Pension and Employee Benefit Plans

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Pension and Employee Benefit Plans

10. Pension and Employee Benefit Plans

The Company sponsors a non-contributory defined benefit pension plan for certain union employees. The plan is funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974.

The Company presents the components of net periodic benefit cost (gain) within “Other income (expense), net” on the Condensed Consolidated Statements of Operations.

Retirement plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the expense consisted of the following:

	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2022			2021			2022			2021
Pension plan:
Interest cost	$	219		$	194		$	658		$	582
Expected return on plan assets		(390	)		(378	)		(1,170	)		(1,133	)
Amortization of net actuarial loss		66			103			197			308
Net periodic benefit gain	$	(105	)	$	(81	)	$	(315	)	$	(243	)

The Company made no contributions to its defined benefit plan during the nine months ended September 30, 2022 and 2021. For the remainder of 2022, the Company does not expect to make any contributions to fund the pension plan. The unfunded liability of the plan of $5.3 million and $5.6 million as of September 30, 2022 and December 31, 2021, respectively, is included in “Other liabilities” on the Condensed Consolidated Balance Sheets.