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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

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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