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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Compensation And Retirement Disclosure [Abstract]  
Components of Company Plan Benefit Expense

The following table summarizes key information related to the Company’s pension plans and retirement agreements. The table illustrates the reconciliation of the beginning and ending balances of the benefit obligation showing the effects during the periods presented attributable to service cost, interest cost, plan amendments, termination benefits, actuarial gains and losses. The assumptions used in the Company’s calculation of accrued pension costs are based on market information and the Company’s historical rates for employment compensation and discount rates.

 

 

 

December 31, 2021

 

 

December 31, 2020

 

Accumulated Benefit Obligation, End of Year

 

$

25,417

 

 

$

25,229

 

 

 

 

 

 

 

 

 

 

Change in Projected Benefit Obligation

 

 

 

 

 

 

 

 

Projected Benefit Obligation, Beginning of Year

 

$

33,530

 

 

$

37,551

 

Service Cost

 

 

1,404

 

 

 

1,254

 

Interest Cost

 

 

1,274

 

 

 

1,306

 

Other reclassification [1]

 

 

 

 

 

(8,925

)

Actuarial (Gain) Loss

 

 

(3,505

)

 

 

3,180

 

Benefits Paid

 

 

(873

)

 

 

(836

)

Projected Benefit Obligation, End of Year

 

$

31,830

 

 

$

33,530

 

Change in Plan Assets

 

 

 

 

 

 

 

 

Plan Assets at Fair Value, Beginning of Year

 

$

 

 

$

 

Company Contributions

 

 

873

 

 

 

836

 

Benefits Paid

 

 

(873

)

 

 

(836

)

Plan Assets at Fair Value, End of Year

 

$

 

 

$

 

Unfunded Status of the Plan

 

$

(31,830

)

 

$

(33,530

)

Amounts Recognized in Accumulated Other Comprehensive Income

 

 

 

 

 

 

 

 

Net Loss

 

 

6,631

 

 

 

10,925

 

Total Pension Cost

 

$

6,631

 

 

$

10,925

 

Components of Net Periodic Benefit Cost

 

 

2021

 

 

2020

 

Components of Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

Service Cost

 

$

1,404

 

 

$

1,254

 

Interest Cost

 

 

1,274

 

 

 

1,306

 

Amortization of:

 

 

 

 

 

 

 

 

Net Loss

 

 

788

 

 

 

540

 

Net Periodic Pension Cost

 

$

3,466

 

 

$

3,100

 

Weighted Average Assumptions for Expense

 

 

 

 

 

 

 

 

Discount Rate

 

 

3.05

%

 

 

2.80

%

Expected Return on Plan Assets

 

N/A

 

 

N/A

 

Rate of Compensation Increase

 

 

4.40

%

 

 

4.40

%

 

Benefit Payments Representing the Company's Obligations to Employees

The benefit payments reflected in the table below represent the Company’s obligations to employees that are eligible for retirement or have already retired and are receiving deferred compensation benefits:

 

Fiscal Year

 

Pension

Benefits

 

 

 

(In thousands)

 

2022

 

$

912

 

2023

 

 

904

 

2024

 

 

993

 

2025

 

 

1,059

 

2026

 

 

1,242

 

Thereafter

 

 

26,720

 

 

 

$

31,830