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Pension Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Pension Plans |
Funded Status and Accrued Pension Cost | The following table sets forth the funded status of the retirement plan at December 31 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
CHANGE IN BENEFIT OBLIGATION: | ​ | ​ |  | ​ | ​ |
Benefit obligation at beginning of year | ​ | $ | 57,778 | ​ | $ | 60,922
Interest cost | ​ |  | 2,501 | ​ |  | 2,794
Actuarial gain | ​ |  | (2,445) | ​ |  | (188)
Benefits paid | ​ |  | (5,486) | ​ |  | (5,750)
Benefit obligation at end of year | ​ |  | 52,348 | ​ |  | 57,778
CHANGE IN PLAN ASSETS: | ​ |  |  | ​ |  |
Fair value of plan assets at beginning of year | ​ |  | 52,642 | ​ |  | 52,269
Actual return on plan assets | ​ |  | 3,801 | ​ |  | 6,123
Benefits paid | ​ |  | (5,486) | ​ |  | (5,750)
Fair value of plan assets at end of year | ​ |  | 50,957 | ​ |  | 52,642
Funded status and accrued pension cost | ​ | $ | (1,391) | ​ | $ | (5,136)
Assumptions Used to Determine Benefit Obligations | The assumptions used to determine the benefit obligation at December 31 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
Discount rate |  | 5.28 | % | 4.66 | % | 4.85 | %
Rate of compensation increase |  | N/A |  | N/A |  | N/A | ​
​ The weighted-average assumptions used to determine the net periodic pension expense for years ended December 31 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
Discount rate |  | 4.65 | % | 5.02 | % | 3.33 | %
Rate of compensation increase |  | N/A |  | N/A |  | N/A | ​
Expected long-term rate of return on plan assets |  | 6.00 | % | 6.00 | % | 6.00 | %
​
Allocation of Defined Benefit Pension Plans Assets | The allocation of the defined benefit pension plan’s assets at December 31 is as follows (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
Asset Class |  | 2024 |  | 2023
Cash | ​ | $ | 1,066 | ​ | $ | 1,013
Mutual funds | ​ |  | 49,891 | ​ |  | 51,629
Total | ​ | $ | 50,957 | ​ | $ | 52,642
Pension Plan [Member] |
Pension Plans |
Net Periodic Pension and Postretirement Benefit Expense | Net periodic pension expense reflected in other gains and (losses), net in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Interest cost | ​ | $ | 2,501 | ​ | $ | 2,794 | ​ | $ | 2,253
Expected return on plan assets | ​ |  | (3,000) | ​ |  | (2,904) | ​ |  | (3,701)
Amortization of net actuarial loss | ​ |  | 465 | ​ |  | 681 | ​ |  | 667
Net settlement loss | ​ | ​ | 858 | ​ | ​ | 1,313 | ​ | ​ | 1,894
Total net periodic pension expense | ​ | $ | 824 | ​ | $ | 1,884 | ​ | $ | 1,113
​
Expected Future Benefit Payments | The Company does not expect to be required to contribute to its defined benefit pension plan in 2025. Based on the Company’s assumptions discussed above, the Company expects to make the following estimated future benefit payments under the plan during the years ending December 31 (amounts in thousands):
​ | ​ | ​ | ​
2025 |  | $ | 9,217
2026 | ​ |  | 4,864
2027 | ​ |  | 5,281
2028 | ​ |  | 5,634
2029 | ​ |  | 5,093
2030 - 2034 | ​ |  | 18,703
​

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -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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