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Benefit Plans (Tables)
9 Months Ended
Sep. 30, 2023
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,
2023

 

 

Year Ended
December 31,
2022

 

Change in Projected Benefit Obligation

 

 

 

 

 

 

Projected benefit obligation, beginning of period

 

$

26,207

 

 

$

31,830

 

Service cost

 

 

559

 

 

 

1,118

 

Interest cost

 

 

1,009

 

 

 

962

 

Actuarial gain

 

 

 

 

 

(6,710

)

Benefits paid

 

 

(591

)

 

 

(993

)

Projected benefit obligation, end of period

 

$

27,184

 

 

$

26,207

 

Change in Plan Assets

 

 

 

 

 

 

Plan assets at fair value, beginning of period

 

$

 

 

$

 

Company contributions

 

 

591

 

 

 

993

 

Benefits paid

 

 

(591

)

 

 

(993

)

Plan assets at fair value, end of period

 

$

 

 

$

 

Unfunded Status of the Plan

 

$

27,184

 

 

$

26,207

 

Components of Net Periodic Benefit Cost

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2023

 

 

September 30, 2022

 

 

September 30, 2023

 

 

September 30, 2022

 

Components of Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

186

 

 

$

280

 

 

$

559

 

 

$

839

 

Interest cost

 

 

336

 

 

 

240

 

 

 

1,009

 

 

 

721

 

Net loss

 

 

-

 

 

 

108

 

 

 

-

 

 

 

324

 

Net periodic pension cost

 

$

522

 

 

$

628

 

 

$

1,568

 

 

$

1,884