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EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans [Abstract] |
Information Relating to the Company's Plan | Information relating to the Company’s plan is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 61,804 |  |  | $ | 66,773 |
Service cost |  |  | 951 |  |  |  | 1,287 |
Interest cost |  |  | 2,898 |  |  |  | 1,383 |
Actuarial gain |  |  | (9,375 | ) |  |  | (7,639 | )
Benefit payments |  |  | (2,015 | ) |  |  | — |
Benefit obligation, end of year |  |  | 54,263 |  |  |  | 61,804 |
Fair value of plan assets |  |  | — |  |  |  | — |
Unfunded status of the plan, end of year |  | $ | 54,263 |  |  | $ | 61,804 |
Current liability |  | $ | 2,014 |  |  | $ | 2,014 |
Non-current liability |  | $ | 52,249 |  |  | $ | 59,790 |
Components of Net Periodic Pension Cost | The components of net periodic pension cost were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | 951 |  |  | $ | 1,287 |  |  | $ | 1,675 |
Interest cost |  |  | 2,898 |  |  |  | 1,383 |  |  |  | 1,165 |
Amortization of prior service cost |  |  | 815 |  |  |  | 1,119 |  |  |  | 1,099 |
Amortization of loss |  |  | 480 |  |  |  | 1,487 |  |  |  | 4,936 |
Total net periodic benefit cost |  | $ | 5,144 |  |  | $ | 5,276 |  |  | $ | 8,875 |
Assumptions Used to Determine Benefit Obligation and Net Periodic Pension Cost | Assumptions used to determine the year end benefit obligation were as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Discount rate |  |  | 4.74 | % |  |  | 4.94 | %
Rate of compensation increases |  |  | 3.50 | % |  |  | 3.50 | %
Assumptions used to determine the net periodic pension cost were as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Discount rate |  |  | 4.94 | % |  |  | 2.16 | % |  |  | 1.54 | %
Rate of compensation increases |  |  | 3.50 | % |  |  | 3.50 | % |  |  | 3.50 | %
Amounts to be Amortized from Accumulated Other Comprehensive Loss into Net Periodic Pension Cost in Next Fiscal Year | The estimated amounts to be amortized from accumulated other comprehensive loss into the net periodic pension cost in 2024 are as follows (in thousands):
Amortization of prior service cost |  | $ | 43 |
Amortization of loss |  |  | — |
Total |  | $ | 43 |
Benefit Payments Expected to be Paid | Benefit payments, which reflect estimated future service, are currently expected to be paid as follows (in thousands):
Year |  | Projected Benefits |
2024 |  | $ | 2,014 |
2025 |  |  | 5,097 |
2026 |  |  | 6,141 |
2027 |  |  | 6,489 |
2028 |  |  | 6,489 |
2029-2033 |  |  | 34,503 |
Thereafter |  |  | 14,855 |

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- Definition Defined Benefit Pension Plans and Defined Benefit Postretirement Plans. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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