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EMPLOYEE RETIREMENT PLANS (Tables)
12 Months Ended
Dec. 31, 2025
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,

 

 

 

2025

 

 

2024

 

Change in benefit obligation:

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

56,464

 

 

$

54,263

 

Service cost

 

 

901

 

 

 

837

 

Interest cost

 

 

2,785

 

 

 

2,641

 

Actuarial loss

 

 

420

 

 

 

737

 

Benefit payments

 

 

(2,014

)

 

 

(2,014

)

Benefit obligation, end of year

 

 

58,556

 

 

 

56,464

 

Fair value of plan assets

 

 

 

 

 

 

Unfunded status of the plan, end of year

 

$

58,556

 

 

$

56,464

 

Current liability

 

$

2,015

 

 

$

2,014

 

Non-current liability

 

$

56,541

 

 

$

54,450

 

Components of Net Periodic Pension Cost

The components of net periodic pension cost were as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Service cost

 

$

901

 

 

$

837

 

 

$

951

 

Interest cost

 

 

2,785

 

 

 

2,641

 

 

 

2,898

 

Curtailment charge

 

 

 

 

 

312

 

 

 

 

Amortization of prior service cost

 

 

23

 

 

 

33

 

 

 

815

 

Amortization of loss

 

 

 

 

 

 

 

 

480

 

Total net periodic benefit cost

 

$

3,709

 

 

$

3,823

 

 

$

5,144

 

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,

 

 

 

2025

 

 

2024

 

Discount rate

 

 

4.58

%

 

 

5.20

%

Rate of compensation increases

 

 

3.50

%

 

 

3.50

%

 

Assumptions used to determine the net periodic pension cost were as follows:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Discount rate

 

 

5.20

%

 

 

4.74

%

 

 

4.94

%

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 income (loss) into the net periodic pension cost in 2026 are as follows (in thousands):

 

Amortization of prior service cost

 

$

23

 

Amortization of loss

 

 

 

Total

 

$

23

 

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

 

2026

 

$

2,015

 

2027

 

 

6,898

 

2028

 

 

6,898

 

2029

 

 

6,898

 

2030

 

 

7,619

 

2031-2035

 

 

34,627

 

Thereafter

 

 

12,225