v3.23.3
Pension and Employee Benefit Plans
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Pension and Employee Benefit Plans

11. Pension and Employee Benefit Plans

The Company sponsors a non-contributory defined benefit pension plan for certain union employees. The plan is funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974.

The Company presents the components of net periodic benefit cost (gain) within “Other (expense) income, net” on the Condensed Consolidated Statements of Income.

Retirement plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the pension plan expense consisted of the following:

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest cost

 

$

318

 

 

$

219

 

 

$

955

 

 

$

658

 

Expected return on plan assets

 

 

(285

)

 

 

(390

)

 

 

(856

)

 

 

(1,170

)

Amortization of net actuarial loss

 

 

74

 

 

 

66

 

 

 

223

 

 

 

197

 

Net periodic benefit cost (gain)

 

$

107

 

 

$

(105

)

 

$

322

 

 

$

(315

)

The Company made no contributions to its defined benefit plan during the nine months ended September 30, 2023 and 2022. For the remainder of 2023, the Company does not expect to make any contributions to fund the pension plan. The unfunded liability of the plan of $5.8 million and $5.5 million as of September 30, 2023 and December 31, 2022, respectively, is included in “Other liabilities” on the Condensed Consolidated Balance Sheets.