postretirement healthcare plan |  | 251 |  |  | 342 |  |  | 411 |
Total retirement plan expense |  | $ | 4,147 |  |  | $ | 4,001 |  |  | $ | 3,685 |
Amounts Recognized in the Consolidated Financial Statements | Amounts recognized in the consolidated financial statements consisted of (in thousands):
| 2023 |  | 2022 |  |
Accrued postretirement benefit liability: |  |  |  |  |
Current portion | $ | 357 |  |  | $ | 353 |  |  |
Long term portion | 3,851 |  |  | 3,876 |  |  |
Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs | (73) |  |  | (74) |  |  |
Net amount recognized | $ | 4,135 |  |  | $ | 4,155 |  |  |
Other Postretirement Benefits |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Changes in the Accumulated Postretirement Benefit Obligation | The following table presents the changes in the accumulated postretirement benefit obligation related to the Company’s unfunded postretirement healthcare benefits at December 31 (in thousands):
| 2023 |  | 2022 |  |
Projected benefit obligation at January 1 | $ | 4,229 |  |  | $ | 6,202 |  |  |
Interest cost | 194 |  |  | 127 |  |  |
Actuarial loss (gain) | 59 |  |  | (1,784) |  |  |
Benefits paid, net of contributions | (274) |  |  | (316) |  |  |
Projected benefit obligation at December 31 | 4,208 |  |  | 4,229 |  |  |
Fair value of plan assets | — |  |  | — |  |  |
Under funded status | (4,208) |  |  | (4,229) |  |  |
Unamortized prior service cost | 292 |  |  | 352 |  |  |
Unrecognized actuarial (gain) | (219) |  |  | (278) |  |  |
Net amount recognized | $ | (4,135) |  |  | $ | (4,155) |  |  |
Schedule of Net Periodic Pension and Other Post-Retirement Benefit Costs | Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Interest cost | $ | 194 |  |  | $ | 127 |  |  | $ | 125 |
Amortization of unrecognized prior service cost | 60 |  |  | 60 |  |  | 44 |
Loss amortization (2) | — |  |  | 24 |  |  | 113 |
Net periodic benefit cost | $ | 254 |  |  | $ | 211 |  |  | $ | 282 |
Assumptions used to calculate the benefit obligation: |  |  |  |  |
Discount rate | 4.7 | % |  | 4.8 | % |  | 2.4 | %
Annual rate of increase in the per capita cost of: |  |  |  |  |
Medical costs before age 65 (1) | 7.8 | % |  | 7.8 | % |  | 7.0 | %
Medical costs after age 65 (1) | 4.6 | % |  | 4.5 | % |  | 4.5 | %
Prescription drug costs (1) | 7.8 | % |  | 7.8 | % |  | 7.0 | %
(1) For 2023 and 2022, it was assumed that these rates would gradually decline to 4.0% by 2075. For 2021, it was assumed that these rates would gradually decline to 3.8% by 2075. (2) Actuarial losses are amortized utilizing the corridor approach. Differences between actual experience and the actuarial assumptions are reflected in (gain)/loss. If the total net (gain) or loss exceeds 10 percent of the greater of the accumulated postretirement benefit obligation or plan assets, this excess must be amortized over the average remaining service period of the active plan participants. If most of the plan participants are inactive, the amortization period is the expected future lifetime of inactive plan participants.
Expected Benefit Payments from the Plan | Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands):
|  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Years 2029 - 2033
Expected benefit payments |  | $ | 357 |  |  | $ | 370 |  |  | $ | 362 |  |  | $ | 361 |  |  | $ | 356 |  |  | $ | 1,646 |

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