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Employee Pension Plans
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2023 and 2022:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2023202220232022
Interest cost$969 $647 $1,938 $1,293 
Service cost255 240 510 480 
Expected return on plan assets(979)(973)(1,957)(1,946)
Recognized net actuarial losses413 638 826 1,277 
Net periodic benefit cost$658 $552 $1,317 $1,104 
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 six months ended June 30, 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 six months ended June 30, 2022.