Pension and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations

The following tables set forth the plan changes in benefit obligations, plan assets and funded status on the measurement dates:

	December 31,
(table only in thousands)	2022			2021			2020
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	35,035		$	38,272		$	35,985
Interest cost		877			775			1,034
Actuarial (gain) loss		(6,540	)		(1,936	)		3,323
Benefits paid		(2,022	)		(2,076	)		(2,070	)
Projected benefit obligation at end of year		27,350			35,035			38,272
Change in plan assets:
Fair value of plan assets at beginning of year		29,474			28,545			27,099
Actual return on plan assets		(5,631	)		3,005			1,629
Employer contribution		—			—			1,887
Benefits paid		(2,022	)		(2,076	)		(2,070	)
Fair value of plan assets at end of year		21,821			29,474			28,545
Funded status at end of year	$	(5,529	)	$	(5,561	)	$	(9,727	)
Weighted-average assumptions used to determine benefit obligations for the year ended December 31:
Discount rate		4.90	%		2.55	%		2.10	%

The funded status as of December 31, 2022, 2021 and 2020, was $5.5 million, $5.6 million and $9.7 million, respectively and is recognized in the accompanying Consolidated Balance Sheets within other long-term liabilities.

Schedule of Net Periodic Benefit Cost For Pension Benefits Included in the Accompanying Consolidated Statements of Operations

The details of net periodic benefit cost for pension benefits included in the accompanying Consolidated Statements of Income are as follows:

	December 31,
(table only in thousands)	2022			2021			2020
Interest cost	$	877		$	775		$	1,034
Expected return on plan assets		(1,560	)		(1,510	)		(1,594	)
Amortization of net loss		263			411			266
Net periodic benefit income	$	(420	)	$	(324	)	$	(294	)

Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income:

	December 31,
(table only in thousands)	2022			2021			2020
Net loss (gain)	$	651		$	(3,432	)	$	3,287
Amortization of net actuarial loss		(263	)		(411	)		(266	)
Total recognized in other comprehensive income (loss)	$	388		$	(3,843	)	$	3,021
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(32	)	$	(4,167	)	$	2,727

Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit costs

	December 31,
	2022	2021	2020
Discount Rate	2.55%	2.10%	2.95%
Expected return on assets	5.50%	5.50%	6.00%

Details of Defined Benefit Pension Plan Asset Allocation by Asset Category

defined benefit pension plan asset allocation by asset category is as follows:

	Target Allocation	Percentage of Plan Assets
	2022	2022	2021
Asset Category:
Cash and cash equivalents	0%	2%	1%
Equity securities	70%	73%	77%
Debt securities	30%	25%	22%
Total	100%	100%	100%

Disclosure of Fair Value Measurements of Pension Plan Assets

The levels assigned to the defined benefit plan assets as of December 31, 2022, are summarized in the tables below:

(table only in thousands)	Level 1		Level 2		Level 3		Total
Pension assets, at fair value:
Cash and cash equivalents	$	354	$	—	$	—	$	354
Equity securities		15,984		—		—		15,984
Debt securities		5,483		—		—		5,483
Total assets	$	21,821	$	—	$	—	$	21,821

The levels assigned to the defined benefit plan assets as of December 31, 2021, are summarized in the tables below:

(table only in thousands)	Level 1		Level 2		Level 3		Total
Pension assets, at fair value:
Cash and cash equivalents	$	208	$	—	$	—	$	208
Equity securities		22,687		—		—		22,687
Debt securities		6,579		—		—		6,579
Total assets	$	29,474	$	—	$	—	$	29,474

Summary of Pension Fund General Information

The Company’s participation in these plans for the year ended December 31, 2022, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2022 is for the plan’s year-end at December 31, 2021. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject.

Pension Fund	EIN/Pension Plan Number	Pension Protection Act Zone Status 2012	FIF/RP Status Pending/Implemented	Surcharge Imposed	Expiration of Collective Bargaining Agreement
Sheet Metal Workers’ National Pension Fund	52-6112463/001	Green	FIF: Yes - Implemented  RP: Yes - Implemented	No	Various
Sheet Metal Workers Local 224 Pension Plan	31-6171353/001	Yellow	FIF: Yes - Implemented	No	n/a
Sheet Metal Workers Local No. 177 Pension Fund	62-6093256/001	Green	Is not subject	No	April 30, 2023