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Pension Plans (Tables)

12 Months Ended

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

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