XML 65 R55.htm IDEA: XBRL DOCUMENT v3.24.0.1

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Reconciliation Of The Plan's Benefit Obligations, Fair Value Of Assets And The Funded Status

The following table provides a reconciliation of the Company’s changes in the Plan’s benefit obligations, fair value of assets and a statement of the funded status as of and for the year ended December 31 (in thousands):

		2023				2022
Change in projected benefit obligation:
Projected benefit obligation at beginning of period		$	74,172			$	97,682
Service cost			1,788				3,485
Interest cost			3,421				2,588
Actuarial gain (loss)			3,507				(25,055	)
Benefits paid and plan expenses			(4,638	)			(4,528	)
Prior year service costs due to plan amendments			(3,905	)			-
Projected benefit obligation at end of period			74,345				74,172
Change in plan assets:
Fair value of plan assets at beginning of period			73,276				104,227
Actual return on plan assets			4,549				(26,422	)
Employer contributions			-				-
Benefits paid and plan expenses			(4,639	)			(4,529	)
Fair value of plan assets at end of period			73,186				73,276
Funded status at end of period		$	(1,159	)		$	(896	)

Estimated Benefit Payments Under The Pension Plan

Estimated benefit payments under the Plan over the next ten years at December 31, 2023 are as follows (in thousands):

		Amount
2024		$	4,359
2025			4,532
2026			4,856
2027			4,854
2028			5,103
2029 - 2032			26,149

Components Of Net Periodic Benefit Expense

Net periodic pension cost consists of the following components for the years ended December 31 (in thousands):

		2023				2022				2021
Service cost		$	1,788			$	3,485			$	4,196
Interest cost on projected benefit obligation			3,421				2,588				2,202
Expected return on plan assets			(3,511	)			(4,565	)			(5,225	)
Amortization of unrecognized loss			1,264				250				724
Amortization of unrecognized prior service credit			(492	)			-				-
Net periodic pension cost		$	2,470			$	1,758			$	1,897

Actuarial Assumptions Used

The actuarial assumptions used to determine the net periodic pension cost were as follows:

		2023				2022				2021
Weighted average discount rate			4.98	%			2.70	%			2.32	%
Rate of compensation increase			3.00	%			3.00	%			3.00	%
Expected long-term rate of return			6.00	%			5.25	%			5.25	%

The actuarial assumptions used to determine the projected benefit obligation were as follows:

		2023				2022				2021
Weighted average discount rate			4.78	%			4.98	%			2.70	%
Rate of compensation increase			4.00	%			3.00	%			3.00	%

Plan's Target Asset Allocation And Actual Asset Allocation

The following table represents the Plan’s target asset allocation and actual asset allocation, respectively, as of December 31, 2023 and 2022:

		2023								2022
		Target				Actual				Target				Actual
Asset category:		Allocation				Allocation				Allocation				Allocation
Cash and cash equivalents			0.00	%			0.14	%			0.00	%			16.59	%
Equity securities			30.00				31.51				30.00				25.05
Fixed income securities			15.00				36.14				15.00				21.70
Alternative investments			55.00				32.21				55.00				36.66

The Major Categories Of Plan Assets Measured At Fair Value On a Recurring Basis

The major categories of Plan assets measured at fair value on a recurring basis as of December 31 are presented in the following tables (in thousands).

		Level 1				Level 2				Level 3				Total
		Inputs				Inputs				Inputs				Fair Value
2023
Cash equivalents:
Cash (including foreign currencies)		$	15			$	-			$	-			$	15
Short term investment funds			-				1,187				-				1,187
Total cash equivalents			15				1,187				-				1,202
Equity securities:
Commingled pension trust funds			-				22,714				-				22,714
Total equity securities			-				22,714				-				22,714
Fixed income securities:
Commingled pension trust funds			-				26,050				-				26,050
Corporate bonds			-				2				-				2
Total fixed income securities			-				26,052				-				26,052
Other investments:
Commingled pension trust funds			-				23,218				-				23,218
Total Plan investments		$	15			$	73,171			$	-			$	73,186

		Level 1				Level 2				Level 3				Total
		Inputs				Inputs				Inputs				Fair Value
2022
Cash equivalents:
Cash (including foreign currencies)		$	7			$	-			$	-			$	7
Short term investment funds			-				12,149				-				12,149
Total cash equivalents			7				12,149				-				12,156
Equity securities:
Commingled pension trust funds			-				18,356				-				18,356
Total equity securities			-				18,356				-				18,356
Fixed income securities:
Commingled pension trust funds			-				15,898				-				15,898
Corporate bonds			-				3				-				3
Total fixed income securities			-				15,901				-				15,901
Other investments:
Commingled pension trust funds			-				26,863				-				26,863
Total Plan investments		$	7			$	73,269			$	-			$	73,276

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 investment allocation of defined benefit plan assets. Includes, but is not limited to, investment allocation percentage or range of percentages.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_DefinedBenefitPlanPlanAssetsAllocationTableTextBlock
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 benefit obligation and plan assets for defined benefit pension plan with projected 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

+ Details

Name:	us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
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