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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2021
EMPLOYEE BENEFIT PLANS |
Schedule of pension benefits | PENSION BENEFITS: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2021 |  | 2020
​ | ​ | (IN THOUSANDS)
CHANGE IN BENEFIT OBLIGATION: |  | ​ |  |  | ​ |
Benefit obligation at beginning of year | ​ | $ | 54,861 | ​ | $ | 49,561
Service cost | ​ |  | 1,708 | ​ | ​ | 1,676
Interest cost | ​ |  | 894 | ​ | ​ | 1,281
Actuarial loss | ​ |  | 273 | ​ | ​ | 6,085
Settlements | ​ |  | (6,516) | ​ | ​ | —
Benefits paid | ​ |  | (933) | ​ | ​ | (3,742)
Benefit obligation at end of year | ​ |  | 50,287 | ​ | ​ | 54,861
CHANGE IN PLAN ASSETS: | ​ |  |  | ​ |  |
Fair value of plan assets at beginning of year | ​ |  | 58,447 | ​ | ​ | 44,831
Actual return on plan assets | ​ |  | 11,434 | ​ | ​ | 8,358
Employer contributions | ​ |  | 8,000 | ​ | ​ | 9,000
Settlements | ​ |  | (6,516) | ​ | ​ | —
Benefits paid | ​ |  | (933) | ​ | ​ | (3,742)
Fair value of plan assets at end of year | ​ |  | 70,432 | ​ | ​ | 58,447
Funded status of the plan | ​ | $ | 20,145 | ​ | $ | 3,586
Schedule of amounts not yet recognized as a component of periodic pension cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2021 |  | 2020
​ | ​ | (IN THOUSANDS)
AMOUNTS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC PENSION COST: |  | ​ |  |  | ​ | ​
Amounts recognized in accumulated other comprehensive loss consists of: |  | ​ |  |  | ​ | ​
Net actuarial loss | ​ | $ | 9,319 | ​ | $ | 20,628
Total | ​ | $ | 9,319 | ​ | $ | 20,628
Schedule of accumulated benefit obligation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2021 |  | 2020
​ | ​ | (IN THOUSANDS)
ACCUMULATED BENEFIT OBLIGATION: |  | ​ |  |  | ​ |
Accumulated benefit obligation | ​ | $ | 46,319 | ​ | $ | 50,435
Schedule of weighted-average assumptions used to determine benefit obligations | The weighted-average assumptions used to determine benefit obligations at December 31, 2021 and 2020 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31, |
​ |  | 2021 |  | 2020 |
WEIGHTED AVERAGE ASSUMPTIONS: |  |  |  |  | ​
Discount rate |  | 2.80 | % | 2.47 | %
Salary scale |  | 2.50 |  | 2.50 | ​
Schedule of net periodic pension cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (IN THOUSANDS)
COMPONENTS OF NET PERIODIC BENEFIT COST: | ​ | ​ |  |  | ​ |  |  | ​ |
Service cost | ​ | $ | 1,708 | ​ | $ | 1,676 | ​ | $ | 1,470
Interest cost | ​ |  | 894 | ​ |  | 1,281 | ​ |  | 1,569
Expected return on plan assets | ​ |  | (4,008) | ​ |  | (3,241) | ​ |  | (3,025)
Amortization of net loss | ​ |  | 2,421 | ​ |  | 2,453 | ​ |  | 1,649
Settlement charge | ​ |  | 1,736 | ​ |  | — | ​ |  | —
Net periodic pension cost | ​ | $ | 2,751 | ​ | $ | 2,169 | ​ | $ | 1,663
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive loss | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (IN THOUSANDS)
OTHER CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE LOSS |  | ​ | ​ |  | ​ |  |  | ​ |
Net (gain) loss | ​ | $ | (7,153) | ​ | $ | 968 | ​ | $ | 5,300
Recognized loss | ​ |  | (4,157) | ​ |  | (2,453) | ​ |  | (1,649)
Total recognized in other comprehensive loss before tax effect | ​ | $ | (11,310) | ​ | $ | (1,485) | ​ | $ | 3,651
Total recognized in net benefit cost and other comprehensive loss before tax effect | ​ | $ | (8,559) | ​ | $ | 684 | ​ | $ | 5,314
Schedule of weighted-average assumptions used to determine net periodic benefit cost | The weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31, |
​ |  | 2021 |  | 2020 |  | 2019 |
WEIGHTED AVERAGE ASSUMPTIONS: |  |  |  |  |  |  | ​
Discount rate |  | 2.48 | % | 3.20 | % | 4.28 | %
Expected return on plan assets |  | 7.00 |  | 7.00 |  | 7.50 | ​
Rate of compensation increase |  | 2.50 |  | 2.50 |  | 2.50 | ​
Schedule of plan's asset allocations | The plan’s measurement date is December 31, 2021. This plan’s asset allocation at December 31, 2021 and 2020, by asset category are as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31, |
​ |  | 2021 |  | 2020 |
ASSET CATEGORY: |  |  |  |  | ​
Cash and cash equivalents |  | 0.1 | % | 1.2 | %
Domestic equities |  | 12.1 |  | 10.6 | ​
Mutual funds/ETFs |  | 84.1 |  | 82.2 | ​
International equities |  | 0.3 |  | — | ​
Corporate bonds |  | 3.4 |  | 6.0 | ​
Total |  | 100.0 | % | 100.0 | %
Schedule of fair value of plan assets | The major categories of assets in the Company’s pension plan as of year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2021 |  | 2020
​ | ​ | (IN THOUSANDS)
Level 1: |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 56 | ​ | $ | 725
Domestic equities | ​ |  | 8,488 | ​ | ​ | 6,219
Mutual funds/ETFs | ​ |  | 59,306 | ​ | ​ | 48,009
International equities | ​ |  | 199 | ​ | ​ | —
Level 2: | ​ |  | ​ | ​ | ​ | ​
Corporate bonds | ​ |  | 2,383 | ​ | ​ | 3,494
Total fair value of plan assets | ​ | $ | 70,432 | ​ | $ | 58,447
Schedule of benefit payments | The following benefit payments, which reflect future service, as appropriate, are expected to be paid. ​
​ | ​ | ​ | ​
​ |  | ESTIMATED FUTURE
YEAR: | ​ | BENEFIT PAYMENTS
​ | ​ | (IN THOUSANDS)
2022 | ​ | $ | 4,608
2023 | ​ |  | 4,302
2024 | ​ |  | 4,456
2025 | ​ |  | 3,944
2026 | ​ |  | 3,923
Years 2027-2031 | ​ |  | 12,088

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