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EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2023
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS  
Changes in projected benefit obligations and plan assets

December 31, 

December 31, 

    

2023

    

2022

Projected benefit obligation, beginning of year

$

56,520

$

85,776

Service cost

 

1,016

 

1,133

Interest cost

 

2,909

 

1,819

Actuarial loss (gain)

 

4,808

 

(23,677)

Benefits paid

 

(1,452)

 

(1,502)

Translation adjustment

 

1,852

 

(7,029)

Projected benefit obligation, end of year

65,653

56,520

Fair value of plan assets, beginning of year

$

12,489

$

18,521

Expected return

 

654

 

535

Contributions

 

1,443

 

1,430

Benefits paid

 

(1,140)

 

(1,124)

Actuarial gain (loss)

 

17

 

(5,060)

Translation adjustment

 

652

 

(1,813)

Fair value of plan assets, end of year

14,115

12,489

Funded status of plan

$

(51,538)

$

(44,031)

Schedule of net periodic pension benefit costs

Years Ended December 31, 

    

2023

    

2022

    

2021

Service cost

$

1,016

$

1,133

$

1,282

Interest cost

2,909

1,819

1,452

Expected return on plan assets

 

(654)

 

(535)

 

(642)

Amortization of actuarial gains and losses

 

(404)

 

322

 

820

Net periodic pension cost

$

2,867

$

2,739

$

2,912

Schedule of assumptions used in determination of net period pension cost

Years Ended December 31, 

 

    

2023

    

2022

    

2021

 

Discount rate used for net periodic pension costs

 

5.1

%  

2.6

%  

1.6

%

Discount rate used for pension benefit obligations

4.4

%  

5.1

%  

2.6

%  

Expected long-term return on plan assets

 

5.2

%  

3.2

%  

3.2

%

Schedule of fair value qualified pension plan assets

December 31, 2023

    

Level 1

    

Level 2

    

Level 3

    

Total

Diversified Growth Fund

$

$

11,606

$

$

11,606

Corporate Bonds

 

1,212

1,212

Insurance Contracts

799

799

Cash

 

498

498

Total

$

498

$

12,818

$

799

$

14,115

December 31, 2022

    

Level 1

    

Level 2

    

Level 3

    

Total

Diversified Growth Fund

$

$

9,100

$

$

9,100

Corporate Bonds

 

 

2,333

 

 

2,333

Insurance Contracts

 

 

798

 

798

Cash

 

258

 

 

 

258

Total

$

258

$

11,433

$

798

$

12,489

Schedule of expected future benefit payments under defined benefit pension plans

Year Ending December 31,

    

2024

$

3,884

2025

2,205

2026

4,224

2027

2,927

2028

3,217

2029 to 2033

21,309