Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Retirement Benefits [Abstract] |
|
| Schedule of Benefit Plans Disclosures |
The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s defined benefit pension plans as well as the components of net periodic benefit cost, including key assumptions:
|
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
| Change in benefit obligation: |
|
|
|
|
| Benefit obligation at beginning of period |
|
$ |
66,879 |
|
|
$ |
86,465 |
|
|
|
|
|
|
| Interest cost |
|
3,453 |
|
|
2,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Plan settlements |
|
(2,543) |
|
|
(862) |
|
| Benefits paid |
|
(2,798) |
|
|
(2,552) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Actuarial losses/(gains) |
|
1,565 |
|
|
(18,741) |
|
|
|
|
|
|
| Benefit obligation at end of the period |
|
66,556 |
|
|
66,879 |
|
|
|
|
|
|
| Change in plan assets: |
|
|
|
|
| Fair value of plan assets at beginning of period |
|
$ |
60,629 |
|
|
$ |
82,914 |
|
| Actual return on plan assets |
|
6,330 |
|
|
(18,871) |
|
|
|
|
|
|
|
|
|
|
|
| Plan settlements |
|
(2,543) |
|
|
(862) |
|
| Benefits paid |
|
(2,798) |
|
|
(2,552) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value of plan assets at end of the period |
|
61,618 |
|
|
60,629 |
|
|
|
|
|
|
| Funded status of the plans (underfunded) |
|
$ |
(4,938) |
|
|
$ |
(6,250) |
|
|
|
|
|
|
The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s other postretirement benefit plan as well as the components of net periodic benefit cost, including key assumptions:
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|
December 31, |
|
|
2023 |
|
2022 |
| Change in benefit obligation: |
|
|
|
|
| Benefit obligation at beginning of period |
|
$ |
446 |
|
|
$ |
624 |
|
|
|
|
|
|
| Interest cost |
|
24 |
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
| Benefits paid |
|
(1) |
|
|
(1) |
|
|
|
|
|
|
| Premiums paid |
|
(3) |
|
|
(3) |
|
|
|
|
|
|
| Actuarial loss/(gain) |
|
9 |
|
|
(192) |
|
|
|
|
|
|
| Benefit obligation at end of period |
|
475 |
|
|
446 |
|
|
|
|
|
|
| Change in plan assets: |
|
|
|
|
|
|
|
|
|
| Employer contributions |
|
$ |
4 |
|
|
$ |
4 |
|
|
|
|
|
|
| Benefits paid |
|
(1) |
|
|
(1) |
|
|
|
|
|
|
| Premiums paid |
|
(3) |
|
|
(3) |
|
| Fair value of plan assets at end of period |
|
— |
|
|
— |
|
|
|
|
|
|
| Funded status of the plan (underfunded) |
|
$ |
(475) |
|
|
$ |
(446) |
|
|
|
|
|
|
|
| Schedule of Amounts Recognized in Balance Sheet |
Amounts recognized in the consolidated balance sheets consist of:
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|
|
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|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
| Noncurrent liability |
|
$ |
(4,937) |
|
|
$ |
(6,250) |
|
| Accumulated other comprehensive income (loss), net of tax |
|
567 |
|
|
(509) |
|
| Net amount recognized |
|
$ |
(4,370) |
|
|
$ |
(6,759) |
|
|
|
|
|
|
Amounts recognized in the consolidated balance sheets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
| Current liability |
|
$ |
(18) |
|
|
$ |
(18) |
|
| Noncurrent liability |
|
(457) |
|
|
(428) |
|
| Accumulated other comprehensive income (loss), net of tax |
|
79 |
|
|
(299) |
|
| Net amount recognized |
|
$ |
(396) |
|
|
$ |
(745) |
|
|
|
|
|
|
|
| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Amounts recognized in accumulated other comprehensive income (loss) consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) gain |
|
$ |
751 |
|
|
$ |
(1,039) |
|
|
|
|
|
| Gross amount recognized |
|
751 |
|
|
(1,039) |
|
|
|
|
|
| Deferred income taxes |
|
(184) |
|
|
530 |
|
|
|
|
|
| Net amount recognized |
|
$ |
567 |
|
|
$ |
(509) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in accumulated other comprehensive income consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
| Prior service credit |
|
$ |
30 |
|
|
$ |
154 |
|
| Net gain (loss) |
|
75 |
|
|
80 |
|
| Gross amount recognized |
|
105 |
|
|
234 |
|
| Deferred income taxes |
|
(26) |
|
|
(533) |
|
| Net amount recognized |
|
$ |
79 |
|
|
$ |
(299) |
|
|
|
|
|
|
|
| Components of Net Periodic Expense |
Components of net periodic benefit cost consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
|
|
|
Foreign |
|
|
Years ended
December 31, |
|
|
|
|
|
Year ended
December 31, |
|
|
2023 |
|
2022 |
|
2021 |
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest cost |
|
$ |
3,453 |
|
|
$ |
2,569 |
|
|
$ |
2,210 |
|
|
|
|
|
|
$ |
255 |
|
| Expected return on plan assets |
|
(3,305) |
|
|
(3,433) |
|
|
(4,360) |
|
|
|
|
|
|
(255) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Settlement loss (gain) recognized |
|
61 |
|
|
38 |
|
|
(26) |
|
|
|
|
|
|
2,084 |
|
| Net periodic expense (benefit) |
|
$ |
209 |
|
|
$ |
(826) |
|
|
$ |
(2,176) |
|
|
|
|
|
|
$ |
2,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of net periodic benefit cost consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended
December 31, |
|
|
2023 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
| Interest cost |
|
$ |
24 |
|
|
$ |
18 |
|
|
$ |
17 |
|
| Amortization of prior service credit |
|
(125) |
|
|
(210) |
|
|
(232) |
|
| Amortization of net (gain) loss |
|
(2) |
|
|
3 |
|
|
5 |
|
| Net periodic benefit |
|
$ |
(103) |
|
|
$ |
(189) |
|
|
$ |
(210) |
|
|
|
|
|
|
|
|
|
| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
Components of other changes in plan assets and benefit obligations recognized in other comprehensive income consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
|
|
|
|
|
| Net (gain) loss |
|
$ |
(1,461) |
|
|
$ |
3,563 |
|
|
|
|
|
|
|
|
|
|
|
| Amortization or settlement recognition of net loss |
|
(61) |
|
|
(38) |
|
| Total recognized in other comprehensive (income) loss |
|
(1,522) |
|
|
3,525 |
|
| Total recognized in net periodic benefit cost and other comprehensive (income) loss |
|
$ |
(1,313) |
|
|
$ |
2,699 |
|
|
|
|
|
|
Components of other changes in plan assets and benefit obligations recognized in other comprehensive income consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
|
|
|
|
|
| Net loss (gain) |
|
$ |
9 |
|
|
$ |
(192) |
|
| Amortization of prior service credit |
|
125 |
|
|
210 |
|
| Amortization or settlement recognition of net gain (loss) |
|
2 |
|
|
(3) |
|
| Total recognized in other comprehensive income |
|
136 |
|
|
15 |
|
| Total recognized in net periodic benefit cost and other comprehensive loss (income) |
|
$ |
33 |
|
|
$ |
(174) |
|
|
|
|
|
|
|
| Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets |
The following table presents selected information about the Company’s pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
| Projected benefit obligation |
|
$ |
66,555 |
|
|
$ |
66,879 |
|
| Accumulated benefit obligation |
|
66,555 |
|
|
66,879 |
|
| Fair value of plan assets |
|
61,618 |
|
|
60,629 |
|
|
|
|
|
|
|
| Schedule of Assumptions Used |
Significant weighted average assumptions used in determining the pension obligations include the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
| Discount rate |
|
5.17 |
% |
|
5.40 |
% |
Rate of compensation increase(1)
|
|
N/A |
|
N/A |
|
|
|
|
|
Significant weighted average assumptions used in determining net periodic benefit cost include the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
|
|
|
Foreign |
|
|
Years ended
December 31, |
|
|
|
|
|
Year ended
December 31, |
|
|
2023 |
|
2022 |
|
2021 |
|
|
|
|
|
2021 |
| Discount rate |
|
5.39 |
% |
|
2.90 |
% |
|
2.50 |
% |
|
|
|
|
|
1.20 |
% |
| Expected return on assets |
|
5.74 |
% |
|
4.90 |
% |
|
5.60 |
% |
|
|
|
|
|
1.20 |
% |
Rate of compensation increase(1)
|
|
N/A |
|
N/A |
|
N/A |
|
|
|
|
|
1.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes only plans not frozen to benefit accruals for the respective periods.
|
| Schedule of Allocation of Plan Assets |
The following tables set forth by level, within the fair value hierarchy, plan assets at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
Total |
|
Level 1 |
|
Level 2 |
|
Level 3 |
| Cash and cash equivalents |
|
$ |
264 |
|
|
$ |
264 |
|
|
$ |
— |
|
|
$ |
— |
|
| Equity securities: |
|
|
|
|
|
|
|
|
| U.S. investment funds |
|
11,539 |
|
|
11,539 |
|
|
— |
|
|
— |
|
| International investment funds |
|
7,546 |
|
|
7,546 |
|
|
— |
|
|
— |
|
| Fixed income securities: |
|
|
|
|
|
|
|
|
| Government securities |
|
11,691 |
|
|
11,691 |
|
|
— |
|
|
— |
|
| Corporate bonds |
|
30,578 |
|
|
30,578 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
61,618 |
|
|
$ |
61,618 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
Total |
|
Level 1 |
|
Level 2 |
|
Level 3 |
| Cash and cash equivalents |
|
$ |
244 |
|
|
$ |
244 |
|
|
$ |
— |
|
|
$ |
— |
|
| Equity securities: |
|
|
|
|
|
|
|
|
| U.S. investment funds |
|
11,435 |
|
|
11,435 |
|
|
— |
|
|
— |
|
| International investment funds |
|
7,803 |
|
|
7,803 |
|
|
— |
|
|
— |
|
| Fixed income securities: |
|
|
|
|
|
|
|
|
| Government securities |
|
16,209 |
|
|
16,209 |
|
|
— |
|
|
— |
|
| Corporate bonds |
|
24,938 |
|
|
24,938 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
60,629 |
|
|
$ |
60,629 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Expected Benefit Payments |
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
|
|
|
|
|
|
|
|
|
| Year |
|
Amount |
| 2024 |
|
$ |
8,156 |
|
| 2025 |
|
4,434 |
|
| 2026 |
|
4,505 |
|
| 2027 |
|
4,523 |
|
| 2028 |
|
4,714 |
|
| Years 2029-2033 |
|
22,815 |
|
|
|
|
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
|
|
|
|
|
|
|
|
|
| Year |
|
Amount |
| 2024 |
|
$ |
19 |
|
| 2025 |
|
20 |
|
| 2026 |
|
21 |
|
| 2027 |
|
23 |
|
| 2028 |
|
24 |
|
| Years 2028-2032 |
|
150 |
|
|
|
|
|