Pension and Employee Benefit Plans

6 Months Ended

Jun. 30, 2023

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 Income.

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

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2023			2022			2023			2022
Interest cost	$	318		$	220		$	637		$	439
Expected return on plan assets		(285	)		(390	)		(571	)		(780	)
Amortization of net actuarial loss		74			65			148			131
Net periodic benefit cost (gain)	$	107		$	(105	)	$	214		$	(210	)

The Company made no contributions to its defined benefit plan during the six months ended June 30, 2023 and 2022. For the remainder of 2023, the Company does not expect to make any contributions to fund the pension plan. The unfunded liability of the plan of $5.7 million and $5.5 million as of June 30, 2023 and December 31, 2022, respectively, is included in “Other liabilities” on the Condensed Consolidated Balance Sheets.