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Pension and Employee Benefit Plans | 9 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Pension and Employee Benefit Plans | 11. Pension and Employee Benefit Plans The Company sponsors a non-contributory defined benefit pension plan for certain union employees. The plan is funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974. The Company presents the components of net periodic benefit cost within “Other expense, net” on the Condensed Consolidated Statements of Income. Retirement plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the pension plan expense consisted of the following:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest cost |  | $ | 304 |  |  | $ | 318 |  |  | $ | 912 |  |  | $ | 955 |
Expected return on plan assets |  |  | (308 | ) |  |  | (285 | ) |  |  | (915 | ) |  |  | (856 | )
Amortization of net actuarial loss |  |  | 57 |  |  |  | 74 |  |  |  | 169 |  |  |  | 223 |
Net periodic benefit cost |  | $ | 53 |  |  | $ | 107 |  |  | $ | 166 |  |  | $ | 322 |
The Company made contributions to its defined benefit plan of $0.9 million and $1.1 during the three and nine months ended September 30, 2024, respectively. No contributions were made to the plan during the three and nine months ended September 30, 2023. No additional contributions are expected for the remainder of 2024. The unfunded liability of the plan of $3.0 million and $4.1 million as of September 30, 2024 and December 31, 2023, respectively, is included in “Other liabilities” on the Condensed Consolidated Balance Sheets.

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