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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans

(14.) EMPLOYEE BENEFIT PLANS

The components of the Company’s net periodic benefit expense for its pension and post-retirement obligations were as follows (in thousands):

 

 

 

Three months ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

 

$

871

 

 

$

1,049

 

 

$

1,742

 

 

$

2,098

 

Interest cost on projected benefit obligation

 

 

647

 

 

 

551

 

 

 

1,294

 

 

 

1,102

 

Expected return on plan assets

 

 

(1,141

)

 

 

(1,307

)

 

 

(2,282

)

 

 

(2,613

)

Amortization of unrecognized prior service credit

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)

Amortization of unrecognized net actuarial loss

 

 

64

 

 

 

186

 

 

 

128

 

 

 

371

 

Net periodic benefit expense

 

$

441

 

 

$

478

 

 

$

882

 

 

$

957

 

 

The net periodic benefit expense is recorded as a component of salaries and employee benefits in the consolidated statements of income. The Company’s funding policy is to contribute, at a minimum, an actuarially determined amount that will satisfy the minimum funding requirements determined under the appropriate sections of the Internal Revenue Code. The Company has no minimum required contribution for the 2022 fiscal year.