XML 66 R50.htm IDEA: XBRL DOCUMENT
v3.24.0.1

PENSION AND OTHER POST RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Plans' Funded Status and Amounts Recognized in the Balance Sheets | The table below sets forth the plans’ funded status and amounts recognized in the Consolidated Balance Sheets at December 31, using measurement dates of December 31, 2023 and 2022.
| 2023 |  | 2022
Change in Benefit Obligation: |  |  |
Benefit obligation at beginning of year | $ | 55,764 |  |  | $ | 74,274 |
Interest cost | 2,876 |  |  | 1,905 |
Actuarial (gain) loss | 2,386 |  |  | (14,546) |
Benefits paid | (5,265) |  |  | (5,869) |
Benefit obligation at end of year | $ | 55,761 |  |  | $ | 55,764 |
Change in Plan Assets: |  |  |
Fair value of plan assets at beginning of year | $ | 77,534 |  |  | $ | 94,588 |
Actual return on plan assets | 9,395 |  |  | (11,799) |
Employer contributions | 594 |  |  | 614 |
Benefits paid | (5,265) |  |  | (5,869) |
End of year | 82,258 |  |  | 77,534 |
Funded status at end of year | $ | 26,497 |  |  | $ | 21,770 |
Assets and Liabilities Recognized in the Balance Sheets: |  |  |
Deferred tax asset | $ | 1,141 |  |  | $ | 1,955 |
Assets | $ | 29,262 |  |  | $ | 25,175 |
Liabilities | $ | 2,765 |  |  | $ | 3,405 |
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets consists solely of the non-qualified plans for certain employees, former employees and former non-employee directors, and is included in the table below.
| December 31, 2023 |  | December 31, 2022
Projected benefit obligation | $ | 2,765 |  |  | $ | 3,405 |
Accumulated benefit obligation | $ | 2,765 |  |  | $ | 3,405 |
Fair value of plan assets | $ | — |  |  | $ | — |
Schedule of Net Periodic Pension Costs | The following table shows the components of net periodic pension benefit cost:
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Interest cost | 2,876 |  |  | 1,905 |  |  | 1,760 |
Expected return on plan assets | (3,887) |  |  | (4,544) |  |  | (4,246) |
Amortization of prior service cost | 87 |  |  | 87 |  |  | 87 |
Amortization of net loss | 80 |  |  | 13 |  |  | 305 |
Net periodic pension benefit cost | $ | (844) |  |  | $ | (2,539) |  |  | $ | (2,094) |
Schedule of Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Net periodic pension benefit cost | $ | (844) |  |  | $ | (2,539) |  |  | $ | (2,094) |
Net gain (loss) | 3,121 |  |  | (1,797) |  |  | 9,460 |
Amortization of net loss | 80 |  |  | 13 |  |  | 305 |
Amortization of prior service cost | 87 |  |  | 87 |  |  | 87 |
Total recognized in other comprehensive income (loss) | 3,288 |  |  | (1,697) |  |  | 9,852 |
Total recognized in net periodic pension benefit cost and other comprehensive income (loss) | $ | 4,132 |  |  | $ | 842 |  |  | $ | 11,946 |
Schedule of Assumptions Used | Significant assumptions include:
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Weighted-average Assumptions Used to Determine Benefit Obligation: |  |  |  |  |
Discount rate | 5.10 | % |  | 5.40 | % |  | 2.70 | %
Rate of compensation increase for accruing active participants | n/a |  | n/a |  | n/a
Weighted-average Assumptions Used to Determine Cost: |  |  |  |  |
Discount rate | 5.40 | % |  | 2.70 | % |  | 2.30 | %
Expected return on plan assets | 5.25 | % |  | 5.00 | % |  | 5.00 | %
Rate of compensation increase for accruing active participants | n/a |  | n/a |  | n/a
At December 31, 2023 and 2022, the Corporation based its estimate of the expected long-term rate of return on analysis of the historical returns of the plans and current market information available.
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2023. The minimum contribution required in 2024 will likely be zero, but the Corporation may decide to make a discretionary contribution during the year.
2024 | $ | 5,495 |
2025 | 5,448 |
2026 | 5,265 |
2027 | 4,968 |
2028 | 4,789 |
After 2028 | 20,577 |
| $ | 46,542 |
Schedule of Allocation of Plan Assets | Plan assets are re-balanced quarterly. At December 31, 2023 and 2022, plan assets by category are as follows:
| December 31, 2023 |  | December 31, 2022
| Actual |  | Target |  | Actual |  | Target
Cash and cash equivalents | 3.0 | % |  | 3.0 | % |  | 5.9 | % |  | 3.0 | %
Equity securities | 53.4 |  |  | 53.0 |  |  | 51.5 |  |  | 50.0 |
Debt securities | 41.9 |  |  | 42.0 |  |  | 40.4 |  |  | 45.0 |
Alternative investments | 1.7 |  |  | 2.0 |  |  | 2.2 |  |  | 2.0 |
| 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Following is a description of the valuation methodologies used for pension plan assets measured at fair value on a recurring basis, as well as the general classification of pension plan assets pursuant to the valuation hierarchy. Where quoted market prices are available in an active market, plan assets are classified within Level 1 of the valuation hierarchy. Level 1 plan assets total $76.8 million and $74.0 million as of December 31, 2023 and 2022, respectively, and include cash and cash equivalents, common stocks, mutual funds and corporate bonds and notes. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of plan assets with similar characteristics or discounted cash flows. Level 2 plan assets total $5.4 million and $3.5 million as of December 31, 2023 and 2022, respectively, and include governmental agencies, taxable municipal bonds and notes, and certificates of deposit. In certain cases where Level 1 or Level 2 inputs are not available, plan assets are classified within Level 3 of the hierarchy. There are no assets classified within Level 3 of the hierarchy at December 31, 2023 and 2022.
|  |  | Fair Value Measurements Using
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
December 31, 2023 | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 2,433 |  |  | $ | 2,433 |  |  | $ | — |  |  | $ | — |
Corporate Bonds and Notes | 17,224 |  |  | 17,224 |  |  | — |  |  | — |
Government Agency and Municipal Bonds and Notes | 5,164 |  |  | — |  |  | 5,164 |  |  | — |
Certificates of Deposit | 245 |  |  | — |  |  | 245 |  |  | — |
Party-in-Interest Investments |  |  |  |  |  |  |
Common Stock | 2,243 |  |  | 2,243 |  |  | — |  |  | — |
Mutual Funds |  |  |  |  |  |  |
Taxable Bond | 11,834 |  |  | 11,834 |  |  | — |  |  | — |
Large Cap Equity | 24,787 |  |  | 24,787 |  |  | — |  |  | — |
Mid Cap Equity | 9,520 |  |  | 9,520 |  |  | — |  |  | — |
Small Cap Equity | 4,900 |  |  | 4,900 |  |  | — |  |  | — |
International Equity | 2,494 |  |  | 2,494 |  |  | — |  |  | — |
Specialty Alternative Equity | 1,414 |  |  | 1,414 |  |  | — |  |  | — |
| $ | 82,258 |  |  | $ | 76,849 |  |  | $ | 5,409 |  |  | $ | — |
|  |  | Fair Value Measurements Using
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
December 31, 2022 | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 4,559 |  |  | $ | 4,559 |  |  | $ | — |  |  | $ | — |
Corporate Bonds and Notes | 17,159 |  |  | 17,159 |  |  | — |  |  | — |
Government Agency and Municipal Bonds and Notes | 3,010 |  |  | — |  |  | 3,010 |  |  | — |
Certificates of Deposit | 492 |  |  | — |  |  | 492 |  |  | — |
Party-in-Interest Investments |  |  |  |  |  |  |
Common Stock | 2,487 |  |  | 2,487 |  |  | — |  |  | — |
Mutual Funds |  |  |  |  |  |  |
Taxable Bond | 10,686 |  |  | 10,686 |  |  | — |  |  | — |
Large Cap Equity | 21,056 |  |  | 21,056 |  |  | — |  |  | — |
Mid Cap Equity | 9,610 |  |  | 9,610 |  |  | — |  |  | — |
Small Cap Equity | 4,419 |  |  | 4,419 |  |  | — |  |  | — |
International Equity | 2,357 |  |  | 2,357 |  |  | — |  |  | — |
Specialty Alternative Equity | 1,699 |  |  | 1,699 |  |  | — |  |  | — |
| $ | 77,534 |  |  | $ | 74,032 |  |  | $ | 3,502 |  |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-2 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration