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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Information about Pension Plan | Information about the pension plan is as follows:
|  | 2023 |  |  | 2022 |
Change in benefit obligation: |  |  |  |  |  |
Beginning benefit obligation |  | $ | 10,123 |  |  | $ | 15,384 |
Service cost |  |  | — |  |  |  | — |
Interest cost |  |  | 454 |  |  |  | 392 |
Curtailment gain |  |  | — |  |  |  | — |
Settlement loss |  |  | — |  |  |  | — |
Actuarial (gain)/loss |  |  | (637 | ) |  |  | (3,455 | )
Benefits paid |  |  | (1,921 | ) |  |  | (2,198 | )
Settlement payments |  |  | — |  |  |  | — |
Ending benefit obligation |  |  | 8,019 |  |  |  | 10,123 |
Change in plan assets, at fair value: |  |  |  |  |  |
Beginning plan assets |  |  | 10,934 |  |  |  | 15,120 |
Actual return |  |  | 940 |  |  |  | (1,988 | )
Employer contribution |  |  | — |  |  |  | — |
Benefits paid |  |  | (1,921 | ) |  |  | (2,198 | )
Settlement payments |  |  | — |  |  |  | — |
Administrative expenses |  |  | — |  |  |  | — |
Ending plan assets |  |  | 9,953 |  |  |  | 10,934 |
Funded status at end of year |  | $ | 1,934 |  |  | $ | 811 |
Components of Net Periodic Pension Expense | The components of net periodic pension expense were as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 454 |  |  |  | 392 |  |  |  | 378 |
Expected return on plan assets |  |  | (605 | ) |  |  | (732 | ) |  |  | (574 | )
Net amortization and deferral |  |  | — |  |  |  | — |  |  |  | 240 |
Net periodic pension cos t (benefit) |  |  | (151 | ) |  |  | (340 | ) |  |  | 44 |
Additional loss due to settlement |  |  | — |  |  |  | — |  |  |  | — |
Total pension cost (benefit) |  | $ | (151 | ) |  | $ | (340 | ) |  | $ | 44 |
Net loss (gain) recognized in other comprehensive income |  | $ | (972 | ) |  | $ | (736 | ) |  | $ | (854 | )
Total recognized in net periodic benefit cost and other comprehensive loss (before tax) |  | $ | (1,123 | ) |  | $ | (1,076 | ) |  | $ | (810 | )
Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost | The weighted average assumptions used to determine benefit obligations at year-end were as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Discount rate on benefit obligation |  |  | 4.76 | % |  |  | 4.95 | % |  |  | 2.74 | %
Long-term rate of return on plan assets |  |  | 5.53 | % |  |  | 4.84 | % |  |  | 3.84 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
The weighted average assumptions used to determine net periodic pension cost were as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Discount rate on benefit obligation |  |  | 4.95 | % |  |  | 2.74 | % |  |  | 2.39 | %
Long-term rate of return on plan assets |  |  | 4.84 | % |  |  | 3.84 | % |  |  | 4.44 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Schedule of Pension Plan Asset Allocation and Target Allocation by Asset Category | The Company’s pension plan asset allocation at year-end 2023 and 2022 and target allocation for 2024 by asset category are as follows:
|  | Target Allocation |  | Percentage of Plan Assets at Year-end |
Asset Category |  | 2024 |  | 2023 |  |  | 2022 |
Equity securities |  | 0-30% |  |  | 20.0 | % |  |  | 20.0 | %
Debt securities |  | 70-100 |  |  | 80.0 |  |  |  | 80.0 |
Total |  |  |  |  | 100.0 | % |  |  | 100.0 | %
Summary of Investments Measured at Fair Value Based on NAV Per Share | The following table summarizes investments measured at fair value based on NAV per share as of December 31, 2023 and 2022, respectively:
December 31, 2023 |  | Fair Value |  |  | Unfunded Commitments |  | Redemption Frequency (if currently eligible) |  | Redemption Notice Period
Common/collective trust funds |  | $ | 9,953 |  |  | N/A |  | Daily |  | Daily
December 31, 2022 |  | Fair Value |  |  | Unfunded Commitments |  | Redemption Frequency (if currently eligible) |  | Redemption Notice Period
Common/collective trust funds |  | $ | 10,934 |  |  | N/A |  | Daily |  | Daily
Summary of Expected Benefit Payments | Expected benefit payments, which reflect expected future service, are as follows:
2024 |  | $ | 315 |
2025 |  |  | 359 |
2026 |  |  | 398 |
2027 |  |  | 431 |
2028 |  |  | 453 |
2029 through 2033 |  |  | 3,278 |
Total |  | $ | 5,234 |

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