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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2022
Postemployment Benefits [Abstract] |
Employee Benefit Plans |
(12) | Employee Benefit Plans
Defined Contribution Plan The Company has a defined contribution plan that conforms to Section 401(k) of the Internal Revenue Code. Under this plan, employees may contribute a minimum of 1% of their compensation (no maximum) to the Plan. However, the Internal Revenue Code limited contributions to $19,500 and $20,500 (or $26,000 and $27,000 if aged 50 years or older) in 2021 and 2022, respectively. No employer matching contributions were made to the defined contribution plan in 2021 and 2022. Supplemental Employee Retirement Plan The benefit obligations related to the frozen SERP of $10.2 million and $8.0 million are reported in other long-term liabilities in the consolidated balance sheets as of December 31, 2021 and 2022, respectively. The Company contributed $0.5 million to the SERP in both 2021 and 2022. The SERP is summarized as follows:
|  | Year ended December 31, |
|  | 2021 |  |  | 2022 |
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 10,805,326 |  |  | $ | 10,187,817 |
Interest cost |  |  | 222,849 |  |  |  | 250,240 |
Actuarial (gain) loss |  |  | (348,736 | ) |  |  | (1,990,024 | )
Benefits paid |  |  | (491,622 | ) |  |  | (489,961 | )
Benefit obligation at end of year |  | $ | 10,187,817 |  |  | $ | 7,958,072 |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | — |  |  | $ | — |
Employer contribution |  |  | 491,622 |  |  |  | 489,961 |
Benefits paid |  |  | (491,622 | ) |  |  | (489,961 | )
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |
Funded status |  | $ | (10,187,817 | ) |  | $ | (7,958,072 | )
Unrecognized net actuarial loss |  |  | 1,418,856 |  |  |  | (669,250 | )
Cumulative employer contributions in excess of the net periodic pension cost |  | $ | (8,768,961 | ) |  | $ | (8,627,322 | )
Amounts Recognized in the Statement of Financial Position |  |  |  |  |  |  |  |
Current liabilities |  | $ | (545,575 | ) |  | $ | (562,238 | )
Noncurrent liabilities |  |  | (9,642,242 | ) |  |  | (7,395,834 | )
Net amount recognized |  | $ | (10,187,817 | ) |  | $ | (7,958,072 | )
Amounts Recognized in Accumulated Other Comprehensive Income |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | 1,418,856 |  |  | $ | (669,250 | )
Total (before tax effects) |  | $ | 1,418,856 |  |  | $ | (669,250 | )
Information for Pension Plans about Benefit Obligation and Plan Assets |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 10,187,817 |  |  | $ | 7,958,072 |
Accumulated benefit obligation |  | $ | 10,187,817 |  |  | $ | 7,958,072 |
|  | Year ended December 31, |
|  | 2021 |  |  | 2022 |
Weighted-average assumptions for Disclosure |  |  |  |  |  |  |  |
Discount rate |  |  | 2.50 | % |  |  | 4.90 | %
Mortality table |  |  | Pri-2012 WC |  |  |  | Pri-2012 WC |
Mortality improvement scale |  |  | MP-2021 |  |  |  | MP-2021 |
Net periodic benefit cost |  |  |  |  |  |  |  |
Interest cost |  | $ | 222,849 |  |  | $ | 250,240 |
Recognized net actuarial (gain) loss |  |  | 171,677 |  |  |  | 98,082 |
Net periodic benefit cost |  | $ | 394,526 |  |  | $ | 348,322 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | (348,736 | ) |  | $ | (1,990,024 | )
Recognized net actuarial (gain) loss |  |  | (171,677 | ) |  |  | (98,082 | )
Total recognized in other comprehensive income (before tax effects) |  | $ | (520,413 | ) |  | $ | (2,088,106 | )
Total recognized in net cost and other comprehensive |  |  |  |  |  |  |  |
income (before tax effects) |  | $ | (125,887 | ) |  | $ | (1,739,784 | )
Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year |  |  |  |  |  |  |  |
(Gain) loss recognition |  | $ | 81,151 |  |  | $ | — |
Prior service cost recognition |  | $ | — |  |  | $ | — |
Net initial obligation (asset) recognition |  | $ | — |  |  | $ | — |
Weighted-average assumptions used to determine Net Periodic Benefit Cost |  |  |  |  |  |  |  |
Discount rate |  |  | 2.10 | % |  |  | 2.50 | %
Corridor |  |  | 10.00 | % |  |  | 10.00 | %
Average future working lifetime |  |  | 5.43 |  |  |  | 4.99 |
Mortality table |  |  | Pri-2012 WC |  |  |  | Pri-2012 WC |
Mortality improvement scale |  |  | MP-2020 |  |  |  | MP-2021 |
Estimated Future Benefit Payments |  |  |  |  |  |  |  |
2023 |  |  |  |  |  | $ | 562,238 |
2024 |  |  |  |  |  | $ | 595,397 |
2025 |  |  |  |  |  | $ | 618,116 |
2026 |  |  |  |  |  | $ | 618,092 |
2027 |  |  |  |  |  | $ | 610,066 |
2028-2032 |  |  |  |  |  | $ | 2,976,034 |
Contributions |  |  |  |  |  |  |  |
Estimated contributions for 2023 |  |  |  |  |  | $ | 562,238 |

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI https://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI https://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI https://asc.fasb.org/topic&trid=2235017 + Details
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- References No definition available. + Details
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