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Post Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Multiemployer Plan
Pension FundEIN/Pension
Plan Number
Pension Protection Act Zone StatusFIP/RP
Status Pending/ Implemented
Contributions of the CompanySurcharge
Imposed
Expiration
Date of Collective Bargaining Agreement
2022202120222021
IAM National Pension Fund /
National Pension Plan (A)
51-6031295 - 002
Red Zone as of 12/31/21Red Zone as of 12/31/20Implemented$1,191,000 $716,000 Yes8/7/2025
Total Contributions:$1,191,000 $716,000 
(A)The plan re-certified its zone status after using the amortization provisions of the Code. The Company's contributions to the plan did not represent more than 5% of total contributions to the plan as indicated in the plan's most recently available annual report for the plan year ended December 31, 2021. Under the terms of the collective-bargaining agreement, the Company is required to make contributions to the plan for each hour worked up to a maximum of 40 hours per person, per week at $1.55 per hour from August 10, 2019 through August 9, 2025. The Company is paying a surcharge of $0.16 for each hour worked up to a maximum of 40 hours per person, per week as a result of the pension plan being in the Red Zone.
Schedule of Benefit Obligation
The funded status of the Company's post retirement health and life insurance benefits plan as of December 31, 2022 and 2021 and reconciliation with the amounts recognized in the Consolidated Balance Sheets are provided below (in thousands):
Post Retirement Benefits
20222021
Change in benefit obligation:
Benefit obligation at January 1$9,080 $9,109 
Interest cost198 161 
Unrecognized loss (gain)(2,136)79 
Benefits paid, net(517)(269)
Benefit obligation at December 31$6,625 $9,080 
Plan Assets— — 
Amounts recorded in accumulated other comprehensive income:
Prior service credit$(4,122)$(4,618)
Net loss948 3,257 
Total$(3,174)$(1,361)
Weighted-average assumptions as of December 31:
Discount rate used to determine benefit obligation and net periodic benefit cost4.9  %2.5  %
Schedule of Post Retirement Benefit Plans
The components of expense for all of the Company's post retirement benefit plans for the years ended December 31 (in thousands):
202220212020
Pension expense:
Multi-employer plan$1,137 $857 $676 
Defined contribution plans1,482 1,231 1,173 
Total pension expense2,619 2,088 1,849 
Health and life insurance:
Interest cost198 161 235 
Amortization of prior service credits(496)(496)(496)
Amortization of net loss174 173 181 
Net periodic benefit credit(124)(162)(80)
Total post retirement benefits expense$2,495 $1,926 $1,769 
Schedule of Future Benefit Payments
The estimated future benefit payments of the health care plan for the next ten years are as follows (in thousands):
Postretirement
Health Care Benefits Plan
2023$1,434 
2024413 
2025421 
2026436 
2027424 
2028 - 20322,142