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RETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

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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