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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Schedule of reconciliation of the projected benefit obligation, plan assets and funded status of the pension plan | The following table provides a reconciliation of the projected benefit obligation, plan assets and funded status of the pension plan at December 31:
| 2021 |  | 2020
Accumulated benefit obligation | $ | 95,508 |  |  | $ | 101,242 |
Change in benefit obligation |  |  |
Projected benefit obligation at beginning of year | $ | 101,242 |  |  | $ | 92,052 |
Service cost | 991 |  |  | 717 |
Interest cost | 1,803 |  |  | 2,555 |
Actuarial loss (gain) | (3,427) |  |  | 10,963 |
Benefits paid | (2,703) |  |  | (1,933) |
Settlements | (2,398) |  |  | (3,112) |
Projected benefit obligation at end of year | $ | 95,508 |  |  | $ | 101,242 |
Change in plan assets |  |  |
Fair value of plan assets at beginning of year | $ | 76,940 |  |  | $ | 75,321 |
Actual gain on plan assets | 7,565 |  |  | 6,664 |
Benefits paid | (2,703) |  |  | (1,933) |
Settlements | (2,398) |  |  | (3,112) |
Fair value of plan assets at end of year | $ | 79,404 |  |  | $ | 76,940 |
Funded status | $ | (16,104) |  |  | $ | (24,302) |
Schedule of amounts recognized in the consolidated balance sheets | Amounts recognized in the consolidated balance sheets consist of the following at December 31,:
| 2021 |  | 2020
Other long-term liabilities | $ | (16,104) |  |  | $ | (24,302) |
Accumulated other comprehensive loss | (39,122) |  |  | (48,285) |
Schedule of actuarial assumptions used | The following actuarial assumptions were used to determine our accumulated and projected benefit obligations as of December 31,:
| 2021 |  | 2020
Discount rate | 2.81 | % |  | 2.44 | %
The following actuarial assumptions were used to determine our net periodic pension benefit cost for the years ended December 31,:
| 2021 |  | 2020 |  | 2019
Discount rate on benefit obligation | 2.44 | % |  | 3.33 | % |  | 4.37 | %
Effective rate for interest on benefit obligation | 1.83 | % |  | 2.88 | % |  | 4.01 | %
Expected return on plan assets | 7.00 | % |  | 7.00 | % |  | 7.50 | %
Schedule of plan assets and benefit obligations recognized in other comprehensive income | Other changes in plan assets and benefit obligations recognized in other comprehensive income in 2021 and 2020 are as follows:
| 2021 |  | 2020
Current year actuarial loss (gain) | $ | 5,836 |  |  | $ | (9,320) |
Amortization of actuarial loss | 3,327 |  |  | 2,821 |
Total recognized in other comprehensive income (loss) | $ | 9,163 |  |  | $ | (6,499) |
Schedule of net benefit cost | Net periodic pension cost for the years ended December 31, consists of the following:
| 2021 |  | 2020 |  | 2019
Service cost | $ | 991 |  |  | $ | 717 |  |  | $ | 1,010 |
Interest cost on projected benefit obligation | 1,803 |  |  | 2,555 |  |  | 3,130 |
Expected return on plan assets | (5,155) |  |  | (5,021) |  |  | (4,725) |
Amortization of loss | 3,327 |  |  | 2,821 |  |  | 2,881 |
Net periodic pension cost | $ | 966 |  |  | $ | 1,072 |  |  | $ | 2,296 |
Schedule of allocation of plan assets | The allocation of plan assets by category is as follows at December 31,:
| Percentage of Pension Plan Assets |  | Target Allocation
| 2021 |  | 2020 |  | 2022
Equity securities | 73 | % |  | 76 | % |  | 75 | %
Debt securities | 27 | % |  | 24 | % |  | 25 | %
Total | 100 | % |  | 100 | % |  | 100 | %
The following table sets forth the value of the pension plan's assets as of December 31, 2021 and December 31, 2020:
| 2021 |  | 2020
Investments measured at fair value: |  |  |
Level 1 |  |  |
Common Stock | $ | 9,767 |  |  | $ | 9,185 |
Fixed Income Securities | 20,272 |  |  | 17,848 |
Total Investments measured at fair value | 30,039 |  |  | 27,033 |
Investments measured at NAV: |  |  |
Money Market Fund | 1,098 |  |  | 915 |
Mutual Funds | 48,267 |  |  | 48,992 |
Total Investments measured at NAV | 49,365 |  |  | 49,907 |
Total Investments | $ | 79,404 |  |  | $ | 76,940 |
Schedule of expected benefit payments | The following table summarizes the benefits and settlements expected to be paid by our pension plan in each of the next five years and in aggregate for the following five years. The expected payments are estimated based on the same assumptions used to measure the Company’s projected benefit obligation at December 31, 2021 and reflect the impact of expected future employee service.
2022 | $6,427 |
2023 | 5,801 |
2024 | 5,627 |
2025 | 5,890 |
2026 | 6,026 |
2027-2031 | 26,543 |

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