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Employee Benefit Plans (Tables)

12 Months Ended

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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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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