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Pension Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Summary of Plans | A summary of the Plan follows for the year ended December 31:
|  |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Service cost |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  |  |  | 1,185 |  |  |  | 1,138 |  |  |  | 1,301 |
Expected return on plan assets |  |  |  |  | (2,455 | ) |  |  | (2,343 | ) |  |  | (2,251 | )
Recognized net actuarial loss |  |  |  |  | 445 |  |  |  | 614 |  |  |  | 475 |
Net periodic pension income |  |  |  | $ | (825 | ) |  | $ | (591 | ) |  | $ | (475 | )
Changes in Benefit Obligations, Change in Plan Assets, Funded Status, and Amounts Recognized in Consolidated Financial Statements | The following tables set forth the changes in benefit obligations, the change in plan assets, the funded status, and amounts recognized in the consolidated financial statements for the Plan at December 31:
|  |  |  | 2022 |  |  | 2021 |
Projected benefit obligation at beginning of the year |  |  |  | $ | 41,410 |  |  | $ | 42,582 |
Interest cost |  |  |  |  | 1,185 |  |  |  | 1,138 |
Actuarial gain |  |  |  |  | (12,185 | ) |  |  | (958 | )
Benefits paid |  |  |  |  | (1,397 | ) |  |  | (1,352 | )
Projected benefit obligation at end of year |  |  |  | $ | 29,013 |  |  | $ | 41,410 |
Fair value of plan assets at beginning of the year |  |  |  | $ | 37,757 |  |  | $ | 36,756 |
Actual return on plan assets |  |  |  |  | (8,859 | ) |  |  | 2,353 |
Employer contributions |  |  |  |  | 2,132 |  |  |  | — |
Benefits paid |  |  |  |  | (1,398 | ) |  |  | (1,352 | )
Fair value of plan assets at end of the year |  |  |  | $ | 29,632 |  |  | $ | 37,757 |
Pension (asset) obligation |  |  |  | $ | (619 | ) |  | $ | 3,653 |
Amount Recognized in Accumulated Other Comprehensive Loss Related to Pension Plan | In 2022, in accordance with ASC 715-20, the Company recognized the over-funded status of the Plan as a non-current asset. The amount recognized in Accumulated other comprehensive loss related to the Plan at December 31 is comprised of the following:
|  |  |  | 2022 |  |  | 2021 |
Balance at January 1 |  |  |  | $ | (5,496 | ) |  | $ | (6,704 | )
Reclassification adjustments: |  |  |  |  |  |  |  |
Pre-tax amortized net actuarial loss |  |  |  |  | 445 |  |  |  | 614 |
Tax provision |  |  |  |  | (105 | ) |  |  | (145 | )
|  |  |  |  | 340 |  |  |  | 469 |
Adjustment to recognize gain on pension asset: |  |  |  |  |  |  |  |
Pre-tax gain |  |  |  |  | 870 |  |  |  | 968 |
Tax provision |  |  |  |  | (206 | ) |  |  | (229 | )
|  |  |  |  | 664 |  |  |  | 739 |
Balance at December 31 |  |  |  | $ | (4,492 | ) |  | $ | (5,496 | )
Excess of Plan Assets of Accumulated Benefit Obligations | The Plan had assets in excess of accumulated benefit obligations as follows:
|  |  |  | 2022 |  |  | 2021 |
Accumulated benefit obligation |  |  |  | $ | 29,013 |  |  | $ | 41,410 |
Fair market value of assets |  |  |  |  | 29,632 |  |  |  | 37,757 |
Weighted-Average Assumptions Used to Determine Benefit Obligations & Net Periodic Benefit Cost |
Weighted-average assumptions used to determine benefit obligations at December 31: |  | 2022 |  | 2021
Discount rate |  |  |  | 5.55% |  | 2.92%
Rate of compensation increase |  |  |  | n/a |  | n/a
Weighted-average assumptions used to determine net periodic benefit cost at December 31: |  | 2022 |  | 2021 |  | 2020
Discount rate |  |  |  | 2.92% |  | 2.69% |  | 3.50%
Rate of compensation increase |  |  |  | n/a |  | n/a |  | n/a
Expected long-term return on plan assets |  |  |  | 6.50% |  | 6.50% |  | 7.00%
Weighted-Average Asset Allocations of Plan Assets | The Plan weighted-average asset allocations at December 31, 2022 and 2021, by asset category, are as follows:
|  |  |  | Plan assets |  |
|  |  |  | at December 31 |  |
Asset category |  |  |  | 2022 |  |  | 2021 |  |
Equity securities |  |  |  |  | 37 |  | % |  | 49 |  | %
Debt securities |  |  |  |  | 63 |  |  |  | 51 |  |
|  |  |  |  | 100 |  | % |  | 100 |  | %
Weighted-Average Target Allocations of Plan Assets | In recognition of the expected returns and volatility from financial assets, Plan assets are invested in the following ranges with the target allocation noted:
|  | Range |  | Target
Equities |  | 30-50% |  | 40%
Fixed Income |  | 50-70% |  | 60%
Cash Equivalents |  | 0-10% |  | 0%
Aggregate Benefits Expected to be Paid Out of Plan Assets | The benefits expected to be paid out of the Plan assets in each of the next five years and the aggregate benefits expected to be paid for the subsequent five years are as follows:
Year |  | Pension Benefits |
2023 |  | $ | 1,470 |
2024 |  |  | 1,548 |
2025 |  |  | 1,617 |
2026 |  |  | 1,672 |
2027 |  |  | 1,780 |
2028-2032 |  |  | 9,885 |
Other Benefit Plans

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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits and tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References No definition available. + Details
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