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Pension and Other Postretirement Benefits | 12 Months Ended
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Dec. 31, 2023
Other Postretirement Benefits [Abstract] |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS The Company has a 401(k) plan in which all employees of U.S. subsidiaries are eligible to participate. The Company contributes to a multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covers union-represented employees. The Company has an unfunded postretirement healthcare plan which provides health insurance to certain retired employees and their spouses. This plan has been frozen, no current employees participate and no additional participants will be added to the plan in the future. 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 |
The Company's one multiemployer plan is underfunded and has a rehabilitation plan in place. The rehabilitation plan requires minimum contributions from the Company. Given the status of this plan, it is reasonably possible that future contributions to the plan will increase although the Company cannot reasonably estimate a possible range of increased contributions as of December 31, 2023. 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) |  |  |
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 |  |  |
The measurement date used to determine postretirement benefit obligation measures was December 31. 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 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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- Definition Other Postretirement Benefits [Abstract]. + References No definition available. + Details
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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 712 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481565/712-10-50-2 + Details
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