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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Compensation and Employee Benefit Plans | Employee Benefit Plan A subsidiary of the Company, sponsors a defined benefit plan with benefits based on each employee’s years of service and compensation. The benefits under the defined benefit pension plan are frozen. Net Periodic Pension Cost and Pension Benefit Obligation Net periodic pension benefit consists of the following components for the years ended December 31,:
| Pension Benefits |  |  |  |
| 2023 |  | 2022 |  | 2021 |  |  |  |
Interest cost on benefit obligation | $ | 1,486 |  |  | $ | 1,104 |  |  | $ | 441 |  |  |  |  |
Expected return on plan assets | (1,218) |  |  | (1,659) |  |  | (697) |  |  |  |  |
Amortization of actuarial (gain) | (67) |  |  | — |  |  | — |  |  |  |  |
Net periodic benefit (income) loss | $ | 201 |  |  | $ | (555) |  |  | $ | (256) |  |  |  |  |
Settlement (gain) | (501) |  |  | (198) |  |  | — |  |  |  |  |
Total periodic benefit income | $ | (300) |  |  | $ | (753) |  |  | $ | (256) |  |  |  |  |
The above components are included within Other, net on the Consolidated Statements of Operations. The weighted average discount rate and expected return on plan assets that were used to determine net periodic costs were 5.47% and 6.50%, respectively, as of December 31, 2023, 2.82% and 6.50%, respectively, as of December 31, 2022, and 2.62% and 6.50%, respectively, as of December 31, 2021. The expected return on plan assets is a long-term assumption established by considering historical and anticipated returns of the asset classes invested in by the pension plan and the allocation strategy currently in place among those classes. 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 |  |  |  |
| 2023 |  | 2022 |  | 2021 |  |  |  |
Current year actuarial (gain) | $ | (405) |  |  | $ | (4,088) |  |  | $ | (722) |  |  |  |  |
Amortization of actuarial gain | 67 |  |  | — |  |  | — |  |  |  |  |
Total recognized in other comprehensive (income) | (338) |  |  | (4,088) |  |  | (722) |  |  |  |  |
Total recognized in net periodic benefit (income) and other comprehensive (income) | $ | (638) |  |  | $ | (4,841) |  |  | $ | (978) |  |  |  |  |
The following table summarizes the change in benefit obligation and fair values of plan assets for the years ended December 31,:
| Pension Benefits |  |  |  |
| 2023 |  | 2022 |  | 2021 (1) |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |  |  |
Benefit obligation, beginning balance | $ | 28,044 |  |  | $ | 40,005 |  |  | $ | 41,206 |  |  |  |  |
Interest cost | 1,486 |  |  | 1,104 |  |  | 441 |  |  |  |  |
Actuarial (gain) loss | 535 |  |  | (10,930) |  |  | (1,091) |  |  |  |  |
Benefits paid | (3,604) |  |  | (2,135) |  |  | (551) |  |  |  |  |
Benefit obligation, ending balance | 26,461 |  |  | 28,044 |  |  | 40,005 |  |  |  |  |
Change in plan assets: |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning balance | 19,235 |  |  | 26,355 |  |  | 26,578 |  |  |  |  |
Actual gain (loss) on plan assets | 2,659 |  |  | (4,985) |  |  | 328 |  |  |  |  |
Employer contributions | 4,106 |  |  | — |  |  | — |  |  |  |  |
Benefits paid | (3,604) |  |  | (2,135) |  |  | (551) |  |  |  |  |
Fair value of plan assets, ending balance | 22,396 |  |  | 19,235 |  |  | 26,355 |  |  |  |  |
Unfunded status | $ | 4,065 |  |  | $ | 8,809 |  |  | $ | 13,650 |  |  |  |  |
(1) Benefit obligation assumed in connection with the acquisition of MDC. Beginning balance is as of July 31, 2021. Amounts recognized in the Consolidated Balance Sheets at December 31, consist of the following:
| Pension Benefits |  |  |  |
| 2023 |  | 2022 |  |  |  |  |
Non-current liability | $ | 4,065 |  |  | $ | 8,809 |  |  |  |  |  |
Net amount recognized | $ | 4,065 |  |  | $ | 8,809 |  |  |  |  |  |
Amounts recognized in Accumulated other comprehensive loss before income taxes consists of the following components for the years ended December 31,:
| Pension Benefits |  |  |  |
| 2023 |  | 2022 |  | 2021 |  |  |  |
Accumulated net actuarial gains | $ | 5,148 |  |  | $ | 4,810 |  |  | $ | 722 |  |  |  |  |
Amount recognized | $ | 5,148 |  |  | $ | 4,810 |  |  | $ | 722 |  |  |  |  |
As of December 31, 2023 and 2022, the weighted average discount rates used to determine benefit obligations were 5.34% and 5.47%, respectively. The discount rate assumptions at December 31, 2023 and 2022 were determined independently. The discount rate was derived from the effective interest rate of a hypothetical portfolio of high-quality bonds, whose cash flows match the expected future benefit payments from the plan as of the measurement date. Fair Value of Plan Assets and Investment Strategy As of December 31, 2023 and 2022, the plan assets consisted of receivables, money market fund - short term investments, and mutual funds, which were all Level 1 assets within the fair value hierarchy. The fair value of the receivables, money market fund - short term investments, and mutual funds were approximately $0.1 million, $0.8 million, and $21.5 million, respectively, as of December 31, 2023 and approximately $0.1 million, $0.8 million, and $18.4 million, respectively, as of December 31, 2022. See Note 18 of the Notes included herein for additional information regarding the fair value hierarchy. The pension plan’s weighted average asset allocation for the years ended December 31, 2023 and 2022 were as follows:
| Target Allocation |  | Actual Allocation
| 2023 |  | 2023 |  | 2022
Asset Category: |  |  |  |  |
Equity securities | 65.0 | % |  | 69.6 | % |  | 67.4 | %
Debt securities | 30.0 | % |  | 26.6 | % |  | 28.4 | %
Cash/cash equivalents and Short-term investments | 5.0 | % |  | 3.8 | % |  | 4.2 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | %
The goals of the pension plan investment program are to fully fund the obligation to pay retirement benefits in accordance with the plan documents and to provide returns that, along with appropriate funding from the Company, maintain an asset/liability ratio that is in compliance with all applicable laws and regulations and assures timely payment of retirement benefits. Equity securities primarily include investments in companies located in the United States with readily available prices and mid to large-cap companies that are traded in foreign markets. Debt securities are diversified across different asset types with bonds issued in the United States as well as outside the United States. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the preceding tables. Cash Flows The pension plan contributions are deposited into a trust, and the pension plan benefit payments are made from trust assets. The Company made contributions to the pension plan totaling $4.1 million during 2023 and did not make contributions in 2022 or 2021. The Company estimates that it will make $1.1 million in contributions to the pension plan in 2024. Fluctuations in actual market returns as well as changes in general interest rates will result in changes in the market value of plan assets and may result in increased or decreased retirement benefit costs and contributions in future periods. The estimated benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the amount of $1.9 million in 2024, $1.8 million in 2025, $1.8 million in 2026, $1.8 million in 2027, $1.8 million in 2028, and $9.5 million thereafter.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI https://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI https://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI https://asc.fasb.org/topic&trid=2235017 + Details
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