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Employee Benefit Plans

12 Months Ended

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

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- References

No definition available.

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