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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company provides certain full-time employees with pension benefits under defined benefit and defined contribution plans. The measurement date for all plans is December 31st. The Company's expense for its defined contribution plans amounted to $14.6 million, $8.1 million and $8.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. The expense for the Company's defined contribution plans increased in the current year as the discretionary contribution increased consistent with the improved operating results. The Company also provides health insurance benefits to certain employees and retirees.

The Company has an unfunded noncontributory defined benefit pension plan. The plan provides defined benefits based on years of service and average monthly compensation using a career average formula. Pension benefits were frozen at July 1, 2010.

The Company also has postretirement health care benefit plans covering substantially all of its full-time employees hired prior to January 1, 2003. These plans are generally contributory and include a cap on the Company's share of the related costs.

Obligation and Funded Status

Following are the details of the obligation and funded status of the pension and postretirement benefit plans:
(in thousands)
Pension Benefits
Postretirement Benefits
Change in benefit obligation2021202020212020
Benefit obligation at beginning of year$1,884 $3,088 $25,324 $24,872 
Service cost— — 302 221 
Interest cost6 48 546 719 
Actuarial (gains) losses(4)68 (1,252)452 
Participant contributions— — 271 298 
Benefits paid(1,014)(1,320)(1,249)(1,238)
Benefit obligation at end of year$872 $1,884 $23,942 $25,324 
(in thousands)Pension BenefitsPostretirement Benefits
Change in plan assets2021202020212020
Fair value of plan assets at beginning of year$— $— $— $— 
Company contributions1,014 1,320 978 940 
Participant contributions— — 271 298 
Benefits paid(1,014)(1,320)(1,249)(1,238)
Fair value of plan assets at end of year$— $— $— $— 
Under funded status of plans at end of year$(872)$(1,884)$(23,942)$(25,324)

Amounts recognized in the Consolidated Balance Sheets at December 31, 2021 and 2020 consist of:
Pension BenefitsPostretirement Benefits
(in thousands)2021202020212020
Accrued expenses and other current liabilities$259 $1,014 $1,359 $1,310 
Other long-term liabilities613 870 22,583 24,014 
Net amount recognized$872 $1,884 $23,942 $25,324 


Following are the details of the pre-tax amounts recognized in Accumulated other comprehensive income at December 31, 2021:
Pension BenefitsPostretirement Benefits
(in thousands)Unamortized Actuarial Net LossesUnamortized Prior Service CostsUnamortized Actuarial Net LossesUnamortized Prior Service Costs
Balance at beginning of year$2,854 $— $(4,069)$3,187 
Amounts arising during the period(4)— (1,260)— 
Amounts recognized as a component of net periodic benefit cost(266)— (169)911 
Balance at end of year$2,584 $— $(5,498)$4,098 

Amounts applicable to the Company's defined benefit plans with accumulated benefit obligations in excess of plan assets are as follows:
December 31,
(in thousands)20212020
Projected benefit obligation$872 $1,884 
Accumulated benefit obligation$872 $1,884 

The combined benefits expected to be paid for all Company defined benefit plans over the next ten years are as follows:
(in thousands)Expected Pension Benefit PayoutExpected Postretirement Benefit Payout
2022$259 $1,359 
2023212 1,354 
2024207 1,351 
2025208 1,361 
20261 1,362 
2027-20314 6,633 
Following are components of the net periodic benefit cost for each year:
 Pension BenefitsPostretirement Benefits
December 31,December 31,
(in thousands)202120202019202120202019
Service cost$— $— $— $302 $221 $365 
Interest cost6 48 116 546 719 854 
Expected return on plan assets— — — (911)(911)(911)
Recognized net actuarial loss266 248 232 169 79 — 
Net periodic benefit cost$272 $296 $348 $106 $108 $308 
 
Following are weighted-average assumptions of pension and postretirement benefits for each year:
Postretirement Benefits
202120202019
Used to Determine Benefit Obligations at Measurement Date
Discount rate (a)2.6 %2.2 %3.0 %
Used to Determine Net Periodic Benefit Cost for Years ended December 31
Discount rate (b)2.2 %3.0 %4.1 %
Expected long-term return on plan assets— — — 
Rate of compensation increases— — — 
(a)The calculated rate for the unfunded employee retirement plan was 1.10%, 0.50% and 2.00% in 2021, 2020, and 2019, respectively. Since it was terminated in 2015, the defined benefit pension plan did not have a discount rate during the three-year period presented above.
(b)The calculated rate for the unfunded employee retirement plan was 0.50%, 2.00% and 3.20% in 2021, 2020, and 2019, respectively. Since it was terminated in 2015, the defined benefit pension plan did not have a discount rate during the three-year period presented above.
Assumed Health Care Cost Trend Rates at Beginning of Year
20212020
Health care cost trend rate assumed for next year3.0 %3.0 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (a)N/AN/A
Year that the rate reaches the ultimate trend rate (a)N/AN/A
(a)In 2017, the Company's remaining uncapped participants were converted to a Medicare Exchange Health Reimbursement Arrangement, which put a 2% cap on the Company's share of the related costs.