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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Change in Plan Assets and Funded Status

The changes in benefit obligation, change in plan assets and funded status as of December 31, 2022 and 2021, are as follows:

 

 

 

 

Pension Benefits

 

 

 

 

2022

 

 

 

2021

 

Change in benefit obligation

 

 

 

 

 

 

 

 

Benefit obligation  Beginning of year

 

 

$

50,938

 

 

 

$

55,359

 

Interest cost

 

 

 

867

 

 

 

 

944

 

Actuarial (gain) loss

 

 

 

(8,985

)

 

 

 

(2,098

)

Benefits paid

 

 

 

(2,730

)

 

 

 

(3,267

)

Annuity purchase

 

 

 

(27,647

)

 

 

 

-

 

Benefit obligation  End of year

 

 

 

12,443

 

 

 

 

50,938

 

Change in plan assets

 

 

 

 

 

 

 

 

Plan assets  Beginning of year

 

 

 

50,903

 

 

 

 

48,314

 

Return on plan assets

 

 

 

(9,123

)

 

 

 

5,856

 

Annuity purchase

 

 

 

(27,647

)

 

 

 

-

 

Benefits paid

 

 

 

(2,730

)

 

 

 

(3,267

)

Plan assets at fair value  End of year

 

 

 

11,403

 

 

 

 

50,903

 

Funded status of plans  End of year

 

 

$

(1,040

)

 

 

$

(35

)

 

 

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

 

 

 

Pension Benefits

 

 

 

 

2022

 

 

 

2021

 

Amounts recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

Current liabilities

 

 

$

-

 

 

 

$

-

 

Noncurrent liabilities

 

 

 

(1,040

)

 

 

 

(35

)

Net amount recognized at December 31

 

 

$

(1,040

)

 

 

$

(35

)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Amounts recognized in accumulated other comprehensive income (loss) but not yet recognized in earnings at December 31, 2022 and 2021, are as follows:

 

 

 

 

Pension Benefits

 

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

 

Net actuarial loss

 

 

$

5,260

 

 

 

$

11,803

 

 

 

 

$

5,260

 

 

 

$

11,803

 

 

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost (income) for the years ended December 31, 2022 and 2021, are as follows:

 

 

 

 

Pension Benefits

 

 

 

 

2022

 

 

 

2021

 

Components of net periodic benefit cost

 

 

 

 

 

 

 

 

Interest cost

 

$

 

867

 

 

$

 

944

 

Expected return on plan assets

 

 

 

(1,650

)

 

 

 

(2,335

)

Amortization of unrecognized net loss (gain)

 

 

 

228

 

 

 

 

621

 

Total net periodic (income) benefit cost

 

$

 

(555

)

 

$

 

(770

)

 

 

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

The increase (decrease) in accumulated other comprehensive income (loss) (pre-tax) for the years ended December 31, 2022 and 2021, are as follows:

 

 

 

 

Pension Benefits

 

 

 

 

2022

 

 

 

2021

 

Net actuarial (gain) loss

 

 

$

1,789

 

 

 

$

(5,620

)

Amortization of:

 

 

 

 

 

 

 

 

Actuarial loss from settlement

 

 

 

(8,105

)

 

 

 

-

 

Net actuarial loss

 

 

 

(228

)

 

 

 

(621

)

Total recognized in accumulated other comprehensive loss

 

 

$

(6,544

)

 

 

$

(6,241

)

 

Schedule of Expected Benefit Payments [Table Text Block]

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2022:

 

 

 

 

Pension Benefits

 

 

 

 

 

 

2023

 

 

$

760

 

2024

 

 

 

765

 

2025

 

 

 

789

 

2026

 

 

 

804

 

2027

 

 

 

796

 

2028 through 2032

 

 

 

4,196

 

 

Defined Benefit Plan, Assumptions [Table Text Block]

The assumptions used to determine end of year benefit obligations are shown in the following table:

 

 

 

 

Pension Benefits

 

 

 

2022

 

 

2021

Discount rates

 

 

5.22%

 

 

2.84%

 

 

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-2021 with COVID adjustment), which reflects additional data that the Social Security Administration has released since prior assumptions (MP-2020) were developed. The Company used the base mortality table Pri-2012 projected generationally using a modified MP-2021 with Endemic COVID adjustment for purposes of measuring its pension obligations at December 31, 2022.

 

The 2022 actuarial gain of $8,985 was largely the result of the change in mortality improvement scale MP-2021 with Endemic COVID adjustment to reflect anticipated slow recovery from COVID. The 2021 actuarial gain of $2,098 was largely the result of the change in the yield curve to Pri-2012 with MP-2021. The impact of the mortality improvement scale MP-2021 also created a slight actuarial gain for 2021.

 

The assumptions used in the measurement of net periodic cost are shown in the following table:

 

 

 

 

Pension Benefits

 

 

 

2022

 

 

2021

Discount rate for benefit obligations

 

 

5.22%

 

 

2.48%

 

Expected return on plan assets

 

 

3.00%

 

 

5.00%

 

Rate for interest on benefit obligations

 

 

5.10%

 

 

1.77%

 

Discount rate for service cost

 

 

N/A

 

 

N/A

 

 

Schedule of Allocation of Plan Assets [Table Text Block]

The Company’s pension plan’s weighted average asset allocations at December 31, 2022 and 2021, and target allocations for 2023, by asset category, are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan Assets at December 31,

 

 

Target Allocation

 

 

 

 

2022

 

 

2021

 

 

2023

 

Asset Category

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

1

%

 

 

2

%

 

0% - 5%

 

Equity securities

 

 

 

0

%

 

 

54

%

 

0%

 

Fixed income securities

 

 

 

99

%

 

 

33

%

 

95%-100%

 

Real estate

 

 

 

0

%

 

 

11

%

 

0%

 

 

 

 

 

100

%

 

 

100

%

 

100%

 

 

 

Schedule of Changes in Fair Value of Plan Assets [Table Text Block] 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, 2022 and 2021:

 

   Pension Plan Assets

 

 

As of December 31, 2022

 

 

 

 

Level 1

 

 

 

Level 2

 

 

 

Level 3

 

 

 

Total

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income funds

 

 

$

11,268

 

 

 

$

-

 

 

 

$

-

 

 

 

$

11,268

 

Large cap funds

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Small cap funds

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

International funds

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Real estate funds

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Cash and equivalents

 

 

 

135

 

 

 

 

-

 

 

 

 

-

 

 

 

 

135

 

Total

 

 

$

11,403

 

 

 

$

-

 

 

 

$

-

 

 

 

$

11,403

 

 

 

 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