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RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Change in Plan Assets and Change in Projected Benefit Obligation | The following table sets forth the change in plan assets, change in projected benefit obligation, rate assumptions and components of net periodic benefit cost as of December 31 with respect to the plan. The measurement dates of the assets and liabilities of the plan were December 31 of the respective years presented.
Reconciliation of Funded Status |
|  | Year Ended December 31, |
(in thousands) |  | 2024 |  | 2023 |
Change in projected benefit obligation |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 16,947 |  |  | $ | 17,271 |  |
Service cost |  | 2 |  |  | 2 |  |
Interest cost |  | 800 |  |  | 848 |  |
Liability actuarial (gain) loss |  | (923) |  |  | (35) |  |
Benefits paid |  | (1,162) |  |  | (1,139) |  |
Benefit obligation at end of year |  | $ | 15,664 |  |  | $ | 16,947 |  |
Change in fair value of plan assets |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 18,775 |  |  | $ | 18,269 |  |
Return on plan assets |  | 133 |  |  | 1,645 |  |
Employer contributions |  | — |  |  | — |  |
Benefits paid |  | (1,162) |  |  | (1,139) |  |
Fair value of plan assets at end of year |  | 17,746 |  |  | 18,775 |  |
Funded status |  | $ | 2,082 |  |  | $ | 1,828 |  |
Schedule of Weighted-Average Assumptions Used in Determining the Projected Benefit Obligation and Net Pension Cost | In determining the projected benefit obligation and the net pension cost, we used the following significant weighted-average assumptions:
Rates to Determine Benefit Obligation
|  |  | Year Ended December 31,
|  |  | 2024 | 2023
Discount rate |  |  | 5.60% | 4.90%
Composite rate of compensation increase |  |  | N/A | N/A
Rates to Determine Net Periodic Benefit Cost
|  |  | Year Ended December 31,
|  |  | 2024 | 2023
Discount rate |  |  | 4.90% | 5.10%
Long-term rate of return on plan assets |  |  | 5.00% | 6.00%
Composite rate of compensation increase |  |  | N/A | N/A
In determining the projected benefit obligation and the net pension cost, we used the following significant weighted-average assumptions: Assumptions used to determine benefit obligations at December 31:
Rates to Determine Benefit Obligation
|  | 2024 | 2023 |
Discount rate |  | 5.45% | 4.80% |
Composite rate of compensation increase |  | 3.00% | 3.00% |
Assumptions used to determine net periodic benefit cost for the years ended December 31:
Rates to Determine Net Periodic Benefit Cost
|  | 2024 | 2023 |
Discount rate |  | 4.80% | 5.05% |
Composite rate of compensation increase |  | 3.00% | 3.00% |
Long-term rate of return on plan assets |  | N/A | N/A |
Schedule of Components of Net Periodic Benefit Cost | The following table presents the components of net periodic benefit cost (gains are denoted with parentheses and losses are not):
Components of Net Periodic Benefit Cost
|  | Year Ended December 31,
(in thousands) |  | 2024 |  | 2023
Service cost |  | $ | 2 |  |  | $ | 2 |
Interest cost |  | 800 |  |  | 848 |
Expected return on plan assets |  | (908) |  |  | (1,058) |
Amortization of net loss |  | 823 |  |  | 1,031 |
Net periodic benefit cost |  | $ | 717 |  |  | $ | 823 |
The components of net periodic pension expense were as follows:
Components of Net Periodic Benefit Cost
|  | Year Ended December 31,
(in thousands) |  | 2024 |  | 2023
Service cost |  | $ | 172 |  |  | $ | 204 |
Interest cost |  | 479 |  |  | 470 |
Amortization of prior service cost |  | 357 |  |  | 381 |
Amortization of net (gain)/loss |  | 9 |  |  | (2) |
Net periodic benefit cost |  | $ | 1,017 |  |  | $ | 1,053 |
Schedule of Pension Plans' Weighted-Average Asset Allocation as a Percentage of Plan Assets | The pension plans' weighted-average asset allocation as a percentage of plan assets at December 31 is as follows:
Asset Allocation as a Percentage of the Plan
|  |  |  | Year Ended December 31,
|  |  |  |  | 2024 | 2023
Equity securities |  |  |  |  | —% | 10%
Debt securities |  |  |  |  | 98% | 88%
Short-term investments |  |  |  |  | 2% | 2%
Other |  |  |  |  | —% | —%
Total |  |  |  |  | 100% | 100%
Schedule of Hierarchy Levels for Postretirement Benefit Plan Investments | The following table presents the hierarchy levels for our postretirement benefit plan investments as of December 31 as described in Note 1 to the Consolidated Financial Statements:
(in thousands) | December 31, 2024 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |
| Mid Cap |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |
| Large Cap |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
| International |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Common/Collective Trusts: |  |  |  |  |  |  |  |  |  |  |
| Principal Liability Driven Solution CIT I |  | 10,796 |  |  |  | — |  |  |  | 10,796 |  |  |  | — |
| Principal Liability Driven Solution CIT II |  | 6,589 |  |  |  | — |  |  |  | 6,589 |  |  |  | — |
Cash & Short-term Investments |  | 361 |  |  |  | 361 |  |  |  | — |  |  |  | — |
| Total |  | $ | 17,746 |  |  |  | $ | 361 |  |  |  | $ | 17,385 |  |  |  | $ | — |
(in thousands) | December 31, 2023 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |
| Mid Cap |  | $ | 148 |  |  |  | $ | 148 |  |  |  | $ | — |  |  |  | $ | — |
| Large Cap |  | 106 |  |  |  | 106 |  |  |  | — |  |  |  | — |
| International |  | 221 |  |  |  | 221 |  |  |  | — |  |  |  | — |
Common/Collective Trusts: |  |  |  |  |  |  |  |  |  |  |
| Principal Liability Driven Solution CIT I |  | 11,997 |  |  |  | — |  |  |  | 11,997 |  |  |  | — |
| Principal Liability Driven Solution CIT II |  | 4,501 |  |  |  |  |  |  | 4,501 |  |  |  |
| Principal/BlackRock International Equity |  | 142 |  |  |  | — |  |  |  | 142 |  |  |  | — |
| Principal/Causeway International Value |  | 134 |  |  |  | — |  |  |  | 134 |  |  |  | — |
| Principal/BlackRock Large Cap Growth Index Fund |  | 214 |  |  |  | — |  |  |  | 214 |  |  |  | — |
| Principal/BlackRock Large Cap Value Index Fund |  | 214 |  |  |  | — |  |  |  | 214 |  |  |  | — |
| Principal/Multi-Manager Small Cap |  | 229 |  |  |  | — |  |  |  | 229 |  |  |  | — |
| Principal/BlackRock Russell 2000 Index Fund |  | 76 |  |  |  | — |  |  |  | 76 |  |  |  | — |
| Principal/BlackRock S&P Mid Cap Index Fund |  | 99 |  |  |  | — |  |  |  | 99 |  |  |  | — |
| Principal/MFS Value CIT F |  | 106 |  |  |  | — |  |  |  | 106 |  |  |  | — |
| Principal/T. Rowe Price Large-Cap Growth Managed CIT |  | 106 |  |  |  | — |  |  |  | 106 |  |  |  | — |
| Principal/T. Rowe Price Equity Income Managed CIT |  | 106 |  |  |  | — |  |  |  | 106 |  |  |  | — |
Cash & Short-term Investments |  | 376 |  |  |  | 376 |  |  |  | — |  |  |  | — |
| Total |  | $ | 18,775 |  |  |  | $ | 851 |  |  |  | $ | 17,924 |  |  |  | $ | — |
Schedule of Estimated Pension Benefits Payments Expected to be Paid | The following table illustrates the estimated pension benefit payments that are projected to be paid:
Projected Future Benefit Payments
(in thousands) |  | Employees’ Retirement Plan |  |
2025 |  |  |  |  | $ | 1,290 |  |  |  |
2026 |  |  |  |  | 1,290 |  |  |  |
2027 |  |  |  |  | 1,289 |  |  |  |
2028 |  |  |  |  | 1,273 |  |  |  |
2029 |  |  |  |  | 1,255 |  |  |  |
Years 2030 through 2034 |  |  |  |  | 5,982 |  |  |  |
Future estimated benefits expected to be paid from the plan over the next ten years as follows:
Projected Future Benefit Payments
(in thousands) | SERP |  |  |  |
2025 | $ | 687 |  |  |  |  |
2026 | 954 |  |  |  |  |
2027 | 957 |  |  |  |  |
2028 | 959 |  |  |  |  |
2029 | 962 |  |  |  |  |
Years 2030 through 2034 | 4,969 |  |  |  |  |
Schedule of Changes in Projected Benefit Obligations | The change in the Projected Benefit Obligation (PBO) as of December 31, 2024 and 2023, is shown below:
Reconciliation of Benefit Obligation
|  | Year Ended December 31,
(in thousands) |  | 2024 |  | 2023
Benefit obligation at January 1, |  | $ | 10,263 |  |  | $ | 9,552 |
Service cost |  | 172 |  |  | 204 |
Interest cost |  | 479 |  |  | 470 |
Liability actuarial loss (gain) |  | (323) |  |  | 386 |
Benefits paid |  | (427) |  |  | (349) |
Plan amendments |  | 895 |  |  | — |
Benefit obligation at December 31, |  | $ | 11,059 |  |  | $ | 10,263 |

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