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Pension Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of net funded status
For the Years Ended December 31,
20222021
(in thousands)
Change in benefit obligation:
Projected benefit obligation at beginning of year$75,760 $73,593 
Service cost4,652 4,455 
Interest cost2,314 2,089 
Actuarial (gain) loss(15,567)1,914 
Benefits paid(1,998)(4,630)
Settlements— (1,661)
Projected benefit obligation at end of year65,161 75,760 
Change in plan assets:
Fair value of plan assets at beginning of year35,941 32,894 
Actual return on plan assets(3,529)2,777 
Employer contribution6,000 6,561 
Benefits paid(1,998)(4,630)
Settlements— (1,661)
Fair value of plan assets at end of year36,414 35,941 
Funded status at end of year$(28,747)$(39,819)
Schedule of accumulated benefit obligation in excess of plan assets
Accumulated Benefit Obligation in Excess of Plan Assets for the Pension Plans
As of December 31,
20222021
(in thousands)
Projected benefit obligation$65,161 $75,760 
Accumulated benefit obligation$55,712 $64,325 
Less: fair value of plan assets(36,414)(35,941)
Underfunded accumulated benefit obligation$19,298 $28,384 
Schedule of net periodic pension costs not yet recognized
The pre-tax amounts not yet recognized in net periodic pension costs, but rather recognized in the accumulated other comprehensive loss line item within the accompanying balance sheets as of December 31, 2022, and 2021, were as follows:
As of December 31,
20222021
(in thousands)
Unrecognized actuarial losses$5,130 $16,388 
Accumulated other comprehensive loss (pre-tax)$5,130 $16,388 
Schedule of pension liability adjustments recognized in other comprehensive income (loss)
The pension liability adjustments recognized in other comprehensive income (loss) during 2022, 2021, and 2020, were as follows:
For the Years Ended December 31,
202220212020
(in thousands)
Net actuarial gain (loss)$10,327 $(612)$(6,381)
Amortization of prior service cost— 13 17 
Amortization of net actuarial loss931 1,240 950 
Settlements— 312 2,509 
Total pension liability adjustment, pre-tax11,258 953 (2,905)
Tax (expense) benefit(2,431)(204)626 
Total pension liability adjustment, net$8,827 $749 $(2,279)
Components of net periodic benefit cost for the pension plans
Components of Net Periodic Benefit Cost for the Pension Plans
For the Years Ended December 31,
202220212020
(in thousands)
Components of net periodic benefit cost:
Service cost$4,652 $4,455 $4,516 
Interest cost2,314 2,0892,358 
Expected return on plan assets that reduces periodic pension benefit cost(1,711)(1,474)(1,735)
Amortization of prior service cost— 13 17 
Amortization of net actuarial loss931 1,240 950 
Net periodic benefit cost6,186 6,323 6,106 
Settlements— 312 2,509 
Total net benefit cost$6,186 $6,635 $8,615 
Schedule of weighted-average pension plan assumptions
The weighted-average assumptions used to measure the Company’s projected benefit obligation are as follows:
As of December 31,
20222021
Projected benefit obligation:
Discount rate5.2%3.1%
Rate of compensation increase3.5%3.6%
The weighted-average assumptions used to measure the Company’s net periodic benefit cost are as follows:
For the Years Ended December 31,
202220212020
Net periodic benefit cost:
Discount rate3.1%2.9%3.6%
Expected return on plan assets (1)
3.6%4.4%5.3%
Rate of compensation increase4.8%4.4%4.5%
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(1)There is no assumed expected return on plan assets for the Nonqualified Pension Plan because there are no plan assets in the Nonqualified Pension Plan.
Schedule of weighted-average asset allocation of the Qualified Pension Plan
The weighted-average asset allocation of the Qualified Pension Plan is as follows:
TargetAs of December 31,
Asset Category202320222021
Equity securities45.0 %47.1 %39.0 %
Fixed income securities30.0 %21.0 %27.9 %
Other securities25.0 %31.9 %33.1 %
Total100.0 %100.0 %100.0 %
Schedule of fair values of the Qualified Pension Plan assets
The fair values of the Company’s Qualified Pension Plan assets as of December 31, 2022, and 2021, utilizing the fair value hierarchy discussed in Note 8 – Fair Value Measurements are as follows:
Fair Value Measurements Using:
Actual Asset Allocation (1)
TotalLevel 1 InputsLevel 2 InputsLevel 3 Inputs
(in thousands)
As of December 31, 2022
Equity securities:
Domestic (2)
20.7 %$7,533 $5,012 $2,521 $— 
International (3)
26.4 %9,594 9,594 — — 
Total equity securities47.1 %17,127 14,606 2,521 — 
Fixed income securities:
Core fixed income (4)
14.3 %5,220 5,220 — — 
Floating rate corporate loans (5)
6.7 %2,450 2,450 — — 
Total fixed income securities21.0 %7,670 7,670 — — 
Other securities:
Real estate (6)
6.8 %2,476 — — 2,476 
Collective investment trusts (7)
1.9 %687 — 687 — 
Hedge fund (8)
23.2 %8,454 4,133 — 4,321 
Total other securities31.9 %11,617 4,133 687 6,797 
Total investments100.0 %$36,414 $26,409 $3,208 $6,797 
As of December 31, 2021
Equity securities:
Domestic (2)
19.1 %$6,860 $4,909 $1,951 $— 
International (3)
19.9 %7,138 7,138 — — 
Total equity securities39.0 %13,998 12,047 1,951 — 
Fixed income securities:
Core fixed income (4)
18.8 %6,770 6,770 — — 
Floating rate corporate loans (5)
9.1 %3,272 3,272 — — 
Total fixed income securities27.9 %10,042 10,042 — — 
Other securities:
Real estate (6)
5.1 %1,833 — — 1,833 
Collective investment trusts (7)
1.4 %499 — 499 — 
Hedge fund (8)
26.6 %9,569 5,207 — 4,362 
Total other securities33.1 %11,901 5,207 499 6,195 
Total investments100.0 %$35,941 $27,296 $2,450 $6,195 
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(1)Percentages may not calculate due to rounding.
(2)Level 1 equity securities consist of United States large and small capitalization companies, which are actively traded securities that can be sold on demand. Level 2 equity securities are investments in a collective investment fund that is valued at net asset value based on the value of the underlying investments and total units outstanding on a daily basis. The objective of these funds is to approximate the S&P 500 by investing in one or more collective investment funds.
(3)International equity securities consist of a well-diversified portfolio of holdings of mostly large issuers organized in developed countries with liquid markets, commingled with investments in equity securities of issuers located in emerging markets that are believed to have strong sustainable financial productivity at attractive valuations.
(4)The objective of core fixed income funds is to achieve value added from sector or issue selection by constructing a portfolio to approximate the investment results of the Barclay’s Capital Aggregate Bond Index with a modest amount of variability in duration around the index.
(5)Investments consist of floating rate bank loans. The interest rates on these loans are typically reset on a periodic basis to account for changes in the level of interest rates.
(6)The investment objective of direct real estate is to provide current income with the potential for long-term capital appreciation. Ownership in real estate entails a long-term time horizon, periodic valuations, and potentially low liquidity.
(7)Collective investment trusts invest in short-term investments and are valued at the net asset value of the collective investment trust. The net asset value, as provided by the trustee, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities.
(8)The hedge fund portfolio includes investments in actively traded global mutual funds that focus on alternative investments and a hedge fund of funds that invests both long and short using a variety of investment strategies.
Schedule of changes in Level 3 plan assets
The following is a summary of the changes in Level 3 plan assets (in thousands):
Balance at January 1, 2021$5,736 
Purchases250 
Realized gain on assets132 
Unrealized gain on assets298 
Disposition(221)
Balance at December 31, 2021$6,195 
Purchases400 
Realized gain on assets259 
Unrealized loss on assets(57)
Disposition— 
Balance at December 31, 2022$6,797 
Schedule of expected benefit payments Expected benefit payments over the next 10 years are as follows:
For the Years Ending December 31,Amount
(in thousands)
2023$7,996 
2024$4,181 
2025$4,835 
2026$7,112 
2027$5,103 
2028 through 2032$26,981