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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans The Company provides certain full-time employees with pension benefits under defined contribution plans. The Company's expense for its defined contribution plans amounted to $17.7 million, $17.2 million and $14.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company also has a postretirement health care benefit plan covering substantially all of its full-time employees hired prior to January 1, 2003. These plans are generally contributory and include a cap on the Company's share of the related costs. The measurement date for this plan is December 31. Obligation and Funded Status Following are the details of the obligation and funded status of the postretirement health care benefit plan:
(in thousands) |  |
Change in benefit obligation |  | 2023 |  | 2022
Benefit obligation at beginning of year |  | $ | 17,433 |  |  | $ | 23,942 |
Service cost |  | 151 |  |  | 248 |
Interest cost |  | 830 |  |  | 586 |
Actuarial (gains) losses |  | (66) |  |  | (6,180) |
Participant contributions |  | 257 |  |  | 314 |
Benefits paid |  | (1,339) |  |  | (1,477) |
Benefit obligation at end of year |  | $ | 17,266 |  |  | $ | 17,433 |
(in thousands) |  |
Change in plan assets |  | 2023 |  | 2022
Fair value of plan assets at beginning of year |  | $ | — |  |  | $ | — |
Company contributions |  | 1,082 |  |  | 1,163 |
Participant contributions |  | 257 |  |  | 314 |
Benefits paid |  | (1,339) |  |  | (1,477) |
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |
Under funded status of plans at end of year |  | $ | (17,266) |  |  | $ | (17,433) |
Amounts recognized in the Consolidated Balance Sheets at December 31, 2023 and 2022 consist of:
(in thousands) |  | 2023 |  | 2022
Accrued expenses and other current liabilities |  | $ | 1,242 |  |  | $ | 1,276 |
Other long-term liabilities |  | 16,024 |  |  | 16,157 |
Net amount recognized |  | $ | 17,266 |  |  | $ | 17,433 |
Following are the details of the amounts recognized in Accumulated other comprehensive income before taxes at December 31, 2023:
(in thousands) |  | Unamortized Actuarial Net Gains |  | Unamortized Prior Service Costs
Balance at beginning of year |  | $ | (11,678) |  |  | $ | 5,009 |
Amounts arising during the period |  | (66) |  |  | — |
Amounts recognized as a component of net periodic benefit cost |  | — |  |  | 1,234 |
Balance at end of year |  | $ | (11,744) |  |  | $ | 6,243 |
The benefits expected to be paid for the postretirement health care benefit plan over the next ten years are as follows:
(in thousands) |  | Postretirement Benefits
2024 |  | $ | 1,242 |
2025 |  | 1,271 |
2026 |  | 1,281 |
2027 |  | 1,278 |
2028 |  | 1,276 |
2029-2033 |  | 6,213 |
The components of the net periodic benefit cost for each year are as follows:
|  | December 31,
(in thousands) |  | 2023 |  | 2022 |  | 2021
Service cost |  | $ | 151 |  |  | $ | 248 |  |  | $ | 302 |
Interest cost |  | 830 |  |  | 586 |  |  | 546 |
Expected return on plan assets |  | (911) |  |  | (911) |  |  | (911) |
Recognized net actuarial (gain) loss |  | (323) |  |  | — |  |  | 169 |
Net periodic benefit (gain) cost |  | $ | (253) |  |  | $ | (77) |  |  | $ | 106 |
The weighted-average assumptions of the postretirement health care benefit plan for each year are as follows:
| 2023 |  | 2022 |  | 2021
Used to Determine Benefit Obligations at Measurement Date |  |  |  |  |
Discount rate | 4.7 | % |  | 4.9 | % |  | 2.6 | %
Used to Determine Net Periodic Benefit Cost for Years ended December 31 |  |  |  |  |
Discount rate | 4.9 | % |  | 2.6 | % |  | 2.2 | %
Expected long-term return on plan assets | — |  |  | — |  |  | — |
Rate of compensation increases | — |  |  | — |  |  | — |
Assumed Health Care Cost Trend Rates at Beginning of Year |  |  |
| 2023 |  | 2022
Health care cost trend rate assumed for next year | 3.0 | % |  | 3.0 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (a) | N/A |  | N/A
Year that the rate reaches the ultimate trend rate (a) | N/A |  | N/A
(a)In 2017, the Company's remaining uncapped participants were converted to a Medicare Exchange Health Reimbursement Arrangement, which put a 2% cap on the Company's share of the related costs.

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