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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

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):

		2024				2023
Change in projected benefit obligation:
Projected benefit obligation at beginning of period		$	74,345			$	74,172
Service cost			1,962				1,788
Interest cost			3,444				3,421
Actuarial gain			2,217				3,507
Benefits paid and plan expenses			(3,846	)			(4,638	)
Assumption changes			(5,084	)			-
Settlements			(5,532	)			-
Prior year service costs due to plan amendments			-				(3,905	)
Projected benefit obligation at end of period			67,506				74,345
Change in plan assets:
Fair value of plan assets at beginning of period			73,186				73,276
Actual return on plan assets			1,891				4,549
Benefits paid and plan expenses			(3,845	)			(4,639	)
Settlements			(5,532	)			-
Fair value of plan assets at end of period			65,700				73,186
Funded status at end of period		$	(1,806	)		$	(1,159	)

Estimated Benefit Payments Under the Pension Plan

Estimated benefit payments under the Plan over the next ten years as of December 31, 2024 are as follows (in thousands):

		Amount
2025		$	4,727
2026			4,482
2027			4,669
2028			4,685
2029			5,032
2030 - 2033			26,132

Components of Net Periodic Benefit Expense

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

		2024				2023				2022
Service cost		$	1,962			$	1,788			$	3,485
Interest cost on projected benefit obligation			3,444				3,421				2,588
Expected return on plan assets			(4,017	)			(3,511	)			(4,565	)
Amortization of unrecognized loss			1,430				1,264				250
Amortization of unrecognized prior service credit			(536	)			(492	)			-
Net periodic pension cost			2,283				2,470				1,758
Settlement charge			1,310				-				-
Total pension cost		$	3,593			$	2,470			$	1,758

Actuarial Assumptions Used

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

		2024				2023				2022
Weighted average discount rate			4.78	%			4.98	%			2.70	%
Rate of compensation increase			4.00	%			3.00	%			3.00	%
Expected long-term rate of return			6.50	%			6.00	%			5.25	%

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

		2024				2023				2022
Weighted average discount rate			5.45	%			4.78	%			4.98	%
Rate of compensation increase			4.00	%			4.00	%			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, 2024 and 2023:

		2024										2023
		Target				Actual						Target				Actual
Asset Category:		Allocation				Allocation						Allocation				Allocation
Cash and cash equivalents			0.00	%				(2.91	)	%			0.00	%			0.14	%
Equity securities			30.00					35.51					30.00				31.51
Fixed income securities			15.00					18.95					15.00				36.14
Alternative investments			55.00					48.45					55.00				32.21

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
2024
Cash equivalents:
Cash (including foreign currencies)		$	18			$	-			$	-			$	18
Short term investment funds			-				948				-				948
Total cash equivalents			18				948				-				966
Equity securities:
Commingled pension trust funds			-				22,337				-				22,337
Total equity securities			-				22,337				-				22,337
Fixed income securities:
Commingled pension trust funds			-				11,919				-				11,919
Corporate bonds			-				1				-				1
Total fixed income securities			-				11,920				-				11,920
Other investments:
Commingled pension trust funds			-				30,477				-				30,477
Total Plan investments		$	18			$	65,682			$	-			$	65,700

		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

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

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