Employee Pension Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Employee Pension Plans

Employee Pension PlansThe Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans.

The following table sets forth a summary of the net periodic benefit cost for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Interest cost	$	647	$	582	$	1,293	$	1,164
Service cost	240		237		480		473
Expected return on plan assets	(973)		(1,015)		(1,946)		(2,030)
Recognized net actuarial losses	638		683		1,277		1,366
Net periodic benefit cost	$	552	$	487	$	1,104	$	973

Due to the election of certain options provided under the American Rescue Plan Act of 2021, enacted on March 11, 2021, the Company is not required to, and does not intend to, contribute amounts to the defined benefit pension plan in 2022. The Company contributed $1.0 million to its defined benefit pension plan during the six months ended June 30, 2021.