Pension Plans (Tables)

12 Months Ended

Dec. 31, 2023

Pension Plans

Funded Status and Accrued Pension Cost

The following table sets forth the funded status of the retirement plan at December 31 (amounts in thousands):

	2023		2022
CHANGE IN BENEFIT OBLIGATION:
Benefit obligation at beginning of year	$	60,922	$	76,680
Interest cost		2,794		2,253
Actuarial gain		(188)		(11,086)
Benefits paid		(5,750)		(6,925)
Benefit obligation at end of year		57,778		60,922
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year		52,269		72,486
Actual return on plan assets		6,123		(13,292)
Benefits paid		(5,750)		(6,925)
Fair value of plan assets at end of year		52,642		52,269
Funded status and accrued pension cost	$	(5,136)	$	(8,653)

Assumptions Used to Determine Benefit Obligations

The assumptions used to determine the benefit obligation at December 31 are as follows:

	2023		2022		2021
Discount rate	4.66	%	4.85	%	2.42	%
Rate of compensation increase	N/A		N/A		N/A

The weighted-average assumptions used to determine the net periodic pension expense for years ended December 31 are as follows:

	2023		2022		2021
Discount rate	5.02	%	3.33	%	2.13	%
Rate of compensation increase	N/A		N/A		N/A
Expected long-term rate of return on plan assets	6.00	%	6.00	%	6.00	%

Allocation of Defined Benefit Pension Plans Assets

The allocation of the defined benefit pension plan’s assets at December 31 is as follows (amounts in thousands):

Asset Class	2023		2022
Cash	$	1,013	$	1,015
Mutual funds		51,629		51,254
Total	$	52,642	$	52,269

Pension Plan [Member]

Pension Plans

Net Periodic Pension and Postretirement Benefit (Income) Expense

Net periodic pension (income) expense reflected in other gains and (losses), net in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands):

	2023		2022		2021
Interest cost	$	2,794	$	2,253	$	1,715
Expected return on plan assets		(2,904)		(3,701)		(4,253)
Amortization of net actuarial loss		681		667		689
Net settlement loss		1,313		1,894		1,379
Total net periodic pension expense	$	1,884	$	1,113	$	(470)

Expected Future Benefit Payments

The Company does not expect to be required to contribute to its defined benefit pension plan in 2024. Based on the Company’s assumptions discussed above, the Company expects to make the following estimated future benefit payments under the plan during the years ending December 31 (amounts in thousands):

2024	$	7,924
2025		6,218
2026		4,979
2027		5,607
2028		5,692
2029 - 2033		20,841