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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Reconciliation Of The Plan's Benefit Obligations, Fair Value Of Assets And The Funded Status | 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):
|  | 2023 |  |  | 2022 |
Change in projected benefit obligation: |  |  |  |  |  |
Projected benefit obligation at beginning of period |  | $ | 74,172 |  |  | $ | 97,682 |
Service cost |  |  | 1,788 |  |  |  | 3,485 |
Interest cost |  |  | 3,421 |  |  |  | 2,588 |
Actuarial gain (loss) |  |  | 3,507 |  |  |  | (25,055 | )
Benefits paid and plan expenses |  |  | (4,638 | ) |  |  | (4,528 | )
Prior year service costs due to plan amendments |  |  | (3,905 | ) |  |  | - |
Projected benefit obligation at end of period |  |  | 74,345 |  |  |  | 74,172 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of period |  |  | 73,276 |  |  |  | 104,227 |
Actual return on plan assets |  |  | 4,549 |  |  |  | (26,422 | )
Employer contributions |  |  | - |  |  |  | - |
Benefits paid and plan expenses |  |  | (4,639 | ) |  |  | (4,529 | )
Fair value of plan assets at end of period |  |  | 73,186 |  |  |  | 73,276 |
Funded status at end of period |  | $ | (1,159 | ) |  | $ | (896 | )
Estimated Benefit Payments Under The Pension Plan | Estimated benefit payments under the Plan over the next ten years at December 31, 2023 are as follows (in thousands):
|  | Amount |
2024 |  | $ | 4,359 |
2025 |  |  | 4,532 |
2026 |  |  | 4,856 |
2027 |  |  | 4,854 |
2028 |  |  | 5,103 |
2029 - 2032 |  |  | 26,149 |
Components Of Net Periodic Benefit Expense | Net periodic pension cost consists of the following components for the years ended December 31 (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | 1,788 |  |  | $ | 3,485 |  |  | $ | 4,196 |
Interest cost on projected benefit obligation |  |  | 3,421 |  |  |  | 2,588 |  |  |  | 2,202 |
Expected return on plan assets |  |  | (3,511 | ) |  |  | (4,565 | ) |  |  | (5,225 | )
Amortization of unrecognized loss |  |  | 1,264 |  |  |  | 250 |  |  |  | 724 |
Amortization of unrecognized prior service credit |  |  | (492 | ) |  |  | - |  |  |  | - |
Net periodic pension cost |  | $ | 2,470 |  |  | $ | 1,758 |  |  | $ | 1,897 |
Actuarial Assumptions Used | The actuarial assumptions used to determine the net periodic pension cost were as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Weighted average discount rate |  |  | 4.98 | % |  |  | 2.70 | % |  |  | 2.32 | %
Rate of compensation increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Expected long-term rate of return |  |  | 6.00 | % |  |  | 5.25 | % |  |  | 5.25 | %
The actuarial assumptions used to determine the projected benefit obligation were as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Weighted average discount rate |  |  | 4.78 | % |  |  | 4.98 | % |  |  | 2.70 | %
Rate of compensation increase |  |  | 4.00 | % |  |  | 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, 2023 and 2022:
|  | 2023 |  | 2022
|  | Target |  | Actual |  | Target |  | Actual
Asset category: |  | Allocation |  | Allocation |  | Allocation |  | Allocation
Cash and cash equivalents |  |  | 0.00 | % |  |  | 0.14 | % |  |  | 0.00 | % |  |  | 16.59 | %
Equity securities |  |  | 30.00 |  |  |  | 31.51 |  |  |  | 30.00 |  |  |  | 25.05 |
Fixed income securities |  |  | 15.00 |  |  |  | 36.14 |  |  |  | 15.00 |  |  |  | 21.70 |
Alternative investments |  |  | 55.00 |  |  |  | 32.21 |  |  |  | 55.00 |  |  |  | 36.66 |
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 |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Cash (including foreign currencies) |  | $ | 15 |  |  | $ | - |  |  | $ | - |  |  | $ | 15 |
Short term investment funds |  |  | - |  |  |  | 1,187 |  |  |  | - |  |  |  | 1,187 |
Total cash equivalents |  |  | 15 |  |  |  | 1,187 |  |  |  | - |  |  |  | 1,202 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Commingled pension trust funds |  |  | - |  |  |  | 22,714 |  |  |  | - |  |  |  | 22,714 |
Total equity securities |  |  | - |  |  |  | 22,714 |  |  |  | - |  |  |  | 22,714 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Commingled pension trust funds |  |  | - |  |  |  | 26,050 |  |  |  | - |  |  |  | 26,050 |
Corporate bonds |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | 2 |
Total fixed income securities |  |  | - |  |  |  | 26,052 |  |  |  | - |  |  |  | 26,052 |
Other investments: |  |  |  |  |  |  |  |  |  |  |  |
Commingled pension trust funds |  |  | - |  |  |  | 23,218 |  |  |  | - |  |  |  | 23,218 |
Total Plan investments |  | $ | 15 |  |  | $ | 73,171 |  |  | $ | - |  |  | $ | 73,186 |
|  | 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 |

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