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EMPLOYEE BENEFIT PLANS (Tables) - Defined benefit pension plan | 12 Months Ended
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Dec. 31, 2020
Employee Benefit Plans |
Summary of benefit plans for employees | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, | ​
​ | ​ | 2020 |  | 2019 |
​ | ​ | (dollars in thousands) | ​
Change in benefit obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Benefit obligations at beginning of year | ​ | $ | 136,425 | ​ | $ | 118,958 | ​
Interest cost | ​ |  | 4,185 | ​ |  | 4,864 | ​
Actuarial loss | ​ |  | 12,396 | ​ |  | 17,084 | ​
Benefits paid | ​ |  | (5,072) | ​ |  | (4,481) | ​
Benefit obligations at end of year | ​ |  | 147,934 | ​ |  | 136,425 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets at beginning of year | ​ |  | 91,567 | ​ |  | 75,823 | ​
Employer contribution | ​ |  | 1,739 | ​ |  | 5,559 | ​
Actual return on plan assets | ​ |  | 12,735 | ​ |  | 14,666 | ​
Benefits paid | ​ |  | (5,072) | ​ |  | (4,481) | ​
Fair value of plan assets at end of year | ​ |  | 100,969 | ​ |  | 91,567 | ​
Funded status at the end of year | ​ | $ | (46,965) | ​ | $ | (44,858) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in balance sheet: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current liability | ​ | $ | (46,965) | ​ | $ | (44,858) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in accumulated other comprehensive income consists of: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prior service cost | ​ | $ | (754) | ​ | $ | (940) | ​
Net actuarial loss | ​ | ​ | (46,519) | ​ | ​ | (45,125) | ​
​ | ​ | $ | (47,273) | ​ | $ | (46,065) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average assumption to determine benefit obligations as of December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​
Discount rate | ​ |  | 2.37% | ​ |  | 3.15% | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average assumptions used to determine net periodic benefit cost for the year ended December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​
Discount rate | ​ |  | 3.15% | ​ |  | 4.17% | ​
Expected return on plan assets | ​ |  | 6.50% | ​ |  | 6.50% | ​
Schedule of long-term rate of return assumptions | ​
​ | ​ | ​ | ​
​ | ​ | ​ | ​
​ | ​ | Asset allocation | ​
As of December 31, 2020 |  | assumption |
Equity securities | ​ | 62% | ​
Fixed income securities |  | 33% | ​
Real estate |  | 5% | ​
​ |  | 100% | ​
Components of net periodic benefit cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2020 |  | 2019 |  | 2018 | ​
​ | ​ | (in thousands) |
Components of net periodic benefit cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest cost | ​ | $ | 4,185 | ​ | $ | 4,864 | ​ | $ | 4,462 | ​
Expected return on plan assets | ​ |  | (5,861) | ​ |  | (4,932) | ​ |  | (5,784) | ​
Amortization of prior service cost | ​ | ​ | 186 | ​ | ​ | 186 | ​ | ​ | 186 | ​
Amortization of net loss | ​ |  | 4,128 | ​ |  | 3,922 | ​ |  | 3,608 | ​
Net periodic benefit cost (1) | ​ | $ | 2,638 | ​ | $ | 4,040 | ​ | $ | 2,472 | ​
(1) | Nonservice components of net periodic benefit cost are included in the Other income (expense) line item within our consolidated statements of income.
Schedule of other changes in plan assets and benefit obligation recognized in accumulated other comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ | ​ | 2020 |  | 2019 | ​
​ | ​ | (in thousands) | ​
Other changes in plan assets and benefit obligation recognized in accumulated other comprehensive loss: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net actuarial loss | ​ | $ | (5,522) | ​ | $ | (7,350) | ​
Reversal of amortization item: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prior service cost | ​ | ​ | 186 | ​ | ​ | 186 | ​
Net actuarial loss | ​ |  | 4,128 | ​ |  | 3,922 | ​
Total recognized in accumulated other comprehensive loss | ​ |  | (1,208) | ​ |  | (3,242) | ​
Net periodic benefit cost | ​ |  | (2,638) | ​ |  | (4,040) | ​
Total recognized in net periodic benefit cost and accumulated other comprehensive loss | ​ | $ | (3,846) | ​ | $ | (7,282) | ​
Schedule of estimated future benefit payments | ​
​ | ​ | ​ | ​ | ​
Year Ended | ​ | ​ | ​ | ​
December 31, |  | (in thousands) |
​ | ​ | ​ | ​ | ​
2021 | ​ | $ | 5,629 | ​
2022 | ​ |  | 5,954 | ​
2023 | ​ |  | 6,269 | ​
2024 | ​ |  | 6,488 | ​
2025 | ​ |  | 6,620 | ​
2026-2030 | ​ |  | 34,674 | ​
​ | ​ | $ | 65,634 | ​
Schedule of asset allocation guidelines, actual asset allocations and fair value of Pension Plan assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Percentage of Total Portfolio |
​ |  | Minimum |  | Target |  | Maximum |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity securities | ​ | 45% | ​ | 62% | ​ | 80% | ​
Fixed income securities | ​ | 10% | ​ | 33% | ​ | 55% | ​
Real estate | ​ | 0% | ​ | 5% | ​ | 10% | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ | ​ | 2020 | ​ | 2019 | ​
​ | ​ | (in thousands) |
Cash and cash equivalents (a) | ​ | $ | 3,888 | ​ | $ | 2,958 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commingled investment funds measured at net asset value (b): | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equities - Global | ​ | ​ | 17,549 | ​ | ​ | 10,028 | ​
Equities - United States | ​ | ​ | 31,835 | ​ | ​ | 26,812 | ​
Equities - United States futures | ​ | ​ | (2,616) | ​ | ​ | — | ​
Equities - International developed markets | ​ | ​ | 8,920 | ​ | ​ | 10,528 | ​
Equities - International developed markets futures | ​ | ​ | (4,921) | ​ | ​ | — | ​
Equities - International emerging markets | ​ | ​ | 6,600 | ​ | ​ | 8,410 | ​
Equities - International emerging markets futures | ​ | ​ | (975) | ​ | ​ | — | ​
Fixed income - Investment grade | ​ | ​ | 25,703 | ​ | ​ | 26,186 | ​
Fixed income - High yield | ​ | ​ | 10,056 | ​ | ​ | — | ​
Fixed income - Emerging markets | ​ | ​ | 2,664 | ​ | ​ | — | ​
Fixed income - Futures | ​ | ​ | (1,265) | ​ | ​ | — | ​
Real estate | ​ | ​ | 3,531 | ​ | ​ | 4,355 | ​
Other | ​ | ​ | — | ​ | ​ | 2,290 | ​
Total | ​ | $ | 100,969 | ​ | $ | 91,567 | ​
(a) | Cash and cash equivalents represents a Level 1 fair value measurement. See Note 2 – Summary of Significant Accounting Policies – Fair Value Measurements for more information regarding the definitions of fair value hierarchy levels.
(b) | Investments measured at fair value using the net asset value per share (or its equivalent) have not been classified within the fair value hierarchy. The fair values of all commingled investment funds are determined based on the net asset values per unit of each of the funds. The net asset values per unit represent the aggregate value of the fund's assets at fair value less liabilities, divided by the number of units outstanding.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
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