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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Net periodic pension benefit consists of the following components for the years ended December 31:
| Pension Benefits |  |  |  |
| 2022 |  | 2021 |  |  |  |
Interest cost on benefit obligation | $ | 1,104 |  |  | $ | 441 |  |  |  |  |
Expected return on plan assets | (1,659) |  |  | (697) |  |  |  |  |
Net periodic benefit income | $ | (555) |  |  | $ | (256) |  |  |  |  |
Settlement gain | (198) |  |  | — |  |  |  |  |
Total periodic benefit income | $ | (753) |  |  | $ | (256) |  |  |  |  |
Schedule of Assumptions Used to Determine Net Periodic Costs | The following weighted average assumptions were used to determine net periodic costs at December 31:
| Pension Benefits
| 2022 |  | 2021
Discount rate | 2.82 | % |  | 2.62 | %
Expected return on plan assets | 6.50 | % |  | 6.50 | %
Rate of compensation increase | N/A |  | N/A
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligation recognized in Other comprehensive income (loss) consist of the following components for the years ended December 31:
| Pension Benefits |  |  |  |
| 2022 |  | 2021 |  |  |  |
Current year actuarial gain | $ | (4,088) |  |  | $ | (722) |  |  |  |  |
Total recognized in other comprehensive (income) | (4,088) |  |  | (722) |  |  |  |  |
Total recognized in net periodic benefit income and other comprehensive loss | $ | (4,841) |  |  | $ | (978) |  |  |  |  |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | The following table summarizes the change in benefit obligation and fair values of plan assets for the years ended December 31:
| Pension Benefits |  |  |  |
| 2022 |  | 2021 |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation, beginning balance (1) | $ | 40,005 |  |  | $ | 41,206 |  |  |  |  |
Interest cost | 1,104 |  |  | 441 |  |  |  |  |
Actuarial gains | (10,930) |  |  | (1,091) |  |  |  |  |
Benefits paid | (2,135) |  |  | (551) |  |  |  |  |
Benefit obligation, ending balance | 28,044 |  |  | 40,005 |  |  |  |  |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets, beginning balance (1) | 26,355 |  |  | 26,578 |  |  |  |  |
Actual loss on plan assets | (4,985) |  |  | 328 |  |  |  |  |
Benefits paid | (2,135) |  |  | (551) |  |  |  |  |
Fair value of plan assets, ending balance | 19,235 |  |  | 26,355 |  |  |  |  |
Funded status | $ | 8,809 |  |  | $ | 13,650 |  |  |  |  |
(1) Benefit obligation assumed in connection with the acquisition of MDC. Beginning balance is as of July 31, 2021.
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheets at December 31 consist of the following:
| Pension Benefits |  |  |  |
| 2022 |  | 2021 |  |  |  |
Non-current liability | $ | 8,809 |  |  | $ | 13,650 |  |  |  |  |
Net amount recognized | $ | 8,809 |  |  | $ | 13,650 |  |  |  |  |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in Accumulated other comprehensive loss before income taxes consists of the following components for the years ended December 31:
| Pension Benefits |  |  |  |
| 2022 |  | 2021 |  |  |  |
Accumulated net actuarial gains | $ | 4,810 |  |  | $ | 722 |  |  |  |  |
Amount recognized | $ | 4,810 |  |  | $ | 722 |  |  |  |  |
Schedule of Assumptions Used to Determine Benefit Obligations | The following weighted average assumptions were used to determine benefit obligations as of December 31:
| Pension Benefits
| 2022 |  | 2021
Discount rate | 5.47 | % |  | 2.82 | %
Rate of compensation increase | N/A |  | N/A
Schedule of Changes in Fair Value of Plan Assets | The fair value of the plan assets as of December 31, is as follows:
| 2022 |  | Level 1 |  | Level 2 |  | Level 3
Asset Category: |  |  |  |  |  |  |
Receivables | $ | 15 |  |  | $ | 15 |  |  | $ | — |  |  | $ | — |
Money market fund – Short-term investments | 804 |  |  | 804 |  |  | — |  |  | — |
Mutual funds | 18,416 |  |  | 18,416 |  |  | — |  |  | — |
Total | $ | 19,235 |  |  | $ | 19,235 |  |  | $ | — |  |  | $ | — |
| 2021 |  | Level 1 |  | Level 2 |  | Level 3
Asset Category: |  |  |  |  |  |  |
Money market fund – Short-term investments | $ | 937 |  |  | $ | 937 |  |  | $ | — |  |  | $ | — |
Mutual funds | 25,418 |  |  | 25,418 |  |  | — |  |  | — |
Total | $ | 26,355 |  |  | $ | 26,355 |  |  | $ | — |  |  | $ | — |
See Note 18 of the Notes included herein for additional information regarding the fair value hierarchy.
Schedule of Allocation of Plan Assets | The pension plan’s weighted average asset allocation for the years ended December 31, 2022 and 2021 were as follows:
| Target Allocation |  | Actual Allocation
| 2022 |  | 2022 |  | 2021
Asset Category: |  |  |  |  |
Equity securities | 65.0 | % |  | 67.4 | % |  | 69.1 | %
Debt securities | 30.0 | % |  | 28.4 | % |  | 27.3 | %
Cash/cash equivalents and Short-term investments | 5.0 | % |  | 4.2 | % |  | 3.6 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Schedule of Expected Benefit Payments | The following estimated benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years ending December 31:
Period |  | Amount
2023 |  | $ | 1,794 |
2024 |  | 2,014 |
2025 |  | 1,932 |
2026 |  | 1,958 |
2027 |  | 1,903 |
Thereafter |  | 10,022 |

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