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EMPLOYEE BENEFIT PLANS (Tables) - Defined benefit pension plan | 12 Months Ended
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Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Summary of benefit plans for employees | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, | ​
​ | ​ | 2024 |  | 2023 |
​ | ​ | (dollars in thousands) | ​
Change in benefit obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Benefit obligations at beginning of year | ​ | $ | 105,870 | ​ | $ | 104,682 | ​
Interest cost | ​ |  | 5,107 | ​ |  | 5,180 | ​
Actuarial loss (gain) | ​ |  | (4,509) | ​ |  | 2,446 | ​
Benefits paid | ​ |  | (7,491) | ​ |  | (6,438) | ​
Benefit obligations at end of year | ​ |  | 98,977 | ​ |  | 105,870 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets at beginning of year | ​ |  | 97,252 | ​ |  | 92,129 | ​
Employer contribution | ​ |  | 152 | ​ |  | — | ​
Actual return on plan assets | ​ |  | 11,029 | ​ |  | 11,561 | ​
Benefits paid | ​ |  | (7,491) | ​ |  | (6,438) | ​
Fair value of plan assets at end of year | ​ |  | 100,942 | ​ |  | 97,252 | ​
Funded status at the end of year | ​ | $ | 1,965 | ​ | $ | (8,618) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in balance sheet: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current assets | ​ | $ | 1,965 | ​ | $ | — | ​
Non-current liabilities | ​ | $ | — | ​ | $ | (8,618) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in accumulated other comprehensive income consists of: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prior service cost | ​ | $ | (10) | ​ | $ | (196) | ​
Net actuarial loss | ​ | ​ | (2,694) | ​ | ​ | (11,584) | ​
​ | ​ | $ | (2,704) | ​ | $ | (11,780) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average assumption to determine benefit obligations as of December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​
Discount rate | ​ |  | 5.51% | ​ |  | 4.90% | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average assumptions used to determine net periodic benefit cost for the year ended December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​
Discount rate | ​ |  | 4.90% | ​ |  | 5.10% | ​
Expected return on plan assets | ​ |  | 7.50% | ​ |  | 7.00% | ​
Schedule of long-term rate of return assumptions | ​
​ | ​ | ​ | ​
​ | ​ | ​ | ​
​ | ​ | Asset allocation | ​
As of December 31, 2024 |  | assumption |
Equity securities | ​ | 75% | ​
Fixed income securities |  | 25% | ​
​ |  | 100% | ​
Components of net periodic benefit cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 | ​
​ | ​ | (in thousands) |
Components of net periodic benefit credit: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest cost | ​ | $ | 5,107 | ​ | $ | 5,180 | ​ | $ | 3,749 | ​
Expected return on plan assets | ​ |  | (7,031) | ​ |  | (6,220) | ​ |  | (6,638) | ​
Amortization of prior service cost | ​ | ​ | 186 | ​ | ​ | 186 | ​ | ​ | 186 | ​
Amortization of net loss | ​ |  | 383 | ​ |  | 682 | ​ |  | 1,963 | ​
Net periodic benefit credit (1) | ​ | $ | (1,355) | ​ | $ | (172) | ​ | $ | (740) | ​
(1) | Nonservice components of net periodic benefit credit 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 AOCI | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ | ​ | 2024 |  | 2023 | ​
​ | ​ | (in thousands) | ​
Other changes in plan assets and benefit obligation recognized in accumulated other comprehensive loss: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net actuarial gain | ​ | $ | 8,507 | ​ | $ | 2,894 | ​
Reversal of amortization item: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prior service cost | ​ | ​ | 186 | ​ | ​ | 186 | ​
Net actuarial loss | ​ |  | 383 | ​ |  | 682 | ​
Total recognized in accumulated other comprehensive loss | ​ |  | 9,076 | ​ |  | 3,762 | ​
Net periodic benefit credit | ​ |  | 1,355 | ​ |  | 172 | ​
Total recognized in net periodic benefit credit and accumulated other comprehensive loss | ​ | $ | 10,431 | ​ | $ | 3,934 | ​
Schedule of estimated future benefit payments | ​
​ | ​ | ​ | ​ | ​
Year Ended | ​ | ​ | ​ | ​
December 31, |  | (in thousands) |
​ | ​ | ​ | ​ | ​
2025 | ​ | $ | 7,832 | ​
2026 | ​ |  | 6,700 | ​
2027 | ​ |  | 6,830 | ​
2028 | ​ |  | 6,924 | ​
2029 | ​ |  | 6,996 | ​
2030-2034 | ​ |  | 35,431 | ​
​ | ​ | $ | 70,713 | ​
Schedule of asset allocation guidelines, actual asset allocations and fair value of Pension Plan assets | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Percentage of Total Portfolio |
​ |  | Minimum |  | Maximum |
​ | ​ | ​ | ​ | ​ | ​
Equity securities | ​ | 50% | ​ | 85% | ​
Fixed income securities | ​ | 15% | ​ | 50% | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ | ​ | 2024 | ​ | 2023 | ​
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total | ​
​ | ​ | (in thousands) |
Cash and cash equivalents | ​ | $ | 2,243 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,243 | ​ | $ | 1,665 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,665 | ​
Equity investments - Individual securities (a): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer discretionary | ​ | ​ | 3,572 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,572 | ​ | ​ | 2,605 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,605 | ​
Consumer durables | ​ | ​ | 2,257 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,257 | ​ | ​ | 2,088 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,088 | ​
Energy | ​ | ​ | 1,046 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,046 | ​ | ​ | 952 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 952 | ​
Financials | ​ | ​ | 5,302 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,302 | ​ | ​ | 4,852 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,852 | ​
Health Care | ​ | ​ | 3,972 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,972 | ​ | ​ | 4,296 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,296 | ​
Industrials & materials | ​ | ​ | 4,402 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,402 | ​ | ​ | 4,507 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,507 | ​
Information technology & communication | ​ | ​ | 9,052 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,052 | ​ | ​ | 8,102 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,102 | ​
Fixed income - Investments (b): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Preferred stocks non-convertible | ​ | ​ | 14 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14 | ​ | ​ | 37 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 37 | ​
Real return mutual funds | ​ | ​ | 464 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 464 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Exchange traded mutual funds | ​ | ​ | 591 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 591 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Equity investments - Mutual funds (c): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mid-cap stock funds | ​ | ​ | 11,327 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,327 | ​ | ​ | 11,847 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,847 | ​
Small-cap stock funds | ​ | ​ | 3,316 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,316 | ​ | ​ | 4,007 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,007 | ​
International stock funds | ​ | ​ | 4,689 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,689 | ​ | ​ | 7,849 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,849 | ​
Equity investments - Exchange traded funds (d): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Large-cap blend - S&P 500 index | ​ | ​ | 20,144 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20,144 | ​ | ​ | 18,044 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,044 | ​
International - Developed markets | ​ | ​ | 3,126 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,126 | ​ | ​ | 3,138 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,138 | ​
International - Emerging markets | ​ | ​ | 3,338 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,338 | ​ | ​ | 1,894 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,894 | ​
Accrued income (e) | ​ | ​ | — | ​ | ​ | 26 | ​ | ​ | — | ​ | ​ | 26 | ​ | ​ | — | ​ | ​ | 29 | ​ | ​ | — | ​ | ​ | 29 | ​
​ | ​ | $ | 78,855 | ​ | $ | 26 | ​ | $ | — | ​ | $ | 78,881 | ​ | $ | 75,883 | ​ | $ | 29 | ​ | $ | — | ​ | $ | 75,912 | ​
Commingled investment funds measured at net asset value (f): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed income - Investment grade | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 22,061 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 21,340 | ​
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 100,942 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 97,252 | ​
(a) | Equity investments - Individual securities include investments in publicly traded common stock and American Depository Receipts. Publicly traded common stocks are traded on a national securities exchange and investments in common stocks are valued using quoted market prices multiplied by the number of shares owned. American Depository Receipts are negotiable securities issued by a bank representing shares in a foreign company and traded on a national securities exchange.
(b) | Fixed income - investments include investments in preferred stock, mutual funds and exchange traded funds that are traded on a national securities exchange and valued using quoted market prices multiplied by the number of shares owned.
(c) | Equity investments - Mutual funds are valued daily in actively traded markets. For purposes of calculating the value, portfolio securities and other assets for which market quotes are readily available are valued at market value.
| Investments initially valued in currencies other than the U.S. dollars are converted to the U.S. dollar using exchange rates obtained from pricing services.
(d) | Equity investments – Exchange traded funds are funds that own financial assets and trade on exchanges, generally tracking a specific index. Investments in exchange traded funds are valued using a market approach based on the quoted market prices.
(e) | Accrued income represents dividends or interest declared, but not received, on equity securities owned at December 31, 2024.
(f) | 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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