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Benefit Plans (Tables)
9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Components of Company Plan Benefit Expense

The following table summarizes key information related to the Company’s pension plans and retirement agreements (in thousands):

 

 

 

Nine Months Ended
September 30,
2022

 

 

Year Ended
December 31,
2021

 

Change in Projected Benefit Obligation

 

 

 

 

 

 

Projected benefit obligation, beginning of period

 

$

31,830

 

 

$

33,530

 

Service cost

 

 

839

 

 

 

1,404

 

Interest cost

 

 

721

 

 

 

1,274

 

Actuarial gain

 

 

 

 

 

(3,505

)

Benefits paid

 

 

(733

)

 

 

(873

)

Projected benefit obligation, end of period

 

$

32,657

 

 

$

31,830

 

Change in Plan Assets

 

 

 

 

 

 

Plan assets at fair value, beginning of period

 

$

 

 

$

 

Company contributions

 

 

733

 

 

 

873

 

Benefits paid

 

 

(733

)

 

 

(873

)

Plan assets at fair value, end of period

 

$

 

 

$

 

Unfunded Status of the Plan

 

$

32,657

 

 

$

31,830

 

Components of Net Periodic Benefit Cost

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,
2022

 

 

September 30,
2021

 

 

September 30,
2022

 

 

September 30,
2021

 

Components of Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

280

 

 

$

351

 

 

$

839

 

 

$

1,053

 

Interest cost

 

 

240

 

 

 

319

 

 

 

721

 

 

 

956

 

Net loss

 

 

108

 

 

 

197

 

 

 

324

 

 

 

591

 

Net periodic pension cost

 

$

628

 

 

$

867

 

 

$

1,884

 

 

$

2,600