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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Schedule of Changes in Projected Benefit Obligations | The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31:
| Pension |  | Postretirement
| 2021 |  | 2020 |  | 2021 |  | 2020
Change in Projected Benefit Obligation |  |  |  |  |  |  |
Projected benefit obligation at beginning of year | $100,469 |  |  | $90,261 |  |  | $1,886 |  |  | $1,634 |
Service cost | — |  |  | — |  |  | 8 |  |  | 6 |
Interest cost | 2,228 |  |  | 2,706 |  |  | 45 |  |  | 51 |
Actuarial loss (gain) | (5,112) |  |  | 11,413 |  |  | (35) |  |  | 209 |
Benefits paid | (3,519) |  |  | (3,413) |  |  | (14) |  |  | (14) |
Expenses paid | (267) |  |  | (498) |  |  | — |  |  | — |
Projected benefit obligation at end of year | $93,799 |  |  | $100,469 |  |  | $1,890 |  |  | $1,886 |
Funded Status at End of Year: |  |  |  |  |  |  |
Net accrued benefit cost | ($8,720) |  |  | ($21,586) |  |  | ($1,890) |  |  | ($1,886) |
Schedule of Changes in Fair Value of Plan Assets |
Change in Plan Assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $78,883 |  |  | $66,460 |  |  | — |  |  | — |
Actual return on plan assets | 9,896 |  |  | 13,329 |  |  | — |  |  | — |
Employer contributions | 86 |  |  | 3,005 |  |  | 14 |  |  | 14 |
Benefits paid | (3,519) |  |  | (3,413) |  |  | (14) |  |  | (14) |
Other expense | (267) |  |  | (498) |  |  | — |  |  | — |
Fair value of plan assets at end of year | $85,079 |  |  | $78,883 |  |  | — |  |  | — |
Schedule of Amounts Recognized in Balance Sheet |
Amounts Recognized in the Consolidated |  |  |  |  |  |  |
Balance Sheets Consist of: |  |  |  |  |  |  |
Current liabilities | ($86) |  |  | ($86) |  |  | ($46) |  |  | ($41) |
Noncurrent liabilities | (8,634) |  |  | (21,500) |  |  | (1,844) |  |  | (1,845) |
Net amount recognized | ($8,720) |  |  | ($21,586) |  |  | ($1,890) |  |  | ($1,886) |
Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Fair Value | For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31:
| 2021 |  | 2020
Projected benefit obligation | $93,799 |  |  | $100,469 |
Accumulated benefit obligation | 93,799 |  |  | 100,469 |
Accumulated postretirement benefit obligation | 1,890 |  |  | 1,886 |
Fair value of plan assets | 85,079 |  |  | 78,883 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Net gains or losses recognized in other comprehensive (loss) income for the three years ended December 31 are as follows:
| Pension |  | Postretirement
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Net gains (losses) | $11,262 |  |  | ($1,587) |  |  | ($1,514) |  |  | $40 |  |  | ($207) |  |  | ($285) |
Net gains or losses reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows:
| Pension |  | Postretirement
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Amortization of losses (gains) | $1,154 |  |  | $861 |  |  | $449 |  |  | $20 |  |  | $8 |  |  | — |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Net losses that have not yet been included in pension and postretirement expense for the two years ended December 31, but have been recognized as a component of AOCI are as follows:
| Pension |  | Postretirement
| 2021 |  | 2020 |  | 2021 |  | 2020
Net losses | ($12,627) |  |  | ($25,043) |  |  | ($431) |  |  | ($491) |
Deferred income tax benefit | 1,216 |  |  | 1,216 |  |  | 6 |  |  | 6 |
AOCI | ($11,411) |  |  | ($23,827) |  |  | ($425) |  |  | ($485) |
Schedule of Net Benefit Costs | The following tables set forth the components of net pension and postretirement benefit (credit) cost that have been recognized during the three years ended December 31:
| Pension |  | Postretirement
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Components of Net Periodic Benefit (Credit) Cost |  |  |  |  |  |  |  |  |  |  |
Service cost | — |  |  | — |  |  | — |  |  | $8 |  |  | $6 |  |  | $6 |
Interest cost | 2,228 |  |  | 2,706 |  |  | 3,197 |  |  | 45 |  |  | 51 |  |  | 54 |
Expected return on plan assets | (3,746) |  |  | (3,504) |  |  | (3,107) |  |  | — |  |  | — |  |  | — |
Amortization of losses (gains) | 1,154 |  |  | 861 |  |  | 449 |  |  | 20 |  |  | 8 |  |  | — |
Net periodic benefit (credit) cost | ($364) |  |  | $63 |  |  | $539 |  |  | $73 |  |  | $65 |  |  | $60 |
Schedule of Assumptions Used | The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31:
| Pension |  | Postretirement
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Assumptions used to determine benefit obligations at December 31: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.65 | % |  | 2.26 | % |  | 3.06 | % |  | 2.75 | % |  | 2.42 | % |  | 3.16 | %
Assumptions used to determine net periodic benefit cost for years ended December 31: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.26 | % |  | 3.06 | % |  | 4.11 | % |  | 2.42 | % |  | 3.16 | % |  | 4.18 | %
Expected long-term return on plan assets | 5.72 | % |  | 5.72 | % |  | 5.72 | % |  | — |  |  | — |  |  | — |
Schedule of Allocation of Plan Assets | Our pension plans’ asset allocation (excluding short-term investments) at December 31, 2021 and 2020 are as follows:
| Percentage of Plan Assets |
Asset Category | 2021 |  | 2020
Domestic equity securities | 29 | % |  | 44 | % |
International equity securities | 18 | % |  | 30 | % |
Domestic fixed income securities | 51 | % |  | 21 | % |
International fixed income securities | — |  |  | 3 | % |
Real estate fund | 2 | % |  | 2 | % |
Total | 100 | % |  | 100 | % |
The following table sets forth the net asset value of the plan assets as of December 31, 2021 or 2020:
| December 31, 2021 |  | December 31, 2020
Asset Category |  |  |
Investments at Net Asset Value: |  |  |
Separate Investment Accounts | $85,079 |  |  | $78,883 |
Total Investments at Net Asset Value | $85,079 |  |  | $78,883 |
Schedule of Expected Benefit Payments | Our expected benefit payments to be made for the next 10 years are as follows:
| Pension Benefits |  | Postretirement Benefits
2022 | $3,896 |  |  | $46 |
2023 | 4,077 |  |  | 50 |
2024 | 4,242 |  |  | 53 |
2025 | 4,389 |  |  | 56 |
2026 | 4,498 |  |  | 60 |
2027-2031 | 23,525 |  |  | 359 |

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