Annual report pursuant to Section 13 and 15(d)

Pension and Other Postretirement Benefits (Tables)

v3.22.0.1
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Net Funded Status
The following table sets forth the Pension Plan’s changes in benefit obligation, changes in fair value of assets, and funded status as of December 31, 2021 and 2020 using a measurement date of December 31 (in thousands):

  December 31, 2021 December 31, 2020
Change in projected benefits obligation:
Projected benefit obligation at beginning of year
 $ 9,717  $ 6,577 
Service cost
 3,225  1,835 
Interest cost
 264  210 
Actuarial loss (1,637) 1,333 
Benefits paid
 (245) (238)
 Projected benefit obligation at end of year
 $ 11,324  $ 9,717 
Change in Pension Plan assets:
Fair value of Pension Plan assets at beginning of year $ 7,567  $ 6,615 
Actual return on Pension Plan assets 874  161 
Contributions by employer
 2,517  1,029 
Benefits paid
 (245) (238)
Fair value of Pension Plan assets at end of year 10,713  7,567 
Funded (unfunded) status at end of year $ (611) $ (2,150)
Schedule of Defined Benefit Plans Disclosures
Amounts recognized in the balance sheets as of December 31, 2021 and 2020 consist of (in thousands):

  December 31, 2021 December 31, 2020
Assets $ —  $ — 
Liabilities 611  2,150 
  $ 611  $ 2,150 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive loss consist of the following as of December 31, 2021 and 2020 (in thousands):
  December 31, 2021 December 31, 2020
Net actuarial loss $ (1,275) $ (3,409)
Amounts recognized in accumulated other comprehensive loss, before taxes (1,275) (3,409)
Income tax benefit 268  716 
Amounts recognized in accumulated other comprehensive loss, after taxes $ (1,007) $ (2,693)
Schedule of Net Benefit Costs Net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019 include the following components (in thousands):
Years Ended December 31,
  2021 2020 2019
Components of net periodic benefit cost:
Service cost $ 3,225  $ 1,835  $ 666 
Interest cost 264  210  197 
Expected return on Pension Plan assets (521) (454) (364)
Amortization of net loss 144  66  46 
Net periodic benefit cost $ 3,112  $ 1,657  $ 545 
Schedule of Other Changes in Plan Assets and Benefit Obligations
Other changes in Pension Plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2021, 2020 and 2019 (in thousands):
Years Ended December 31,
  2021 2020 2019
Net actuarial (gain) loss $ (1,990) $ 1,626  $ 530 
Recognized actuarial loss (144) (66) (46)
Total recognized in other comprehensive loss, before taxes $ (2,134) $ 1,560  $ 484 
Total recognized in net benefit cost and other comprehensive loss, before taxes $ 978  $ 3,217  $ 1,029 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table summarizes the projected benefit obligation in excess of Pension Plan assets and Pension Plan assets in excess of accumulated benefit obligation as of December 31, 2021 and 2020 (in thousands):

  December 31, 2021 December 31, 2020
Projected benefit obligation in excess of Pension Plan assets:
Projected benefit obligation
 $ 11,324  $ 9,717 
Fair value of Pension Plan assets $ 10,713  $ 7,567 
Plan assets in excess of accumulated benefit obligation:
Accumulated benefit obligation
 $ 7,009  $ 6,348 
Fair value of Pension Plan assets $ 10,713  $ 7,567 
Schedule of Assumptions Used
The following are weighted-average assumptions used to determine benefit obligations and costs as of December 31, 2021, 2020 and 2019:
Years Ended December 31,
  2021 2020 2019
Weighted average assumptions used to determine benefit obligations as of December 31:
Discount rate
 3.00  % 2.75  % 3.25  %
Rate of compensation increase
 7.29  % 7.29  % 7.29  %
Weighted average assumptions used to determine benefit costs for the years ended December 31:
Discount rate
 2.75  % 3.25  % 4.25  %
Expected return on Pension Plan assets 7.00  % 7.00  % 7.00  %
Rate of compensation increase
 7.29  % 7.29  % 7.29  %
Schedule of Plan Assets by Major Asset Category
The fair values of the Pension Plan assets by major asset category as of December 31, 2021 and 2020, respectively, are as follows (in thousands):
  Total Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		 Significant Other
Observable Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
As of December 31, 2021:
Cash and cash equivalents — money markets $ 567  $ 567  $ —  $ — 
Equities 3,490  3,490  —  — 
Equity funds 1,342  1,342  —  — 
Fixed income funds 596  596  —  — 
Taxable bonds 4,718  4,718  —  — 
Total $ 10,713  $ 10,713  $ —  $ — 
As of December 31, 2020:
Cash and cash equivalents — money markets $ 1,277  $ 1,277  $ —  $ — 
Equities 1,567  1,567  —  — 
Equity funds 1,503  1,503  —  — 
Fixed income funds 797  797  —  — 
Taxable bonds 2,423  2,423  —  — 
Total $ 7,567  $ 7,567  $ —  $ — 
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the following ten-year period (in thousands):
 
Year ending December 31, Amount
2022 $ 250 
2023 246 
2024 243 
2025 239 
2026 238 
2027 to 2030 1,541