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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Reconciliation Of The Plan's Benefit Obligations, Fair Value Of Assets And The Funded Status | (21.) EMPLOYEE BENEFIT PLANS (Continued) The following table provides a reconciliation of the Company’s changes in the Plan’s benefit obligations, fair value of assets and a statement of the funded status as of and for the year ended December 31 (in thousands):
|  | 2022 |  |  | 2021 |
Change in projected benefit obligation: |  |  |  |  |  |
Projected benefit obligation at beginning of period |  | $ | 97,682 |  |  | $ | 97,560 |
Service cost |  |  | 3,485 |  |  |  | 4,196 |
Interest cost |  |  | 2,588 |  |  |  | 2,202 |
Actuarial gain |  |  | (25,055 | ) |  |  | (1,945 | )
Benefits paid and plan expenses |  |  | (4,528 | ) |  |  | (4,331 | )
Projected benefit obligation at end of period |  |  | 74,172 |  |  |  | 97,682 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of period |  |  | 104,227 |  |  |  | 102,176 |
Actual return on plan assets |  |  | (26,422 | ) |  |  | 6,382 |
Employer contributions |  |  | - |  |  |  | - |
Benefits paid and plan expenses |  |  | (4,529 | ) |  |  | (4,331 | )
Fair value of plan assets at end of period |  |  | 73,276 |  |  |  | 104,227 |
Funded status at end of period |  | $ | (896 | ) |  | $ | 6,545 |
Estimated Benefit Payments Under The Pension Plan | Estimated benefit payments under the Plan over the next ten years at December 31, 2022 are as follows (in thousands):
2023 |  | $ | 4,062 |
2024 |  |  | 4,271 |
2025 |  |  | 4,434 |
2026 |  |  | 4,796 |
2027 |  |  | 4,978 |
2028 - 2031 |  |  | 26,970 |
Components Of Net Periodic Benefit Expense | Net periodic pension cost consists of the following components for the years ended December 31 (in thousands):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Service cost |  | $ | 3,485 |  |  | $ | 4,196 |  |  | $ | 3,693 |
Interest cost on projected benefit obligation |  |  | 2,588 |  |  |  | 2,202 |  |  |  | 2,537 |
Expected return on plan assets |  |  | (4,565 | ) |  |  | (5,225 | ) |  |  | (5,136 | )
Amortization of unrecognized loss |  |  | 250 |  |  |  | 724 |  |  |  | 1,270 |
Net periodic pension cost |  | $ | 1,758 |  |  | $ | 1,897 |  |  | $ | 2,364 |
Actuarial Assumptions Used | The actuarial assumptions used to determine the net periodic pension cost were as follows:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Weighted average discount rate |  |  | 2.70 | % |  |  | 2.32 | % |  |  | 3.09 | %
Rate of compensation increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Expected long-term rate of return |  |  | 5.25 | % |  |  | 5.25 | % |  |  | 6.00 | %
(21.) EMPLOYEE BENEFIT PLANS (Continued) The actuarial assumptions used to determine the projected benefit obligation were as follows:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Weighted average discount rate |  |  | 4.98 | % |  |  | 2.70 | % |  |  | 2.32 | %
Rate of compensation increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Plan's Target Asset Allocation And Actual Asset Allocation | The following table represents the Plan’s target asset allocation and actual asset allocation, respectively, as of December 31, 2022 and 2021:
|  | 2022 |  | 2021
|  | Target |  | Actual |  | Target |  | Actual
|  | Allocation |  | Allocation |  | Allocation |  | Allocation
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 0.00 | % |  |  | 16.59 | % |  |  | 0.00 | % |  |  | 0.00 | %
Equity securities |  |  | 30.00 |  |  |  | 25.05 |  |  |  | 30.00 |  |  |  | 35.65 |
Fixed income securities |  |  | 15.00 |  |  |  | 21.70 |  |  |  | 15.00 |  |  |  | 34.98 |
Alternative investments |  |  | 55.00 |  |  |  | 36.66 |  |  |  | 55.00 |  |  |  | 29.37 |
The Major Categories Of Plan Assets Measured At Fair Value On a Recurring Basis | The major categories of Plan assets measured at fair value on a recurring basis as of December 31 are presented in the following tables (in thousands).
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | Inputs |  |  | Inputs |  |  | Inputs |  |  | Fair Value |
2022 |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Cash (including foreign currencies) |  | $ | 7 |  |  | $ | - |  |  | $ | - |  |  | $ | 7 |
Short term investment funds |  |  | - |  |  |  | 12,149 |  |  |  | - |  |  |  | 12,149 |
Total cash equivalents |  |  | 7 |  |  |  | 12,149 |  |  |  | - |  |  |  | 12,156 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Commingled pension trust funds |  |  | - |  |  |  | 18,356 |  |  |  | - |  |  |  | 18,356 |
Total equity securities |  |  | - |  |  |  | 18,356 |  |  |  | - |  |  |  | 18,356 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Commingled pension trust funds |  |  | - |  |  |  | 15,898 |  |  |  | - |  |  |  | 15,898 |
Corporate bonds |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | 3 |
Total fixed income securities |  |  | - |  |  |  | 15,901 |  |  |  | - |  |  |  | 15,901 |
Other investments: |  |  |  |  |  |  |  |  |  |  |  |
Commingled pension trust funds |  |  | - |  |  |  | 26,863 |  |  |  | - |  |  |  | 26,863 |
Total Plan investments |  | $ | 7 |  |  | $ | 73,269 |  |  | $ | - |  |  | $ | 73,276 |
(21.) EMPLOYEE BENEFIT PLANS (Continued)

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