Pension Plans And Other Postretirement Benefits

6 Months Ended

Jun. 30, 2023

Pension Plans And Other Postretirement Benefits [Abstract]

Pension Plans And Other Postretirement Benefits

Note 10 – Pension Plans and Other Postretirement Benefits  

The Company maintains a qualified defined benefit pension plan (the “Pension Plan”), a nonqualified pension plan, and other postretirement benefit plans for certain of its employees.

The following tables provide the components of net periodic benefit cost (credit) for the Company’s pension and other postretirement benefit plans:

	Pension Benefits
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Service cost	$	400	$	707	$	801	$	1,414
Interest cost		4,309		3,202		8,617		6,403
Expected return on plan assets		(5,673)		(5,894)		(11,345)		(11,789)
Amortization of prior service cost		171		134		342		268
Amortization of actuarial loss		809		436		1,618		871
Net periodic benefit cost (credit)	$	16	$	(1,415)	$	33	$	(2,833)

	Other
	Postretirement Benefits
		Three Months Ended				Six Months Ended
		June 30,				June 30,
	2023		2022		2023		2022
Service cost	$	337	$	477	$	674	$	955
Interest cost		1,119		843		2,238		1,685
Expected return on plan assets		(1,093)		(1,126)		(2,186)		(2,251)
Amortization of actuarial loss		(330)		(334)		(659)		(668)
Net periodic benefit cost (credit)	$	33	$	(140)	$	67	$	(279)

The net periodic benefit cost (credit) is based on estimated values and an extensive use of assumptions about the discount rate, expected return on plan assets, the rate of future compensation increases received by the Company’s employees, mortality, turnover, and medical costs. The Company presents the components of net periodic benefit cost (credit) other than service cost in the consolidated statements of operations and comprehensive income on the line item “Other”.

There were no cash contributions made to the Pension Plan during the first six months of 2023.