Employee Pension Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Employee Pension Plans

Employee Pension Plans

The 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 months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
(in thousands)	2023		2022
Interest cost	$	969	$	646
Service cost	255		240
Expected return on plan assets	(978)		(973)
Recognized net actuarial losses	413		639
Net periodic benefit cost	$	659	$	552

Due to availability of our prefunded pension balance related to the defined benefit pension plan, the Company was not required to make any cash payments during the three months ended March 31, 2023. The Company expects to contribute $1.3 million in cash by the end of 2023. Due to the election of certain options provided under the American Rescue Plan Act of 2021, enacted

on March 11, 2021, the Company was not required to, and did not contribute, amounts to the defined benefit pension plan during the three months ended March 31, 2022