XML 67 R48.htm IDEA: XBRL DOCUMENT v3.25.0.1
Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Pension Plan and Post-Retirement Healthcare and Life Insurance Plans
The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands):
 PensionPost-retirement
 202420232022202420232022
Change in benefit obligation:
Benefit obligation at beginning of year$24,423 24,550 32,517 11,344 12,095 16,748 
Service cost— — — 11 13 28 
Interest cost1,154 1,208 855 540 600 443 
Actuarial (gain) loss (65)(149)(48)(10)(357)140 
Benefits paid(1,639)(1,648)(1,658)(681)(658)(933)
Change in actuarial assumptions(1,275)462 (7,116)(111)(349)(4,331)
Benefit obligation at end of year$22,598 24,423 24,550 11,093 11,344 12,095 
Change in plan assets:
Fair value of plan assets at beginning of year$52,734 47,930 58,451 — — — 
Actual (loss) return on plan assets4,775 6,452 (8,863)— — — 
Employer contributions— — — 681 658 933 
Benefits paid(1,639)(1,648)(1,658)(681)(658)(933)
Fair value of plan assets at end of year55,870 52,734 47,930 — — — 
Funded status at end of year$33,272 28,311 23,380 (11,093)(11,344)(12,095)
Schedule of Components of Accumulated Other Comprehensive Loss (Income) related to Pension Plan and Other Post-retirement Benefits
The components of accumulated other comprehensive loss (income) related to the pension plan and other post-retirement benefits, on a pre-tax basis, as of December 31, 2024 and 2023 are summarized in the following table (in thousands):
 PensionPost-retirement
 2024202320242023
Unrecognized prior service cost$— — — — 
Unrecognized net actuarial loss (income)2,573 5,633 (8,381)(10,378)
Total accumulated other comprehensive loss (income)$2,573 5,633 (8,381)(10,378)
Schedule of Net Periodic (Benefit) Increase Cost
Net periodic (benefit) increase cost for the years ending December 31, 2024, 2023 and 2022, included the following components (in thousands):
 PensionPost-retirement
 202420232022202420232022
Service cost$— — — 11 13 28 
Interest cost1,154 1,208 855 540 600 443 
Return on plan assets(3,112)(2,824)(3,456)— — — 
Amortization of:
Net loss (gain) 57 709 — (2,118)(2,130)(1,304)
Unrecognized prior service cost— — — — — — 
Net periodic (benefit) increase cost$(1,901)(907)(2,601)(1,567)(1,517)(833)
Schedule of Weighted Average Actuarial Assumptions Used
The weighted average actuarial assumptions used in the plan determinations as of December 31, 2024, 2023 and 2022 were as follows:
 PensionPost-retirement
 202420232022202420232022
Discount rate5.50 %4.90 %5.10 %5.50 %4.90 %5.10 %
Rate of compensation increase— — — — — — 
Expected return on plan assets6.00 6.00 6.00 — — — 
Medical and life insurance benefits cost rate of increase— — — 5.00 5.50 6.00 
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits as of December 31, 2024 (in thousands):
1% increase1% decrease
Effect on total service cost and interest cost$60 (55)
Effect on post-retirement benefits obligation$1,100 (950)
Schedule of Estimated Future Benefit Payments
Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands):
PensionPost-retirement
2025$1,759 751 
20261,769 756 
20271,786 777 
20281,791 785 
20291,803 800 
Schedule of Weighted-Average Asset Allocation of Pension Plan Assets
The weighted-average asset allocation of pension plan assets as of December 31, 2024 and 2023 were as follows:
Asset Category20242023
Domestic equities37 %38 %
Foreign equities11 %11 %
Fixed income50 %49 %
Real estate2 %2 %
Cash— %— %
Total100 %100 %
Schedule of Target Allocation of Assets and Acceptable Ranges The target allocation of assets and acceptable ranges around the targets are as follows:
Asset CategoryTargetAllowable Range
Domestic equities37 %
30-41%
Foreign equities11 %
5-13%
Fixed income50 %
40-65%
Real estate2 %
0-4%
Cash— %
0%
Total100 %
Schedule of Assets Measured at Fair Value on Recurring Basis
The following tables present the assets that are measured at fair value on a recurring basis by level within the GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits as of December 31, 2024 and 2023, respectively (in thousands):
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
 Fair value measurements as of December 31, 2024
Total(Level 1)(Level 2)(Level 3)
Group annuity contracts$73 — 73 — 
Mutual funds:
Fixed income27,740 27,740 — — 
International equity6,042 6,042 — — 
Large U.S. equity1,654 1,654 — — 
Small/Mid U.S. equity1,127 1,127 — — 
Total mutual funds36,563 36,563 — — 
Pooled separate accounts19,234 — 19,234 — 
Total Plan assets$55,870 36,563 19,307 — 
 Fair value measurements as of December 31, 2023
Total(Level 1)(Level 2)(Level 3)
Group annuity contracts$76 — 76 — 
Mutual funds:
Fixed income25,728 25,728 — — 
International equity5,713 5,713 — — 
Large U.S. equity1,577 1,577 — — 
Small/Mid U.S. equity1,114 1,114 — — 
Total mutual funds34,132 34,132 — — 
Pooled separate accounts18,526 — 18,526 — 
Total Plan assets$52,734 34,132 18,602 — 
Schedule of Status of Unvested Stock Awards
A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below:
 Restricted Stock Awards
 202420232022
Outstanding at beginning of year1,053,092 1,023,130 900,483 
Granted901,360 427,053 447,526 
Forfeited(428,307)(328,761)(105,556)
Vested(63,307)(68,330)(219,323)
Outstanding at the end of year1,462,838 1,053,092 1,023,130 
Schedule of Status of Unexercised Stock Options
A summary of the status of the granted but unexercised stock options as of December 31, 2024, 2023 and 2022, and changes during the year is presented below:
 202420232022
 
Number
of
stock
options
Weighted
average
exercise
price
Number
of
stock
options
Weighted
average
exercise
price
Number
of
stock
options
Weighted
average
exercise
price
Outstanding at beginning of year548,925 $19.37 600,806 $19.01 566,453 $18.73 
Granted— — — — 34,353 23.70 
Exercised— — (51,881)15.23 — — 
Forfeited— — — — — — 
Expired(80,762)16.38 — — — — 
Outstanding at the end of year468,163 $19.89 548,925 $19.37 600,806 $19.01 
Schedule of Stock Options Outstanding
The following table summarizes information about stock options outstanding as of December 31, 2024:
 Options OutstandingOptions Exercisable
Range of exercise prices
Number
of
options
outstanding
Average
remaining
contractual
life
Weighted
average
exercise
price
Number
of
options
exercisable
Weighted
average
exercise
price
$18.34-18.70
142,299 1.1$18.53 142,299 $18.53 
$20.62-27.25
325,864 4.8$23.20 314,413 $23.19