SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of long-term rate of return assumptions



		Asset allocation
As of December 31, 2024		assumption
Equity securities		75%
Fixed income securities		25%
		100%

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 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.