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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Employee Benefit Plans [Abstract] |
Change in Plan Assets and Funded Status | The changes in benefit obligation, change in plan assets and funded status as of December 31, 2021 and 2020, are as follows:
|  |  | Pension Benefits |
|  |  | 2021 |  |  |  | 2020 |
Change in benefit obligation |  |  |  |  |  |  |  |
Benefit obligation – Beginning of year |  |  | $ | 55,359 |  |  |  | $ | 53,294 |
Interest cost |  |  |  | 944 |  |  |  |  | 1,430 |
Actuarial (gain) loss |  |  |  | (2,098 | ) |  |  |  | 3,870 |
Benefits paid |  |  |  | (3,267 | ) |  |  |  | (3,235 | )
Benefit obligation – End of year |  |  |  | 50,938 |  |  |  |  | 55,359 |
Change in plan assets |  |  |  |  |  |  |  |
Plan assets – Beginning of year |  |  |  | 48,314 |  |  |  |  | 46,784 |
Return on plan assets |  |  |  | 5,856 |  |  |  |  | 4,765 |
Benefits paid |  |  |  | (3,267 | ) |  |  |  | (3,235 | )
Plan assets at fair value – End of year |  |  |  | 50,903 |  |  |  |  | 48,314 |
Funded status of plans – End of year |  |  | $ | (35 | ) |  |  | $ | (7,045 | )
Schedule of Amounts Recognized in Balance Sheet |
|  |  | Pension Benefits |
|  |  | 2021 |  |  |  | 2020 |
Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |
Current liabilities |  |  | $ | - |  |  |  | $ | - |
Noncurrent liabilities |  |  |  | (35 | ) |  |  |  | (7,045 | )
Net amount recognized at December 31 |  |  | $ | (35 | ) |  |  | $ | (7,045 | )
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive loss but not yet recognized in earnings at December 31, 2021 and 2020, are as follows:
|  |  | Pension Benefits |
|  |  | 2021 |  |  |  | 2020 |
Net actuarial loss |  |  | $ | 11,803 |  |  |  | $ | 18,045 |
|  |  | $ | 11,803 |  |  |  | $ | 18,045 |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost for the years ended December 31, 2021 and 2020, are as follows:
|  |  | Pension Benefits |
|  |  | 2021 |  |  |  | 2020 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |
Interest cost |  | $ |  | 944 |  |  | $ |  | 1,430 |
Expected return on plan assets |  |  |  | (2,335 | ) |  |  |  | (2,438 | )
Amortization of unrecognized net loss (gain) |  |  |  | 621 |  |  |  |  | 562 |
Total net periodic (income) benefit cost |  | $ |  | (770 | ) |  | $ |  | (446 | )
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | The increase (decrease) in accumulated other comprehensive loss (pre-tax) for the years ended December 31, 2021 and 2020, are as follows:
|  |  | Pension Benefits |
|  |  | 2021 |  |  |  | 2020 |
Net actuarial (gain) loss |  |  | $ | (5,620 | ) |  |  | $ | 1,544 |
Amortization of net actuarial (gain) loss |  |  |  | (621 | ) |  |  |  | (561 | )
Total recognized in accumulated other comprehensive loss |  |  | $ | (6,241 | ) |  |  | $ | 983 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2021:
|  |  | Pension Benefits |
2022 |  |  | $ | 3,206 |
2023 |  |  |  | 3,234 |
2024 |  |  |  | 3,195 |
2025 |  |  |  | 3,175 |
2026 |  |  |  | 3,139 |
2027 through 2031 |  |  |  | 14,897 |
Schedule of Assumptions Used | The assumptions used to determine end of year benefit obligations are shown in the following table:
|  |  | Pension Benefits
|  |  | 2021 |  |  | 2020
Discount rates |  |  | 2.84% |  |  | 2.48%
The discount rate is determined using a yield curve model that uses yields on high quality corporate bonds (AA rated or better) to produce a single equivalent rate. The yield curve model excludes callable bonds except those with make-whole provisions, private placements and bonds with variable rates. In October 2021, the Society of Actuaries issued base mortality table Pri-2012 which is split by retiree and contingent survivor tables and includes mortality improvement assumptions for U.S. plans, scale (MP-2021with COVID adjustment), which reflects additional data that the Social Security Administration has released since prior assumptions (MP-2020) were developed. The Company has historically utilized the Society of Actuaries’ published mortality data in its plan assumptions. Accordingly, the Company adopted Pri-2012 with MP-2021 for purposes of measuring its pension obligations at December 31, 2021. The 2021 actuarial gain of $2,098 was largely the result of the change in the yield curve. The impact of the mortality improvement scale MP-2021also created a slight actuarial gain for 2021. The 2020 actuarial loss of $3,870 was largely the result of the change in the yield curve. The 2020 actuarial loss related to the change in the yield curve was partially offset by the impact of the mortality improvement scale MP-2020. The assumptions used in the measurement of net periodic cost are shown in the following table:
|  |  | Pension Benefits
|  |  | 2021 |  |  | 2020
Discount rate for benefit obligations |  |  | 2.48% |  |  | 3.22% |
Expected return on plan assets |  |  | 5.00% |  |  | 5.40% |
Rate for interest on benefit obligations |  |  | 1.77% |  |  | 2.78% |
Discount rate for service cost |  |  | N/A |  |  | N/A |
Schedule of Allocation of Plan Assets | The Company’s pension plan’s weighted average asset allocations at December 31, 2021 and 2020, and target allocations for 2022, by asset category, are as follows:
|  |  | Plan Assets at December 31, |  |  |  |
|  |  |  |  |  | Target Allocation |
|  |  | 2021 |  |  | 2020 |  |  | 2022 |
Asset Category |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  | 2 | % |  |  | 0 | % |  | 0% - 5% |
Equity securities |  |  |  | 54 | % |  |  | 56 | % |  | 45% - 65% |
Fixed income securities |  |  |  | 33 | % |  |  | 35 | % |  | 30% - 50% |
Real estate |  |  |  | 11 | % |  |  | 9 | % |  | 4%-6% |
|  |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Schedule of Changes in Fair Value of Plan Assets | The following table presents the fair value of pension plan assets classified under the appropriate level of the ASC 820 fair value hierarchy (see Note 2, Summary of Significant Accounting Policies for a description of the fair value hierarchy) as of December 31, 2021 and 2020:
Pension Plan Assets |  |  | As of December 31, 2021 |
|  |  | Level 1 |  |  |  | Level 2 |  |  |  | Level 3 |  |  |  | Total |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income funds |  |  | $ | 16,645 |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | 16,645 |
Large cap funds |  |  |  | 16,238 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 16,238 |
Small cap funds |  |  |  | 4,877 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 4,877 |
International funds |  |  |  | 6,607 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 6,607 |
Real estate funds |  |  |  | 5,529 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 5,529 |
Cash and equivalents |  |  |  | 1,007 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 1,007 |
Total |  |  | $ | 50,903 |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | 50,903 |
Pension Plan Assets |  |  | As of December 31, 2020 |
|  |  | Level 1 |  |  |  | Level 2 |  |  |  | Level 3 |  |  |  | Total |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income funds |  |  | $ | 16,670 |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | 16,670 |
Large cap funds |  |  |  | 16,033 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 16,033 |
Small cap funds |  |  |  | 4,558 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 4,558 |
International funds |  |  |  | 6,338 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 6,338 |
Real estate funds |  |  |  | 4,576 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 4,576 |
Cash and equivalents |  |  |  | 139 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 139 |
Total |  |  | $ | 48,314 |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | 48,314 |

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